Indicator Minerals Inc.
TSX VENTURE : IME

Indicator Minerals Inc.

September 12, 2008 18:58 ET

Indicator Minerals Completes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 12, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Indicator Minerals Inc. (the "Company") (TSX VENTURE:IME) announced today that it has completed a second and final closing of its previously announced non-brokered private placement (News Release 08-16, August 13, 2008) for gross proceeds of $50,000. Together with the first closing, the Company raised in aggregate $305,000 in the private placement.

The second closing of the private placement was comprised of 250,000 units at a price of $0.20 per unit. Each unit comprises one flow-through share and one-half of one transferable non flow-through share purchase warrant. Each whole warrant is exercisable for one common share for a period of 24 months following issuance at a price of $0.30 per share.

Agents fees in the amount of $3,500 and 17,500 Broker Warrants exercisable for up to 17,500 common shares for a period of 24 months following issuance at a price of $0.25 per share were paid to Canaccord Capital Corporation in connection with the financing. The securities are subject to a hold period and may not be traded until January 7, 2009 except as permitted by Canadian securities legislation and the TSX Venture Exchange.

The Company intends to use the proceeds of the private placement to conduct exploration on the Company's Canadian properties.

About Indicator Minerals:

Indicator Minerals Inc. is a Canadian exploration company focused on the discovery and development 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, Borden 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. Indicator is a member of the Discovery Group of Companies.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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