MTU Manitou Gold Inc

Manitou Gold Inc. (TSX VENTURE:MTU) ("Manitou") announces the acquisition of a
key new property in the core of the historic Goldrock mining camp. The newly
acquired property consists of 14 patented claims and one mining license of
occupation, historically known as the Elora patents.


The Elora patents are contiguous with Manitou Gold's Kenwest and Canamerica
projects, as can be seen from a map of the three properties on the company's
website located at www.manitougold.com/elora.html. This acquisition marks the
first time that all three of these highly prospective properties located within
the historical Goldrock mining camp have been consolidated under a single
operator. The older "patchwork" of claims held by competing companies hindered
past exploration programs, due to the relatively small property sizes. The
consolidation of these properties will allow Manitou Gold to pursue these
favorable structures along strike and at depth without the constraint of
historic boundaries between the properties. The Big Master Mine on the Kenwest
property was the deepest operation of the camp and only reached a vertical depth
of 183 m.


The Elora Property, which lies adjacent to Manitou Gold's current Kenwest and
Canamerica Properties, hosts two past producing gold mines, the Laurentian and
the Elora. The Laurentian Mine was the largest producer in the historical
Goldrock Camp and operated between 1903 and 1909. The mine consisted of an
inclined shaft and a winze to a depth of 145 m, with workings established on the
24 m, 60 m, 91 m, 121 m and 145 m levels. Gold production was reported at 8,143
ounces at a grade of 0.4 oz/t Au (14.0 g/t Au). (Blackburn, C.E. 1981 Ontario
Geological Survey Report 202). In 1965, the shaft was dewatered and a sampling
program on the 145 m level returned assay results which averaged 0.24 oz/t Au
(8.2 g/t Au) over an average width of 3 m for the full 24 m length of the drift
(Emery, H.J. 1965 Summary Report, Elora Gold Mines Gold Rock, Ont). The
Laurentian mine area has received minimal modern exploration. 


The Elora Mine operated during 1898 and again from 1936 to 1937. The mine is
located 725 m southwest of the Laurentian Mine and consists of a small
exploration shaft sunk to the 19 m level and a second deeper shaft sunk to the
53 m level, with development on the 50 m level. An 80 m long by 7 m deep open
cut trench was also developed. The underground and open cut operations have a
reported production of 1,370 ounces at a grade of 0.1 oz/t Au (3.4 g/t Au)
(Blackburn, 1981). The area surrounding the Elora mine has received some modern
day diamond drilling and shows exceptional down dip potential. 


Todd Keast, President of Manitou Gold, commented "The Elora acquisition
significantly expands our dominant land position in the Goldrock camp and
greatly increases our ability to effectively identify and explore new zones of
gold mineralization in this prospective area. The exploration results and
understanding from our adjacent Kenwest and Canamerica projects will be applied
to the Elora property in order to rapidly identify new priority targets. The
combined holdings encompass an 800 m wide zone, which contains a number of
highly prospective gold bearing structures. A 4.5 km long section of favorable
structures hosts the three past producing mines and nine other shafts with
unreported production. The high density of shafts in this area is a very
positive indicator of the exploration potential." 


The Company can acquire a 100% interest in the Elora Patents, in exchange for
the payment of $200,000 in cash, the issuance of 2,000,000 common shares of the
Company, and the completion of a $2,500,000 work commitment, all over a three
year period, as well as the assumption of a $20,000 annual advance royalty
payment payable on an underlying 2.5% net smelter royalty ("NSR") held by a
prior property owner.


Upon Manitou Gold earning its 100% interest in the Elora Patents, the optionors
will be entitled to a sliding scale NSR on production generated from the
property, with the rate of the NSR being 0.5% when gold is below US$1,250/oz and
such NSR rate increasing in increments as the price of gold increases, up to
1.5% in the event that the price of gold exceeds $2,500/oz. 


Securities issued in connection with the acquisition of the Elora Patents are
subject to a four month hold period from the date of issuance and completion of
the transaction is subject to approval of the TSX Venture Exchange.


The Qualified Person responsible for the technical content of this news release
is Todd Keast, P. Geo., President of Manitou Gold Inc. Mr. Keast has verified
all of the technical data contained in this release.


The Company has implemented a quality control program to ensure best practice in
sampling and analysis. Assayed samples are transported in security sealed bags
for preparation and analysis at ALS Chemex facilities. ALS Chemex is an ISO
9001-2000 and ISO 17025 registered laboratory. Core samples were analyzed for
gold by 30-gm fire assay with AA finish and by gravimetric methods. Samples with
visible gold are assayed by screened total metallics. 


Statements in this release that are forward-looking statements are subject to
various risks and uncertainties, certain of which are beyond the control of the
Company including, but not limited to, the impact of general economic
conditions, industry conditions, volatility of commodity prices, risks
associated with the uncertainty of exploration results and estimates and that
the resource potential will be achieved on exploration projects, currency
fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining
additional financing and exploration risk. Readers should also refer to the
specific factors disclosed under the heading "Risk Factors" in the Company's
filings with Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based on information
currently available. The Company does not assume any obligation to update any
forward-looking statements, save and except as may be required by applicable
securities laws.

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