Indicator Minerals-Barrow Project Review

VANCOUVER, BRITISH COLUMBIA, Jan 15 (MARKET WIRE) --
Indicator Minerals Inc. ("IME" or "Indicator") (TSX VENTURE: IME) is
pleased to provide the following update on its 80% owned Barrow Project.

The Barrow Project is located within the Pelly Bay Diamond District and
is adjacent to the Amaruk Project where Diamonds North Resources Ltd.
recently announced significantly diamondiferous kimberlite discoveries
(See Diamonds North news releases dated 7th and 14th January, 2008).

Indicator's planned exploration program on the Barrow Project for 2008
will include extensive geophysical surveying and drilling. Drilling will
be conducted in two phases. The first phase will commence in the spring
and is designed to take advantage of lake ice in testing lake based
targets. The second phase to be conducted in the summer months will focus
on drilling land-based targets generated during the geophysical component
of the 2008 program.

In 2005, Indicator discovered a kimberlite boulder on the Barrow Project
that yielded 176 diamonds from 25.5kg of material. Additionally,
kimberlite indicator minerals with compelling chemical compositions have
been recovered on the property and numerous geophysical targets have been
identified.

"The data we've collected strongly indicates that the Pelly Bay diamond
field extends on to the Barrow property," commented Bruce Counts,
President and CEO of Indicator Minerals. "We are eager to start the 2008
exploration program and advance this property to discovery."

Indicator also announced today that Stuart Peterson has resigned as Chief
Financial Officer to pursue other business interests. Chris Twells, IME's
Controller, will act as interim CFO until a permanent replacement for Mr.
Peterson is identified. The Board of Directors and Management would like
to thank Stuart for his contribution to the company.

Indicator Minerals Inc. is a Canadian exploration company focused on the
discovery 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 4.3 million acres
of targeted ground in the Canadian arctic and has three key projects in
Nunavut: Darby, Barrow 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.

On behalf of the Board

Indicator Minerals Inc.

Bruce Counts, P.Geoph., President & CEO

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

Contacts:
Indicator Minerals Inc.
Bruce Counts
President & CEO
1-877-331-4605 or (604) 331-4605
Website: www.indicatorminerals.com

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