Indico Announces Extension of Ocana Porphyry Cu-Mo-Au Project Payment

Indico Resources Ltd. ("Indico" or the "Company") (TSX VENTURE:IDI) announces
that it has been granted an extension on the 2013 payment due in connection with
the Company's acquisition of a 100% interest in the Ocana Porphyry Cu-Mo-Au
Project (the "Ocana Property"). The third tranche payment of US$520,000
initially due on April 20, 2013 will now be due on May 23, 2013. 


The Ocana Property is currently owned by three Peruvian companies: Minera Andina
de Explorationes S.A.A., Mines Representaciones S.A.C. and S.M.R.L. Rosita No. 1
de Arequipa. Each of the owners has entered into a mining assignment and option
agreement with Inversiones Minerales S.A.C. ("Inversiones") granting Inversiones
the exclusive the right to acquire a 100% interest in the Ocana Property.


Pursuant to an agreement dated September 9, 2010 (the "Agreement"), the Vendors,
being all of the shareholders of Inversiones, have granted Indico the exclusive
option (the "Option") to acquire all of the issued and outstanding shares of
Inversiones by Indico making, at its option, payments of escalating cash and
shares over a 5 year period ending April 20, 2015. The total transfer price is
US$17.75M and 8.5M shares of Indico with the majority ($15.49 M and 6.5M shares)
being payable in year 5. 


To date, Indico has paid US$1,160,000 and issued 1,000,000 common shares towards
the exercise of the Option. The schedule of the balance of payments due under
the Agreement is as follows:




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Date                                                     Cash         Shares
----------------------------------------------------------------------------
May 23, 2013                                 $        520,000              -
----------------------------------------------------------------------------
April 20, 2014                               $        580,000      1,000,000
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April 20, 2015                               $     15,500,000      6,500,000
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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. 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.


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. 


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. 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; follow us on Twitter: @indicoresources
and Facebook: Indico Resources Ltd.


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

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