Indicator Minerals Inc.

Indicator Minerals Inc.

March 03, 2005 15:18 ET

Update on Eastern Arctic Activities: Indicator Identifies Three Key Projects


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INDICATOR MINERALS INC.

TSX VENTURE SYMBOL: IME

MARCH 3, 2005 - 15:18 ET

Update on Eastern Arctic Activities: Indicator
Identifies Three Key Projects

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2005) - Indicator
Minerals Inc. (TSX VENTURE:IME) (IME) is pleased to provide the
following update on its activities.

2004 was the foundation year in which the company established itself as
a leader in junior diamond exploration. Over the course of the year, IME
acquired a majority interest or an option to earn a majority interest in
more than 11 million acres of ground prospective for diamonds and
assembled one of the most experienced technical groups in the sector.
IME's objective in 2005 will be to systematically eliminate ground that
is less prospective and focus resources on advancing a smaller portfolio
of top mineral prospects.

During the 2004 field season, the Company collected approximately 1200
heavy mineral samples on its projects in eastern Nunavut. Sample
collection was concentrated on four key projects (Barrow Lake, Darby,
Frost and Sanagaak) where regional sampling in 2003 suggested the
greatest probability of discovery. Samples were collected on the rest of
IME's projects to assess their prospectivity with the intention of
relinquishing those projects that do not have compelling kimberlite
indicator mineral support.

Early results from the 2004 heavy mineral sampling have shown that three
of the four key projects have anomalous concentrations of kimberlite
indicator minerals. On the Barrow Lake Project, preliminary indications
from the 2004 sampling, together with the discovery of diamond bearing
kimberlites on neighbouring claims, have prompted the IME to contract
Fugro Airborne Surveys to fly a helicopter electromagnetic survey over
the property in late March. Results from this airborne geophysical
survey will help to focus Barrow Lake exploration this summer.

In addition, heavy mineral samples collected on both Darby and Sanagaak
have returned kimberlite indicator minerals in several locations. Plans
for 2005 include follow-up heavy mineral sampling in an effort to define
discreet kimberlite indicator minerals trains. IME is still receiving
results from the 2004 heavy mineral sampling campaign, with the balance
anticipated prior to the beginning of the 2005 sampling season.

Regional heavy mineral sampling will continue on the grassroots projects
obtained in 2004 and will commence on the new eastern arctic projects
acquired from the Hunter Exploration Group in 2005.

Finally, IME has accepted the resignation of John Williamson as a
Director of the company and is pleased to announce that it has appointed
Mr. David Kelsch and Mr. Grant Lockhart to the Board of Directors. Mr.
Williamson was instrumental in the formation of IME and the Company
would like to thank him for his role during the first year of operation.
Mr. Williamson will continue to contribute to IME as a member of its new
Advisory Board. Both Mr. Kelsch and Mr. Lockhart are involved in the
technical management of the company and their input to its direction
will be welcomed.

Indicator Minerals Inc. (TSXV: IME) is a publicly traded Canadian
diamond exploration company focused on the discovery of economic diamond
deposits. The company has one of the most experienced technical teams in
junior diamond exploration and is committed to the efficient and
systematic evaluation of its projects. Indicator is exploring more than
10.5 million acres of targeted ground in the Eastern Arctic of Canada
and 750,000 prospective acres in western Botswana. The Company also has
an exclusive agreement with the Hunter Exploration Group to acquire an
interest in new diamond properties that they identify.

On behalf of the Board

Indicator Minerals Inc

/s/"Bruce Counts"

P.Geoph., President

There is a map of the three key projects for Indicator Minerals Inc.
posted on the CCNMatthews website at
http://www2.ccnmatthews.com/database/fax/2000/303IME.pdf



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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Indicator Minerals Inc.
    Bernie Kennedy
    Investor Relations Manager
    (888)331-2269 or (604) 331-2269
    Website: www.indicatorminerals.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release