Indicator Minerals Acquires Key Area on Borden Project: Financial News

Indicator Minerals Acquires Key Area on Borden Project
Wednesday July 30, 2008 9:00 am ET

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jul 30, 2008 -- Indicator Minerals Inc. ("IME" or "Indicator") (CDNX:IME.V - News) and Committee Bay Resources Ltd. ("Committee Bay") announced today that they have acquired more than 58,000 acres of contiguous mineral claims over an area of the Borden Project believed to host diamond-bearing kimberlite bodies.

"Borden has emerged as one of Indicator's priority projects," comments Bruce Counts, President and CEO of Indicator Minerals. "Our results suggest that there are several diamond-bearing kimberlites on the property and the work that we are conducting this year will put the project firmly on the path to discovery."

Kimberlite indicator minerals were tracked to the newly staked area over the course of four years using proprietary sampling methods developed by IME. In order to bring the project to a drill-ready stage, a detailed helicopter-borne magnetic survey to identify drill targets has been initiated. This survey will be followed up with prospecting and ground geophysical surveys.

The Borden Property is located on western Baffin Island on the Borden Peninsula, approximately 90km southeast of the community of Arctic Bay in the Nunavut Territory. Indicator has a 51% interest in the diamond rights to the Borden Project and can earn an additional 19% interest in the property by spending $6.00 per acre on mineral claims in their first two years.

About Indicator Minerals:

Indicator Minerals Inc. is a Canadian exploration company focused on the discovery and development 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, Borden 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.