Indicator drills encouraging copper grades from first two 2011 holes at Mohave

Indicator Minerals (CVE:IME) announced late Thursday positive drill results from the first two holes of its current core program on the Mohave copper project in northwestern Arizona, returning grades comparable to the nearby prolific Bagdad and Mineral Park mines.

The Mohave project is a large-scale copper porphyry property, with significant amounts of silver and molybdenum.

Results intersected from surface included 65.8 metres of 0.2% copper, including 32.9 metres of 0.28% copper and 2.62 grams per tonne (g/t) of silver in hole MV11001; and 70.7 metres of 0.30% copper in hole MV11002, including 25.0 metres of 0.66% copper and 5.3 g/t silver.

"We are very excited about these first assay results. They demonstrate that Mohave hosts a very large, mineralized porphyry system that extends to depth," said president and CEO Bruce Counts.

"The presence of both copper oxide and copper sulphide grades comparable to those currently being mined at the nearby Bagdad and Mineral Park mines is very encouraging.

"The initial drill holes have exceeded our expectations as all six completed to date have intersected mineralization over significant intervals."

The company said the holes reported today were located within an area of a past leach operation that mined copper oxides in the 1960s.

Results of a surface trench completed recently in the area of these two holes also returned grades of 0.24% copper, 0.076% molybdenum and 0.68 g/t silver over 50.3 metres.

Indicator's two phase 2011 drill program is designed to test a number of priority targets over a wide area, which were identified by past induced polarization surveys, rock and soil sampling as well as geological mapping.

Currently, the first phase is underway, with as many as 15 core holes, to depths of up to 350 metres, planned. To date, the company has completed six holes, for which results are still pending. The second part of the campaign is due to begin in the third or fourth quarter of this year.