Indicator Minerals Inc.

Indicator Minerals Inc.

September 15, 2009 09:02 ET

Indicator Minerals Advances Grail Property in Preparation for Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 15, 2009) - Indicator Minerals Inc. (TSX VENTURE:IME) today announced that it has initiated the process of securing the regulatory permits required to conduct a drill campaign on its Grail Project located in Nunavut Territory, Canada.

"Grail is an outstanding property with the potential to host a new field of diamond-bearing kimberlites and we are now ready to move it forward," says Bruce Counts, President and CEO of Indicator Minerals Inc. "In the past year Indicator completed heavy mineral sampling and airborne geophysical surveys on the property. The work has returned exciting results including diamond inclusion mineral chemistry and high-confidence geophysical targets. We are eager to begin our first round of drilling on the property as soon as practical in the New Year."

Indicator is operator on the Grail Project and has an 80% interest in the diamond rights with the ability to acquire the remaining 20% under certain conditions. The 195,000-acre property, which has garnered the interest of major mining companies and junior explorers, is located on the Boothia Peninsula in the Canadian arctic just 80 kilometers from the tidewater community of Taloyoak. Kimberlite indicator minerals have been isolated to a discrete area of the Grail Project and are believed to originate from kimberlites with excellent potential for economic quantities of diamond. Geophysical surveys conducted in this area identified numerous kimberlite targets that warrant drill testing.

About Indicator Minerals:

Indicator Minerals Inc. is a Canadian exploration company focused on the discovery and development of economic diamond deposits. Founded in 2004, the Company has assembled one of the most qualified technical teams in worldwide diamond exploration. The Company is exploring more than 2.74 million acres of targeted ground in the Canadian arctic and has four key projects in Nunavut: Grail, Darby, Borden and Nanuq North. The Company's management has positioned Indicator as a sophisticated player in both Canadian and international diamond exploration by forming strategic partnerships, acquiring highly prospective properties and conducting systematic and efficient exploration programs. Indicator is a member of the Discovery Group of Companies.

On behalf of the Board

Indicator Minerals Inc.

Bruce Counts, P.Geoph., President & CEO

Neither the 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.

Contact Information

  • Indicator Minerals Inc.
    Bruce Counts
    President & CEO
    (604) 331-4605 or Toll Free: 1-877-331-4605
    (604) 331-4654 (FAX)