Manitou Gold Inc. (TSX VENTURE:MTU) (the "Corporation" or "Manitou") is pleased
to announce that it has entered into an asset transfer agreement (the "Transfer
Agreement") with Teck Resources Limited (the "Vendor") providing for the
purchase by the Corporation of all of the Vendor's right, title and interest in
and to the property known as the Gaffney Property, in exchange for an aggregate
of 1,000,000 common shares of the Corporation and 1,000,000 share purchase
warrants of the Corporation, with each share purchase warrant being exercisable
for a two year period to acquire one additional common share of the Corporation
at an exercise price of CDN$0.50.


Also in connection with the Transfer Agreement, the Corporation and the Vendor
have agreed to enter into the following net smelter return royalty (the "NSR
Royalty") agreements (collectively, the "Royalty Agreements") in respect of
mineral production from the Gaffney Property, the mineral claims known as the
Gaffney Extension Property (collectively, the "Purchaser Property") and certain
additional mineral claims located in the vicinity (collectively, the "Purchaser
Option Claims") which are the subject of an option in favour of the Corporation
pursuant to the option agreement between the Corporation, David Healey and Karl
Bjorkman dated January 31, 2011 (the "Option Agreement"), as applicable:




a.   an NSR Royalty agreement pursuant to which the Vendor retains a 2% NSR
     Royalty on the Gaffney Property with no right of buyout; 
b.   an NSR Royalty agreement pursuant to which the Corporation will grant
     to the Vendor a 0.125% NSR Royalty on the Purchaser Property (excluding
     the Purchaser Option Claims), with no right of buyout; and 
c.   an NSR Royalty agreement pursuant to which, conditional on the exercise
     by the Corporation of its option to acquire a 100% interest on the
     Purchaser Option Claims, among other things, the Corporation will grant
     to the Vendor the following: 
     i.   a 0.125% NSR Royalty on the Purchaser Option Claims; 
     ii.  the right to purchase, with or without the Corporation, one half
          of the 2.5% NSR Royalty retained by the optionors under the Option
          Agreement (the "Royalty Purchase"), being a 1.25% NSR Royalty on
          the Purchaser Option Claims or any other properties that may be
          included as part of the Purchaser Option Claims (the "Purchased
          Royalty"); pursuant to the Option Agreement, the Royalty Purchase
          will be made in exchange for a cash payment of $1.25 million to
          the optionors (the "Cash Payment"), which, if effected by the
          Corporation and the Vendor, will be payable as follows: 50% by the
          Vendor and 50% by the Corporation. Upon completion of the Royalty
          Purchase, the Vendor will be entitled to 50% of the Purchased
          Royalty, being a 0.625% NSR Royalty, and the Corporation will be
          entitled to, and shall extinguish, the other 50% of the Purchased
          Royalty, being a 0.625% NSR Royalty; and 
     iii. the right to solely complete the Royalty Purchase in certain
          circumstances by making 100% of the Cash Payment and thereby
          receiving 100% of the Purchased Royalty, being a 1.25% NSR Royalty
          on the Purchaser Option Claims.



The Transfer Agreement and Royalty Agreements remain subject to, among other
things, the receipt of all applicable regulatory approvals, including the
approval of the TSX Venture Exchange.


The Corporation is also pleased to announce that it has adopted a fixed stock
option plan (the "2013 Plan") providing for the grant of stock options
exercisable to acquire up to an aggregate of 5,384,741 common shares of the
Corporation. The 2013 Plan replaces all prior stock option plans of the
Corporation, and has been filed under the Corporation's profile on SEDAR at
www.sedar.com.


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.


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. These forward-looking statements are subject to
numerous risks and uncertainties, certain of which are beyond the control of the
Corporation, including, but not limited to the receipt of applicable regulatory
approvals. 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Manitou Gold Inc.
Todd Keast
President and CEO
(705) 222-8800
(705) 222-8801 (FAX)
tkeast@manitougold.com
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