On October 23, 2006, Manicouagan Minerals Inc. announced that it had completed a $1.5 million private placement at a price of $0.15 per unit with the MineralFields Group. Each unit consists of one flow through common share of Manicouagan and one-half a common share purchase warrant. Each whole warrant entitles the holder to acquire one common share of Manicouagan at a price of $0.30 per share for a period of twelve months and will expire on October 20, 2007. Manicouagan is a Canadian based exploration company with a diversified portfolio of properties. The Company currently holds four base metal projects located in Québec and Saskatchewan, on which exploration programs are ongoing. It intends to use the funds from the private placement for continued exploration on its Canadian properties. Manicouagan was advised in this transaction by a team from Fasken Martineau comprised of Martin Gagné, Jean M. Gagné and Ianny Xénopoulos in Québec City and Bozidar Crnatovic in Toronto.