Indico Extends Closing Date on the Maria Reyna Property

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 3, 2013) - As a follow-up to its news release dated March 1, 2013, Indico Resources Ltd. ("Indico" or the "Company") (TSX VENTURE:IDI) is pleased to announce the extension of the closing date of the binding Memorandum of Understanding with the Peruvian owners of Cia Minera Maria Reyna S.A. of Lima, Peru, wherein Indico will acquire an indirect 51% interest and further be granted an exclusive option to acquire the remaining indirect interest in the Maria Reyna Co-Mo porphyry project in southern Peru. The date for the closing is now set at January 31, 2014.

The Maria Reyna project consists of a 3164 hectare group of mining titles located in the Andahuaylas-Yauri Belt of skarn-porphyry deposits in Cusco Region, Southern Peru, 100km south of Cusco and within 10km of Hudbay's Constancia Cu-Mo-Ag project (ex-Norsemont sold to Hudbay in Q2 2011 for $520 million) which is currently under construction (Figure 1).

To view Figure 1, Location of Maria Reyna Project, 100 km south of Cusco, please visit the following link: http://media3.marketwire.com/docs/IDIfig1.jpg

The Maria Reyna concession block covers at least three significant skarn ± porphyry systems along 10 kilometres of a northeast-trending structure. Mineralization is related to the regionally significant Andahuaylas batholith and later subvolcanic intrusions. This igneous suite has intruded extensive marine sedimentary rocks of the Yura Group, which in the project area are mainly complexly folded carbonate rocks. Skarn Cu-Mo±Au mineralization is common along the contact zones, and porphyry mineralization occurs within and adjacent to some of the subvolcanic dacitic intrusions. The same geology is present at several significant deposits in the Belt, including the Las Bambas skarn-porphyry cluster (1.7 billion tonnes of 0.60% Cu), Haquira (690 million tonnes at 0.59% Cu), and the Constancia porphyry deposit (reserves of 450 million tonnes at 0.36% Cu), located only 10 kilometres southeast of Maria Reyna.

About Indico Resources Ltd.

Indico 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. 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), a director of the Company and a qualified person for the purposes of National Instrument 43-101.

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. Specifically, there can be no assurance that the Transaction 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.