Indicator Minerals Inc.

Indicator Minerals Inc.

February 28, 2008 09:01 ET

Indicator Minerals Acquires 1.71 Million Acres of Mineral Permits in Nunavut

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2008) - Indicator Minerals Inc. ("IME" or "Indicator") announced today that it has been awarded 41 prospecting permits, totalling more than 1.71 Million acres (6,920 km2) in Nunavut Territory.

The permit areas were selected by Indicator's technical team based on generative work carried out in 2007. Thirty-two permits, totalling 1.22 Million acres, make up the new "Indigo" project, a continuous block of permits centered approximately 200 km south-west of Indicator's Darby project. Nine additional permits were acquired as strategic extensions to existing IME projects on the Boothia, Borden and Foxe peninsulas.

"We are pleased to have been awarded these new permits, positioned in what we believe to be very prospective, yet underexplored parts of the Canadian North", stated Bruce Counts, President and CEO of Indicator Minerals Inc. "Plans and budgets for this year's work programs are already in place."

Starting with a land package of more than 7 Million acres in 2004, Indicator has successfully generated several significant diamond exploration projects. These include the Darby project with 9 kimberlites discovered to date, the Barrow project where the source of a highly diamondiferous boulder is being traced as well as Nanuq North, which is located at the head of a high interest kimberlite indicator mineral train.

To date, budgets in excess of $5 Million have been approved for Indicator's Nunavut properties in 2008. This includes a $1.3 Million geophysics and drill program on the Barrow property in addition to $2.1 Million to be spent on the Darby property by joint venture partner Teck Cominco Limited.

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 5.5 million acres of targeted ground in the Canadian arctic and has three key projects in Nunavut: Darby, Barrow and Nanuq North. 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

A map is available at the following address:

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
    (604) 331-4654 (FAX)