Vancouver, BC (1 March, 2005) - Indicator Minerals Inc. (IME) announced today that it will exercise its right to an 80% interest in the diamond rights to approximately 4.0 Million acres of Prospecting Permits located throughout the Nunavut Territory acquired by the Hunter Exploration Group (Hunter) in 2005.
The 2005 Permits were acquired based on regional work carried out by the Hunter Exploration Group in 2003 and 2004. This includes approximately 2.9 Million acres on Ellesmere Island where micro-probe work on recovered heavy mineral grains confirmed the presence of kimberlite indicator minerals including one G-10 garnet with high chrome composition.
IME is planning a comprehensive follow-up program of regional heavy mineral sampling to establish the distribution of kimberlite indicator minerals over the 2005 Permits. "Hunter's regional work has, once again, identified new areas with compelling results", commented Bruce Counts, President and CEO of Indicator Minerals Inc. "This demonstrates the value of our relationship with one of Canada's most successful generative groups."
The 2005 Permits fall under the exploration agreement between Indicator Minerals Inc. and the Hunter Exploration Group (see news release dated May 19, 2004) whereby Indicator Minerals Inc. has an exclusive right to acquire an 80% interest in the diamond rights to projects identified by Hunter.
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
For further information, please contact Bernie Kennedy, Investor Relations Manager at 888-331-2269 or 604-331-2269
** INTERNET ADDRESS: http://www.indicatorminerals.com **
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