Indicator Minerals Inc.

Indicator Minerals Inc.

March 15, 2005 17:36 ET

Indicator Minerals Completes Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INDICATOR MINERALS INC.

TSX VENTURE SYMBOL: IME

MARCH 15, 2005 - 17:36 ET

Indicator Minerals Completes Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2005) - Indicator
Minerals Inc. (the "Company") (TSX VENTURE:IME) announces that it has
closed its previously announced non-brokered private placement in the
amount of 2,500,000 units at a price of $0.30 per unit for gross
proceeds of $750,000. Each unit is comprised of one common share and
one-half of one share purchase warrant, each whole share purchase
warrant exercisable for one common share at a price of $0.45 per share
until March 15, 2007.

All of the shares, warrants and any shares issued upon exercise of the
warrants are subject to a hold period and may not be traded until July
16, 2005 except as permitted by Canadian securities legislation and the
TSX Venture Exchange.

Finder's fees comprising of an aggregate of $45,750 in cash payments and
warrants exercisable for an aggregate of 152,500 common shares of the
Company at a price of $0.45 per share until March 15, 2007 were paid to
three finders in respect of certain subscriptions in the private
placement.

The independent directors of the Company approved the participation by
three directors and/or officers of the Company in the private placement
on the same terms as arm's length investors in the amount of 160,000
units. Shareholdings of insiders in the Company have increased as a
result of such participation.

The proceeds of the private placement will be used for working capital
purposes.

Indicator Minerals Inc. (TSXV: IME) is a publicly traded Canadian
diamond exploration company focused on the discovery of economic diamond
deposits. The company has one of the most experienced technical teams in
junior diamond exploration and is committed to the efficient and
systematic evaluation of its projects. Indicator is exploring more than
10.5 million acres of targeted ground in the Eastern Arctic of Canada
and 750,000 prospective acres in western Botswana. The Company also has
an exclusive agreement with the Hunter Exploration Group to acquire an
interest in new diamond properties that they identify.



On behalf of the Board
Indicator Minerals Inc
/s/"Bruce Counts"
P.Geoph., President & CEO


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Indicator Minerals Inc.
    Bernie Kennedy
    Investor Relations Manager
    (604) 331-2269 or Toll Free 1-888-331-2269
    Website: www.indicatorminerals.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release