Indico Engages Daniel Mcintyre and Dennis Nenadic to Provide Investor Relations and Announces Granting of Stock Options

Indico Resources Ltd. ("Indico" or the "Company") (TSX VENTURE:IDI) announces
that it has engaged Daniel G. McIntyre Consulting Inc. ("DMC") and Dennis
Nenadic ("DN"), both of Vancouver, BC, to provide investor relations services.
The principal of DMC is Dan McIntyre. 


Under the terms of the services agreements, Indico has agreed to pay an
aggregate of $6,000 per month in fees for an initial term of six months. In
addition, DMC and DN have each been granted 100,000 stock options at an exercise
price of $0.10 per share, subject to receipt of approval of the TSX Venture
Exchange. The stock options will vest quarterly over 12 months and have a term
of 2 years. Upon termination of the services agreements, any vested options will
be cancelled after 30 days, as is required for TSX Venture's Tier 2 Issuers. 


The Company further announces the granting of incentive stock options to certain
of its directors, officers and consultants to purchase up to an aggregate of
1,520,000 common shares in its capital stock at a price of $0.10 per share,
exercisable for a period of two years.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Indico Resources Ltd.
Bob Baxter
President & CEO
[phone]
[phone] (FAX)
[e-mail]
www.indicoresources.com