Indicator Minerals: Project Review and Corporate Update

• Press Release
• Source: Indicator Minerals Inc.
• On Thursday January 8, 2009, 9:00 am EST

VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 8, 2009 -- Indicator Minerals Inc. (CDNX:IME.V - News) is pleased to provide the following update on its corporate activities and review of its exploration projects.

Corporate Update

The current capital markets have prompted Indicator's management to take action to guarantee the long term viability of the company by reducing corporate overhead by more than 40%. These cost cutting measures will preserve the treasury while allowing the Company to plan and execute a targeted 2009 field program designed to ensure the most effective use of funds.

"The goal for 2009 is to continue to move our most important projects forward with a minimum of dilution to the Company's shares," comments Bruce Counts, President and CEO of Indicator Minerals Inc. "All of Indicator's key projects are flow-through eligible and land tenure on all of the key projects will remain in good standing well into 2010."

Project Review

The 2008 field season was Indicator's most successful since its inception in 2004. Kimberlite was discovered on three projects and diamond results are pending from two of these. Four of the Company's projects are drill-ready and all are considered to have a high potential for kimberlite discovery based on results to date.

Nanuq North

Indicator Minerals and partner Peregrine Diamonds Ltd. (Toronto:PGD.TO - News) drilled the first kimberlite, NQN-001, on Nanuq North late in the 2008 field season. NQN-001 is interpreted as having a minimum surface area of 4.5 hectares based upon ground magnetic data and drilling information. A 150kg sample has been submitted for diamond analysis and results are expected in early 2009.

Darby

Nine kimberlites have been drill confirmed on the Darby Project to date and five have proven diamond bearing. In 2008, Project Operator and partner Teck Cominco Limited discovered kimberlite boulders in two new locations. These discoveries expand the area where kimberlite has been found from 100 km2 to 1200 km2 and suggest three separate kimberlite clusters. Diamond results for the boulders discovered in 2008 are pending.

Borden

During 2008, Indicator and partner Committee Bay Resources (CDNX:CBR.V - News) conducted an airborne geophysical survey on the Borden Project, located on Baffin Island. The survey was carried out over an area thought to host kimberlite bodies. In a subsequent prospecting program, kimberlite boulders were discovered on top of a high priority geophysical target. This discovery greatly increases the Company's confidence that there are kimberlites located on the Borden property.

Grail

An airborne geophysical survey flown over the Grail property in 2008 produced numerous drill targets. The project area is ideally suited for geophysical exploration methods due to platform sediments, which provide for a very quiet magnetic background. Sampling on the Grail property has produced high interest kimberlite indicator minerals including G10 garnets.

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 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

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
     Website: http://www.indicatorminerals.com
      
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     (416) 644-2020
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