Indico Resources Ltd V.IDI.H

Indico Resources completes 2,017 m of drilling at

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Indico Resources completes 2,017 m of drilling at Ocana
Ticker Symbol: C:IDI

Indico Resources Ltd (C:IDI)
Shares Issued 55,379,419
Last Close 11/1/2012 $0.23
Friday November 02 2012 - News Release

Mr. Robert Baxter reports

INDICO RESOURCES LTD.: UPDATE ON DRILLING CAMPAIGN AT OCANA PORPHYRY CU-MO-AU PROJECT

Indico Resources Ltd. is providing an update on the phase two drilling campaign at the Ocana copper-gold-molybdenum porphyry in southern Peru. The phase two program is testing the maximum thickness and grade of sulphide and oxide supergene mineralization intersected by two holes in phase one, delineating higher-grade hypogene zones that occur mainly within the breccia target at the centre of the system, and delimiting the southern and eastern edges of both hypogene and supergene mineralization.

To date, 2,017 metres of the planned 4,400-metre minimum have been completed in six holes from five platforms spaced roughly 200 metres apart. Drilling is on schedule to be completed by early December. All holes reached their target depth or were continued deeper due to encouraging mineralization. For logistical reasons, several holes targeting hypogene mineralization have been drilled ahead of the peripheral holes that mainly target supergene oxide mineralization. However, based on intersections in three of the holes (OCADH004, 5 and 6), the supergene oxide target limit has been expanded into the centre of the system. All assay results are pending.

The technical information provided in this news release was reviewed and approved by Robert Baxter (FAusIMM), a director of the company and a qualified person for the purposes of National Instrument 43-101.

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© 2012 Canjex Publishing Ltd.