Indico Announces Further Encouraging Drill Results From Ocana Project, Southern Peru Copper Belt

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2011) - Indico Resources Ltd. ("Indico" or the "Company") (TSX VENTURE:IDI)(OTCQX:IDIFF) announces receipt of additional positive results from its Phase I drill program at the Ocaña Copper Project (http://www.indicoresources.com/i/misc/ocana_2.gif). Five drill holes have been completed in Phase I, totaling 2,195 metres (http://www.indicoresources.com/i/misc/2011-11-08_NR2.jpg), and all contain strong mineralization over significant thicknesses. Results for all five holes are summarized in Table 1.

Most notable in the new results is that Hole-004 terminated in a zone of increasing copper grades, with the last 15 metres averaging 0.42% copper (http://www.indicoresources.com/i/misc/2011-11-08_NR3.jpg). This hole intersected a thin (< 3 metre) leached zone above 300 metres of consistent hypogene mineralization at 0.25% copper (0.32% copper equivalent) from 57 metres to the end of the hole at 356.7 metres.

Hole-005 intersected 15 metres of leached rock below 36 metres of overburden, followed by 21 metres of mixed supergene mineralization grading 0.67% copper equivalent (CuEq). The hole then intersected 132 metres of hypogene sulphide mineralization grading 0.34% CuEq, for a total of 153 metres grading 0.39% CuEq. The drill hole remained in mineralization (0.21% CuEq) to a depth of 276 metres, where the mineralization terminated on a faulted contact.

Phase 1 drilling indicates the mineralized system has dimensions of at least 840 metres east-west and extends 250 metres north-south. Phreatic breccia underlies most of this area and 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 another approximately 200 metres off the property to the north.

The next phase of drilling will comprise approximately 4500 metres to test for higher-grade zones within this primary breccia target, as well as to further delimit the southern, western and eastern edges of both primary and supergene mineralization.

Table 1: Detailed Drill Results – Phase 1 Drill Programme
Drill Hole	From (m	)	To (m	)	Interval	CuEq (%)*	Cu (%	)	Mo (ppm	)	Au (g/t	)	Ag (g/t	)	Mineral Zone
OKA-001 130°/-70°	2		46		44	0.824	0.734		105		0.032		1.3		oxide supergene
	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-002 120°/-70°	4		24		20	0.776	0.183		742		0.254		3.6		oxide
	24		38		14	1.607	1.290		511		0.057		1.9		supergene
	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-003 120°/-70° including	2		150		148	0.285	0.134		98		0.132		0.6		hypogene
	150		321		171	0.536	0.322		111		0.187		2.2		hypogene
	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
OKA-004 310°/-80° including	57		356.7		299.7	0.318	0.253		70		0.027		1.1		hypogene
	300		356.7		56.7	0.449	0.368		89		0.030		1.5		hypogene
OKA-005 235°/-70°	63		84		21	0.669	0.605		73		0.018		1.4		mixed supergene
	84		216		132	0.340	0.270		72		0.023		1.7		hypogene
	216		276		60	0.210	0.164		42		0.020		1.0		hypogene
* 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.

The Ocaña porphyry project covers 110 km² located on the northwest extension of the Southern Peru Porphyry Copper Belt (http://www.indicoresources.com/i/maps/Ocana_concessions_complete.jpg). 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 Ocaña Project. The project is accessible by an 85km graded dirt road, an extension of the paved Pan American Highway. The geology and mineralization at Ocaña is similar to that at the Zafranal. The information in this release relating to regional geology, mines, deposits and projects was determined from the relevant company web sites and public filings.

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 >0.001%, Mo >0.001%, Ag >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.

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 Ocaña 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.