Indicator Minerals Inc.

Indicator Minerals Inc.

March 23, 2006 09:00 ET

Indicator Minerals Inc.: Diamond Inclusion G10 Pyropes Recovered on Darby Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2006) - Indicator Minerals Inc. (IME) (TSX VENTURE:IME) announced today that it has received compelling mineral chemistry results from heavy mineral samples collected in 2005 on its Darby Project ("Darby").

During the 2005 exploration season, IME collected 211 heavy mineral samples on Darby. The goal of this sampling campaign was to identify prospective drill targets by combining strategically placed geochemical samples with airborne geophysical data. The results reported here include numerous G10 pyrope garnets with diamond inclusion chemistry. The majority of the grains were recovered from samples collected immediately down-ice from the 11.2 hectare (27.7 acre) "Iceberg" target which is defined by a coincident magnetic/electromagnetic airborne anomaly (see attached images or visit ). These results reinforce the potential for the discovery of large, diamond bearing kimberlites on Darby.

Over the course of two years, IME has conducted systematic exploration on the project and has identified high interest indicator mineral chemistry and three distinct kimberlite float trains, one of which yielded a 3 kilogram coarse grained mantle nodule. In addition, more than 35 high interest airborne geophysical targets have been identified in a detailed heli-borne geophysical survey covering 20% of the property. Field work on the Darby project is scheduled to commence in late April 2006 with the construction of an all-weather camp followed by comprehensive ground geophysical surveys over the most prospective targets. A 1,000 metre drilling program is expected to begin in early June, 2006.

"These results dramatically increase our confidence that there are large diamondiferous kimberlites located on Darby," commented Bruce Counts, President and CEO of IME. "Its potential has exceeded our expectations and we believe it to be one of the most exciting early stage diamond exploration projects in Canada."

The Darby Project consists of 77 mineral claims covering more than 197,000 acres and is located within the newly emerging Franklin Kimberlite District in Canada's Eastern Arctic, Nunavut Territory. The project is owned 80% by IME.

Indicator Minerals Inc. is a Canadian exploration company focused on the discovery of economic diamond deposits. Founded in 2004, the company has assembled one of the most qualified technical teams in worldwide diamond exploration. Indicator is exploring more than six million acres of targeted ground in the Canadian arctic and southern Africa and has rapidly advanced two of its projects to the drill ready stage.

On behalf of the Board

Indicator Minerals Inc.

/s/"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.
    Dennis Doulos
    Manager Corporate Development
    1-877-331-4605 or (604) 331-4605