Indico Provides Update From Annual General Meeting

Indico Resources Ltd. (TSX VENTURE:IDI)(OTCQX:IDIFF) ("Indico" or the "Company")
is pleased to provide an update on the results from its annual general meeting
of shareholders held on Thursday, October 18, 2012. At the meeting, the
shareholders elected four new members to the Company's board of directors. The
shareholders also re-appointed the current auditors, Smythe Ratcliffe, Chartered
Accountants, and approved the renewal of the Company's Stock Option Plan.


Election of Directors

At the meeting, the Indico shareholders elected seven directors, including the
following four new directors:


Patrick Evans - Mr. Evans is the President and CEO of Mountain Province Diamonds
Inc. and Kennady Diamonds Inc. In 1999, he was appointed a Vice President of
Placer Dome Inc. and a non-executive director of SouthernEra Resources Ltd. In
2001, he was appointed President and CEO of SouthernEra Resources Ltd. and
Messina Limited. In 2004, he was appointed President, CEO and a director of
Southern Platinum Corp., which was acquired by Lonmin Plc in June 2005. In
September 2005, he was appointed President, CEO and a director of Weda Bay
Minerals Inc., which was acquired by Eramet S.A. in May 2006. Mr. Evans was also
the CEO and a director of Norsemont Mining Inc., which was acquired by HudBay
Minerals Inc. in March 2011. He was also non-executive director of Anvil Mining
Ltd. acquired by Minmetals in March 2011. Mr. Evans is currently a director of
Pan Global Resources.


Mr. Evans is a graduate of the University of Cape Town where he received his
Bachelor of Arts degree in 1977 and Bachelor of Science degree in 1978. He is a
resident of Arizona, USA. He was a career diplomat from 1979 to 1998.


Brian Kerzner - Mr. Kerzner has over 23 years of experience as a successful
entrepreneur in retailing and real estate. Mr. Kerzner is the Founder and
President of Rocky Mountain Chocolate Factory Canada Inc., which operates retail
chocolate stores from coast to coast in Canada. He has also founded several
other private companies that have completed extensive residential and commercial
development in Toronto, Phoenix, Whistler and Vancouver. Mr. Kerzner has been
extensively involved in providing seed capital for many successful public and
private companies in the resources, environmental and technology sectors. He is
also a member of the BC Children's Hospital Circle of Care and is actively
involved in many other charitable organizations.


Mr. Kerzner is an Honours graduate of the University of Toronto Bachelor of
Commerce (B.Com) program and was a Director of Norsemont Mining Inc.


David Savage - Mr. Savage has held senior executive roles in the construction
industry in Australia, Asia and the Middle East for more than 25 years. From
1988 until March 2011, Mr. Savage was a senior executive with the Leighton Group
of Companies, Australia's largest construction and project development group.
Mr. Savage is Chairman of Stonehouse Construction Limited, a project development
company based out of Singapore with activities in South East Asia, Central Asia
and Africa and holds non-Executive Director positions with both Keller Group
PLC, a ground engineering company listed on the London Stock Exchange and
Mudajaya Corporation Berhad, a Malaysian construction conglomerate, listed on
the Kuala Lumpur Stock Exchange.


Mr. Savage holds a Bachelor degree in Civil Engineering from Deakin University
in Victoria, Australia.


Bob Parsons - Mr. Parsons is a Chartered Accountant and retired
PricewaterhouseCoopers partner after a career spanning 34 years. He currently
serves on the Advisory Board of the Indonesian Mining Association and the
International Affairs Committee of the Prospectors and developers Association of
Canada. He has served on the boards of the PDAC (1985-2003), the Indonesian
Mining Association, the Canada Indonesia Chamber of Commerce, the World Mines
Ministries Forum, the Canadian Minerals Industry Federation, the Advisory
Council of the Centre for Resource Studies at Queens University, and the
Professional Advisory Board of the Government of Canada's Petroleum Monitoring
Agency. He has previously served on the boards of several listed exploration
companies. Mr. Parsons is an active independent consultant in developing
countries, where he has advised nineteen governments on mineral policy matters.


The four new directors join Indico's CEO and President, Robert Baxter and
current directors Henk van Alphen and Leonard Harris, all of whom were
re-elected to the Board. These directors will all hold office until the next
annual meeting of the Company. The new directors replaced Gary Freeman, Keith
Henderson and Susannah Coille van Alphen.


"We are very pleased to welcome four outstanding new directors to the Indico
Board," said Robert Baxter, CEO and President of Indico. "Their unique and
extensive backgrounds will help guide the Company as it moves forward in
advancing the Ocana property and closing on the proposed Maria Reyna
acquisition. I would also like to take this opportunity on behalf of all
shareholders to thank Gary Freeman, Keith Henderson and Susannah Coille van
Alphen for their respective years of service as directors of Indico."


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. For more
information, please visit our website at www.indicoresources.com; follow us on
Twitter: @indicoresources and Facebook: Indico Resources Ltd.


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.