Indicator Minerals Inc.
TSX VENTURE : IME

Indicator Minerals Inc.

March 27, 2006 12:54 ET

Indicator Minerals Reports Diamond Results from Barrow

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 27, 2006) -

176 Diamonds in 25.5kg Kimberlite Float

Indicator Minerals Inc. ("IME") (TSX VENTURE:IME) and its joint venture partner Hunter Exploration Group ("Hunter") announced today that 25.5kg of kimberlite float discovered on its 80% owned Barrow Project ("Barrow") in the Nunavut Territory in 2005 has yielded 176 diamonds.

The 25.5kg sample was submitted to SRC Geoanalytical Laboratories ("SRC") for micro diamond analysis using caustic fusion. A total of 171 micro diamonds and five macro diamonds (defined as (greater than or equal to 0.50mm in 2 dimensions) were recovered (see table below). SRC provided descriptions for diamonds down to 0.3mm. The majority were described as clear and colourless and were dominated by octahedral crystal form (see attached photograph or visit our website at www.indicatorminerals.com). The three largest diamonds measure as follows: 1.00mm x 0.50mm x 0.40mm, 0.84mm x 0.70mm x 0.38mm and 0.78mm x 0.58mm x 0.50 mm.



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Sample
UPR6401DK 0.075 0.106 0.150 0.212 0.300 0.425 0.600
25.5kg mm mm mm mm mm mm mm Total
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Diamonds(i) 71 45 19 16 18 6 1 176
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(i) As reported by Saskatchewan Research Council


The kimberlite float was discovered on the Barrow Project during the 2005 field season while following up high priority airborne geophysical targets and is part of the same occurrence from which a macro-diamond was recovered during the extraction of indicator minerals (see IME news release dated 27 September, 2005). IME is confident that the kimberlite float originated on its property; however, this cannot be definitively established without drilling.

"These results are outstanding," commented Bruce Counts, President and CEO of IME. "They confirm our belief that the Franklin Diamond District in Nunavut is highly prospective for economic deposits."

Barrow is one of IME's key projects and is comprised of approximately 110,000 acres of mineral claims located 15km south of the tide water community of Kugaaruk in the Kitikmeot Region of Nunavut. Kimberlite indicator minerals with diamond inclusion chemistry have been recovered in till samples on the property and the interpretation of airborne geophysical data has identified high priority targets up-ice from these minerals. Plans for 2006 include an early heavy mineral sampling, prospecting and ground geophysical program with drilling proposed late in the field season if supported by results from the prior work.

Bruce Counts, P.Geoph., the President and CEO of IME and a qualified person for the purposes of National Instrument 43-101, has prepared or supervised the preparation of scientific or technical information contained in this press release.

Indicator Minerals Inc. is a Canadian exploration company focused on the discovery of economic diamond deposits. Founded in 2004, the company has assembled one of the most qualified technical teams in worldwide diamond exploration. Indicator has three key projects: Darby and Barrow in the Franklin District of Nunavut and Lokgwabe in Botswana. Two of the projects, Lokgwabe and Darby have been advanced to the drill ready stage.

On behalf of the Board

INDICATOR MINERALS INC.

Bruce Counts, P.Geoph., President

Photo of Diamonds Recovered from Kimberlite Float

Barrow Project, Nunavut Territory

To view the attached photo, please click on the following link: http://www.ccnmatthews.com/docs/diamonds.jpg


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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