We remain committed to our core philosophy of building a sophisticated and technically-driven diamond exploration company. Our most recent endeavours are designed to further enhance that philosophy by ensuring the long term viability and growth of Indicator Minerals Inc. Indicator's technical teams are applying their significant experience and track record of success at world class projects like the Diavik and Ekati diamond mines to advance their Colombian emerald, Arizona copper and Canadian diamond projects.

DIAMONDS

Indicator is exploring for diamonds on more than 2.2 million acres in Canada's north. Currently we have three key projects in Nunavut Territory, Canada.

The Nanuq North Project hosts a significantly diamondiferous kimberlite, NQN001, discovered on the property during a late season drill program in 2008. Based on ground geophysical data, NQN-001 is a large kimberlite body with a minimum surface area of 1.8 hectares. Numerous geophysical targets and multiple kimberlite indicator mineral trains have been identified at Nanuq North and remain to be tested.

Overview:
The Nanuq North mineral claims were acquired to capture the potential source(s) of a kimberlite indicator mineral train with diamond inclusion chemistry, identified by Peregrine Diamonds on the Nanuq property.

Till sample results suggest that several kimberlites remain to be discovered on the Nanuq North Diamond Project. The kimberlite indicator minerals recovered include garnets and chromites with highly prospective diamond inclusion chemistry. Several samples yielded pyrope garnets with kelyphite rims and one sample yielded a pyrope garnet with a kimberlite mantle, indicating a close proximity to source. The property has been flown with high resolution airborne magnetics identifying numerous targets.

Kimberlite NQN-001 was discovered during a short, late season drill campaign. Based on ground geophysical data, NQN-001 is interpreted as having a minimum surface area of 4.5 hectares. The discovery hole, inclined at -58°, terminated in kimberlite after a continuous intersection from 7m to 87m.

Microdiamond analysis carried out at the Saskatchewan Research Council laboratory returned 206 diamonds from a 153 kg sample of the NQN-001 kimberlite. The entire sample is significantly diamond bearing and contains a phase of kimberlite with an exceptionally high stone count and coarse diamond size distribution. The majority of the diamonds described are characterized as white/colorless with no inclusions.

MicroDiamond Analysis

Exploration expenditures on the Nanuq North property are currently funded on a 50/50 basis by Peregrine Diamonds Ltd. ("Peregrine") (TSX: PGD) and Indicator Minerals Inc. Under the terms of a letter agreement, the Hunter Exploration Group ("Hunter") retains a 20 percent interest and Peregrine and Indicator each retain 40 percent interests in 16 "core" claims covering 11,605 Ha, including the claim that hosts NQN-001. Hunter also retains a two percent gross overriding royalty on these claims and their 20 percent interest is carried through completion of a scoping study. Peregrine and Indicator each have an undivided 50 percent interest in the remaining 21,451 Ha of claims at Nanuq North. Indicator is the operator of the project.

For more info on the NANUQ NORTH project CLICK HERE.

The Grail Project, a 236,000-acre property, which has garnered the interest of major mining companies and junior explorers, is located on the Boothia Peninsula in the Canadian arctic just 80 kilometers from the tidewater community of Taloyoak. Work on Grail suggests a new kimberlite field exists with excellent diamond potential. After several successive heavy mineral sampling programs, kimberlite indicator minerals have been isolated to a discrete area of the Grail Project. Airborne geophysical surveys have been conducted over this area revealing compelling targets that Indicator is preparing to drill test.

Overview:
The presence of Kimberlite Indicator Minerals (KIM's) in regional samples collected by Hunter Exploration Group in 2003 led to the acquisition of more than one million acres of Prospecting Permits on the Boothia Peninsula. Indicator acquired an 80% interest in the project in early 2004.

After several successive heavy mineral sampling programs, kimberlite indicator minerals have been isolated to a discrete area of the Grail Project. Several pyrope grains sourced from the area were analyzed as hi-chrome, lo-calcium G10D classification indicating a high probability the grains are derived from a diamond bearing kimberlite.

