Indicator Minerals Inc.

Indicator Minerals Inc.

November 20, 2006 08:01 ET

Indicator Minerals Reports Diamond Analysis of Four Kimberlites at Darby

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 20, 2006) - Indicator Minerals Inc. (TSX VENTURE:IME) announced today that it has received diamond results for core samples taken from the Stealth, Prince, Skyy and Inferno kimberlites located on its Darby Project.

One diamond greater than 0.212mm in two dimensions was recovered from a 146.5kg sample of the Stealth kimberlite. No diamonds were recovered from 56.1kg, 54.7kg and 187.7kg samples of the Prince, Skyy and Inferno kimberlites respectively. Core samples from the four kimberlite bodies were submitted to SRC Geoanalytical Laboratories for micro-diamond analysis using caustic fusion. Diamond analysis of kimberlite float collected on the Darby Property is underway with results expected before the end of January 2007.

"We would have been extremely lucky to have discovered the best kimberlite at Darby when we have only tested five targets on ten percent of the property," says Indicator President and CEO Bruce Counts. Mr. Counts said that Darby has the potential to deliver large, significantly diamondiferous kimberlites and the partners are well positioned to advance the project quickly.

The 2006 drill program, which was confined to a limited area of the property, established that there is a field of diamond bearing kimberlites located at Darby. Several visually-distinct types of kimberlite have been identified on the project and data collected to date indicate that large kimberlite bodies are widely distributed on the property. Planning for an aggressive 2007 exploration program including geophysics, geochemistry and drilling has commenced and a budget is expected to be set for the project by Teck Cominco Limited before the end of 2006.

The Darby Project includes more than 400,000 acres of mineral claims and prospecting permits and is located approximately 120 kilometres southwest of the community of Kugaaruk in Nunavut Territory. The project is currently under option to Teck Cominco Limited, which can earn a 51% interest by spending $14 million over four years. The Hunter Exploration Group has a 20% interest in the project. Indicator Minerals is operating the project at the request of Teck Cominco under a service agreement that is renewable on an annual basis.

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 six million acres of targeted ground in the Canadian arctic and has two key projects in the Franklin District of Nunavut: Darby and Barrow. 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
    (604) 331-4654 (FAX)