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Indicator Names New CFO, Grants Stock Options

Indicator Names New CFO, Grants Stock Options

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 08/04/06 -- Indicator Minerals Inc. (TSX VENTURE: IME) announced today the appointment of Stuart Peterson, CA as the new chief financial officer for the company, effective August 7, 2006. This appointment completes the process that started in April when the current CFO, Sean Mager, advised of his intention to step down in July. Mr. Mager will remain on the Board of Directors.

Mr. Peterson is a chartered accountant and brings over 28 years of accounting and strategic financial experience to the company. For the past 24 years, he has been Principal of PROACT Chartered Accountants in Calgary, A.B. where his scope of work includes audit and consulting engagements to a range of public companies.

"We are very excited to welcome Stuart to the role of CFO at Indicator. His extensive experience and keen analytical and financial skills are an excellent fit with the company's long-term vision," Bruce Counts, President and Chief Executive Officer, says. "His knowledge and expertise will play a vital role in enabling Indicator to build upon its strong foundation in the years ahead. Indicator thanks Mr. Mager for his contribution to Indicator's development over the last 2 years in his role as CFO."

Indicator's board of directors have granted 837,500 incentive stock options pursuant to the Indicator Minerals Inc. shareholder-approved stock option plan to directors, officers, employees and consultants, exercisable for up to five years at a price of $0.75 per share, the last closing price of the company's shares prior to the date of grant. The options granted will be subject to any applicable regulatory hold periods.

Indicator Minerals Inc. is a Canadian exploration company focused on the discovery of economic diamond deposits. Founded in 2004, the company has assembled a highly qualified technical team, experienced in worldwide diamond exploration. Indicator is exploring more than six million acres of targeted ground in the Canadian arctic and has two key projects in the Franklin District of Nunavut: Darby and Barrow. Indicator's management has positioned the company to be a sophisticated player in both Canadian and international diamond exploration by forming strategic partnerships, acquiring highly prospective properties and conducting systematic and efficient exploration programs.

On behalf of the Board

Indicator Minerals Inc.

Bruce Counts P.Geoph., President & CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Indicator Minerals Inc.
Angela Dearie
General Manager
1-877-331-4605 or (604) 331-4605
(604) 331-4654 (FAX)

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