Indicator Minerals Completes First Phase of Drilling at Lokgwabe

Indicator Minerals Inc. ("IME" or "Indicator") (TSX VENTURE:IME) announced today that it has completed the first phase of drilling at the Lokgwabe Project in Botswana.

Six magnetic targets were tested using down-hole hammer drilling over the course of a two week period. All of the geophysical anomalies tested were satisfactorily explained by the rocks encountered and no additional work is planned on these targets. No kimberlite was intersected in any of the drill holes. A second phase of drilling to test the remaining targets has been budgeted and the decision to proceed will be based on the results of a review of existing data by technical staff.

Botswana and the Lokgwabe Project continue to be of interest to Indicator despite these disappointing initial results. Botswana has favourable land tenure and mineral exploration laws, has low geo-political risk and is under explored for diamonds. Botswana is the world's largest diamond producer by number and value of carats produced and is home to the world's largest diamond mines. Indicator believes that the country offers excellent potential for additional deposits and will continue to seek new opportunities there.

The Lokgwabe project is comprised of approximately 750,000 acres of exploration permits in central Botswana. Kimberlite indicator minerals with diamond inclusion chemistry have been recovered in five separate areas on the project and more than 20 targets have been identified in detailed aeromagnetic survey data covering the entire permit area. Indicator can earn a 51% interest in the Lokgwabe project from Helio Resource Corp. (TSX VENTURE:HRC) by spending $3.0 million before July 2008 and up to 80% by carrying Helio to the completion of a feasibility study.

Indicator Minerals Inc. is a Canadian exploration company focused on the discovery of economic diamond deposits. Founded in 2004, the company has assembled one of the most qualified technical teams in worldwide diamond exploration. Indicator has two key projects in the Franklin District of Nunavut: Darby and Barrow, Darby has been advanced to the drill ready stage.

On behalf of the Board

Indicator Minerals Inc.

Bruce Counts P.Geoph., President & CEO

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

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