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

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2012) - 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.

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.

Contact:

Indico Resources Ltd.

Dean Linden

Corporate Development

+1(604) 638-1429

+1(604) 408-7499 (FAX)

www.indicoresources.com

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