Indico Resources Ltd.: Update on Drilling Campaign at Ocana Porphyry Cu-Mo-Au Project

Indico Resources Ltd. ("Indico" or the "Company") (TSX VENTURE:IDI)(OTCQX:IDIFF)
is pleased to provide an update on the Phase 2 drilling campaign at the Ocana
Cu-Au-Mo porphyry in Southern Peru. The Phase 2 programme is testing the maximum
thickness and grade of sulphide and oxide supergene mineralization intersected
by two holes in Phase 1, delineating higher-grade hypogene zones that occur
mainly within the breccia target at the centre of the system, and delimiting the
southern and eastern edges of both hypogene and supergene mineralization.


To date, 2017 metres of the planned 4400 metre minimum have been completed in 6
holes from 5 platforms spaced roughly 200 metres apart (Figure 1). Drilling is
on schedule to be completed by early December. All holes reached their target
depth or were continued deeper due to encouraging mineralization. For logistical
reasons, several holes targeting hypogene mineralization have been drilled ahead
of the peripheral holes that mainly target supergene oxide mineralization.
However, based on intersections in three of the holes (OCADH004, 5 & 6), the
supergene oxide target limit has been expanded into the centre of the system.
All assay results are pending. 


To view Figure 1, click on the following link:
http://media3.marketwire.com/docs/i111m.pdf


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.
Dean Linden
Corporate Development
[phone]
[phone] (FAX)
www.indicoresources.com