In 2008, a 2790 line km helicopter-borne magnetic survey was flown at 100m line spacing over the focus area in order to identify kimberlite targets for drill testing. Four key areas were identified and additional high resolution data was collected at 50m line spacing focusing on the anticpated source of the chemistry.

For more info on the GRAIL project CLICK HERE.

The Borden Project is located on western Baffin Island on the Borden Peninsula. Kimberlite boulders were discovered while prospecting a geophysical target identified in data collected during a 2008 airborne magnetic survey. Kimberlite indicator minerals, including pyrope garnet, have been visually identified in the float. Samples of the kimberlite boulders have been collected for analysis.

The Indicator technical team continuously processes new information and evaluates prospective terrain for diamond exploration. Over the past year the Company acquired an additional 162,000 acres in land tenure increasing the potential for future discoveries.

Overview:
Exploration work on the property started in 2004 when Indicator conducted a small heavy mineral sampling program to verify the presence of Kimberlite Indicator Minerals (KIM's) that were noted in a historic report.

Once the presence of KIM's on the property was confirmed, Indicator proceeded to collect more than 100 heavy mineral samples between 2005 and 2007. Results from these sampling programs were used to isolate the area of the property believed to host the kimberlites from which the grains were derived.

In the late summer of 2008, a 2,400 line km helicopter-borne magnetic survey was conducted over the interpreted source area to identify targets suitable for drilling. Preliminary geophysical data showed high priority magnetic targets. A geologist was sent to prospect the targets and discovered kimberlite float coincident with one of the geophysical anomalies.

For more info on the BORDEN project CLICK HERE.

EMERALDS

Highlights:
    * Indicator entered into an agreement to purchase 60% of Rio Verde Enterprises Inc, an active Colombian emerald business.
    * Agreement allows Indicator to leverage their gemstone exploration knowledge and experience in exchange for emerald production.
    * Rio Verde Enterprises experience and network of relationships established over the past decade provides Indicator access into the world most sought after emerald region.
    * Colombia produces the worlds highest value emeralds.

The Opportunity:
2009 offered numerous opportunities to add projects to Indicator's portfolio and the company identified one unique prospect in particular: COLOMBIAN EMERALDS.

Much like diamonds, emeralds are highly sought after gemstones with top quality emeralds commanding some of the highest prices per carat in the jewelry industry.

Colombia produces the world's most desirable emeralds and accounts for 60% of global production. Once worth an estimated $500 million annually (1990), the Colombian economy and market has displayed a steadily improving business environment with the recent success of major and junior mining companies such as Ventana Gold, AngloGold Ashanti and Greystar making this is an optimal time to enter the region.

Entry into the Colombian emerald industry gives Indicator an early start in the development of key relationships and project exposure.

The Option:
Indicator has negotiated the right to purchase a 60% stake in Rio Verde Enterprises Inc., a private Canadian company with interests in the emerald fields of Colombia and an established emerald exporting, marketing and sales business.

Under the terms of the Letter Agreement, Indicator must issue 100,000 common shares to Rio Verde and spend $1,000,000 over 18 months (the "Evaluation Period") on the exploration and development of the Colombian emerald properties and the marketing and sales of cut and polished gemstones.

Upon completion of the initial expenditure, Indicator will have the right to purchase 60% of Rio Verde by investing $5,000,000 into Rio Verde and issuing it a further 2.4 million common shares of IME stock. In addition, Indicator will have a onetime right to extend the Evaluation Period by an additional 18 months under certain conditions that include an additional $1,000,000 evaluation expenditure.

The Partner:
Rio Verde has spent over a decade establishing extensive relationships within this gem industry and has access to emerald projects currently in production. Their integrity and reputation among Colombian emerald miners is unparalleled and Rio Verde's in-depth knowledge of the industry makes this a unique opportunity for Indicator to gain entry into this lucrative category.

Rio Verde's experience combined with Indicator's technical and operational expertise creates an excellent potential for significant revenue from existing operations as well as future discoveries.

The Plan:
2010 will be a year of growth, exploration and development of the partnership, with Indicator being exposed to the sales and marketing of emeralds. Rio Verde has successfully operated a business that buys Colombian emeralds and sells them globally. The company is in an excellent position to learn about this market and its nuances from this unit of Rio Verde and secure an established cash flow and existing client base.

