Mr. Joseph Baylis of Manicouagan reports

MANICOUAGAN MINERALS PROVIDES UPDATE ON PICKLE LAKE GOLD PROJECTS AND REPORTS RESULTS OF FIRST PHASE OF SUMMER 2010 GOLD EXPLORATION PROGRAM

Manicouagan Minerals Inc. has provided an exploration update on its Pickle Lake gold properties in Northwestern Ontario, which are optioned from Trillium North Minerals Ltd.

Pickle Lake East property

The Pickle Lake East property covers approximately 15 kilometres of the projected northwestern strike extension of the Pickle Crow-Central Patricia mine trend. Manicouagan recently completed a six-hole (1,214-metre) diamond drilling program on the Pickle Lake East property. The drill holes were designed to test selected IP resistivity anomalies identified from the geophysical survey carried out in late 2009 and, at the same time, complete a fence of holes across the Pickle Crow-Central Patricia gold mine trend where it crosses onto the Pickle Lake East property (see MAM news in Stockwatch on March 9, 2010).

The drill program was successful in identifying what is interpreted to be the gold-bearing structure(s) which host the Pickle Crow and Albany mines, located several kilometres to the southwest. Diamond drill holes PLE-10-01 and 02 encountered broad zones of alteration including two 10- to 20-metre-wide zones of intense carbonate-sericite and/or green mica alteration containing anomalous (greater than 100 parts per billion (ppb) gold).

Joseph Baylis, Manicouagan's president and chief executive officer, said: "With these first holes we have achieved an initial objective of confirming that the Pickle Lake East property lies on the Pickle Crow-Central Patricia mine trend and that the property warrants further exploration. We believe that the property covers some 15 kilometres of the Pickle Crow-Central Patricia mine trend. We are reviewing these results along with the results from our other field activities to determine where to focus our efforts in the funded second phase of our 2010 exploration program. Given our large land package, we plan to prioritize our drill target selection to focus on the areas of highest potential."

A summary of the significant assay results from the drill program is given in the table.

                         PICKLE LAKE EAST
               SUMMARY OF SIGNIFICANT INTERSECTIONS

Hole                From (m)      To (m)     Length (m)     Au g/t

PLE-10-01              41.0        45.0            4.0        0.53
and                    56.5        58.0            1.5        0.76
and                   256.7       269.0           12.3        0.45
and                   303.8       305.0            1.2        2.88
PLE-10-02              32.8        35.0            2.2        0.45
PLE-10-03              22.1        22.8            0.7        0.95
and                   179.0       182.0            3.0        0.84

Note: true widths are currently estimated at 70 to 80 per cent of 
drilled widths

Additional work is being considered for the Pickle Lake East property along the Pickle Crow-Central Patricia gold mine trend near Firstloon Lake where historical drilling by UMEX (1988) and Major General (1991) encountered gold values in their respective drill programs including the report of visible gold in UMEX hole FL-97-1.

Dorothy-Dobie Lake property: Tonsil zone

The Dorothy-Dobie Lake property ties onto the western boundary of the historical Golden Patricia mine property (which produced 450,000 ounces at 19.9 grams per tonne (g/t) gold) and includes three previously identified zones of gold mineralization: the Dorothy Main zone, the Dobie zone and the Tonsil zone.

In late 2009, Manicouagan drilled 16 holes (2,292 metres) on the Dorothy Main zone (seven holes DOR-09-01 to 07) and the Dobie zone (nine holes DOB-09-08 to 16) (see MAM news in Stockwatch on Jan. 19, 2010). Assay results included 31.5 metres grading 1.39 g/t including 1.5 metres grading 6.48 g/t from hole DOB-09-11 at the Dobie zone and 1.8 metres grading 5.15 g/t from hole DOR-09-05 at the Dorothy Main zone.

In the third quarter of 2010, Manicouagan resampled some of the historic drill core from the Tonsil zone that was drilled by Bond Gold Canada Inc. in 1990. Although the drill logs were filed for assessment, many of the assay results for the Tonsil zone, especially where visible gold was noted, were not included in the drill logs that were filed.

