Indico Renames Copper Development Project "Acana" and Outlines Next Steps in Advancing the Project Towards Production With Aruntani
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 16, 2015) - Indico Resources Ltd. ("Indico" or the "Company") (TSX VENTURE:IDI) is pleased to report that based on recent meetings with Aruntani both parties have agreed on a name change for the project to Acana. The partners have also agreed to the next steps in order to advance the project towards production. The partners agreed that the funding of the Acana project will be used for the following purposes:
- Additional surface rights acquisition
- Permitting and associated reporting
- All technical studies on the Acana project
- Resource and Reserve evaluation
- Drilling programs to establish a larger resource of leachable copper
- Completion of a PEA 43-101 technical report on the Acana project
- Development of a mine plan
- Permits and authorisations for mineral processing
- Environmental reports
Initially a 3000 metre drilling program focused on the leachable copper resource. Additional metallurgical sampling will be undertaken as will other activities to complete a PEA prior to the end of 2015. Indico has recently acquired a 25 year lease and option for an additional 25 years on surface rights, totaling 50 years on its infrastructure areas. The partnership is finalizing terms for acquisition of surface rights on its operations areas from local communities.
Robert Baxter, Indico's CEO and President, comments: "We are very pleased to have developed a formal plan and budget to advance the Acana project which includes integration of the Indico team in the project activities. We look forward to the initiation of these activities and look forward to reporting on our progress."
The project development is subject to closing the Private Placement and the finalising the definitive agreement between Aruntani and Indico (see May 1, 2015 and June 11, 2015 news releases for details).
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 Acana 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.
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 or at all. 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.
Contact
Indico Resources Ltd.
Robert Baxter
President and Chief Executive Officer
Vancouver: +1 778 928 1864 / Lima: +51 963762648
604 398 5387
bbaxter@indicoresources.com
www.indicoresources.com