After the initial due diligence phase Indicator will seek to finance the project. Once financing has been secured, negotiations will begin with mine owners to introduce modern exploration techniques to increase production in exchange for a percentage of production.

Marketing of the gemstones will occur simultaneously to exploration in an effort to secure the demand and move the supply from mine to market creating a revenue stream.

For more info on the EMERALDS projects CLICK HERE.

COPPER

Mineral Rights:    100% Bluestone Resources
Property:     245 Lode Mineral Claims on BLM Lands (4,826.6 acres, 1953 Ha)
Location:     Northwestern Arizona, 115mi (180 km) northwest of Phoenix and 55mi (88 km) south of the city of Kingman.
Value:
Potential to Host a Large Tonnage Copper-Moly-Silver Deposit in the Southwestern United States. The Mohave project is similar in many respects to the Bagdad Porphyry deposit located 20 mi (32.2km) to the ESE within the same regional deformation zone. As of May 2006, Bagdad's reserves were stated as 619 million tons at 0.35% Cu and 0.022% Mo. This is the reserve for the next 20 years using $0.92/lb copper and $5.00/lb molybdenum (2008 in house ADMMR Report, non 43-101 compliant).

Overview:
Historic explorer's mined copper, molybdenum, silver, lead, zinc, barium and manganese mineralization in two small scale operations in the late 1950's to early 1960's. The first was a copper leach operation where copper was recovered from copper oxide (e.g. chrysocolla-neotocite) mineralization. The second operation lies 1.3mi (2.0km) to the southeast where molybdenum-lead-silver-barite-manganese were recovered from a known mineralized strike extent of 1.5km.

In the late 1960's and early 1970's explorers tested the copper-molybdenum-silver porphyry mineralization in several shallow rotary holes to depths ranging from 100 to 500 ft (30.5 to 152.4m).

In 1992, a single core hole was drilled to a depth of 500 ft (152.4m) over the copper oxide near the historic leach operation. This drill hole hosted significant copper, molybdenum and silver associated with a large surface expression of copper oxides.

In September of 2007, Bluestone Resources Inc. signed an agreement with Southwestern Exploration Group (vendors) for the option to earn 100% interest in the Mohave Property. Shortly thereafter, Bluestone proceeded to enlarge the claim block and conduct a Phase 1 Exploration program.

September 2007 to June 2008, Phase 1 Exploration

    * Structural and ASTER image Interpretation
    * 1:5000 Scale Geological Mapping and Geochemical Rock Sampling
    * Reconnaissance soil sampling program
    * 38 line/km induced polarization survey
    * Archaeological cultural survey

Plan:
$500,000 Phase II Program Planned and Ready to Commence

    * Construction of an integrated 3-D Model of data
    * Additional Infill Induced Polarization Survey
    * 4000 m Drilling of copper oxide (40 holes @ 100 m each)
    * 900 m of Deep Drilling (3 holes @ 300 m each)

Bruce Counts
Position: President, Chief Executive Officer and Director
Bruce has been involved in the Canadian diamond exploration industry for fourteen years. Between 1992 and 1997 he was employed by BHP Minerals Canada Ltd. and was an integral member of the team responsible for the discovery and development of the Ekati Diamond Mine(tm). In 1997 Bruce joined Dia Met Minerals Ltd. and was senior consultant on their international portfolio of projects until the sale of the company in 2001. Bruce is a Professional Geophysicist and holds a degree in Geological Engineering from the University of British Columbia.

Craig Bentham, LLB
Position: Independent Director
Craig is a sole practitioner in Calgary, Alberta, specializing in Corporate and Commercial law with an emphasis on venture capital. He has been a member of the Alberta Bar since 1992. His current and former positions include: Director of Corporate Development for Pinnacle Private Capital Corporation, a Calgary, Alberta based venture capital firm; Director of Committee Bay Resources Ltd. a TSX-V listed company (January 2004 - present); Director of Lexoil Inc., a TSX-V listed company (December 2002 - September 2003); President and Chief Executive Officer of Carvelle Capital Inc., a TSX-V listed company (July 2001 - December 2002); Director and Vice-President of Aqualitus Inc., a private Alberta environmental technology company (July 2001 - September 2002); and Vice-President of business operations for D&B Productions Inc., a private Alberta based television production company (1997 - 1998).

