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VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 3, 2010) - Indicator Minerals Inc. (TSX VENTURE:IME) today announced that it has commenced drilling at the Nanuq North Project in Nunavut, Canada. The 1,000 metre program is focused on the continued evaluation of the promising NQN-001 kimberlite.

"This is an exciting program for Indicator and its shareholders," says Bruce Counts, President and CEO of Indicator Minerals Inc. "We believe that the results from this year's work could add significant value to the Company and position us for a mini-bulk sample early in 2011."

Drill Strategy:

The first drill hole in a 1,000m, five-hole program into the NQN-001 kimberlite is now complete. This hole was drilled vertically from the interpreted centre of the body and intersected kimberlite continuously between 13.7m and 257m and ended while still in kimberlite. Four angled holes oriented at right angles to each other, will also be drilled in a radial pattern from the interpreted centre of NQN-001. It is intended that these holes will penetrate the edge of the kimberlite body providing an estimate of its size as well as information on the body's geologic composition and diamond distribution. In total, the Company expects to recover more than 3.5 tons of material from NQN-001 during the current program.

Kimberlite NQN-001:

Based on previous drilling and geophysical interpretation, the NQN-001 body is estimated to have a surface area of 4.5 hectares and at least two phases of kimberlite with distinctly different diamond contents. In 2009, a total of 206 diamonds were recovered from a 152.75 kg sample of the NQN-001 kimberlite. The largest stone measured 0.98mm x 0.72mm x 0.70mm. The majority of the diamonds described are characterized as white/colorless with no inclusions.

Exploration expenditures on the 33,100 hectare Nanuq North property are currently funded on a 50/50 basis by Indicator and Peregrine Diamonds Ltd. Indicator is operator of the project. Equipment, infrastructure and personnel from Peregrine are being utilized to support the drilling. More information on the Nanuq North Project is available on our website: [ www.indicatorminerals.com ].

Mr. Bruce Counts, P.Geoph., President & CEO of Indicator, is a Qualified Person under NI 43-101 and is responsible for the design and execution of the programs carried out by Indicator on the Nanuq North property.

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 statements. 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.