The Tonsil zone hosts a narrow, locally gold-bearing quartz vein that was interpreted by Bond Gold to possibly represent the strike extension of the Golden Patricia vein, which hosted the Golden Patricia mine located about 10 kilometres to the southeast. The Tonsil zone has been drill tested by 62 drill holes over a strike length of 1,100 metres and to a depth of approximately 200 metres. Much of the drill core from the Tonsil zone was not available for sampling, however, 45 samples from 20 holes were taken for analysis. Highlights from the sampling program, as well as some selected results from previous drilling, are given in the table.

                   TONSIL ZONE DOROTHY-DOBIE LAKE PROJECT
                   HIGHLIGHTS OF SIGNIFICANT INTERSECTIONS

Manicouagan 2010 sampling
Hole                        From (m)      To (m)     Length (m)      Au gpt

MD-90132                      81.87       82.27          0.405        10.25
MD-90-144                    104.02      104.42          0.404         6.84
Previous results
Trillium North 2007
07-DOR-05                    111.40      111.84          0.400       153.30
Bond Gold 1990
MD-90-113                     54.12       54.52          0.408        17.48
MD-90-119                     60.34       60.66          0.320        26.40
MD-90-136                     41.21       41.63          0.424         9.94

Note: true widths are currently estimated at 70 to 80 per cent of drilled 
widths

Note: Historical results are from public archives and have not been verified
 by a qualified person on behalf of Manicouagan

Kasagiminnis property

The Kasagiminnis property hosts a gold-bearing zone associated with a sulphide-bearing iron formation. Between 1985 and 1988 Moss Resources and Power Exploration Inc. drilled 25 holes on the zone. No additional work is reported to have been completed on the property since then.

This summer's exploration program was designed to advance the Kasagiminnis property to a drill stage. A grid was established over the known gold zones to act as control for ground geological, geophysical and geochemical surveys. Soil sampling was successful in outlining the historic gold zone and also outlined a potential new 400-metre-long zone located approximately 700 metres to the southwest that is coincident with an untested magnetic and conductive zone.

Currently, a ground horizontal loop electromagnetic survey is being completed on the Kasagiminnis property.

Manicouagan holds directly, or has under option, approximately 132 square kilometres within the Pickle Lake greenstone belt. The Pickle Lake greenstone belt is part of the prolific Uchi geological subprovince, which hosts the Pickle Lake, Red Lake and Rice Lake gold camps. Production to date from these camps has amounted to over 25 million ounces of gold. The Pickle Lake greenstone belt includes four past-producing mines: Pickle Crow (1.45 million ounces grading 16.1 grams per tonne gold), Central Patricia (650,000 ounces grading 12.0 grams per tonne gold), Golden Patricia (450,000 ounces grading 19.9 grams per tonne gold) and Dona Lake (200,000 ounces grading 8.6 grams per tonne gold).

Manicouagan has earned a 51-per-cent interest in the Pickle Lake East property. Pursuant to an option agreement with Trillium North Minerals, Manicouagan can increase its interest to 70 per cent in this property and the Dorothy-Dobie Lake and Kasagiminnis gold properties by incurring the next $1.5-million of exploration expenditures on the properties. (See MAM news in Stockwatch on April 15, 2010.)

A sketch showing the location of the properties is available at the company's website.

Manicouagan continues to consult with the Cat Lake, Mishkeegogamang and Slate Falls first nations with respect to its activities in the Pickle Lake area.

Sample preparation, analyses and security

For the Pickle Lake East property the assay and sample information as well as geological descriptions are taken from drill logs as prepared by the project geologists for the drill program. All drill cores are NQ in size and assays are completed on split or sawed half cores, with the second half of the core kept for future reference. For the resampling of the Tonsil zone core the remaining split half of the core was taken. In both cases the samples are put into rice bags which are sealed with security locks for shipping directly to Accurassay Laboratories, an accredited assay laboratory, in Thunder Bay, Ont. The samples are analyzed using standard fire assay procedures with an AA/ICP finish. Assay results greater than 1.00 gram per tonne are rerun using a gravimetric finish. In addition to the standard quality control of the laboratory, a series of blanks and standards are inserted in every shipment for quality control purposes.

Qualified person

Exploration programs on Manicouagan's Pickle Lake gold projects are carried out under the supervision of Bruce W. Mackie, PGeo. Mr. Mackie, a professional geologist, has reviewed and verified the technical content of the information contained in this release and qualifies under the definition of qualified person set out in National Instrument 43-101.