N※N

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2009) - Indicator Minerals Inc. (TSX VENTURE:IME)today announced that the arbitration hearing with Peregrine Diamond Ltd. regarding the Nanuq North Project has been set for May, 2010. Indicator plans to commence core drilling on the NQN-001 kimberlite as soon as possible following conclusion of the arbitration proceedings.

"Indicator is looking forward to a resolution to the arbitration proceedings and is optimistic that a program will be mounted on the Nanuq North Project during regular 2010 field season", says Bruce Counts, President and CEO of Indicator Minerals. "NQN-001 is a large kimberlite with excellent economic potential and we are eager to continue its evaluation".

The main objective of the next field program is to acquire vital information regarding the kimberlite's geometry, geology and diamond distribution which is a crucial step in determining how to extract a bulk-sample efficiently and cost-effectively.

Peregrine began arbitration proceedings against Indicator and Hunter Exploration Group on July 12, 2009, contending that Indicator, as operator, does not have the right to set programs and budgets without Peregrine's approval. Indicator and Hunter have each filed a statement of defence and counterclaim. In its counterclaim, Indicator asserts that the Letter of Intent between the Company, Hunter and Peregrine is unenforceable and should be set aside. Hunter is seeking the same outcome in an independent counterclaim. Indicator also asserts that in the event that the Letter of Intent is determined to be an enforceable agreement, as operator of the Nanuq North Project, Indicator should have the ability to set programs and budgets without the approval of Peregrine.

The core claims of the Nanuq North Project host the NQN-001 kimberlite. Caustic fusion analysis of a 153kg sample of material from NQN-001returned 206 diamonds that displayed excellent stone-size distribution and diamond quality (see news release dated February 10, 2009). Based on ground geophysical data and an initial drill hole, NQN-001 is a large body estimated to have a minimum surface area of 4.5 hectares. In addition to NQN-001, numerous geophysical targets and multiple indicator mineral trains with compelling chemistry have been identified at Nanuq North and remain to be tested.

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 projects in Nunavut: Grail, Darby, Borden and Nanuq North. The Company's management has positioned Indicator as 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.