Bob Baxter, President and CEO commented, "We are very pleased with our Phase 2 drilling program at Ocana. In this last phase we have defined the footprint for an SX-EW copper project and early success in defining a higher grade portion of the Cu-Au sulphide mineralization which is open to the east, at depth and to the north of our concession boundary into that of Trafigura. We expect to focus on the supergene zone in the near term with infill drilling and metallurgical work. We also plan to further define the eastern limit of the higher grade sulphide resource and its depth extent".
To view Figures 1-3 please click on the following link: http://media3.marketwire.com/docs/IDIFigs1-3.pdf
John Drobe, P.Geo., Indico's Chief Operations Officer and a qualified person as defined by National Instrument 43-101, has assembled the scientific and technical information that forms the basis for this news release. Mr. Drobe is not independent of the Company as he is an officer and a shareholder.
Diamond Drilling and Sampling Procedures
The diamond drilling was completed using exclusively HQ core size. Core recovery was estimated to be greater than 95% for any given hole. Core was evenly split with a diamond saw, with one half collected for sample preparation and analysis, and the other half retained for future reference. Samples were collected on a 2.0m and 3.0m sample interval. Indico on-site personnel rigorously mark, collect, and track samples which are then security sealed and shipped to Acme, Lima, Peru for preparation. Pulps are then forwarded to Acme's analytical lab in Santiago, Chile.
Analytical accuracy and precision are monitored by the analysis of reagent blanks, certified reference material, and duplicate (coarse rejects and quarter core) samples. Indico inserts blind certified reference material at regular intervals (1 in 20) into the sample sequence by field personnel in order to independently assess analytical accuracy. In addition, representative blind duplicate samples are routinely forwarded to Acme for additional quality control (1 in 20 coarse rejects, and 1 in 40 quarter core). Quality control is further assured by the use of certified reference material inserted 1 in 20 samples. Multi-elements were assayed using Acme's 1E package which includes 4-acid digestion and ICP-ES finish; samples with greater than 1% copper are reassayed using an atomic asorption (AA) finish. Lower detection limits are as follows: Cu greater than 0.001%, Mo greater than 0.001%, Ag greater than 0.5g/t . Gold is assayed by fire assay, in which fusion of a 30-gram aliquote is followed by AA finish; with a lower detection limit of 0.005 g/t. Acme has an 9001:2008 and 17025 International Standard Organization rating.
The geochemical results were compiled and reviewed by John Drobe.
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. Recently, the Company entered into a Memorandum of Understanding to acquire 51% initially and up to 100% eventually by fulfilling the conditions set out in the press release dated 22 October, 2012 of the Maria Reyna Cu-Mo porphyry-skarn project in the Andahuaylas-Yauri Belt, Cusco Region. This belt hosts several significant deposits, including the Las Bambas porphyry-skarn cluster (1.7 billion tonnes of 0.60% Cu), Haquira (690 million tonnes at 0.59% Cu), and the neighbouring Constancia porphyry deposit (reserves of 450 million tonnes at 0.36% Cu). For more information, please visit our website at www.indicoresources.com; follow us on Twitter: @indicoresources and Facebook: Indico Resources Ltd.
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
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.
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.
Indico Resources Ltd.,
+1(604) 408-7499 (FAX)
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