Indicator Minerals Inc.

Indicator Minerals Inc.

October 13, 2006 15:45 ET

Indicator Minerals Retains Ascenta Capital Partners Inc. to Provide Investor Relations Services

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 13, 2006) - Indicator Minerals Inc. (TSX VENTURE:IME) announced today that it has retained Ascenta Capital Partners Inc. of Vancouver, British Columbia, to provide investor relations and financial communications services.

Ascenta will receive a monthly retainer of $5,500 for a 12-month term subject to termination by either party with 30 days written notice. Indicator will also issue as compensation to Ascenta an option to purchase 200,000 common shares at an exercise price of C$0.79 per share which will be effective for a period ending 30 days after the termination of the contract. The options granted will vest in accordance with TSX Venture Exchange guidelines and Indicator's stock option plan. This agreement is subject to regulatory approval.

"We are delighted to be working with Ascenta Capital," said Bruce Counts, president and CEO. "Ascenta's expertise in developing and executing communication programs will ensure that Indicator's story is effectively told to a broad investor audience as we advance our significant exploration programs over the coming year."

About Indicator Minerals Inc.

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.

About Ascenta Capital Partners Ltd.

Ascenta is a leading provider of investor relations services to public companies in Canada. Ascenta's strength is its disciplined approach to the development and execution of strategic, customized investor relations programs and services.

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.

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