Indico Announces Amendment to 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)(OTCQX:IDIFF)
announces that it has amended the terms of the non-brokered private placement
announced on July 10, 2012. The Company will now be issuing up to 25,000,000
units (each a "Unit") at a price of $0.12 per Unit for gross proceeds of $3.0
million (the "Private Placement"). Each Unit will be comprised of one common
share and one-half of one common share purchase warrant (each a "Warrant"). Each
whole Warrant will entitle the holder to purchase one common share at an
exercise price of $0.15 per share for a period of one year from the closing of
the Private Placement, subject to Indico's right to accelerate the exercise of
the warrants if the closing price of the 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 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. In addition, the Company has reviewed
multiple additional porphyry exploration projects and is in negotiation to
acquire interests in additional porphyry exploration projects. Please visit our
website at www.indicoresources.com.


On behalf of Indico Resources Ltd.

Robert Baxter, President and Chief Executive Officer

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, completion of the Private
Placement of up to $3.0 million is subject to a number of conditions, including
but not limited to, TSX Venture Exchange acceptance. There can be no assurance
that the Private Placement will be completed as proposed or at all. 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.