IME Indicator Minerals Inc.

Indicator Minerals Inc. (TSX VENTURE: IME) today announced that it has entered into a Letter of Intent to acquire all of the issued and outstanding shares of Bluestone Resources Inc., a private company with a 100% interest in the drill-ready Mohave Copper-Moly-Silver porphyry Project, Mohave County, Arizona.

"This is an exciting opportunity for Indicator to create shareholder value by adding a significant asset to our portfolio," stated Bruce Counts, President and CEO of Indicator. "We view the deal with Bluestone as further evidence of our commitment to seize opportunity when presented with the right projects regardless of commodity. We can acquire a 100% interest in a compelling, advanced stage project where the data suggests the property may host a large-scale economic copper porphyry deposit. This strategic acquisition is complimentary to Indicator's continued advancement of our northern diamond projects in particular Nanuq North where we have results pending. It diversifies our portfolio and ensures that Indicator will have news flow throughout the year from these key projects as they are advanced by drilling."

The Project

The Mohave Project is located in north-western Arizona and is targeted as a large-scale, leach-cap porphyry deposit hosting copper, molybdenum and silver mineralisation. Exploration work conducted by Bluestone has identified extensive copper mineralisation over the project area with a coincident Induced Polarisation (IP) anomaly and complimentary structural features. The geology of the Mohave Project is believed to be analogous to the Bagdad Copper Porphyry Mine, located within 30km and along the same structural trend.

Terms of the Transaction

The transaction is anticipated to be structured as a "three cornered" amalgamation between Bluestone and a newly incorporated subsidiary of Indicator. Pursuant to the transaction, Indicator will issue 0.62854 common shares in its capital in exchange for each outstanding share of Bluestone, resulting in Indicator issuing an aggregate of approximately 5,000,000 common shares, equal to approximately 4.7% of its issued and outstanding shares after giving effect to such issuance. Upon closing of the transaction, the newly amalgamated company will be a wholly owned subsidiary of Indicator.

In addition, Indicator has entered into a loan agreement with Bluestone pursuant to which it will advance to Bluestone up to a total of US$200,000 in order to make certain payments on Bluestone's properties necessary to keep them in good standing and to cover transaction expenses. The loan is secured by all of Bluestone's assets and by a pledge on the shares of Bluestone's Arizona subsidiary. The loan will be repayable on demand and will be convertible into shares of Bluestone at the election of Indicator. No funds may be advanced under the loan until the Company has obtained Exchange approval.

Bruce Counts, the President and Chief Executive Officer and a director of the Company and David Kelsch, Vice-President Exploration and a director of Indicator, are each directors and shareholders of Bluestone and would be entitled to receive 314,270 and 377,124 Indicator shares, respectively, on closing of the transaction. In addition, John Robins and Mark Fields, each of whom is a director of Indicator, is also a non-material shareholder of Bluestone. Due to these relationships, Mr. Counts and Mr. Kelsch have excused themselves from voting on any directors' resolutions with respect to the transaction and each of Indicator and Bluestone has formed a special committee of its independent directors to review the transaction.

The completion of the acquisition transaction will be subject to a number of conditions, including completion of due diligence, negotiation of final documentation and the receipt of applicable regulatory and Bluestone shareholder approvals. The transaction is expected to close in early October, 2010.

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 exploration. Management has quickly positioned the Company to be a sophisticated player in both Canadian and international exploration by forming strategic partnerships, acquiring highly prospective properties and conducting systematic and efficient exploration programs.

Indicator Minerals is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.

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.

Bruce Counts, P.Geoph., President & CEO

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.

Contacts: Indicator Minerals Inc. Bruce Counts President & CEO (604) 331-4605 or T.F.: 1-877-331-4605 (604) 331-4654 (FAX) www.indicatorminerals.com