Indicator Minerals Inc.
TSX VENTURE : IME

Indicator Minerals Inc.

April 19, 2011 09:03 ET

Indicator Minerals Commences Drilling at the Mohave Copper Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2011) - Indicator Minerals Inc. (TSX VENTURE:IME) today announced that it has commenced a 5,000m core drilling program on its 100% owned Mohave Copper Project located in north-western Arizona.

"Drilling has started and we are eager to evaluate the economic potential of Mohave," says Bruce Counts, President and CEO of Indicator Minerals Inc. "This is the first modern, comprehensive drilling program on the property and it offers us the opportunity to test the extent of the copper, molybdenum and silver mineralization on the project."

Indicator's 2011 drill program will be conducted in two phases. The first phase, which is now underway, is intended to test a number of compelling targets identified through Induced Polarization (IP) surveys, extensive rock and soil sampling as well as structural, geological and alteration mapping. The extent of mineralization will be tested over a wide area of the property with 15 to 20 drill holes planned to depths between 300m and 500m. The second 5,000m phase of drilling will build on the results from the first phase and is scheduled for Q3/Q4 of 2011.

The Mohave Project is interpreted as a large-scale, copper porphyry deposit with significant silver and molybdenum credits. Exploration work has identified extensive copper mineralisation over a large area of the project coincident with an Induced Polarisation (IP) anomaly and complimentary structural features. The geology and alteration envelope of the Mohave Project is believed to be analogous to the Bagdad Copper Porphyry Mine, which is operated by Freeport McMoRan and located within 35km of the property.

Mr. Bruce Counts, P.Geoph., President & CEO of Indicator, is a Qualified Person under NI 43-101 and is responsible for the design and execution of the programs carried out by Indicator on the Mohave property.

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 Minerals Ltd. 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

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

  • Indicator Minerals Inc.
    Bruce Counts
    President & CEO
    (604) 331-4605 or Toll Free: 1-877-331-4605
    (604) 331-4654
    www.indicatorminerals.com