Indicator Minerals Inc.

Indicator Minerals Inc.

January 30, 2008 09:01 ET

Indicator Minerals Announces $2.1 Million Darby Project Budget

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2008) - Indicator Minerals Inc. ("IME" or "Indicator") (TSX VENTURE:IME) announced today that Teck Cominco Limited ("Teck Cominco") has set the 2008 exploration budget for the Darby Project at $2.1 million.

The 2008 exploration program at Darby will continue to focus on the process of discovery in the core area, where nine kimberlites have been found to date, in addition to comprehensive evaluation of the western mineral claims acquired in 2006. Fuel inventory has an estimated value of $600,000 bringing the effective budget to $2.7 million. Details of the exploration program will be finalised once outstanding heavy mineral results from the 2007 field program are received in February.

"The 2008 budget demonstrates the partner's belief that the Darby project has the potential to deliver an economic diamond deposit," commented Bruce Counts, President and CEO of Indicator Minerals Inc. "Teck Cominco's collective expenditures during its 3 year partnership with Indicator are expected to exceed $14 million, making Darby the first Canadian joint venture diamond project in which Teck Cominco has earned a vested interest."

The Darby Project 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 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

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)