Indico Resources Ltd.
TSX VENTURE : IDI

Indico Resources Ltd.

October 19, 2010 09:15 ET

Indico Appoints New CFO and Grants Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 19, 2010) - Indico Resources Ltd. ("Indico" or the "Company") (TSX VENTURE:IDI) is pleased to announce the appointment of Ms. Peggy Wu, CA as Chief Financial Officer, effective October 15, 2010, to fill the vacancy created by the resignation of Mr. Michael Kinley, CA.

New Chief Financial Officer

Effective October 15, 2010, the Company has appointed Ms. Peggy Wu as its Chief Financial Officer to replace Mr. Michael Kinley, who resigned as CFO in order to devote more time to other issuers of which he is also the Chief Financial Officer. The Board would like to take this opportunity to thank Mr. Kinley for his many years of exceptional service as the Company's CFO.

Ms. Wu is a Chartered Accountant with a strong accounting background and obtained her Chartered Accountant designation articling with Smythe Ratcliffe. She also holds a Bachelor of Arts degree with a Major in Economics and Minor in Commerce. Her past experience includes three years at Smythe Ratcliffe LLP as a senior accountant and, prior to that, two years at STS Partners LLP as staff accountant.

Grant of Options

The Company further announces that, pursuant to its 2004 Incentive Stock Option Plan, it has granted incentive stock options to Ms. Wu to purchase up to an aggregate of 75,000 common shares in the capital stock of the Company. The options are exercisable on or before October 19, 2012 at a price of $0.70 per share.

About Indico Resources Ltd.

Indico Resources Ltd. is a Canadian exploration company focussed on the resource sector in South America. The Ocaña Porphyry Project is the Company's primary exploration project and the main focus of exploration activities.

For further details on the Company readers are referred to the Company's web site (www.indicoresources.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.

On Behalf of the Board of Directors of INDICO RESOURCES LTD.

Gary Freeman, President & CEO

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 press release, which has been prepared by management.

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