Mr. Gary Freeman reports

INDICO ANNOUNCES INCREASE IN PRIVATE PLACEMENT

Indico Resources Ltd. has increased the non-brokered private placement announced on Jan. 18, 2012, from $1.5-million to $2-million. These funds will be raised by the company issuing up to eight million common shares at a price of 25 cents per share.

Finders' fees may be payable on a portion of the private placement, in accordance with the policies of the TSX Venture Exchange.

All securities issued in the private placement will have a hold period in Canada of four months from the closing of the private placement.

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.

We seek Safe Harbor.