NAPLES, Fla., Jan. 11 /PRNewswire-FirstCall/ -- The Board of Directors of Indocan Resources Inc. (OTC:IDCN) announces today that pursuant to a formal Purchase Agreement an initial agreement has been reached with a Thunder Bay, Ontario group to move forward with aggressive plans for mining gold. Indocan has agreed to provide capital and other good and valuable considerations in exchange for a full interest in a property known as Hockey Stick, which comprises a collection of mining claims in the Thunder Bay District of NW Ontario. Indocan's subsidiary, Sierra Cora Ltd. will combine on a 50% - 50% basis with the companies and shareholders known as the Thunder Bay Investors Group. Sierra Cora will fund the operations and plan and float an IPO in the coming months to provide capital and liquidity for the company. More information can be learned by visiting our website: http://www.indocan.com/ We seek "Safe Harbor" Company Info: +1-406-322-3844 Jeffrey R Bruhjell, president CONTACT: Investor Relations, Ken Ash +1-910-300-8189 DATASOURCE: Indocan Resources Inc. CONTACT: Jeffrey R Bruhjell, president of Indocan Resources Inc., +1-406-322-3844, or Investor Relations, Ken Ash, +1-910-300-8189, for Indocan Resources Inc. Web Site: http://www.indocan.com/

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