eResearch Issues Update Report on Indicator Minerals Inc.

Toronto, June 25, 2008 – Strategic relationships, funding in place, and a promising drilling program augur well for increasing investor interest in Indicator Minerals once the junior mining sector comes back into favour.

Indicator Minerals is engaged in exploration for diamonds on more than 5.5 million acres in the Territory of Nunavut, Canada. The Company is involved in three key projects: Darby, Barrow, and Nanuq North. Darby and Barrow are 80%-owned, and Nanuq North is a joint venture with Peregrine Diamonds.

Highlights from the report include the following:

● Large kimberlite bodies discovered on the Darby property.

● Teck Cominco has agreed to fund $14 million in capex for the Darby project as a joint venture.

● Teck Cominco should become fully vested in 2008 on the Darby project; it is now the operator.

● Kimberlite boulder with significant diamond content found at Barrow.

● $5.1 million 2008 capex program is fully funded.

● Recently-signed agreement with Munic Gems designed to help find and finance projects.

● Technical team and management have experience in discovery through production.

● Diamond exploration expensive and higher-risk versus exploration of other commodities.

● Diamond industry relatively new to Canada; does not receive much attention.

● Recommendation is Speculative Buy and the shares are suitable for higher-risk investors.

● Our one-year Target Price is $0.40.

This Press Release was prepared by eResearch and was not vetted by Indicator Minerals Inc. Further, the Recommendation and Target Prices contained in this Press Release and in the Initiating Report are strictly those of eResearch and, due to securities laws, are not endorsed by Indicator Minerals Inc.

eResearch is Canada’s primary source for professional investment research, focused primarily on small- and mid-cap companies. Our research and analysis is of institutional quality, and has the potential of reaching millions of global investors through our extensive electronic distribution network.

Indicator Minerals Inc. paid eResearch a fee of $18,500 + GST to conduct research on the Company, on an Annual Continuous Coverage basis.

For FREE access to all eResearch reports and articles, go to www.eresearch.ca

Contact:

eResearch: Bob Weir, CFA, Director of Research

Telephone: (416) 643-7643; E-mail: bweir@eresearch.ca

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