Manitou Gold Inc.

Manitou Gold Inc. (TSX-V: MTU) (“Manitou” or the “Company”) is pleased to announce that it has completed a non-brokered private placement (the “Offering”) with Robert McEwen (“Subscriber”), pursuant to which the Subscriber purchased 4,000,000 “flow through” units of Manitou (“Units”) at a price of $0.15 per Unit for aggregate gross proceeds to Manitou of $600,000.

Each Unit consists of one “flow through” common share of Manitou and one common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to acquire one additional common share of Manitou (which shall not be a “flow through share”) at an exercise price of $0.25 per share for a period of 24 months,

provided that if, at any time after January 18, 2013, the closing price of the common shares of Manitou on the TSX Venture Exchange or such other stock exchange where the majority of voting occurs, exceeds $0.40 for more than 20 consecutive trading days,

Manitou may accelerate the expiry date of the Warrants, in which event the Warrants will expire upon the date (the “Accelerated Expiry Date”) which is 30 days following the provision of written notice by Manitou advising holders of the Accelerated Expiry Date.

Regards, Hg