Mark Fields
Position: Independent Director
Mr. Fields brings more than 20 years of experience in mineral exploration and development to Indicator Minerals' Board of Directors. Mr. Fields is President and CEO of Geodex Minerals Ltd., which is advancing a tungsten-molybdenum project towards development. Previously he was Executive Vice President and Director of Pine Valley Mining Corporation which developed a metallurgical coal project from trial mining to commercial production. As Vice President of Copper Ridge Explorations Inc. he was responsible for all aspects of the company's corporate affairs as well as technical direction of its precious and base metal projects in the Yukon and Alaska. In addition, Mr. Fields was involved in the $44 million sale of a junior gold explorer to Kinross Gold Corporation and participated in the successful acquisition, exploration and development of the Diavik Diamond Mine on behalf of the Rio Tinto Group. Mr. Fields holds an honours degree in Commerce from Queen's University, a Bachelor of Science in Geology from the University of British Columbia and presently serves on the boards of Geodex Minerals and Prime Meridian Resources Corp.

Richard K. Gorton
Position: Independent Director
Richard has been involved in the exploration, mining and business aspects of the minerals industry for 36 years. From 1973 to 1986 Richard directed Newmont South Africa Ltd.'s exploration activities in the search for gold, base metals, diamonds and uranium. During this time, Richard was involved in the early discovery stages of the Gamsberg zinc deposit for the O'okiep Copper Company in Namaqualand.From 1986 to 1990 Richard held the post of Chief Geologist at the Telfer Gold Mine in Western Australia. From 1990 to 1994, Richard became Great Basin Exploration Manager and later Director, Exploration North America and from 1994 -- 2005 he became Director of Exploration, Business Development for Newmont Mining Corporation. Richard took early retirement in 2005 and continues as a consultant to Newmont.In 2005 Richard co-founded BWG Mining which applies supervised Neural Network technology to multiple exploration data sets targeting new discoveries. Richard holds a degree and a M.Sc. Geology from the University of Cape Town.

Dave Kelsch
Position: Vice President of Exploration, Director
Dave has been active in mineral exploration since 1985, focusing on diamond exploration for the past fourteen years. Between 1992 and 1998, he was a senior geologist with Kennecott Canada Exploration Inc. During this time Dave was responsible for managing the Lac de Gras exploration efforts and played an integral role in the discovery and development of the kimberlites that were incorporated into the Diavik Diamond Mine. Since 1998, Dave has been an independent consultant and advisor working for both junior and major diamond explorers including Diamonds North Resources as manager of their Victoria Island Project.

John Robins, P.Geo.
Position: Director
Mr. Robins is a professional geologist based in Vancouver, BC, with over 25 years of experience as an independent exploration geologist and entrepreneur. A 1984 graduate of the University of British Columbia with a Bachelor of Science in Geology, Mr. Robins initially worked as a self employed prospector and geologist in BC and Northern Canada. In 1988, he founded Hunter Exploration Group, one of Canada's most successful private exploration companies. Mr. Robins has also been active in starting several successful public exploration and development companies culminating in 2005 with his co-founding of the Discovery Group of Companies. In addition to his role with the Discovery Group, Mr. Robins also sits on the Boards of several successful publically traded exploration companies. His experience in everything from grass roots exploration to production is complimented by his success in the capital markets and financing activities. In 2008, Mr. Robins was recognized for his achievements in mining exploration by the Association for Mineral Exploration British Columbia with the H.H. "Spud" Huestis Award. This is recognized as the highest award given for mineral exploration and is awarded to those who have made "a significant contribution... to enhance the mineral resources of British Columbia and/or the Yukon Territory, through the original application of prospecting techniques or other geoscience technology".

For more info on Indicator Minerals mangement team CLICK HERE

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