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May 25, 2012
Manicouagan Minerals - Update on Exploration Properties
TORONTO, May 25, 2012 - Manicouagan Minerals Inc. (TSXV - MAM) provides an update on its' exploration properties.
Cloridorme Aluminous Clay Property
The Company plans shortly to commence a ground reconnaissance program on its recently optioned Cloridorme property in the Gaspé Region of Quebec. The 114 claim property is prospective for alumina and rare earths. The 101 claim eastern block is adjacent to Orbite Aluminae's Grande-Vallée property and on strike with its Marin deposit (see MAM Press Release dated February 7, 2012).
Land acquisition in the area has increased recently with one company acquiring a 7,400 hectare block adjacent to Orbite's on the north. Orbite itself has announced substantially increasing its acreage of ground prospective for aluminous clay in southwestern Quebec.
Pickle Lake Gold Properties
(Pickle Lake East, Kasagiminnis Lake, Dorothy - Dobie Lake and Donna Lake)
Of the Company's four gold properties, three of them, Pickle Lake East, Kasagiminnis Lake and Dorothy - Dobie Lake are subject to a 70% earn in from Trillium North Minerals (see MAM Press Release dated April 16, 2009). Since 2009, Manicouagan has conducted a variety of exploration programs on each of the Pickle Lake properties.
The Dorothy - Dobie Lake Property contains two blocks of claims each subject to underlying advance royalty payments to the original vendor for which a portion was payable on or before April 30, 2012. Based on the inconclusive drill results from a diamond drill program conducted by Manicouagan in 2009 on the Dorothy block, the Company elected to return the Dorothy block to the original vendor.
However, positive results from the 2009 drill program on the Dobie Zone (a portion of the Dorothy -- Dobie Lake property) identified it as having bulk tonnage potential (see MAM Press Release January 19, 2010). Consequently, the Company elected to make the required advance royalty payment on the Dobie block and continue with future exploration programs on this property.
As of the date of this press release, Manicouagan has $67,000 of expenditures (fully funded) remaining in order to fulfill it's earn in with Trillium North. Subject to securing financing, Manicouagan plans a drilling program on the Dobie Zone as well as on its 100% owned Dona Lake property later this year.
Brabant Lake Zinc Property
Votorantim Metals Canada Inc. ("Votorantim") has informed Manicouagan that it has completed a diamond drill program on the Brabant Lake Zinc Property that it had optioned from the Company (see MAM Press Release dated November 8, 2011). Twelve (12) holes were successfully completed totalling 2,429.5 metres. After reviewing the results of its exploration program, Votorantim has advised the Company that it has elected not to continue its option and will return the Brabant Lake Property to Manicouagan.
The Brabant Lake Zinc Property hosts a VMS deposit with a NI 43-101 indicated resource of 1,475,000 tonnes grading 9.18% zinc and an inferred resource of 2,975,000 tonnes grading 5.55% zinc, with an effective date of July 27, 2008.
Upon receipt and review of the information collected by Votorantim from the drill program the Company will determine its next steps for the Brabant Lake Zinc Property.
Manicouagan Minerals Inc. is a Canadian based exploration company focused on advancing its gold projects in the Pickle Lake Gold Belt, Ontario and its aluminous clay property in the Gaspé Region of Quebec. Manicouagan also has a pipeline of commodity projects including the Brabant Lake Zinc deposit in Saskatchewan, and the Mouchalagane Nickel/Copper/PGE and HPM/Forgues Nickel/Copper/Cobalt projects in Québec.
Exploration programs on Manicouagan's Pickle Lake Properties and Brabant Lake Property are carried out under the supervision of Mr. Bruce W. Mackie, P. Geo. Mr. Mackie, a professional geologist, has reviewed and verified the technical content of the information regarding these properties contained in this release and qualifies under the definition of "Qualified Person" set out in National Instrument 43-101.
Additional information about Manicouagan and its exploration projects can be found at www.manicouaganminerals.com.
Une traduction française de ce communiqué de presse est disponible à www.manicouaganminerals.com.
For further information contact:
W. Brian Carter, Interim Chief Executive Officer
Forward Looking Statements
All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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