Indicator Minerals Inc.

Indicator Minerals Inc.

February 24, 2011 19:46 ET

Indicator Minerals Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2011) -


Indicator Minerals Inc. (the "Company") (TSX VENTURE:IME) announced today that it has completed its previously announced non-brokered private placement of units.

At the closing Indicator issued 11,005,055 units (the "Units") at a price of $0.18 per Unit for gross proceeds of $1,980,909.50 (the "Private Placement"). Each unit is comprised of one common share and one transferable share purchase warrant of the Company (the "Warrants"). Each Warrant is exercisable to purchase one common share of the Company at a price of $0.27 per share until February 23, 2013.

Finder's fees consisting of $70,529 in cash and 391,828 non-transferable finder warrants, representing 5% of the proceeds raised and 5% of the number of Units issued, respectively, were paid to six finders in respect of certain subscriptions under the Private Placement. Each finder warrant is exercisable to purchase one common share of the Company at a price of $0.27 per share until February 23, 2013.

All securities issued or issuable under the Private Placement are subject to a hold period and may not be traded until June 24, 2011 except as permitted by Canadian securities legislation and the Exchange. Indicator intends to use the proceeds for exploration expenditures on its Mohave Copper Project and for general working capital and other corporate expenditures.

Indicator is also pleased to announce, subject to regulatory approval, the appointment of Jim Paterson, B.Comm. to the Board of Directors. Jim brings a wealth of contacts and knowledge obtained through his 15 years of corporate experience with several mineral exploration and development companies. Mr. Paterson founded and, from June 2007 until August 2010, was President & CEO of Corsa Capital Ltd. Currently Mr. Paterson is the CEO of Kivalliq Energy Corporation and is also a Director of Kaminak Gold Corporation and Niblack Development Corporation, both resource companies listed on the TSX Venture Exchange.

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 north-western 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.

On behalf of the Board:

Bruce Counts, P.Geoph., President & CEO

Indicator Minerals Inc.

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

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.

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.

Contact Information