Indicator Minerals Inc. Closes $1,146,800 First Tranche Private Placement by 24hgold

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Indicator Minerals Closes $1,146,800 First Tranche Private Placement

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Vancouver, B.C., April 28, 2010) - Indicator Minerals Inc. "Indicator" or the "Company") announced today that it has completed the first tranche of its previously announced non-brokered private placement for aggregate gross proceeds of $1,146,800.

Indicator issued 4,270,000 flow-through units at a price of $0.10 per flow-through unit and 8,997,500 non-flow-through units at a price of $0.08 per non-flow-through unit. Each flow-through unit is comprised of one flow-through common share and one share purchase warrant, each such warrant exercisable to acquire one common share for a period of 24 months following issuance, at a price of $0.15 per share. Each non-flow-through unit is comprised of one common share and one share purchase warrant, each such warrant exercisable to acquire one common share for a period of 24 months following issuance, at a price of $0.12 per share.

Finder's fees in the aggregate amount of $48,748 and an aggregate of 731,375 finders' warrants exercisable to acquire up to 731,375 common shares for a period of 24 months following issuance at a price of $0.15 per share, were paid to six finders in respect of certain subscriptions in the private placement. In addition, 42,525 non-flow-through units were issued to one finder in payment of finder's fees, such finder's units consisting of 42,525 non-flow-through shares and 42,525 warrants having the same terms as the finders' warrants.

All securities issued, including the finders' warrants and finder's units, are subject to a hold period and may not be traded until August 24, 2010 except as permitted by Canadian securities legislation and the TSX Venture Exchange.

The independent directors of the Company approved the participation by one director of the Company in the private placement on the same terms as arm's length investors in the aggregate amount of 500,000 non-flow-through units. Security holdings of such director in the Company have increased as a result of such participation.

Indicator intends to use the proceeds of the private placement to conduct exploration on the Company's properties and for general working capital purposes. Indicator may complete a second tranche of the private placement in due course.

The Company also announced that, having completed its due diligence of Rio Verde Enterprises Inc. ("RVE") and pursuant to its Letter Agreement with RVE, (announced in Stockwatch, November 24, 2009) it has issued 100,000 common shares of the Company to RVE.

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 gemstone exploration. Management has positioned Indicator as 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.

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.
/s/"Bruce Counts" P.Geoph.
President & CEO

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.

April 28, 2010

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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