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Indicator Minerals Announces $2.0 Million Private Placement

Not for distribution to United States wire services or for dissemination in the United States
Vancouver, B.C., May 28, 2010 - Indicator Minerals Inc. (the "Company") (TSX-V: IME) today announced that it intends to complete a non-brokered private placement of up to $2.0 million, comprised of a combination of flow-through units at a price of $0.15 per unit and non-flow-through units at a price of $0.12 per unit, subject to TSX Venture Exchange (the "Exchange") approval.

Each flow-through unit will consist of one "flow-through" common share and one common share purchase warrant. Each such common share purchase warrant will be exercisable into one non-flow-through common share for a period of 24 months from closing at a price of $0.20 per share, 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 trading days.

Each non-flow-through unit will consist of one common share and one common share purchase warrant. Each such common share purchase warrant will be exercisable into one common share for a period of 24 months from closing at a price of $0.16 per share, subject to an acceleration provision in the event the closing price of the Company's shares on the Exchange exceeds $0.24 for at least 10 consecutive trading days.

All securities issued in the private placement will be subject to a four-month hold period from the closing of the private placement. The Company may pay finder's fees in connection with the private placement. The Company intends to use the proceeds of the private placement to conduct exploration on the Company's properties in Nunavut and, with respect to a portion of the proceeds of the sale of non-flow-through units, for general working capital purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available. Any public offering of securities in the United States must be made by means of a prospectus that contains detailed information about the Company and its management, as well as financial statements.

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.

For further information, please contact:

Indicator Minerals Inc.
Bruce Counts, President & CEO
Tel: (604) 331-4605
www.indicatorminerals.com

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.

May 28, 2010
IME: TSX-V 10-06

Indicator Minerals Inc.
275 - 1075 W Georgia St.
Vancouver, BC
Canada V6E 3C9
Phone: 604-331-4605
Fax: 604-331-4654
Toll Free: 1-877-331-4605

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Indicator Minerals Inc.

	EXPLORATION STAGE
	CODE : IME.V
	ISIN : CA09626M1068
	CUSIP : 455687

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Indicator Minerals is a and uranium exploration company based in Canada.

Indicator Minerals holds various exploration projects in Botswana and in Canada.

Its main exploration properties are MOHAVE in USA and DORSET, NANUQ NORTH, GRAIL, DARBY and BARROW in Canada.

Indicator Minerals is listed in Canada. Its market capitalisation is CA$ 924 350 as of today (US$ 892 183, € 688 587).

Its stock quote reached its highest recent level on December 29, 2006 at CA$ 0.92, and its lowest recent point on January 10, 2012 at CA$ 0.01.

Indicator Minerals has 18 487 000 shares outstanding.

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