IME Indicator Minerals Inc.

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRES

Indicator Minerals Inc. ("Indicator" or the "Company") (TSX VENTURE:IME)
announced today that it has completed the first tranche of its previously
announced non-brokered private placement for aggregate gross proceeds of
$1,500,000. The first tranche was placed exclusively with the MineralFields
Group.


Indicator issued 10,000,000 flow-through units at a price of $0.15 per
flow-through unit. Each flow-through unit is comprised of one flow-through
common share and one transferable share purchase warrant of the Company. Each
share purchase warrant is exercisable to purchase one common share of the
Company at a price of $0.20 per share until June 17, 2012, subject to an
acceleration provision in the event the closing price of the Company's shares on
the TSX Venture Exchange (the "Exchange") exceeds $0.30 for at least 10
consecutive trading days.


Finder's fees of $90,000 and 700,000 non-transferable finder's options were paid
to Limited Market Dealer Inc. Each finder's option is exercisable to purchase
one finder's unit at a price of $0.15 per unit until June 17, 2012. Each
finder's unit is comprised of one common share and one quarter of one
non-transferrable share purchase warrant of the Company, with each whole warrant
exercisable to purchase one common share of the Company at a price of $0.20 per
share until June 17, 2012. The warrants are subject to an acceleration provision
in the event the closing price of the Company's shares on the Exchange exceeds
$0.30 for at least 10 consecutive days.


All securities issued or issuable under this tranche of the private placement
are subject to a hold period and may not be traded until October 18, 2010 except
as permitted by Canadian securities legislation and the Exchange.


Indicator intends to use the proceeds of the private placement to conduct
exploration on the Company's properties in Nunavut. Indicator may complete a
second tranche of the private placement of non-flow-through units in due course
further to its news release dated May 28, 2010.


"We are very pleased to be entering into this relationship with MineralFields
Group," said Bruce Counts, President and CEO. "This is an important milestone in
the growth of Indicator and we look forward to working with MineralFields Group
as we develop our holdings in Nunavut."


About MineralFields, Pathway and First Canadian Securities (R):

MineralFields Group (a division of Pathway Asset Management), based in Toronto,
Vancouver, Montreal and Calgary, is a mining fund with significant assets under
administration that offers its tax-advantaged super flow-through limited
partnerships to investors throughout Canada as well as hard-dollar resource
limited partnerships to investors throughout the world. Pathway Asset Management
also specializes in the manufacturing and distribution of structured products
and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class
mutual fund series). Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities (R) (a division of Limited
Market Dealer Inc.) is active in leading resource financings (both flow-through
and hard dollar PIPE financings) on competitive, effective and service-friendly
terms, and offers investment banking, mergers and acquisitions, and mining
industry consulting, services to resource companies. MineralFields and Pathway
have financed several hundred mining and oil and gas exploration companies to
date through First Canadian Securities (R). 


About Indicator Minerals:

Indicator Minerals Inc. is a Canadian exploration company focused on the
discovery and development of economic gemstone 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 2.27 million acres of
targeted ground in the Canadian arctic and has three key projects in Nunavut:
Grail, Borden and Nanuq North. Management has quickly positioned the Company to
be a sophisticated player in both Canadian and international gemstone
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. For more information
on the group please visit www.discoveryexp.com.


Cautionary Notice: This release may contain forward-looking statements regarding
the Company's business or financial condition, including the proposed completion
of financings, 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

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