Indicator Increases Budget to $10 Million For Eastern Artic Project - Barrow & Grail Drill Ready

VANCOUVER, BRITISH COLUMBIA -- Indicator Minerals Inc. (“IME” or “Indicator”)(TSX VENTURE: IME) announced today that it has approved a projected budget of $1.5 million for its 80% owned Barrow and Grail Projects which includes drill testing.

Barrow

Work at Barrow will commence in mid-April with the collection of ground geophysical data over approximately 30 targets. A drill program is anticipated in early August and will test the best targets defined in the spring geophysical campaign. The projected budget for the Barrow exploration program has been set at $1.0 million with substantial savings being realised through shared equipment and logistics with the $8.5 million Darby program solely funded by Teck Cominco Limited.

Barrow is one of IME’s key projects and is comprised of approximately 110,000 acres of mineral claims located 15km south of the tide water community of Kugaaruk in Nunavut Territory. Significant results from the project to date include high interest kimberlite indicator minerals with diamond stability chemistry; numerous high priority airborne geophysical targets and a 25.5 kg kimberlite boulder that yielded 176 diamonds (see Indicator release dated March 27, 2006). Hunter Exploration Group retains a 20% interest in the project.

Grail

Approximately 3,700 line-kilometres of airborne geophysical data will be collected over selected areas of the Grail Project beginning in late April. Data collection will be confined to portions of the property where kimberlite indicator minerals with diamond inclusion chemistry have been recovered from heavy mineral samples. Ground geophysical surveys, scheduled to commence in May, will be conducted on the best targets identified in the airborne data. The projected budget for the work on the property has been set at $500,000. The 1.2 million acre Grail Project is a combination of grassroots projects Sanagak and Mayo and is located 75 km northwest of the community of Taloyoak in Nunavut Territory. Indicator holds an 80% interest in the property with the remaining 20% held by Hunter Exploration Group.

“Based on the results to date, we believe there are significantly diamondiferous kimberlites at Barrow and we are eager to begin testing targets on the property.” says Bruce Counts, President and CEO. “Grail is one of Indicator’s emerging projects with compelling evidence of prospective kimberlites. Our goal is to bring this project to the drill ready stage before the season is over.”

The technical content of this news release has been reviewed by Bruce Counts, P. Geoph., a qualified person for the purposes of National Instrument 43-101.

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 Grail. 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.

/s/“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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