Vancouver, B.C., August 13, 2008 - Indicator Minerals Inc. (the "Company") (TSX-V: IME) announces that, subject to approval from the TSX Venture Exchange, it intends to complete a non-brokered private placement of approximately $300,000 comprised of flow-through units at a price of $0.20 per unit.
Each flow-through unit will be comprised of one flow-through common share and one half of one non-flow-through common share purchase warrant (Unit Warrant), each whole Unit Warrant will be exercisable for one non-flow-through common share for a period of 18 months from the closing of the private placement at a price of $0.30 per Unit Warrant.
Finder's fees in cash equal to 7.0% of the gross proceeds and 7.0% brokers warrants in connection with the private placement may be payable at the option of the Company.
The Company intends to use the proceeds of the private placement to conduct exploration on the Company's Canadian properties, and based on some recent results, has identified additional programs that the Company wishes to complete prior to the end of this year's field season.
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. Indicator is a member of the Discovery Group of Companies.
For further information, please contact:
Indicator Minerals Inc.
Bruce Counts, President & CEO
Angela Dearie, Manager, Corporate Communications
Tel: (604) 331-4605
Renmark Financial Communications Inc.
Jason Roy: email@example.com
Christine Stewart: firstname.lastname@example.org
Tel: (514) 939-3989 Tel: (416) 644-2020
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release