Indicator Minerals Inc.

Indicator Minerals Inc.

September 19, 2007 13:00 ET

Indicator Minerals Commences Drill Program at Barrow

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 19, 2007) - Indicator Minerals Inc. ("IME" or "Indicator") (TSX VENTURE:IME) announced today that it is set to begin the first phase of drilling on its Barrow Property.

Drilling at Barrow will focus on testing six high priority land based geophysical targets that were identified in the spring ground geophysical program. Two of the targets are immediately up ice of the kimberlite float boulder discovered in 2005 that yielded 176 diamonds from 25.5kg of rock. A drill capable of coring up to 300m has been mobilised to site and is being set-up on the first target. The second phase scheduled for spring 2008 will test the remaining high priority targets from lake ice.

"Barrow has the potential to provide diamond results equivalent to some of the richest deposits on the globe," says Bruce Counts, President and CEO of Indicator Minerals. "We are eager to begin testing targets on the property and anticipate discovering the source of the highly diamondiferous kimberlite float boulder found in 2005."

Indicator owns an 80% interest in Barrow, which includes more than 110,000 acres of mineral claims. The project is located approximately 15 kilometres south of the tide water community of Kugaaruk in Nunavut Territory and the northern boundary of the property can be accessed by an all-weather road. All exploration work is based out of the community and supported by local infrastructure which lowers operating and capital costs on the project. A $1.0 million minimum budget has been set for the fall 2007 - spring 2008 exploration drill program at Barrow. Hunter Exploration retains a 20% interest in the Project.

Indicator's board of directors have granted 1,000,000 incentive stock options pursuant to the Indicator Minerals Inc. shareholder-approved stock option plan to directors, officers, employees and consultants, exercisable for up to five years at a price of $0.40 per share. The last closing price of the company's shares prior to the date of grant was $0.36. The options granted will be subject to any applicable regulatory hold periods.

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
    Toll Free: 1-877-331-4605 or (604) 331-4605
    Indicator Minerals Inc.
    Lisa May
    Manager, Corporate Communications
    Toll Free: 1-877-331-4605 or (604) 331-4605