Indicator Minerals Inc.

Indicator Minerals Inc.

August 23, 2007 09:39 ET

Indicator Minerals Mobilises to Drill Barrow Targets

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2007) - Indicator Minerals Inc. (TSX VENTURE:IME) ("IME" or "Indicator") announced today that phase 2 of the 2007 exploration program on the Barrow Project will commence the week of August 27th and focus on drilling.

The program will begin with detailed prospecting of high priority ground geophysical targets identified during the spring campaign. Drilling will follow in early September with the testing of at least 6 of these targets. Two of the targets scheduled for drilling are interpreted as being the possible source of the highly diamondiferous kimberlite boulder discovered in 2005 that yielded 176 diamonds from 25.5kg of rock. Exploration at Barrow will be led by David Kelsch, VP Exploration of Indicator, and Grant Lockhart, Senior Technical Consultant to Indicator.

"Barrow is one of our most exciting projects", says Bruce Counts, President and CEO of Indicator Minerals Inc. "The results to date suggest that there are significantly diamondiferous kimberlites on the property and we are eager to begin testing targets. This year's program will focus on drilling land-based targets. A second drill program in the spring of 2008 will test the lake-based targets."

Indicator owns an 80% interest in Barrow, which includes more than 110,000 acres of mineral claims. The project is located approximately 15 kilometres south of the tide water community of Kugaaruk in Nunavut Territory and the northern boundary of the property can be accessed by an all-weather road. All exploration work is based out of the community and supported by local infrastructure which lowers operating and capital costs on the project. A $1.0 million minimum budget has been set for the 2007 exploration program at Barrow. Hunter Exploration retains a 20% interest in the Project.

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
    1-877-331-4605 or (604) 331-4605
    Indicator Minerals Inc.
    Lisa May
    Manager, Corporate Communication
    1-877-331-4605 or (604) 331-4605