Indicator Minerals Inc.

Indicator Minerals Inc.

April 23, 2007 09:02 ET

Indicator Minerals-$8.5 Million Exploration Program Commences at Darby

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 23, 2007) - Indicator Minerals Inc. (TSX VENTURE:IME) announced today that this year's $8.5 million exploration program at the Darby Project, Nunavut, has commenced.

Preparation of an airstrip that is capable of accommodating a C-130 Hercules cargo plane has begun on the lake ice adjacent to the Darby camp. Mobilisation of fuel and drilling equipment will follow immediately upon completion of the airstrip.

A 16,000 line-km detailed airborne geophysical survey is scheduled to begin in early May and will extend coverage to areas of the property where kimberlite indicator minerals and boulders have been recovered. Targets identified in this year's airborne geophysical survey will be field-checked and integrated into the 2007 drilling campaign.

An aggressive drilling program is expected to start mid May to test a minimum of 40 new targets. Drilling will be initiated with a single core rig. A second drill will be mobilised to the project if required, to ensure that the goals of this year's program are met. Ground geophysical surveys and heavy mineral sampling will complement the drill campaign throughout the exploration season.

"This year's exploration program at Darby is geared towards discovery of significantly diamondiferous kimberlites," says Bruce Counts, president and chief executive officer of Indicator Minerals. "There are more than 20 high priority targets already defined in an area where we know large, diamond-bearing kimberlites exist and we are confident that additional targets will be generated by the new airborne data."

The Darby Project includes more than 687,000 acres of mineral claims and is located approximately 120 kilometres southwest of the community of Kugaaruk in Nunavut Territory. The project is currently under option to and operated by Teck Cominco Limited, which can earn a 51% interest by spending $14 million before June 2010. The 2007 exploration program is solely funded by Teck Cominco. Hunter Exploration has a 20% carried interest in the project.

The technical content of this news release has been reviewed by Bruce Counts, P. Geoph., a qualified person for the purposes of National Instrument 43-101.

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)