Manicouagan Minerals Inc. Announces Closing of $200,000 Hard Dollar Private Placement

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MANICOUAGAN MINERALS INC.

Suite 501, 133 Richmond Street West Toronto, Ontario M5H 2L3 (416) 542-3980

News Release

MANICOUAGAN MINERALS INC. ANNOUNCES CLOSING OF $200,000 HARD DOLLAR PRIVATE PLACEMENT

TORONTO, April 7, 2010 – Manicouagan Minerals Inc. (TSX-V:MAM, “Manicouagan” or the “Company”) is pleased to announce the closing of a private placement for gross proceeds of $200,000 through the sale of 4,000,000 units (the “Units”) at $0.05 per Unit to Mr. Donald K. Johnson, a director of the Company. Each Unit will consist of one common share and one common share purchase warrant. Each common share purchase warrant will entitle the holder to acquire one common share of Manicouagan for a period of 24 months from the date of closing of the private placement at a price of $0.10 per share for the first 12 months and $0.12 per share for the second 12 months. If the common shares of Manicouagan trade at or above $0.18 per common share for 21 consecutive trading days, then Manicouagan may accelerate the expiration of the share purchase warrants upon not less than 30 days written request.

In consideration for its services, Manicouagan has agreed to pay Canaccord Financial Inc. a cash commission equal to 3% of the gross proceeds and to issue options for Units (the “Option Unit”) equal to 8% of the number of Units subscribed for, at the price of $0.05 per Option Unit, with each Option Unit consisting of one common share and one common share purchase warrant. Each such common share purchase warrant will entitle the holder to acquire one common share of Manicouagan for a period of 24 months from the date of closing of the private placement at a price of $0.10 per share for the first 12 months and $0.12 per share for the second 12 months. The Option Units will have a term of 24 months.

All securities issued in the private placement will be subject to a four-month hold period expiring on August 8, 2010.

Immediately prior to the private placement, Mr. Johnson sold a total of 4,000,000 common shares of the Company through the facilities of the TSX Venture Exchange. Mr. Johnson then purchased, pursuant to the private placement an aggregate of 4,000,000 Units, for an aggregate purchase price of $200,000.

The TSX Venture Exchange has given its final acceptance of the financing.

Mr. Johnson, of Toronto, Ontario beneficially owns and controls and directs 17,513,939 common shares, representing 10.82% of the outstanding common shares of the Company. After the disposition of a total of 4,000,000 common shares of the Company through the facilities of the TSX Venture Exchange and the closing of the private placement, Mr. Johnson will, upon the exercise of all common share purchase warrants issued under the private placement, hold an aggregate of 21,513,939 (approximately 12.67%) of the issued and outstanding common shares of the Company. The Units were purchased by Mr. Johnson for investment purposes only and he may, depending on market and other conditions, increase or decrease his beneficial ownership, control or direction over common shares or other securities of the Company through market transactions, private agreements or otherwise. A report will be filed on sedar.com in accordance with regulatory requirements.

Manicouagan will use the net proceeds from the issuance of the Units for working capital.

About Manicouagan

Manicouagan Minerals Inc. is a Canadian based exploration company focused on advancing its gold projects in the Pickle Lake Gold Belt, Ontario. Manicouagan also has a pipeline of commodity projects including the Brabant Lake Zinc deposit in Saskatchewan, together with the Mouchalagane Nickel/Copper/PGE project and the HPM/Forgues Nickel/Copper/Cobalt project, both in Quebec.

For further information contact:

Joseph Baylis, President and Chief Executive Officer, Manicouagan Minerals Inc.

(416) 360-3038 [email protected]

The  securities  being  issued  have  not,  nor  will  they  be,  registered  under  the  United  States  Securities  Act  of   1933,  as  amended,  and  such  securities  may  not  be  offered  or  sold  within  the  United  States  or  to,  or  for  the   account  or  benefit  of,  U.S.  persons  absent  registration  or  an  applicable  exemption  from  U.S.  registration   requirements.  

Neither  TSX  Venture  Exchange  nor  its  Regulation  Services  Provider  (as  that  term  is  defined  in  the  policies  of   the  TSX  Venture  Exchange)  accepts  responsibility  for  the  adequacy  or  accuracy  of  this  release.  

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.