Indico Announces Alliance and Shift in Focus to Development and Production

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

Indico Resources Ltd. ("Indico" or the "Company") (TSX VENTURE:IDI) announces
that, further to its news releases May 22, 2013 and June 26, 2013, wherein it
was announced the proposed Alliance and $1.5 million investment by
Singapore-based Stonehouse Construction Private Limited ("Stonehouse"), the
Company also wishes to announce the closing of the initial tranche of $575,000
and the finalization of the Project Development Plan and Alliance Agreement
among Stonehouse and the Company which will shift the Company's focus from
solely exploration to development and production of its copper projects in Peru.



The establishment of the Project Development Plan and Alliance Agreement for the
Ocana and Maria Reyna projects in Peru are a significant step in the process of
developing commercial operations. The Development Plan focuses primarily on
establishing an SX/EW copper project on the Ocana Property firstly by completion
of a Preliminary Economic Assessment and then fast tracking the project through
to production. The Alliance Agreement establishes the terms and criteria as to
how Indico and Stonehouse will work together to develop copper projects in Peru.
Depending on the ultimate scale of the Project, it is envisaged that the
Alliance may seek appropriate development partners.


The Company also wishes to announce that it is compliant with all payments to
underlying owners and has also paid concession fees maintaining the Ocana and
Maria Reyna projects in good standing through 2014.


President and CEO Bob Baxter stated "We are very pleased to have closed our
first tranche with Stonehouse and welcome two new directors, Eric Wardle and
Tareq Damerji to the board of Indico. We believe that this Alliance is not only
timely given the financing market at this time but also confirms our assessment
of our Ocana and Maria Reyna properties as being properties which can be fast
tracked to early production. Indico have very strong geological and
administrative strengths in Peru and Stonehouse have the engineering and
financial resources that combined will result in a focused path to production on
these projects."


Ocana Project

The Ocana Property consists of 22 concessions covering 110.24 km2 and is located
on the northwest extension of the Southern Peru Porphyry Copper Belt, a trend
defined in part by the Toquepala, Quellavaca, Cuajone, and

Cerro Verde Mines to the southeast. Most recent exploration of the belt has
resulted in discovery of the Zafranal copper-porphyry deposit, located
approximately 75 km to the southeast of the Ocana Property. 


Indico has completed 6828m of drilling on the main Jimena porphyry target
initially identified by remote sensing, mapping, and geochemical sampling in
2010. Drilling in late 2012 defined shallow, flat-lying supergene copper oxides
and secondary copper sulphides overlying higher-grade (greater than 0.35% Cu &
0.1 g/t Au) hypogene Cu-Au mineralization hosted by breccia and diorite, and
open to the east, north, and at depth. The supergene mineralization is amenable
to low-cost SX/EW heap-leach mining, which can be fast-tracked to produce on the
order of 12 - 15,000 tonnes per year of copper cathode. 


A 4650m Phase 3 drill programme will infill drill the supergene soluble copper
resource to allow for preliminary resource estimation, and define the eastern
extent of the hypogene. Results of Indico's Phase 2 drilling program at the
Ocana Property were announced in the Company's news release dated January 9,
2013, a copy of which can be found on the Company's website at
www.indicoresources.com or under the Company's corporate profile on SEDAR at
www.sedar.com.


Maria Reyna Project

The Maria Reyna property is located in the Andahuaylas- Yauri Belt of
skarn-porphyry deposits in Cusco Region, Southern Peru, 100km south of Cusco and
within 10km of Hudbay's Constancia Cu-Mo-Ag project, which is currently under
construction. The 3164 hectare concession block covers at least four significant
Skarn-Porphyry systems along 10 kilometres of a northeast-trending structure,
only one of which has been partially drill-tested. Mineralization is related to
the regionally significant Andahuaylas batholith and later subvolcanic
intrusions, which intrude carbonate rocks of the Ferrobamba Formation. Skarn
Cu-Mo+/-Au mineralization is common along the contact zones, and porphyry
mineralization occurs within and adjacent to some of the subvolcanic dacitic
intrusions. The same geology is present at several significant deposits in the
Belt, including the Las Bambas skarn-porphyry cluster (1.7 billion tonnes of
0.60% Cu), Haquira (690 million tonnes at 0.59% Cu), and the Constancia porphyry
deposit (reserves of 450 million tonnes at 0.36% Cu), located only 10 kilometres
southeast of Maria Reyna.


About Indico Resources Ltd.

Indico Resources Ltd. is a resource exploration company focused in the discovery
and exploration of porphyry copper-gold deposits in South America. The Ocana
Porphyry Project is the Company's primary exploration project and is currently
the main focus of exploration activities. Recently, the Company entered into a
Memorandum of Understanding to acquire 51% initially and up to 100% eventually
by fulfilling the conditions set out in the press release dated 22 October, 2012
of the Maria Reyna Cu-Mo porphyry-skarn project in the Andahuaylas-Yauri Belt,
Cusco Region. For more information, please visit our website at
www.indicoresources.com; follow us on Twitter: @indicoresources and Facebook:
Indico Resources Ltd.


About Stonehouse Construction Private Limited

Stonehouse is an international EPCM company working in the minerals, oil and gas
and civil infrastructure sectors. Stonehouse is headquartered in Kuala Lumpur,
Malaysia with offices in Vancouver, Singapore, Accra and Astana. Current
operations include the development of the Lomonosovskoye Iron deposit in
Kazakhstan, an offshore gas pipeline construction project for Malaysia's
national oil and gas company Petronas and the development of a gold project in
Ghana. Stonehouse was formed by a team of experienced senior executives from the
construction and mining sectors who have worked in developed and emerging
markets for major companies such as The Leighton Group, Jacobs and Chevron. The
executives of Stonehouse have mine development and operations experience in such
locations as Peru, Vietnam, Indonesia, Papua New Guinea, Kazakhstan and several
countries in Africa.


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. 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.
Bob Baxter
President & CEO
[phone]
[phone] (FAX)
[e-mail]
www.indicoresources.com