Indico Announces Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Indico Resources Ltd. ("Indico" or the "Company") (TSX VENTURE:IDI) is pleased
to announce that it has arranged, subject to the acceptance of the TSX Venture
Exchange, a non-brokered private placement of up to 20,000,000 units (each a
"Unit") at a price of $0.10 per Unit for gross proceeds of $2,000,000 (the
"Private Placement"). Each Unit will be comprised of one common share in the
capital of the Company and one common share purchase warrant (each a "Warrant").
Each Warrant will entitle the holder to purchase one additional common share at
an exercise price of $0.15 per share for a period of three years from the
closing of the Private Placement, subject to Indico's right to accelerate the
exercise of the Warrants if the closing price of Indico's shares on the TSX
Venture Exchange is equal to or exceeds $0.30 per share for a period of 10
consecutive trading days between the expiry date of the four month hold period
and the date of expiry of the Warrants.


Finder's fees may be payable on a portion of the Private Placement, in
accordance with the policies of the TSX Venture Exchange.


All securities issued in the Private Placement will have a hold period in Canada
of four months from the closing of the Private Placement. 


The net proceeds from the Private Placement are intended to be used to further
exploration of the Company's Ocana porphyry copper-gold project in Peru and for
general working capital purposes. 


About Indico Resources Ltd.

Indico is a resource exploration company focused in the discovery and
exploration of porphyry copper-gold deposits in South America. The Ocana
Porphyry Project, located in the Arequipa Region of Peru, is the Company's
primary exploration project and is currently the main focus of exploration
activities. In addition, the Company has entered into a Memorandum of
Understanding to acquire up to a 100% interest in the Maria Reyna Cu-Mo
porphyry-skarn project in the Andahuaylas-Yauri Belt, Cusco Region, Peru. This
belt hosts several significant deposits, including the Las Bambas porphyry-skarn
cluster (1.7 billion tonnes of 0.60% Cu), Haquira (690 million tonnes at 0.59%
Cu), and the neighbouring Constancia porphyry deposit (reserves of 450 million
tonnes at 0.36% Cu). For more information, please visit our website at
www.indicoresources.com.


The technical information provided in this news release was reviewed and
approved by Robert W. Baxter (FAusIMM), a director of the Company and a
qualified person for the purposes of National Instrument 43-101.


On behalf of Indico Resources Ltd.

Robert Baxter, President and Chief Executive Officer

Neither 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.


Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995 and "forward
looking information" within the meaning of the British Columbia Securities Act
and the Alberta Securities Act. Specifically, there can be no assurance that the
Private Placement will be completed as proposed. Generally, the words "expect",
"intend", "estimate", "will" and similar expressions identify forward-looking
information. By their very nature, forward-looking statements are subject to
known and unknown risks and uncertainties that may cause our actual results,
performance or achievements, or that of our industry, to differ materially from
those expressed or implied in any of our forward looking information. Statements
in this press release regarding Indico's business or proposed business, which
are not historical facts, are forward-looking information that involve risks and
uncertainties, such as estimates and statements that describe Indico's future
plans, objectives or goals, including words to the effect that Indico or
management expects a stated condition or result to occur. Since forward-looking
statements address events and conditions, by their very nature, they involve
inherent risks and uncertainties. Actual results in each case could differ
materially from those currently anticipated in such statements. Investors are
cautioned not to place undue reliance on forward-looking statements, which speak
only as of the date they are made. All of the Company's Canadian public
disclosure filings may be accessed via www.sedar.com and readers are urged to
review these materials, including the technical reports filed with respect to
the Company's mineral properties. The foregoing commentary is based on the
beliefs, expectations and opinions of management on the date the statements are
made. The Company disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new information, future
events or otherwise.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Indico Resources Ltd.
Dan McIntyre
IR
(604) 398-5377
+1(604) 398-5387 (FAX)
dmcintyre@indicoresources.com


Indico Resources Ltd.
Dennis Nenadic
Corporate Communications
(604) 398-5379
+1(604) 398-5387 (FAX)
dnenadic@indicoresources.com
www.indicoresources.com
Indico Resources (TSXV:IDI)
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