Indicator Minerals Inc.

Indicator Minerals Inc.

February 26, 2008 09:01 ET

Indicator Minerals Sets $1.3 Million Budget for Barrow

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2008) - Indicator Minerals Inc. ("IME" or "Indicator") (TSX VENTURE:IME) announced today that it has approved a $1.3 Million exploration budget for its 80% owned Barrow Project.

The budgeted program for 2008 includes a two-stage drill program and an airborne magnetic survey. The first phase of drilling, scheduled to commence in the spring, is designed to test previously identified targets located within lakes which must be drilled from ice. The second phase of drilling, planned for the summer months, will focus on following up land based targets identified in the detailed airborne magnetic survey that is scheduled to start prior to phase one of drilling.

"The Barrow budget demonstrates our belief that the property has the potential to deliver a highly diamondiferous kimberlite," comments Bruce Counts, President and CEO of Indicator Minerals Inc. "We are eager to advance Barrow to discovery and anticipate drilling our first kimberlite in 2008."

The Barrow project is adjacent to Diamonds North's Amaruk property where significant diamondiferous kimberlites have been discovered. In 2005, Indicator discovered a kimberlite boulder on the Barrow Property yielding 176 diamonds from 25.5kg of material. Additionally, kimberlite indicator minerals with compelling chemical compositions have been recovered on the project and are interpreted as originating from a source located on the property.

Indicator owns an 80% interest in Barrow, which includes more than 110,000 acres of mineral claims. The project is located approximately 15 kilometres south of the tide water community of Kugaaruk in Nunavut Territory and the northern boundary of the property can be accessed by an all-weather road. All exploration work is based out of the community and supported by local infrastructure which lowers operating and capital costs on the project. Hunter Exploration retains a 20% interest in the 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 4.3 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

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)