Indicator Minerals' Darby Project Yields More Kimberlite; Partner Increases Budget

VANCOUVER, BRITISH COLUMBIA, Jul 31 (MARKET WIRE) --
Indicator Minerals Inc. (TSX VENTURE: IME) ("IME" or "Indicator")
announced today that additional kimberlite boulders have been found on
the Darby Project. These boulders are located in an area distinct from
all previous discoveries made on the property and may represent a third
kimberlite cluster. These new developments have prompted Teck Cominco
Limited ("Teck Cominco") to increase the 2008 Darby exploration budget by
18%.

"We are extremely encouraged by the results of the summer campaign so
far. These new discoveries confirm that a kimberlite field extends over a
wide area at Darby and likely hosts several clusters," commented Bruce
Counts, President and CEO of Indicator Minerals. "The increased
exploration budget demonstrates the partnership's view that Darby has the
potential to deliver large, significantly diamondiferous kimberlites."

The most recently discovered boulders were found 18 kilometres from the
nearest known kimberlite and 40 kilometres from the kimberlite float
found earlier this month. The boulder train is 160 metres wide and can be
traced in an up ice direction for 1.5 kilometres. Kimberlite indicator
minerals, including garnet, have been visually identified.

The increase in the exploration budget at Darby will be directed towards
expanding the prospecting, ground geophysics and heavy mineral sampling
programs in the vicinity of the boulder discoveries. Data from the
recently completed airborne survey are successfully being used to
identify priority targets. Samples of the kimberlite boulders have been
collected for analysis.

Nine kimberlites have been discovered at Darby, of which five have proven
diamond bearing including the 12 hectare 'Iceberg' kimberlite. The
project is currently under option to and operated by Teck Cominco. Under
the terms of the agreement, Teck Cominco can earn a 51% interest by
spending $14 million before June 2010. Upon formation of a Joint Venture,
Indicator has the right to have its remaining 29% interest carried to
production on a project loan basis. Hunter Exploration Group retains a
20% interest in the Darby Project. Further information about the Darby
project can be viewed in the project section of Indicator's website:
www.indicatorminerals.com.

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.

The 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
(604) 331-4605 or Toll Free: 1-877-331-4605

Indicator Minerals Inc.
Angela Dearie
Manager, Corporate Communications
(604) 331-4605 or Toll Free: 1-877-331-4605
(604) 331-4654 (FAX)
Website: www.indicatorminerals.com

Renmark Financial Communications Inc.
Jason Roy
(514) 939-3989
Email: jroy@renmarkfinancial.com

Renmark Financial Communications Inc.
Christine Stewart
(416) 644-2020
Email: cstewart@renmarkfinancial.com
Website: www.renmarkfinancial.com

Copyright 2008, Market Wire, All rights reserved.

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