Indico Resources Ltd. (TSX VENTURE:IDI)(OTCQX:IDIFF) - 

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

Indico Resources Ltd. ("Indico" or the "Company") announces receipt of positive
results from its Phase I drill program at the Ocana Copper Project.


The Ocana porphyry project covers 110 km2 located on the northwest extension of
the Southern Peru Porphyry Copper Belt (Figure 1). The Toquepala, Quellaveco,
Cuajone, and Cerro Verde Mines are on regional trend to the southeast. Recent
exploration in the belt has also resulted in discovery of the Zafranal copper -
molybdenum - gold porphyry deposit (NI 43-101 compliant Measured & Indicated
resources of 301MT of 0.47% Cu, 0.08g/t Au), located approximately 75km to the
southeast of the Ocana Project. The project is accessible by an 85km graded dirt
road, an extension of the paved Pan American Highway. The geology and
mineralization at Ocana is similar to that at the Zafranal. 


Results are summarized in Table 1. 

The first three drill holes contain strong mineralization over significant
thicknesses. Five drill holes have been completed in Phase I, totaling 2,195
metres (Figure 2). Results from drill holes 4 and 5 are pending.




Table 1: Detailed Drill Results

---------------------------------------------------------------------------
Hole         From     To  Inter-  CuEq     Cu    Mo     Au    Ag           
               (m)    (m)   val  (%)(i)    (%) (ppm)  (g/t) (g/t)      Zone
---------------------------------------------------------------------------
OKA-001                                                               oxide
130 degrees     2     46     44  0.824  0.734   105  0.032   1.3  supergene
/-70        ---------------------------------------------------------------
degrees        46    192    146  0.308  0.232    97  0.022   1.1   hypogene
            ---------------------------------------------------------------
              192    447    255  0.217  0.153    98  0.014   0.6   hypogene
            ---------------------------------------------------------------
              447  697.8  250.8  0.126  0.094    44  0.009   0.4   hypogene
---------------------------------------------------------------------------
OKA-002         4     24     20  0.776  0.183   742  0.254   3.6      oxide
120 degrees ---------------------------------------------------------------
/-70           24     38     14  1.607  1.290   511  0.057   1.9  supergene
degrees     ---------------------------------------------------------------
               38    150    112  0.334  0.209   136  0.057   1.5   hypogene
            ---------------------------------------------------------------
              150  406.3  256.3  0.211  0.154    71  0.015   0.9   hypogene
---------------------------------------------------------------------------
OKA-003         2    150    148  0.285  0.134    98  0.132   0.6   hypogene
120 degrees ---------------------------------------------------------------
/-70          150    321    171  0.536  0.322   111  0.187   2.2   hypogene
degrees     ---------------------------------------------------------------
including     219    270     51  0.706  0.424   187  0.206   3.8   hypogene
            ---------------------------------------------------------------
              321  403.3   82.3  0.219  0.125   145  0.020   0.7   hypogene
---------------------------------------------------------------------------
(i) Copper equivalent calculations represent the total metal value for each
    metal, multiplied by the conversion factor, summed and expressed in
    equivalent copper percentage. These results are exploration results only
    and no allowance is made from recovery losses that may occur should
    mining eventually result. These equivalent grades should not be
    interpreted as actual grades since the conversion rations vary with the
    volatile prices of Cu and Mo and the economic recoveries of Cu and Mo
    can vary significantly in actual extraction and processing. However, it
    is the company's opinion that elements considered here have a reasonable
    potential to be recovered. The three-year, moving-average metal prices
    used for the purposes of the equivalency calculations are copper
    $US3/pound, gold $US1200/ounce, molybdenum $US15/pound and silver
    $US21/ounce.



Porphyry copper-gold-molybdenum mineralization was intersected at surface and
continues to depths of 400 metres or greater from surface. The upper, high-grade
portion of Hole OKA-001 grades 0.734% copper from 2 metres to 46 metres, hosted
within an upper weathered zone, where mineralization mostly occurs as copper
oxides. Underlying the weathered zone, hypogene copper mineralization occurs as
disseminated and blebby matrix-filling chalcopyrite within potassic-altered,
phreatic breccias and adjacent dacite porphyry. Mineralization is less intense
within phyllic-altered zones.


