Indicator Minerals Inc.

Indicator Minerals Inc.

June 20, 2008 09:15 ET

Indicator Minerals Completes First Phase of Drilling at Barrow

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 20, 2008) - Indicator Minerals Inc. ("IME" or "Indicator") (TSX VENTURE:IME) announced today that it has completed the first phase of the 2008 drilling program on the Barrow Project. Five lake-bound geophysical targets were tested and no kimberlite was intersected.

"Based on the data that we have acquired to date, we continue to believe that the diamondiferous kimberlite field discovered on the neighbouring Amaruk Project extends onto Barrow," says Bruce Counts, President and CEO of Indicator. "Our strategy at Barrow going forward is to employ an innovative geophysical tool that will allow us to identify subtle kimberlite targets that are difficult to detect using conventional systems and then to drill these targets using a small, light-weight rig."

A highly-sensitive, helicopter-borne, airborne magnetic survey system developed for the US military will be deployed to the Barrow Project in July and will fly selected areas where evidence of local kimberlite bodies has been recovered. A second phase of drilling employing a light-weight, reverse circulation rig will test targets identified in the survey.

Laboratory results from heavy mineral samples collected to date have returned kimberlite indicator minerals in high concentrations with compelling chemical compositions and surface textures that indicate a proximal source. In addition, Indicator previously discovered a kimberlite boulder on the Barrow Property that yielded 176 diamonds from 25.5kg of material and is believed to originate on the project.

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)