Monday, July 06, 2009

President's Message

Throughout 2009 Indicator's management has been focused on rebuilding the value that was lost to the economic tsunami that arrived in the last quarter of 2008. Fortunately, we have solid foundation from which to work.

Indicator has a portfolio of excellent diamond projects. The Darby Project hosts a field of diamond bearing kimberlites that was expanded in 2008 from 100 km2 to more than 1,200 km2. On the Borden Project on Baffin Island, boulders of kimberlite were found while prospecting over top of a high priority geophysical target. And the Grail Project has garnered the interest of both junior and major diamond explorers alike. However, it is on the Nanuq North Project, where an exciting new discovery has been made, that we will focus our efforts in 2009.

Initial samples from the NQN-001 kimberlite pipe, discovered on Nanuq North in 2008, returned an exceptional abundance of diamonds with a good size distribution. Interpretation of the geophysical signature suggests it is at least 4.5 hectares (11 acres) at surface and may be substantially larger. The next step in evaluating this kimberlite is to mount a 1,200 metre drilling program. This will provide a more definitive estimation of the size and shape of the body as well as better understanding of its geology and the diamond distribution within the kimberlite. Finally, based on projections from the initial results, we should obtain enough material to recover our first commercial size diamonds, a significant milestone in the company's development.

The worked planned at Nanuq North in 2009 will provide vital information needed to evaluate the NQN-001 kimberlite and it will pave the way for the collection of a mini-bulk sample (50 tonnes to 200 tonnes) in 2010.

Corporately, Indicator will maintain the modest burn-rate that was achieved during the fall of 2008 when we cut our overhead by more than 40%. This will ensure that the majority of funds are directed to restoring value by advancing our projects. It is important to note that these cuts were made without sacrificing our ability to conduct efficient, cost effective and technically sound exploration programs.

In conclusion, Indicator will work to restore shareholder value by building upon the exciting discovery made at Nanuq North. Indicator's management continues to maintain its resolve and steadfast determination to build a sophisticated and technically driven diamond explorer. We believe that we have the critical components to achieve that goal: a sound corporate philosophy, experienced professionals and high quality projects.

Sincerely,


Bruce Counts
President & CEO

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    

Indicator Minerals Website:
www.indicatorminerals.com       
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