Indicator Minerals Announces Increase in Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2011) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Indicator Minerals Inc. (the "Company") (TSX VENTURE:IME) today announced that, subject to TSX Venture Exchange approval, it has increased the size of its previously announced private-placement offering from 5.55 million units to up to 11.0 million units at a price of $0.18 per unit, for gross proceeds of up to $1,980,000. All other terms contained in the previous announcement remain unchanged.

About Indicator Minerals:

Indicator Minerals Inc. is a leading Canadian exploration company focused on the discovery and development of economic mineral deposits. The company has assembled one of the most qualified technical teams in worldwide exploration to focus on advancing its early-stage Mohave Copper Porphyry project in Northwestern Arizona. This under explored and largely untested project has a compelling copper, molybdenum and silver footprint with a coincident IP anomaly indicative of a large Copper Porphyry system. Indicator will be drilling the property in Q2, 2011.

Indicator Minerals Inc. is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

Cautionary Notice: This release may contain forward-looking statements regarding the Company's business or financial condition, including the proposed completion of financings, use of proceeds and exploration programs. Actual results could differ materially from those described in this news release as a result of factors, including, but not limited to the following: the timing and completion of financings, the actual use of proceeds, the timing, results and success of exploration and development programs, financial arrangements, the ability to obtain additional financing, developments in global resource markets, political developments, the timing of regulatory and environmental approvals and other factors. The Company cautions that these and similar statements involve risk and uncertainties, which could cause actual results to differ materially from those in the forward looking statement. Forward–looking statements are made in the context of information available as of the date stated. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.

On behalf of the Board

Indicator Minerals Inc.

Bruce Counts, P.Geoph., President & CEO