Indicator Minerals Inc.

Indicator Minerals Inc.

October 12, 2007 09:00 ET

Indicator Minerals Completes First Phase of Drilling at Barrow

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 12, 2007) - Indicator Minerals Inc. ("IME" or "Indicator") (TSX VENTURE:IME) announced today that it has completed its first phase of a multi-phase drill program on the Barrow Project. Five land-based targets were tested in this initial campaign and no kimberlite was intersected.

Planning for the phase two drill program on the Barrow property is underway and start up is scheduled to commence in spring 2008. This drill program will test a greater number of targets and include high priority geophysical features defined in the late spring 2007 ground geophysical program. These targets occur in lakes and can only be drilled from winter ice.

"We remain confident that there are significantly diamondiferous kimberlites on the Barrow Project regardless of these initial five drill holes," says Bruce Counts, President and CEO of Indicator Minerals. "There are still numerous compelling targets to test on the property and we eagerly anticipate discovering the source of the diamond bearing kimberlite boulder discovered in 2005."

Indicator owns an 80% interest in Barrow, which includes more than 110,000 acres of mineral claims. The project is located approximately 15 kilometres south of the tide water community of Kugaaruk in Nunavut Territory and the northern boundary of the property can be accessed by an all-weather road. All exploration work is based out of the community and supported by local infrastructure which lowers operating and capital costs on the project. A $1.0 million minimum budget has been set for the fall 2007 - spring 2008 exploration drill program at Barrow. Hunter Exploration retains a 20% interest in the Project.

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 Grail. 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.

Contact Information

  • Indicator Minerals Inc.
    Bruce Counts
    President & CEO
    1-877-331-4605 or (604) 331-4605
    Indicator Minerals Inc.
    Lisa May
    Manager, Corporate Communication
    1-877-331-4605 or (604) 331-4605
    (604) 331-4654 (FAX)