Indicator Minerals Inc.

Indicator Minerals Inc.

April 22, 2008 09:15 ET

Indicator Minerals Commences Spring Drill Program at Barrow

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 22, 2008) - Indicator Minerals Inc. (TSX VENTURE:IME) ("IME" or "Indicator") announced today that it has initiated the 2008 field program on the Barrow Project.

Crews and equipment have been mobilized to the Barrow Property to commence the first phase of the 2008 drilling program. The focus of this six-week program is to test between eight and ten targets that are located within lakes and must be drilled from ice. A second phase of drilling to test land-based kimberlite targets is scheduled to start in August of this year.

Recent laboratory results from detailed heavy mineral sampling conducted in 2007 have returned kimberlite indicator minerals with compelling chemical compositions - pyrope garnets with preserved kelyphite surface features; interpreted, these features indicate a source located on the property as they do not survive well in a glaciated environment. In 2005, Indicator discovered a kimberlite boulder on the Barrow Property that yielded 176 diamonds from 25.5kg of material.

"The data suggests that the Barrow Project hosts diamondiferous kimberlites," says Bruce Counts, President and CEO of Indicator Minerals Inc. "We are eager to begin the 2008 drilling program and make our first discovery on the property."

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. Hunter Exploration retains a 20% interest in the 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 5.5 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
    Toll Free: 1-877-331-4605 or (604) 331-4605
    (604) 331-4654 (FAX)