Cannon Exploration Inc. (fka CNEX)

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A Stones Throw Away!

This could be Cannon soon;

Manitou Gold Makes New Discovery of 15.4 g/t Au Over 6.1 m at Kenwest
Wed Jul 7, 10:34 AM

SUDBURY, ONTARIO--(Marketwire - July 7, 2010) - Manitou Gold Inc. (TSX VENTURE: MTU.V) today reports assay results from thirteen diamond drill holes recently completed on the Kenwest Property located in northwestern Ontario. These results are highlighted by an excellent intercept in diamond drill hole KW-10-13, consisting of 15.4 g/t Au over a core length of 6.1 m, representing a significant discovery at the early stage of evaluating a large prospective land package. Visible gold was intersected in a majority of the 13 holes drilled, including hole KW-10-13, where it is associated with quartz veins contained within an envelope of sericite carbonate schist.

The Kenwest Property is located in the historic Gold Rock region, which was an active mining camp in the late 1890's and again in the 1930's. The area hosts three past producing gold mines, over 15 prospects with shafts, underground development, and numerous gold showings. The area has largely been excluded from any modern gold exploration programs.

These latest drilling results from Kenwest represent the first step in delineating multiple known mineralized zones in the Gold Rock mining camp. With a dominant land position in the camp and confirmation, from both grab samples and drilling, of extensive gold mineralization within its portfolio of properties, Manitou Gold is positioned to be at the forefront of the resurgence of mineral exploration and development at Gold Rock.

Sulphide mineralization associated with the gold bearing structure discovered in KW-10-13 is coincident with a prominent 400 metre long IP chargeability anomaly, which has only been tested with a single drill hole. The historic Helena shaft, located 200 metres to the northeast, is also situated on the same IP anomaly. Grab samples from the 2009 prospecting program returned values ranging from nil to 52.4 g/t Au from around the shaft area (see press release dated April 13, 2010) The discovery in hole KW-10-13 represents the first documented drilling on this relatively unknown gold bearing structure located between the Big Master #1 Shaft and the Helena Shaft.

Visible gold has been identified in five out of eight holes drilled to test the Big Master #1 mine horizon (including hole KW-10-13), consisting of widely spaced holes along 950 metres. The holes are all above the 200 metre level and the structure is open to the northeast, southwest and at depth. Visible gold has also been identified in two out of five holes drilled to test the Big Master #2 mine horizon, consisting of widely spaced holes along 450 metres of strike extent. The holes are all above the 175 metre level and the structure is open to the northeast, southwest and at depth. In addition, all 13 holes intersected structures and alteration consistent with a large scale gold system. A plan map depicting the IP chargeability, together with the holes drilled to date, can be seen in Figure A to this press release.

To view Figure A, please click the link below:

http://media3.marketwire.com/docs/FigureA.pdf

A summary of the results of drilling to date on the Kenwest Property are detailed in the following table:

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Table 1: Summary of drill assay results
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DDH From To Width(i) (m) Au g/t
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KW-10-01 107.4 113.5 6.1 1.1
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KW-10-01 132.6 133.7 1.1 1.0
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KW-10-02 46.9 51.5 4.6 1.1
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KW-10-03 77.0 79.0 2.0 0.7
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KW-10-03 82.5 84.0 1.5 5.0
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KW-10-04 126.7 131.5 4.8 1.5
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KW-10-05 212.5 213.0 0.5 2.2
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KW-10-06 53.5 57.1 3.6 0.6
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KW-10-07 No significant assays (geophysical target)
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KW-10-08 No significant assays (geophysical target)
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KW-10-09 254.8 258 3.2 1.2
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KW-10-10 44.8 49.0 4.2 2.7
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KW-10-11 107.5 108.5 1.0 2.1
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KW-10-12 56.3 60.3 4.0 1.3
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KW-10-13 135.8 141.9 6.1 15.4
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(i)Intervals reported are core lengths; true widths of
mineralization are not known.


Drilling will continue throughout the summer field season. The widely spaced drill program is currently testing a number of gold bearing structures related to the larger Manitou Straits Deformation Zone, which extends for over 35 kilometers.

The balance of the Kenwest drill program will consist of testing a number of showings and geophysical targets, including the Gold Rock (occurrence) Shaft and the Selby Shaft. Upon completion of drilling on the Kenwest Property, drilling will commence on the Canamerica Property, to test the E and F zones. The E-zone has an historical resource with estimates of 143,685 tonnes grading 5.21g/t Au to 529,650 tonnes grading 3.20g/t Au (Fox, 1987) (considered to be historic estimates pursuant to National Instrument 43-101 - see additional disclosure below). The Company anticipates releasing further results from this first phase of drilling over the coming months, as they become available.

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. The Company's largest shareholder is Goldcorp Inc, who holds a 15% interest in the Company.

The Qualified Person responsible for the technical content of this news release is Todd Keast, P. Geo., Vice President, Exploration 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. A prepared sample is digested with aqua regia. The resulting solution is analyzed by inductively coupled plasma-atomic emission spectrometry.

The Company considers historical estimates to be relevant, as they provide an indication of historical mineralization having existed on the Company's property. However, the Company is not treating these historical estimates as current resources. This historical estimate should not be relied upon by any party as an indication of a current resource.

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.

Contacts

Richard Murphy
Manitou Gold Inc.
President and CEO
705-222-8800
705-222-8801 (FAX)
[e-mail]
www.manitougold.com