2012-10-31 14:11:00 -

Manicouagan Minerals Reports Positive Rare Earth Assay Results from its Cloridorme Aluminous Clay Property & Commencement of a Drilling Program

Toronto, Ontario CANADA, October 31, 2012 /FSC/ - Manicouagan Minerals Inc. (MAM - TSX Venture), is pleased to report favourable Rare Earth Elements (REE) assay results from its surface sampling program on its Cloridorme property located in the Gaspe Peninsula of Quebec and announces the commencement of a drilling program.

Rare Earths
Between June 10 and 22, 2012, a geological sampling program was completed on Manicouagan's 101 claim Eastern Block which is contiguous to the east of Orbite Aluminae's ("Orbite") Grande-Vallee property and on strike with its Marin deposit. Thirty nine (39) samples returned significant values of alumina, 17.01% to 22.68%

Al2O3 (see MAM Press Release dated August 2, 2012-10-30). Five (5) of these samples (3 from outcrops of red mudstones and two from the green mudstones), were analyzed by ALS Canada Ltd. of Val d'Or for REE

The red mudstone samples returned an average of 430 PPM total rare earth oxides (TREO) which is comparable to the TREO content reported by Orbite from its Marin aluminous argillite deposit. The two green mudstone samples have a lower TREO average of 257 PPM. The aluminum oxide (Al2O3) content for the 5 samples was between 20% and 22.1%.

TREO include the suite of REO from Lanthanum Oxide (La2O3) to Lutetium Oxide (Lu2O3) plus Yttrium Oxide (Y2O3).

Drilling

A drilling program commenced on October 29, 2012 with the objective of determining the thickness and potential strike length of the aluminous red argillite formations located by surface mapping and sampling in different sectors of the property. Approximately 6 to 10 holes (600 to 1,000 metres) are planned. The drilling program is being conducted by Forages Dibar of Sainte-Anne-des-Monts.

Option Agreement

The terms of the option agreement (see MAM Press Release dated February 7, 2012) required Manicouagan to complete a $200,000 exploration program by October 30, 2012 and, if successful, to pay $50,000 and to issue 1.5 million shares to the vendor by October 30, 2012. Due to the delay in receiving assay results and the drilling permit, these terms have been extended four months to allow for the completion of the work commitment. The cash ($50,000) and common share (1,500,000) payments have been modified as follows: $7,500 payable on October 30, November 30, December 30, 2012 and January 30, 2013 with the balance of $20,000 payable on February 15, 2013. The 1,500,000 common shares are also issuable on February 15, 2013.

Manicouagan's CEO, Brian Carter, commented, "We are pleased to have begun the drilling program and the REE assay results and initial drilling indications support our enthusiasm for the Cloridorme property."

About Manicouagan

Manicouagan Minerals Inc. is a Canadian based exploration company focused on advancing its aluminous clay property in the Gaspe Peninsula of Quebec, which also contains significant values of REE and its gold projects in the Pickle Lake Gold Belt, Ontario. Manicouagan also has commodity projects including the Brabant Lake Zinc deposit in Saskatchewan, and the Mouchalagane Nickel/Copper/PGE and HPM/Forgues Nickel/Copper/Cobalt projects in Quebec.

Qualified Person

Exploration programs on Manicouagan's Cloridorme property are carried out under the supervision of Mr. Claude Britt, P. Geo. Mr. Britt 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.

Additional information about Manicouagan and its exploration projects can be found at www.manicouaganminerals.com.

Une traduction francaise de ce communique de presse est disponible a www.manicouaganminerals.com.


For further information contact:
W. Brian Carter, Chief Executive Officer
briancarter@manicouaganminerals.com
(416) 542-3980

Or investorrelations@manicouaganminerals.com


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.


MANICOUAGAN MINERALS INC.
Suite 810, 18 King Street East,
Toronto, Ontario M5C 1C4
(416) 542 - 3980


To view this release as a web page, please click on the following link:
www.usetdas.com/pr/manicouagan10312012.htm



Source: Manicouagan Minerals Inc. (TSX:V - MAM) www.manicouaganminerals.com
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