IDI Indico Resources Ltd

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 Ocana 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 Ocana
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.

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