News

2010

Arbitration with Peregrine Adjourned in Order to Negotiate Joint Venture Agreement

Vancouver, B.C., April 30, 2010 - Indicator Minerals Inc. today announced that it has reached an agreement (the "Adjournment Agreement") with Peregrine Diamonds Ltd. ("Peregrine") to adjourn arbitration hearings scheduled for May 2010 involving the Nanuq North Project in order to allow Indicator and Peregrine to negotiate a Joint Venture Agreement with respect to the Nanuq North Project. As a term of the Adjournment Agreement, Indicator and Peregrine have agreed to conduct a $2.0 million exploration program at Nanuq North in 2010.

"We have had constructive discussions with Peregrine regarding the issues material to the arbitration involving the Nanuq North Project and feel confident that an equitable joint venture agreement can be achieved," says Bruce Counts, President and CEO of Indicator Minerals. "We are also eager to resume work at Nanuq North. The exceptional initial diamond results from the NQN-001 kimberlite and the high potential for the discovery of additional kimberlites make this a promising and exciting project."

Indicator and Peregrine have agreed to equally fund the 2010 exploration program at Nanuq North. The primary goal is the evaluation of the NQN-001 kimberlite. Five holes totalling approximately 1,000 metres will be drilled into the kimberlite body to:

• Obtain an estimate of the size of the kimberlite body;
• Determine the number of phases (types) of kimberlite present;
• Obtain an initial understanding of the distribution of diamonds in the different kimberlite phases identified.

Drilling is scheduled to begin in May and expected to take four to six weeks to complete. It is anticipated that more than 3,500 kg of kimberlite core will be recovered. Indicator is the Operator of the Nanuq North Project and will use equipment and infrastructure Peregrine has secured for its Nanuq Project immediately to the south. This will significantly increase the efficiency and cost effectiveness of the 2010 program.

The NQN-001 body is interpreted as having a surface area of 4.5 hectares and at least two phases of kimberlite with distinctly different diamond contents. In 2009, a total of 206 diamonds were recovered from a 152.75 kg sample of the NQN-001 kimberlite. The largest stone measured 0.98mm x 0.72mm x 0.70mm. The majority of the diamonds described are characterized as white/colorless with no inclusions. The results, tabled below, are presented for two different intervals to highlight the significant increase in diamond count in the lower 13.7m of the drill hole:

NQN-001 Caustic Fusion Diamond Results*

* Analyses were performed at the Saskatchewan Research Council Geoanalytical Laboratories

A heavy minerals sampling program will also be conducted on the property later in the 2010 season. Sampling results will be used to prioritize geophysical targets for drill testing.

In 2005, Indicator entered into a letter agreement with Dunsmuir Ventures Ltd. and Hunter Exploration Group on the 33,100 hectare Nanuq North property. In early 2006, Dunsmuir merged with Peregrine Diamonds Ltd. Under the terms of an initial letter agreement, a joint venture will be formed with Peregrine and Indicator sharing the costs of exploration on a 50/50 basis. Hunter will retain a 20 percent interest carried through completion of a scoping study and a gross overriding royalty of 2% on any revenues generated from 16 core mineral claims covering 13,900 hectares. Peregrine and Indicator each have undivided 50 percent interests in the remaining 19,200 hectares. Indicator is operator of the project. More information on the Nanuq North Project is available on our website: www.indicatorminerals.com

Mr. Bruce Counts, P.Geoph., President & CEO of Indicator, is a Qualified Person under NI 43-101 and is responsible for the design and execution of the programs carried out by Indicator on the Nanuq North property.

About Indicator Minerals:
Indicator Minerals Inc. is a Canadian exploration company focused on the discovery and development of economic gemstone deposits. Founded in 2004, the Company has assembled one of the most qualified technical teams in worldwide diamond exploration. The Company is exploring more than 2.27 million acres of targeted ground in the Canadian arctic and has three key projects in Nunavut: Grail, Borden and Nanuq North. Management has quickly positioned the Company to be a sophisticated player in both Canadian and international gemstone exploration by forming strategic partnerships, acquiring highly prospective properties and conducting systematic and efficient exploration programs.

Cautionary Notice: This release may contain forward-looking statements regarding the Company's business or financial condition, including the proposed completion of financings, use of proceeds and exploration programs. Actual results could differ materially from those described in this news release as a result of factors, including, but not limited to the following: the timing and completion of financings, the actual use of proceeds, the timing, results and success of exploration and development programs, financial arrangements, the ability to obtain additional financing, developments in global resource markets, political developments, the timing of regulatory and environmental approvals and other factors. The Company cautions that these and similar statements involve risk and uncertainties, which could cause actual results to differ materially from those in the forward looking statement. Forward--looking statements are made in the context of information available as of the date stated. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.

For further information, please contact:

Indicator Minerals Inc.
Bruce Counts, President & CEO
Tel: (604) 331-4605
www.indicatorminerals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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