Indicator Minerals Inc.

Indicator Minerals Inc.

April 30, 2007 12:35 ET

Indicator Minerals Launches 2007 Exploration Program at Barrow

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 30, 2007) - Indicator Minerals Inc. (TSX VENTURE:IME) announced today that it has initiated the 2007 exploration program Barrow Project.

A ground geophysical crew and equipment, led by Indicator's Senior Technical Consultant, Grant Lockhart, has mobilised to the property. Detailed magnetic and electromagnetic surveys will be conducted over 30 airborne geophysical anomalies identified as potential kimberlite signatures. Prospecting will be conducted in the vicinity of each of the anomalies surveyed and the highest priority targets will be selected for potential drilling later in the season.

"We are eager to advance the Barrow Project to the drilling phase this year," says Bruce Counts, President and Chief Executive Officer of Indicator Minerals. "Our work to date indicates that we have an excellent possibility of discovering significant diamond bearing kimberlites on the property."

The Barrow Project includes more than 110,000 acres of mineral claims and is located approximately 15 kilometres south of the tide water community of Kugaaruk in Nunavut Territory. In 2005, while prospecting geophysical targets, a kimberlite boulder was discovered on the property that yielded 176 diamonds from 25.5 kg of rock. A $1.0 million budget has been set for the 2007 exploration program at Barrow. Hunter Exploration has a 20% interest in the 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.

Contact Information

  • Indicator Minerals Inc.
    Bruce Counts
    President & CEO
    (604) 331-4605 or Toll Free: 1-877-331-4605
    (604) 331-4654 (FAX)
    Indicator Minerals Inc.
    Lisa May
    Manager, Corporate Communication
    (604) 331-4605 or Toll Free: 1-877-331-4605
    (604) 331-4654 (FAX)