IME: TSX-V | $0.08
| Tue Nov 24, 2009 Indicator Minerals Adds Colombian Emeralds to Gem Portfolio | |
| Vancouver, B.C. (November 24, 2009) --- Indicator Minerals Inc. ("Indicator" or "IME") today announced that it has entered into a Letter Agreement to purchase a 60% interest in Rio Verde Enterprises Inc. ("Rio Verde"), a private Canadian company with interests in the emerald fields of Colombia and an established emerald exporting, marketing and sales business. "Entry into the exclusive Colombian emerald industry, origin to more than $500 million in annual production is a rare and exciting opportunity", says Bruce Counts, President and CEO of Indicator Minerals. "Rio Verde has spent over a decade establishing extensive relationships within the industry. This agreement combines their access to producing emerald properties and in-depth knowledge of the market with Indicator's ability to quickly accelerate projects through the application of modern, innovative exploration and development techniques. We look forward to working closely with the Rio Verde team to advance and expand these Colombian emerald opportunities". "For the Indicator shareholder, this agreement represents an opportunity to expand beyond our current diamond portfolio and include advanced emerald projects in the world's premier producing districts. The cost of entry is low and the potential for significant revenue from existing operations and future discoveries is excellent," adds Counts. Under the terms of the Letter Agreement, Indicator must issue 100,000 common shares to Rio Verde and spend $1,000,000 over 18 months (the "Evaluation Period") on the exploration and development of the Colombian emerald properties and the marketing and sales of cut and polished gemstones. Upon completion of the initial expenditure, Indicator will have the right to purchase 60% of Rio Verde by investing $5,000,000 into Rio Verde and issuing it a further 2.4 million common shares of IME stock. In addition, Indicator will have a onetime right to extend the Evaluation Period by an additional 18 months under certain conditions that include an additional $1,000,000 evaluation expenditure. The Letter Agreement is subject to the approval of the TSX Venture Exchange. For further information and an update on Indicator's activities in 2009, please see the President's message that will be posted on our website (www.indicatorminerals.com) later today. 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 diamond exploration. Management has positioned Indicator as a sophisticated player in both Canadian and international gemstone exploration by forming strategic partnerships, acquiring highly prospective properties and conducting systematic and efficient exploration programs. Indicator is a member of the Discovery Group of Companies. On behalf of the Board Indicator Minerals Inc. /s/"Bruce Counts" P.Geoph. President & CEO For further information, please contact: Indicator Minerals Inc. Bruce Counts, President & CEO Tel: (604) 331-4605 www.indicatorminerals.com 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. | |
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