Committee Bay Resources and Indicator Minerals Partner with Trigon Exploration on Nunavut Prospecting Permits

EDMONTON, December 6, 2004 - Committee Bay Resources Ltd. (CBR: TSX-V, "Committee Bay")  and Indicator Minerals Inc. (IME: TSX-V) announced today that they have entered into a partnership with Trigon Explorations Canada Ltd. (TEL: TSX-V, "Trigon") to jointly explore for diamonds on two prospecting permits (the Properties) located approximately 115km south of the community Kugaaruk in Eastern Nunavut.

The two prospecting permits total 79,493 acres and were acquired by Committee Bay for their gold potential but are centrally located in an area that has become the focus for diamond exploration. This agreement will allow the partners to spread the risk and the expense of evaluating the diamond potential of the Properties.

Under the terms of an agreement between Committee Bay and Trigon, Committee Bay will retain 100% of the gold rights to the Properties, while diamond rights will be divided 51% Trigon and 49% Committee Bay. Diamond exploration will be conducted by Trigon and the costs shared proportionally between the two partners. Committee Bay will sole fund and operate gold exploration on the Properties.

A separate agreement between Committee Bay and IME (see news release dated April 28^th, 2004) has been modified to incorporate the partnership between Committee Bay and Trigon. Under the terms of the amended agreement, IME will have an option to earn a 35% interest in the Properties by meeting the spending commitments outlined in the original agreement. Committee Bay will retain a four percent interest in the Properties that is carried to production and will participate for 10% once IME has earned its 35% interest.

"This partnership has excellent strategic merit", commented Bruce Counts, President and CEO of IME. "Our risk is lowered on the Properties by partnering with Trigon, a company that has excellent technical strength, is well funded and is focused on exploring the diamond potential of that area."

Indicator Minerals Inc. (TSXV: IME) is a publicly traded Canadian diamond exploration company focused on the discovery of economic diamond deposits. The company is exploring more than seven million acres of targeted ground in the Eastern Arctic and has an exclusive agreement with the Hunter Exploration Group to identify and acquire new properties. Indicator has experienced management that is technically driven and committed to the efficient and systematic evaluation of its projects.

For further information, please contact Bruce Counts, President and CEO, Indicator Minerals at (250) 306-1895; or
John Williamson, President and CEO, Committee Bay Resources Ltd. at (780) 437-6624 ext 222.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

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