Indicator Minerals Inc.

Indicator Minerals Inc.

March 22, 2011 09:01 ET

Indicator Minerals Options Barrow Project to Diamonds North Resources

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2011) - Indicator Minerals Inc. (TSX VENTURE:IME) today announced that it has entered into an option agreement with Diamonds North Resources (TSX VENTURE:DDN) on the Barrow Diamond Project in Nunavut Territory, Canada. Under the terms of the agreement Diamonds North can earn a 60% interest in the project by spending $Cdn 2,000,000 over five years.

"We are eager to see the Barrow Project advanced," says Bruce Counts, President and CEO of Indicator. "There is strong technical evidence to suggest that there are significantly diamondiferous kimberlites on the project and Diamonds North has successfully refined their approach to exploration and discovery in the area through their experience on the adjacent Amaruk Project. We anticipate the application of that region specific knowledge will expedite exploration of the Barrow property."

The Barrow Project includes more than 72,000 acres of mineral claims and is located approximately 15 kilometres south of the tide water community of Kugaaruk in Nunavut Territory. Since 2005, Indicator has collected extensive exploration data on the property and discovered a kimberlite boulder that yielded 176 diamonds from 25.5 kg of rock. Hunter Exploration has a 20% interest in the Project.

Diamonds North has the option to earn a sixty (60%) per cent interest in any diamond discovery on the Barrow Property by incurring C$2,000,000 in expenditures on the Property by December 31, 2016. Exploration costs in excess of minimum obligations incurred in any year may be carried over to subsequent years. To earn a 51% interest, Diamonds North must incur an aggregate of $1,000,000 in exploration expenditures by December 31, 2015 of which $50,000 must be incurred before the end of 2011. Diamonds North can earn an additional 9% interest (for 60%) by incurring an additional $1,000,000 in expenditures (for aggregate of $2,000,000) by December 31, 2016.

Indicator also today announced that it has formally terminated its Letter Agreement with Rio Verde Enterprises on the Colombian Emerald Project.

About Indicator Minerals:

Indicator Minerals Inc. is a leading Canadian exploration company focused on the discovery and development of economic mineral deposits. The company has assembled one of the most qualified technical teams in worldwide exploration to focus on advancing its early-stage Mohave Copper Porphyry project in north-western Arizona. This under explored and largely untested project has a compelling copper, molybdenum and silver footprint with a coincident IP anomaly indicative of a large Copper Porphyry system.

Indicator Minerals Ltd. is a member of the Discovery Group of companies, for more information on the group visit

Cautionary Notice: This release may contain forward-looking statements regarding the Company's business or financial condition, including the proposed completion of financings, use of proceeds and exploration programs. Actual results could differ materially from those described in this news release as a result of factors, including, but not limited to the following: the timing and completion of financings, the actual use of proceeds, the timing, results and success of exploration and development programs, financial arrangements, the ability to obtain additional financing, developments in global resource markets, political developments, the timing of regulatory and environmental approvals and other factors. The Company cautions that these and similar statements involve risk and uncertainties, which could cause actual results to differ materially from those in the forward looking statement. Forward–looking statements are made in the context of information available as of the date stated. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.

On behalf of the Board

Indicator Minerals Inc.

Bruce Counts, P.Geoph., President & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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)