Major Area Player - IME $0.26No one is familiar with them but they have a very large and strategic land position in this immediate area.
Indicator Minerals (ime - tsx.v $ .26)
www.indicatorminerals.com
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2008-02-28 10:00 ET - News Release
Mr. Bruce Counts reports
INDICATOR MINERALS ACQUIRES 1.71 MILLION ACRES OF MINERAL PERMITS IN NUNAVUT
Indicator Minerals Inc. has been awarded 41 prospecting permits, totalling more than 1.71 million acres (6,920 square kilometres) in Nunavut Territory.
The permit areas were selected by Indicator's technical team based on generative work carried out in 2007. Thirty-two permits, totalling 1.22 million acres, make up the new Indigo project, a continuous block of permits centred approximately 200 km southwest of Indicator's Darby project. Nine additional permits were acquired as strategic extensions to existing IME projects on the Boothia, Borden and Foxe peninsulas.
"We are pleased to have been awarded these new permits, positioned in what we believe to be very prospective, yet underexplored parts of the Canadian North," stated Bruce Counts, president and chief executive officer of Indicator Minerals. "Plans and budgets for this year's work programs are already in place."
Starting with a land package of more than seven million acres in 2004, Indicator has successfully generated several significant diamond exploration projects. These include the Darby project with nine kimberlites discovered to date, the Barrow project where the source of a highly diamondiferous boulder is being traced as well as Nanuq North, which is located at the head of a high-interest kimberlite indicator mineral train.
To date, budgets in excess of $5-million have been approved for Indicator's Nunavut properties in 2008. This includes a $1.3-million geophysics and drill program on the Barrow property in addition to $2.1-million to be spent on the Darby property by joint venture partner Teck Cominco Ltd.