Indicator Minerals Inc.

Indicator Minerals Inc.

June 26, 2008 09:10 ET

Indicator Minerals' Partner Commences Exploration on Darby Diamond Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2008) - Indicator Minerals Inc. ("IME" or "Indicator") (TSX VENTURE:IME) announced today that partner Teck Cominco Limited ("Teck Cominco") has commenced the 2008 field program on the Darby Diamond Project. The aim of the program is to continue discovery by prospecting, achieve 100% geophysical coverage of the property in order to generate new targets and advance priority kimberlite targets to drill-ready stage.

"The data collected suggests that the Darby kimberlite cluster covers a wide area and that there are numerous kimberlites still to be discovered on the property," commented Bruce Counts, President and CEO of Indicator Minerals Inc. "The partnership is eager to continue the process of discovery and believes that Darby has the potential to host an economic diamond deposit."

A 16,000 line-km detailed helicopter-borne survey has been initiated to extend geophysical coverage to the western mineral claims acquired by the partners in 2006. Till samples collected on these claims in 2007 returned compelling kimberlite indicator mineral chemistry believed to originate from proximal sources. Prospecting and ground geophysical surveys will be conducted over high priority targets identified in the combined survey data. For further Darby Project information visit the Indicator website:

Nine kimberlites have been discovered at Darby, of which five have proven diamond bearing. 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 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.

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

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Contact Information

  • Indicator Minerals Inc.
    Bruce Counts
    President & CEO
    1-877-331-4605 or (604) 331-4605
    (604) 331-4654 (FAX)