Indicator Minerals Inc.

Indicator Minerals Inc.

September 25, 2007 12:00 ET

Indicator Minerals-Four New Kimberlites Discovered at Darby in 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 25, 2007) - Indicator Minerals Inc. ("IME" or "Indicator") (TSX VENTURE:IME) announced today that Teck Cominco Limited ("Teck Cominco") has completed the 2007 field program on the Darby Project and that a total of four new kimberlites were discovered during this year's drill campaign.

Thirty two new targets were drill tested during the 2007 program at Darby, bringing the total number of individual kimberlite bodies discovered on the property to nine. A single hole was also drilled into the diamondiferous Iceberg kimberlite, targeting a large untested area of the body. Representative samples of each of the four new kimberlites have been sent to an independent laboratory for diamond recovery using caustic fusion. All diamond results are expected by the end of October. Samples were also collected for diamond indicator mineral analysis and petrologic description.

In addition to the drilling program, 16,800 line-km of detailed airborne geophysical data were collected completing the coverage over the original 450,000 acre property. A preliminary interpretation of the data has identified multiple high priority targets that will be drill tested in 2008. Finally, 986 heavy mineral samples were collected over the entire property with a particular focus on evaluating strategic mineral claims added to the Darby Project in 2006.

"The 2007 exploration program at Darby was successful on several levels," says Bruce Counts, President and CEO of Indicator Minerals. "We have expanded the Franklin kimberlite field, which is believed to be centred on the property, we have identified numerous compelling targets in the new airborne data that will be tested in 2008, and completed a comprehensive sampling program on the prospective ground that was acquired last year."

The Darby Project now includes more than 685,000 acres of mineral claims and is located approximately 200 kilometres (120 miles) southwest of the community of Kugaaruk in Nunavut Territory. The project is currently under option to and operated by Teck Cominco. Under the terms of the agreement Teck Cominco can earn a 51% interest by spending $14 million before June 20, 2010. Upon formation of a Joint Venture, Indicator has the right to have its remaining 29% interest carried to production on a project loan basis. Hunter Exploration Group retains a 20% interest in the Darby 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
    (604) 331-4605 or Toll Free: 1-877-331-4605
    Indicator Minerals Inc.
    Lisa May
    Manager, Corporate Communication
    (604) 331-4605 or Toll Free: 1-877-331-4605
    (604) 331-4654 (FAX)