Indicator Minerals Inc.

Indicator Minerals Inc.

January 15, 2008 09:30 ET

Indicator Minerals-Barrow Project Review

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2008) - Indicator Minerals Inc. ("IME" or "Indicator") (TSX VENTURE:IME) is pleased to provide the following update on its 80% owned Barrow Project.

The Barrow Project is located within the Pelly Bay Diamond District and is adjacent to the Amaruk Project where Diamonds North Resources Ltd. recently announced significantly diamondiferous kimberlite discoveries (See Diamonds North news releases dated 7th and 14th January, 2008).

Indicator's planned exploration program on the Barrow Project for 2008 will include extensive geophysical surveying and drilling. Drilling will be conducted in two phases. The first phase will commence in the spring and is designed to take advantage of lake ice in testing lake based targets. The second phase to be conducted in the summer months will focus on drilling land-based targets generated during the geophysical component of the 2008 program.

In 2005, Indicator discovered a kimberlite boulder on the Barrow Project that yielded 176 diamonds from 25.5kg of material. Additionally, kimberlite indicator minerals with compelling chemical compositions have been recovered on the property and numerous geophysical targets have been identified.

"The data we've collected strongly indicates that the Pelly Bay diamond field extends on to the Barrow property," commented Bruce Counts, President and CEO of Indicator Minerals. "We are eager to start the 2008 exploration program and advance this property to discovery."

Indicator also announced today that Stuart Peterson has resigned as Chief Financial Officer to pursue other business interests. Chris Twells, IME's Controller, will act as interim CFO until a permanent replacement for Mr. Peterson is identified. The Board of Directors and Management would like to thank Stuart for his contribution to the company.

Indicator Minerals Inc. is a Canadian exploration company focused on the discovery of economic diamond deposits. Founded in 2004, the company has assembled a highly qualified technical team, experienced in worldwide diamond exploration. Indicator is exploring more than 4.3 million acres of targeted ground in the Canadian arctic and has three key projects in Nunavut: Darby, Barrow and Nanuq North. Indicator's management has positioned the company to be 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.

On behalf of the Board

Indicator Minerals Inc.

Bruce Counts, P.Geoph., President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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