Indico Announces Private Placement and Appointment of Chairman of the Board

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 arranged, subject to the acceptance of the TSX Venture
Exchange, a non-brokered private placement of up to 6,000,000 common shares at a
price of CAD 0.25 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. 


As announced in the Company's news releases dated October 4, 2011 and November
8, 2011, the Company has received encouraging drill results from its Phase I
drill program at the Ocana Copper Project
(http://www.indicoresources.com/i/misc/ocana_2.gif). Five drill holes have been
completed in Phase I, totaling 2,195 metres
(http://www.indicoresources.com/i/misc/2011-11-08_NR2.jpg), and all contain
strong mineralization over significant thicknesses. Highlights include: 




----------------------------------------------------------------------------
Hole-001:      44m grading 0.73% copper, 0.03 g/t gold, 105ppm molybdenum   
----------------------------------------------------------------------------
Hole-003:      171m grading 0.33% copper, 0.19 g/t gold, 111ppm molybdenum  
----------------------------------------------------------------------------
Hole-004:      300m grading 0.25% copper, including 0.37% copper over 57m   
               open at depth, with last 15 metres grading 0.42% copper      
----------------------------------------------------------------------------
Hole-005:      132m grading 0.27% copper                                    
----------------------------------------------------------------------------



The next phase of drilling will comprise approximately 4,500 metres to test for
higher-grade zones within this primary breccia target, as well as to further
delimit the southern, western and eastern edges of both primary and supergene
mineralization.


Daniel Marinov is currently running the Company's exploration project and is
responsible for the operations in Peru. Mr. Marinov has over 21 years of
international experience in the mining and mineral exploration industry,
including 5 years in an underground production environment. He has extensive
experience in precious, base metal and industrial minerals exploration having
worked throughout Eastern Europe, Asia, Australia, as well as Central and South
America with Rio Tinto and Anglo American in senior geologist and management
roles. Most recently, Mr. Marinov was the project exploration manager at Anglo's
Michiquillay porphyry copper-gold-molybdenum deposit in Peru. Mr. Marinov holds
a Master of Science degree in mineral exploration from the University of Mining
and Geology of Sofia, Bulgaria.


The Company is also pleased to announce the appointment of Carlos Ballon as a
director and Chairman of the Board. Mr. Ballon is a graduate of Colorado School
of Mines and a very experienced mining engineer who managed the Santander Mine
in Peru from 1985 to 1993. More recently he was Vice-President South America for
Corriente Resources Ltd. and a director of Thiess South America (Australia's
largest contract miner) where he managed major engineering works in Peru. Mr.
Ballon is currently Manager, South America for Cardero Resource Corp., a mineral
exploration company listed on the Toronto Stock Exchange and the NYSE-Amex and a
director of Stonehouse Construction, a private international multi-disciplined
project delivery company headquartered in Kuala Lumpur, focusing on projects in
Malaysia and Kazakhstan. 


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, President and Chief Executive Officer

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.