Indicator Minerals Inc.

Indicator Minerals Inc.

November 23, 2007 09:00 ET

Indicator Minerals Inc.: Darby Project Continues to Produce Diamondiferous Kimberlites

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2007) - Indicator Minerals Inc. (TSX VENTURE:IME) announced today that diamond results have been received from the four kimberlites discovered by Teck Cominco Limited ("Teck Cominco") on the Darby Project in 2007 and that three are diamond bearing.

Thirteen diamonds were recovered from a 171.6 kg sample of the DR042 kimberlite with the two largest stones greater than 0.15 mm in two dimensions. A 278.7 kg sample from the DR034 kimberlite produced two diamonds and one diamond was recovered from a 66.9 kg of the DR093 kimberlite. No diamonds were recovered from a 109.4 kg sample of the DR036 kimberlite. Finally, a 411.8 kg sample from a previously untested portion of the 11 hectare Iceberg kimberlite yielded 10 diamonds, with the largest stone exceeding 0.3 mm in two dimensions.

"We have firmly established that there is a field of diamond bearing kimberlites on the Darby Project," says Indicator President and CEO Bruce Counts. "Large kimberlites have been identified and the chemistry of the indicator minerals recovered from till samples suggest that there may be significantly diamondiferous bodies yet to be discovered on the property. To date, 9 kimberlites have been drill confirmed on the Darby Project and the work completed by Teck Cominco this year has placed the partners in an excellent position to continue the process of discovery in 2008."

The 2007 exploration program included the acquisition of more than 16,000 line-km of detailed airborne geophysical data and the collection of more than 900 till samples. Numerous targets have already been identified in the preliminary data and planning for the 2008 exploration program has commenced. A budget is expected to be set for the project in January.

The Darby Project now includes more than 685,000 acres of mineral claims and is located approximately 200 kilometres (120 miles) southwest of the community of Kugaaruk in Nunavut Territory. The project is currently under option to and operated by Teck Cominco. Under the terms of the agreement Teck Cominco can earn a 51% interest by spending $14 million before June 20, 2010. Upon formation of a Joint Venture, Indicator has the right to have its remaining 29% interest carried to production on a project loan basis. Hunter Exploration Group retains a 20% interest in the Darby Project.

The technical content of this news release has been reviewed by Bruce Counts, P. Geoph., a qualified person for the purposes of National Instrument 43-101.

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 4.3 million acres of targeted ground in the Canadian arctic and has three key projects in Nunavut: Darby, Barrow and Grail. 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.

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