Manicouagan Minerals Inc. Closes $132,317.50 Flow-Through 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. CLOSES $132,317.50 FLOW-THROUGH PRIVATE PLACEMENT

TORONTO, December 30, 2010 – Manicouagan Minerals Inc. (TSX-V: MAM) is pleased to announce that it has closed a non-brokered private placement for gross proceeds of $132,317.50 through the sale of 2,646,350 flow-through units (the “FT Unit”) at $0.05. Each FT Unit consists of one flow-through common share and one non flow-through common share purchase warrant. Each warrant entitles 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 warrants upon not less than 30 days written request.

Joseph Baylis, Manicouagan's President and CEO, said, “These funds together with the recently completed $500,000 flow-through private placement (see MAM Press Release dated December 15, 2010) will be dedicated to advance our exploration projects. We will be announcing details of our planned activities in the New Year”.

In connection with the private placement, Manicouagan paid cash finder’s fees’ equal to 3% of the gross proceeds and issued finder’s fee options equal to 8% of the shares issued for units (the “Option Units”) at a price of $0.05 per Option Unit, with each Option Unit consisting of one non flow-through common share and one non flow-through common share purchase warrant. Each warrant entitles 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 finder’s fee options will have a term of 24 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 warrants upon not less than 30 days written request.

All securities issued in the private placement are subject to a four-month hold period expiring on May 1, 2011.

Completion of the financing is subject to the receipt of all required regulatory approvals, including final acceptance by the TSX Venture Exchange.

Manicouagan will use the funds for continued exploration on its Ontario, Quebec and Saskatchewan exploration properties.

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. Additional information about the company 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:

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

(416) 416-542-3980 or Andreas Curkovic, Investor Relations - (416) 577-9927 or [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.  

The   TSXV   has   not   reviewed   this   news   release   and   does   not   accept   responsibility   for   the   adequacy   or   accuracy  of  this  news  release.  The  TSXV  has  neither  approved  nor  disapproved  the  contents  of  this  news   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.