Indicator Minerals Closes Private Placement

   Indicator Minerals Inc. (the "Company") (TSX VENTURE: IME) announced today that it has completed its previously announced non-brokered private placement of units.

At the closing Indicator issued 9,000,000 units (the "Units") at a price of $0.08 per Unit for gross proceeds of $720,000 (the "Private Placement"). Each unit is comprised of one common share and one transferable share purchase warrant of the Company (the "Warrants"). Each Warrant is exercisable to purchase one common share of the Company at a price of $0.12 per share until October 29, 2012, subject to an acceleration provision in the event the closing price of the Company's shares on the TSX Venture Exchange (the "Exchange") is $0.16 or higher for at least 10 consecutive trading days beginning after March 1, 2011.

Finder's fees consisting of $40,250 in cash and 503,125 non-transferable finder warrants, representing 7% of the proceeds raised and 7% of the number of Units issued, respectively, were paid to seven finders in respect of certain subscriptions under the Private Placement. Each finder warrant is exercisable to purchase one common share of the Company at a price of $0.15 per share until October 29, 2012.

All securities issued or issuable under the Private Placement are subject to a hold period and may not be traded until March 1, 2011 except as permitted by Canadian securities legislation and the Exchange.

Indicator intends to use the proceeds for exploration expenditures on its properties and for general working capital and other corporate expenditures.

About Indicator Minerals:

Indicator Minerals Inc. is a Canadian exploration company focused on the discovery and development of economic mineral deposits. Founded in 2004, the Company has assembled one of the most qualified technical teams in worldwide exploration. Management has quickly positioned the Company to be a sophisticated player in both Canadian and international exploration by forming strategic partnerships, acquiring highly prospective properties and conducting systematic and efficient exploration programs.

Cautionary Notice: This release may contain forward-looking statements regarding the Company's business or financial condition, including the proposed use of proceeds and exploration programs. Actual results could differ materially from those described in this news release as a result of factors, including, but not limited to the following: the timing and completion of financings, the actual use of proceeds, the timing, results and success of exploration and development programs, financial arrangements, the ability to obtain additional financing, developments in global resource markets, political developments, the timing of regulatory and environmental approvals and other factors. The Company cautions that these and similar statements involve risk and uncertainties, which could cause actual results to differ materially from those in the forward looking statement. Forward-looking statements are made in the context of information available as of the date stated. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.

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 [phone] or Toll Free: 1-877-331-4605 [phone] (FAX) www.indicatorminerals.com