|July 10, 2012|
Indico Announces Appointment Of Chief Executive Officer/President And Private Placement
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia - Indico Resources Ltd. ("Indico" or the "Company") (TSX-V: IDI, OTCQX: IDIFF) is pleased to announce the appointment of Mr. Robert Baxter as the President and Chief Executive Officer of the Company. Mr. Baxter has over 25 years of experience in the mining industry, principally in Latin America. Mr. Baxter was the President, Chief Operating Officer and a director of Norsemont Mining Inc. until April 2011 following the completion of its sale to HudBay Minerals Inc for $520 million.
Mr. Baxter has also formerly held positions as a director of Chariot Resources Ltd. and as a director of Petaquilla Minerals Ltd. Mr. Baxter is currently a director of Pan Global Resources Inc., a mineral exploration and development company listed on the TSX Venture Exchange. He is also General Manager of Baxter Consultants Eng. S.A.C.
Mr. Baxter has an Applied Bachelor of Science (Honours) degree from the University of New South Wales and is a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM).
The Board of directors is very pleased to have Mr. Baxter take on the position of President and CEO. His past successes with the sale of Chariot Resources and Norsemont Mining demonstrate his ability to create shareholder value. The Company's Ocana project in Peru is well suited for Mr. Baxter's experience.
Mr. Baxter has been granted 345,000 stock options under the Company's stock option plan. The options are exercisable at a price of $0.15 per share until July 10, 2014.
Mr. Gary Freeman has resigned his position as Chief Executive Officer and President of the Company. Mr. Freeman will continue to serve as a director of the Company.
Indico also announces that it has arranged, subject to the acceptance of the TSX Venture Exchange, a non-brokered private placement of up to 10,000,000 common shares at a price of CAD 0.15 per share for gross proceeds of up to CAD 1,500,000 (the "Private Placement").
Finder's 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 Ocaña porphyry copper-gold project in Peru and for general working capital purposes.
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 Ocaña 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.
On behalf of Indico Resources Ltd.
Michael Pound -- Investor Relations
Phone: 1-888-638-5942 (toll free) or (604) 638-5938 / Fax: (604) 408-7499
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.
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 CAD 1,500,000 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 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.
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