Indicator Minerals Inc.
TSX VENTURE : IME

Indicator Minerals Inc.

January 15, 2007 11:00 ET

Indicator Minerals Expands Darby Project

Aggressive drilling, geophysics and sampling program planned for 2007

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 15, 2007) - Indicator Minerals Inc. ("IME" or "Indicator") (TSX VENTURE:IME) announced today that it has acquired an additional 540,000 acres of mineral claims contiguous to the Darby Project, located in Nunavut Territory.

The Darby Project is currently under option to Teck Cominco Limited ("Teck Cominco") which has elected to have 272,000 acres of these new mineral claims incorporated into the property under the terms of the existing agreement. Under the existing agreement Teck Cominco has agreed to spend $14 million over four years at Darby and to carry Indicator's remaining interest to production (see news release dated June 2, 2006).

The claims announced today increase the size of the Darby Project to a total of 687,000 acres. The new area lies south, west and north of the original Darby land package (see attached map or visit www.indicatorminerals.com).

"Proprietary geological knowledge gained on Darby over the last two years has led Indicator to believe that this new ground is highly prospective for additional kimberlite discoveries," says Indicator President and CEO Bruce Counts.

The 2006 drill program, which was confined to less than 10 per cent of the property, established that there is a field of large kimberlites located at Darby and data collected to date suggest that they are widely distributed on the property. Several visually-distinct types of kimberlite have been identified on the project, including crater-facies volcanoclastic kimberlite. Teck Cominco and Indicator are planning an aggressive 2007 exploration program that will include airborne geophysics, heavy mineral sampling and drilling with field operations set to begin in early May 2007. Details of the program will be released later in the first quarter of 2007.

The total Darby area land package held by Indicator includes more than 954,000 acres of mineral claims and is located approximately 120 kilometres southwest of the community of Kugaaruk in Nunavut Territory. Approximately 687,000 acres are currently under option to Teck Cominco, which can earn a 51% interest by spending $14 million over four years. The Hunter Exploration Group has 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 one of the most qualified technical teams in worldwide diamond exploration. Indicator has two key projects in the Franklin District of Nunavut: Darby and Barrow, with Darby advanced to the discovery stage.

On behalf of the Board

Indicator Minerals Inc.

Bruce Counts, P.Geoph., President & CEO

To view the map attached to this release please click on the following link: http://www.ccnmatthews.com/docs/0115ime.pdf

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
    (604) 331-4605 or Toll Free: 1 877-331-4605
    (604) 331-4654 (FAX)
    Website: www.indicatorminerals.com
    or
    Ascenta Capital Partners
    Bruce Korhonen
    Investor Relations
    (604) 684-4743 ext 230 or 1-866-684-4743