Indico Announces Appointment of Chief Executive Officer/President and 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)
is pleased to announce the appointment of Mr. Robert Baxter as the President and
Chief Executive Officer of the Company. Mr. Baxter has over 25 years of
experience in the mining industry, principally in Latin America. Mr. Baxter was
the President, Chief Operating Officer and a director of Norsemont Mining Inc.
until April 2011 following the completion of its sale to HudBay Minerals Inc for
$520 million.


Mr. Baxter has also formerly held positions as a director of Chariot Resources
Ltd. and as a director of Petaquilla Minerals Ltd. Mr. Baxter is currently a
director of Pan Global Resources Inc., a mineral exploration and development
company listed on the TSX Venture Exchange. He is also General Manager of Baxter
Consultants Eng. S.A.C.


Mr. Baxter has an Applied Bachelor of Science (Honours) degree from the
University of New South Wales and is a Fellow of the Australian Institute of
Mining and Metallurgy (FAusIMM).


The Board of directors is very pleased to have Mr. Baxter take on the position
of President and CEO. His past successes with the sale of Chariot Resources and
Norsemont Mining demonstrate his ability to create shareholder value. The
Company's Ocana project in Peru is well suited for Mr. Baxter's experience. 


Mr. Baxter has been granted 345,000 stock options under the Company's stock
option plan. The options are exercisable at a price of $0.15 per share until
July 10, 2014.


Mr. Gary Freeman has resigned his position as Chief Executive Officer and
President of the Company. Mr. Freeman will continue to serve as a director of
the Company. 


Indico also announces that it has arranged, subject to the acceptance of the TSX
Venture Exchange, a non-brokered private placement of up to 10,000,000 common
shares at a price of CAD 0.15 per share for gross proceeds of up to CAD
1,500,000 (the "Private Placement"). 


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. 


On behalf of Indico Resources Ltd.

Gary Freeman, Director

U.S. Cautionary Statements 

The securities included in the Private Placement have not been and will not be
registered under the U.S. Securities Act or the laws of any state or other
jurisdiction of the United States. Neither the U.S. Securities and Exchange
Commission nor any state securities commission in the United States has approved
or disapproved of the Company's securities or passed upon the accuracy or
adequacy of the disclosure in this news release and any representation to the
contrary is a criminal offence in the United States.


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 CAD 1,500,000 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.