Indicator Minerals' Partner Discovers Kimberlite Boulders at Darby: Financial News

Indicator Minerals' Partner Discovers Kimberlite Boulders at Darby
Wednesday July 16, 2008 9:00 am ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jul 16, 2008 -- Indicator Minerals Inc. ("IME" or "Indicator") (CDNX:IME.V - News) announced today that kimberlite boulders have been discovered in a new area of the Darby Project. The boulders were found by Teck Cominco Limited ("Teck Cominco") and are located more than 28 km from the nearest confirmed kimberlite.

"These are significant new discoveries because they appear to have come from a cluster that is separate and distinct from the previously identified kimberlites on the Darby Property," commented Dave Kelsch, VP Exploration for Indicator Minerals. "Follow-up work to identify the source of the boulders has already started and the emphasis for the remainder of the season will be to add further discoveries property wide."

Two visually different types of kimberlite boulders were found while prospecting geophysical targets in an area where kimberlite indicator minerals, including G10 pyrope garnets, have been recovered. In response, additional prospecting and ground geophysical surveys are currently underway in the vicinity of these new float discoveries. The previously announced 16,000 line-km detailed helicopter-borne survey has been completed and 100% geophysical coverage of the Darby property has been achieved.

Nine kimberlites have been discovered at Darby, of which five have proven diamond bearing including the 12 hectare 'Iceberg' kimberlite. The project is currently under option to and operated by Teck Cominco. Under the terms of the agreement, Teck Cominco can earn a 51% interest by spending $14 million before June 2010. Upon formation of a Joint Venture, Indicator has the right to have its remaining 29% interest carried to production on a project loan basis. Hunter Exploration Group retains a 20% interest in the Darby Project.

About Indicator Minerals:

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 5.5 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.

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