Indicator Minerals Inc.

Indicator Minerals Inc.

August 21, 2009 17:30 ET

Indicator Minerals Postpones Nanuq North Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 21, 2009) - Indicator Minerals Inc. (TSX VENTURE:IME) today announced that the exploration program at its Nanuq North property will not proceed in 2009, pending the conclusion of the arbitration initiated by Peregrine Diamonds Ltd.

"We are very disappointed that exploration on the Nanuq North Project and specifically, the swift advancement of the NQN-001 kimberlite is to be delayed," says Bruce Counts, President and CEO of Indicator Minerals. "The Company's intention was to acquire information needed to make a decision about proceeding with the collection of a mini bulk sample from NQN-001 in early 2010. Given the issues which have been raised in the arbitration process and to minimize risk for shareholders, this work will not be undertaken immediately."

Peregrine initiated arbitration proceedings against Indicator and Hunter Exploration Group on July 12, 2009. Indicator and Hunter have now each filed a statement of defense and counterclaim. In its counterclaim, Indicator asserts that the Letter Agreement between the Company, Hunter and Peregrine is unenforceable and should be set aside. Hunter is seeking the same outcome in an independent counterclaim. The arbitration hearing is tentatively scheduled for November 2009.

Says Mr. Counts: "While we look forward to a speedy resolution to the arbitration and a resumption of work at Nanuq North, I would like to assure shareholders that the Company is actively working on other assets to add value and will make announcements about these efforts shortly."

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: Darby, Borden, Grail and Nanuq North. The Company's management has quickly 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. 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)