The higher grade breccia system trends west-northwest and is continuous for more
than 1 kilometre, over a width of at least 200 metres within the concession, and
extending for about another 200 metres to the north off the property. Indico is
preparing an infill drilling program to test this primary breccia target.


"We are delighted to have discovered such a strongly mineralized porphyry system
with the first three drill holes at Ocana," stated Gary Freeman, President & CEO
of Indico, "It is exceptional to make a discovery of this nature with the first
holes drilled in the area. Our near-term focus is on the breccia-system
discovery."


To view Figures 1-7 please visit the following link:
http://media3.marketwire.com/docs/IndicoFigs1-7.pdf


Qualified Person

EurGeol Keith J. Henderson, P.Geo., Indico's Chief Scientific Officer, a
Director, and a qualified person as defined by National Instrument 43-101, has
reviewed and takes responsibility for the scientific and technical information
that forms the basis for this news release. Mr. Henderson is not independent of
the Company as he is an officer and a shareholder.


Diamond Drilling and Sampling Procedures

The diamond drilling was completed using an HQ and NQ core size. Core recovery
was estimated to be greater than 95%. After cutting with a diamond saw, one half
of the core was collected for sample preparation and analysis and the other half
is retained for future reference. Samples were collected on a 2.0m and 3.0m
sample interval. Sample preparation and analyses was completed by ALS-Chemex
("ALS") Lima, Peru.


The geochemical results were reviewed by Tansy O'Connor-Parsons, Senior
Geochemist. Indico on-site personnel rigorously collect and track samples which
are then security sealed and shipped to ALS, Lima, Peru for assay. Analytical
accuracy and precision are monitored by the analysis of reagent blanks,
reference material and replicate samples. Quality control is further assured by
the use of international and in-house standards. Blind certified reference
material is inserted at regular intervals into the sample sequence by field
personnel in order to independently assess analytical accuracy. In addition,
representative blind duplicate samples are routinely forwarded to ALS and an
ISO-compliant third party laboratory for additional quality control.
Multi-elements were assayed using the ALS's ME-ICP61 package which includes
4-acid digestion and ICP-ES finish. Lower detection limits are as follows: Cu
greater than 0.001%, Mo greater than 0.001%, Ag greater than 0.5g/t. Gold is
assayed by the Au-AA23 fire assay package - fusion of a 30-gram followed by AA
finish; with a lower detection limit of 0.005 g/t. ALS has an 9001:2008 and
17025 International Standard Organization rating.


New Company Website & Investor Relations

The Company is pleased to announce the launch of its new website found at
http://www.indicoresources.com. "Although this website is merely a window on
what we do, considerable thought has gone into the design of our web presence
such that investors and prospective investors can find information on the
Company without being inundated with technical information," stated Gary
Freeman, Chief Executive Officer of Indico Resources. 


In addition, the Company has strengthened its corporate team by retaining the
services of Michael Pound to head Investor Relations. Mr. Pound brings 16 years
of marketing, finance and client management experience to the team. He most
recently served as Investor Relations for Platinum Group Metals and currently
manages Investor Relations for Dorato Resources Inc. (TSX:DRI). He will oversee
development of the Company's investor relations strategy and will focus on
increasing the Company's exposure in the financial community. 


Mr. Pound will be retained on an ongoing basis and will be paid a fee of $6,000
per month for providing investor relations services to the Company. Mr. Pound
currently holds 31,500 common shares of the Company and has been granted
incentive stock options to purchase up to 100,000 shares of the Company at a
price of $0.53 per share, exercisable until March 7, 2013.


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. The company's
senior technical staff has a cumulative 40 years of porphyry exploration and
resource definition experience.


On behalf of Indico Resources Ltd.

Gary Freeman, President and Chief Executive Officer

Cautionary Statement

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.
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