Manitou Gold Announces First Assay Results from Initial Kenwest Bulk Sample

SUDBURY, ONTARIO--(Marketwired - Jan. 9, 2018) - Manitou Gold Inc. (TSX VENTURE:MTU) (the "Company" or "Manitou") is pleased to announce interim assay results from chip samples taken as part of the recently completed initial surface bulk sample at its 100% owned Kenwest property which is located in Northwestern Ontario, approximately 50 km South of Dryden, Ontario. 

Manitou completed an initial surface bulk sample at Kenwest in late November (see Company's November 28, 2017 news release). The ten tonnes of sampled material are currently being processed at SGS Lakefield laboratories. Manitou Gold expects to report the full results of the bulk sample in early February.

During the course of blasting and excavating the bulk sample, the Company's consulting geologist collected chip samples across the host shear zone as blasting advanced. In addition, several samples of drill cuttings from the blast holes were also collected. The chip samples ranged from 0.1 to 1.3 meters in length while the drill cuttings samples were collected from blast holes, which averaged approximately two meters in depth.

A total of 17 chip samples, representing an aggregate sum of 13.6 linear meters of sampling, yielded a length weighted average of 40.2 g/t gold. The individual samples ranged from 0.05 to 1,070 g/t gold. Furthermore, a total of 14 drill cuttings samples were collected along an approximately 30 meter section of the vein yielded an average grade of 5.4 g/t gold. Individual drill cutting samples yielded grades ranging from 0.02 to 65.1 g/t gold.

The chip samples were taken from across the primary quarts vein structures, as well as from across the adjacent wallrock. Wallrock samples were expected to contain very little gold.

"These initial results confirm our strong belief in the exploration potential of the Kenwest Property and remind us that Kenwest can yield very high grade gold results." commented Richard Murphy, CEO of Manitou Gold. "I look forward to receiving the full bulk sample results in early February."

The Company will provide an update on planned exploration activities for its properties in the near future.

The samples were transported in security sealed bags for preparation at SGS Prep Lab located in Sudbury, Ontario. Prepped samples were shipped for analysis to the SGS Lakefield Laboratory in Lakefield, Ontario. SGS Laboratories Ltd. is an ISO 17025 registered laboratory. Samples are analyzed by industry standard 50 gram fire assay fusion with atomic absorption finish. Samples yielding over 10 g/t are re-assayed with gravimetric finish.

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

Richard Murphy, P.Geo is the qualified person responsible for the technical content contained in this document.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including without limitation, statements with respect to the prospective nature of any of Manitou's property interests. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the timing and amount of future exploration, the availability of necessary financing, the progress of exploration activities, the receipt of necessary regulatory approvals, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Manitou, including, but not limited to the receipt of applicable regulatory approvals & risks inherent in exploration and development activities, changes in project parameters as plans continue to be redefined, mineral prices, competition, access and supply risks, reliance on key personnel, operational risks, capitalization and financing risks, risks related to disputes concerning property titles and interest, and environmental risks. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.