Indicator Minerals Responds to Arbitration Notice

VANCOUVER, BRITISH COLUMBIA, Jul 14 (MARKET WIRE) --
Indicator Minerals Inc. (TSX VENTURE: IME) today responded to a notice
from Peregrine Diamonds Ltd. and Peregrine Holdings Ltd. (collectively
"Peregrine") on matters concerning the Nanuq North property. Nanuq North
is situated 300km north of Baker Lake in Nunavut Territory and is
operated by Indicator.

Indicator acknowledges receiving an Arbitration Notice from Peregrine,
but maintains that its conduct has been entirely proper and appropriate
and looks forward to defending this claim before the arbitration panel as
quickly as possible.

"We are surprised and disappointed by the actions of Peregrine in this
matter and hope that we can resolve this issue in a cooperative manner,"
says Bruce Counts, President and CEO of Indicator. "The program planned
for Nanuq North is timely and necessary to advance the property and keep
it on track for an initial bulk-sample in 2010."

Indicator continues to prepare to mobilize for the 2009 exploration
program at Nanuq North. The planned drilling on the NQN-001 kimberlite
will provide vital information regarding the geometry, geology and
diamond content of the kimberlite which is key to determining if and how
a small bulk-sample should be extracted from NQN-001.

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 one of the most qualified technical teams in
worldwide diamond exploration. The Company is exploring more than 2.74
million acres of targeted ground in the Canadian arctic and has four key
properties in Nunavut: Nanuq North, Darby, Borden, and Grail. The
Company's management has quickly 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.

On behalf of the Board

Indicator Minerals Inc.

Bruce Counts, P.Geoph., President & CEO

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.

Contacts:
Indicator Minerals Inc.
Bruce Counts
President & CEO
(604) 331-4605 or TF: 1-877-331-4605
(604) 331-4654 (FAX)
www.indicatorminerals.com

Renmark Financial Communications Inc.
Jason Roy
(514) 939-3989 or (416) 644-2020
jroy@renmarkfinancial.com

Renmark Financial Communications Inc.
Christine Stewart
(514) 939-3989 or (416) 644-2020
cstewart@renmarkfinancial.com
www.renmarkfinancial.com

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