Indicator Minerals Inc.

Indicator Minerals Inc.

July 14, 2009 12:36 ET

Indicator Minerals Responds to Arbitration Notice

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2009) - Indicator Minerals Inc. (TSX VENTURE:IME) today responded to a notice from Peregrine Diamonds Ltd. and Peregrine Holdings Ltd. (collectively "Peregrine") on matters concerning the Nanuq North property. Nanuq North is situated 300km north of Baker Lake in Nunavut Territory and is operated by Indicator.

Indicator acknowledges receiving an Arbitration Notice from Peregrine, but maintains that its conduct has been entirely proper and appropriate and looks forward to defending this claim before the arbitration panel as quickly as possible.

"We are surprised and disappointed by the actions of Peregrine in this matter and hope that we can resolve this issue in a cooperative manner," says Bruce Counts, President and CEO of Indicator. "The program planned for Nanuq North is timely and necessary to advance the property and keep it on track for an initial bulk-sample in 2010."

Indicator continues to prepare to mobilize for the 2009 exploration program at Nanuq North. The planned drilling on the NQN-001 kimberlite will provide vital information regarding the geometry, geology and diamond content of the kimberlite which is key to determining if and how a small bulk-sample should be extracted from NQN-001.

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 properties in Nunavut: Nanuq North, Darby, Borden, and Grail. 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.

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