Indico Provides Update on Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 24, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Indico Resources Ltd. ("Indico" or the "Company") (TSX VENTURE:IDI)(OTCQX:IDIFF) is pleased to announce that it has closed an initial Cdn$938,250 of its non-brokered private placement announced on January 18, 2012 and increased on March 1, 2012. These funds were raised by Indico issuing a total of 3,753,000 common shares at a price of Cdn$0.25 per share.

Total commissions of Cdn$40,560 and 162,240 broker's warrants were paid by Indico to agents as consideration for arranging this portion of the private placement. Each broker's warrant entitles the holder to purchase one common share of Indico at a price of Cdn$0.25 until April 13, 2013.

The securities issued pursuant to this private placement, and any common shares to be issued upon the exercise of the broker's warrants, are subject to a hold period expiring August 14, 2012.

The net proceeds from the private placement are intended to be used to further exploration of the Company's Ocaña porphyry copper-gold project in Peru and for general working capital purposes. Indico expects to close the balance of its Cdn$2,000,000 private placement in the next few weeks.

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. Please visit our website at www.indicoresources.com.

On behalf of Indico Resources Ltd.

Gary Freeman, President and Chief Executive Officer

U.S. Cautionary Statements

The securities included in the Private Placement have not been and will not be registered under the U.S. Securities Act or the laws of any state or other jurisdiction of the United States. Neither the U.S. Securities and Exchange Commission nor any state securities commission in the United States has approved or disapproved of the Company's securities or passed upon the accuracy or adequacy of the disclosure in this news release and any representation to the contrary is a criminal offence in the United States.

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. Specifically, completion of the Private Placement of up to Cdn$2,000,000 is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance. There can be no assurance that the Private Placement will be completed as proposed. 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.