SUDBURY, ONTARIO–(Marketwire – March 29, 2011) –

NOT FOR DISSEMINATION INTO THE UNITED STATED OR THROUGH U.S. NEWS WIRE SERVICES

Manitou Gold Inc. (TSX VENTURE:MTU) (“Manitou Gold” or the “Company”) is pleased to announce that it has completed its previously announced fully marketed private placement (the “Offering”) of 6,400,000 flow-through shares and 11,800,000 units (“Units”) at a price of $0.55 per flow-through share and $0.55 per Unit for aggregate gross proceeds of $10,010,000, which includes the exercise of the over-allotment option. The Offering was completed by a syndicate of agents led by Canaccord Genuity Corp. and included PowerOne Capital Markets Inc. (collectively, the “Agents”).

Each Unit is comprised of one common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.70 per share, any time up to 5:00 pm (Toronto time) on March 29, 2013. However, if over a period of 20 consecutive trading days between the date that is 4 months and one day following March 29, 2011 and the expiry of the warrant, the daily volume weighted average trading price of the common shares on the TSX Venture Exchange or such other stock exchange where the majority of the trading volume occurs, exceeds $1.40 on each of those 20 consecutive days, the Company may, within 60 days of such an occurrence, give written notice to the holders of the warrants that the warrants will expire at 4:00 p.m. (Toronto time) on the 30th day following the giving of notice unless exercised by the holders prior to such date.

The proceeds of this offering will be used to advance the Company’s Ontario projects and for general working capital purposes.

In connection with the Offering, the Company issued to the Agents as partial consideration an aggregate of 1,365,000 broker warrants, each broker warrant entitling the holder to acquire one Unit at an exercise price of $0.55 per Unit for a period of two years. In addition, the Company also issued an additional 200,000 Units to Canaccord Genuity Corp. in satisfaction of a corporate finance fee payable in connection with the Offering. The Units issuable upon exercise of the broker warrants and in connection with the corporate finance fee bear the same terms as the Units issued in the Offering. All securities issued in connection with the Offering are subject to a statutory hold period expiring July 30, 2011.

About Manitou Gold

Manitou Gold Inc. is a well-funded gold exploration company focused with a dominant land position in the Gold Rock Mining Camp, located in the Kenora Mining District, in Northwestern Ontario.

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact

Manitou Gold Inc.
Richard Murphy
Chairman and CEO
705-222-8800
705-222-8801 (FAX)
info@manitougold.com

or

Manitou Gold Inc.
Michael Murphy
Director, Corporate Communications
705-222-8800
705-222-8801 (FAX)
mmurphy@manitougold.com
www.manitougold.com