IDI Indico Resources Ltd

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

Indico Resources Ltd. (TSX VENTURE:IDI) ("Indico" or the "Company") is pleased
to announce the closing of its non-brokered private placement (the "Private
Placement") announced on November 13, 2013 and increased on December 27, 2013.


The Company raised gross proceeds of $2,676,200 through the issuance of
26,762,000 units (each a "Unit") at a price of $0.10 per Unit. Each Unit
consists of one common share and one common share purchase warrant (each a
"Warrant") entitling the holder to purchase one additional common share at an
exercise price of $0.15 per share until December 31, 2016, subject to Indico's
right to accelerate the exercise of the warrants if the closing price of the
Indico's shares on the TSX Venture Exchange exceeds $0.30 per share for a period
of 10 consecutive trading days between the expiry date of the four month hold
period and the date of expiry of the warrants.


Total commissions of $52,724 and 527,240 finder's warrants were paid by Indico
to Raymond James Ltd., Haywood Securities Inc. and Canaccord Genuity Corp. as
consideration for arranging a portion of the private placement. Each finder's
warrant entitles the agent to purchase one common share of Indico at a price of
$0.15 until December 31, 2016, subject to the same acceleration terms as the
Warrants.


The securities issued pursuant to this private placement, and any common shares
to be issued upon the exercise of the Warrants and finder's warrants, are
subject to a hold period expiring May 1, 2014.


The net proceeds from the Private Placement are intended to be used to further
exploration of the Company's Ocana porphyry copper-gold project in Peru and for
general working capital purposes.


President and CEO, Mr. Robert Baxter, commented, "I would like to thank all the
new and existing shareholders who participated in this financing which was
oversubscribed. We look forward to the commencement of our diamond drilling
program at the Ocana porphyry project in Southern Peru which we expect to start
drilling in the next couple of days. This drilling program of 4650 metres is
primarily aimed at defining an initial resource estimate. We look forward to the
results of this program which will enable us to begin a scoping study of the
project involving preliminary metallurgy and engineering studies."


Stonehouse Constructions Private Limited ("Stonehouse"), of 50 Raffles Place,
#32-10, Singapore Land Tower, Singapore, 048623, acquired 15,000,000 Units of
the Private Placement for a purchase price of $1,500,000. Stonehouse now has
direct ownership and control over 28,846,919 common shares of the Company
representing 29.53% of its issued and outstanding common shares, and 28,817,740
Warrants. Assuming exercise of all of the Warrants held by Stonehouse,
Stonehouse would have ownership and control of 57,664,659 common shares of the
Company, representing 45.59% of the then issued and outstanding shares of the
Company, assuming that no further shares are issued by the Company.


The Units were acquired by Stonehouse for investment purposes. Stonehouse has no
present intention to acquire further securities of the Company, although
Stonehouse may in the future acquire or dispose of securities of the Company,
through the market, privately or otherwise, as circumstances or market
conditions warrant.


A copy of the early warning report required to be filed with the applicable
securities commissions in connection with this acquisition will be available for
viewing at www.sedar.com.


About Indico Resources Ltd.

Indico is a mineral resource exploration company focused in the discovery and
exploration of porphyry copper-gold deposits in South America. The Ocana
Porphyry Project, located in the Arequipa Region of Peru, is the Company's
primary exploration project and is currently the main focus of exploration
activities. In addition, the Company has entered into a Memorandum of
Understanding to acquire up to a 100% interest in the Maria Reyna Cu-Mo
porphyry-skarn project in the Andahuaylas-Yauri Belt, Cusco Region, of Peru. For
more information, please visit our website at www.indicoresources.com.


The technical information provided in this news release was reviewed and
approved by Robert W. Baxter (FAusIMM), Indico's President and CEO and a
qualified person for the purposes of National Instrument 43-101. Mr. Baxter is
not independent of the Company, as he is an officer, director and shareholder.


On behalf of Indico Resources Ltd.

Robert Baxter, President and Chief Executive Officer

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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Indico Resources Ltd.
Dan McIntyre
IR
(604) 398-5377
+1(604) 398-5387 (FAX)
dmcintyre@indicoresources.com


Indico Resources Ltd.
Dennis Nenadic
Corporate Communications
(604) 398-5379
+1(604) 398-5387 (FAX)
dnenadic@indicoresources.com
www.indicoresources.com

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