Indico Provides Update From Annual General Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 19, 2012) - Indico Resources Ltd. (TSX VENTURE:IDI)(OTCQX:IDIFF) ("Indico" or the "Company") is pleased to provide an update on the results from its annual general meeting of shareholders held on Thursday, October 18, 2012. At the meeting, the shareholders elected four new members to the Company's board of directors. The shareholders also re-appointed the current auditors, Smythe Ratcliffe, Chartered Accountants, and approved the renewal of the Company's Stock Option Plan.

Election of Directors

At the meeting, the Indico shareholders elected seven directors, including the following four new directors:

Patrick Evans - Mr. Evans is the President and CEO of Mountain Province Diamonds Inc. and Kennady Diamonds Inc. In 1999, he was appointed a Vice President of Placer Dome Inc. and a non-executive director of SouthernEra Resources Ltd. In 2001, he was appointed President and CEO of SouthernEra Resources Ltd. and Messina Limited. In 2004, he was appointed President, CEO and a director of Southern Platinum Corp., which was acquired by Lonmin Plc in June 2005. In September 2005, he was appointed President, CEO and a director of Weda Bay Minerals Inc., which was acquired by Eramet S.A. in May 2006. Mr. Evans was also the CEO and a director of Norsemont Mining Inc., which was acquired by HudBay Minerals Inc. in March 2011. He was also non-executive director of Anvil Mining Ltd. acquired by Minmetals in March 2011. Mr. Evans is currently a director of Pan Global Resources.

Mr. Evans is a graduate of the University of Cape Town where he received his Bachelor of Arts degree in 1977 and Bachelor of Science degree in 1978. He is a resident of Arizona, USA. He was a career diplomat from 1979 to 1998.

Brian Kerzner - Mr. Kerzner has over 23 years of experience as a successful entrepreneur in retailing and real estate. Mr. Kerzner is the Founder and President of Rocky Mountain Chocolate Factory Canada Inc., which operates retail chocolate stores from coast to coast in Canada. He has also founded several other private companies that have completed extensive residential and commercial development in Toronto, Phoenix, Whistler and Vancouver. Mr. Kerzner has been extensively involved in providing seed capital for many successful public and private companies in the resources, environmental and technology sectors. He is also a member of the BC Children's Hospital Circle of Care and is actively involved in many other charitable organizations.

Mr. Kerzner is an Honours graduate of the University of Toronto Bachelor of Commerce (B.Com) program and was a Director of Norsemont Mining Inc.

David Savage - Mr. Savage has held senior executive roles in the construction industry in Australia, Asia and the Middle East for more than 25 years. From 1988 until March 2011, Mr. Savage was a senior executive with the Leighton Group of Companies, Australia's largest construction and project development group. Mr. Savage is Chairman of Stonehouse Construction Limited, a project development company based out of Singapore with activities in South East Asia, Central Asia and Africa and holds non-Executive Director positions with both Keller Group PLC, a ground engineering company listed on the London Stock Exchange and Mudajaya Corporation Berhad, a Malaysian construction conglomerate, listed on the Kuala Lumpur Stock Exchange.

Mr. Savage holds a Bachelor degree in Civil Engineering from Deakin University in Victoria, Australia.

Bob Parsons - Mr. Parsons is a Chartered Accountant and retired PricewaterhouseCoopers partner after a career spanning 34 years. He currently serves on the Advisory Board of the Indonesian Mining Association and the International Affairs Committee of the Prospectors and developers Association of Canada. He has served on the boards of the PDAC (1985-2003), the Indonesian Mining Association, the Canada Indonesia Chamber of Commerce, the World Mines Ministries Forum, the Canadian Minerals Industry Federation, the Advisory Council of the Centre for Resource Studies at Queens University, and the Professional Advisory Board of the Government of Canada's Petroleum Monitoring Agency. He has previously served on the boards of several listed exploration companies. Mr. Parsons is an active independent consultant in developing countries, where he has advised nineteen governments on mineral policy matters.

The four new directors join Indico's CEO and President, Robert Baxter and current directors Henk van Alphen and Leonard Harris, all of whom were re-elected to the Board. These directors will all hold office until the next annual meeting of the Company. The new directors replaced Gary Freeman, Keith Henderson and Susannah Coille van Alphen.

"We are very pleased to welcome four outstanding new directors to the Indico Board," said Robert Baxter, CEO and President of Indico. "Their unique and extensive backgrounds will help guide the Company as it moves forward in advancing the Ocana property and closing on the proposed Maria Reyna acquisition. I would also like to take this opportunity on behalf of all shareholders to thank Gary Freeman, Keith Henderson and Susannah Coille van Alphen for their respective years of service as directors of Indico."

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. For more information, please visit our website at www.indicoresources.com; follow us on Twitter: @indicoresources and Facebook: Indico Resources Ltd.

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.