INDICO RESOURCES LTD. : http://www.indicoresources.com/ : QwikReport

News Releases

#July 05, 2017
Indico Reports on Frivolous Claims

 Vancouver, British Columbia - Indico Resources Ltd. ("Indico" or the "Company") (TSX-V: IDI) today reports on certain proceedings in Peru related to certain claims made by Minera Andina de Exploraciones S.A.A. ("Minandex") against Inversiones Minerales with respect to its Assignment and Mining Option Agreement of April 10, 2010 (the "Agreement"). Minandex has asserted with a "deed of termination" in the Public Registry, Lima, Peru that the Company is in default of the Agreement. Indico believes these claims to be frivolous and intended for ulterior purposes. Accordingly, the matters have been submitted to arbitration in Peru in accordance with the Agreement. The Company will provide further updates as information becomes available.

About Indico Resources Ltd.

Indico is a mineral resource exploration company focused in the discovery and exploration of porphyry copper- gold deposits in South America.


On behalf of Indico Resources Ltd.

Robert Baxter
President and Chief Executive Officer

Contact Information:

Bob Baxter
Email: bbaxter@indicoresources.com
Vancouver: +1(778) 928-1864 / Lima: +51-936762648


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.


View the release in PDF format:
File: http://www.indicoresources.com/i/pdf/news/2017-07-05_NR.pdf
 582 KB, approx. 1 minute, 49 seconds at 56.6Kbps
 
#July 29, 2016
Indico Reports Results from Annual General and Special Meeting

 Vancouver, British Columbia - Indico Resources Ltd. ("Indico" or the "Company") (TSX-V: IDI) today announces that all resolutions proposed at its Annual General and Special Meeting held on July 29, 2016, were duly passed.

Shareholders of Indico (the "Shareholders") passed a resolution to transfer substantially all of the assets of the Company being all of the shares of Indico Peru S.A.C., a wholly owned subsidiary of the Company, to Aruntani S.A.C. in exchange for a payment of US$6,000,000 and a 1% net smelter return over the mineral project known as the Irmin Copper Project (the "Transaction"). For further information regarding the Transaction, please see the Company's news release dated May 20, 2016.

Shareholders appointed the following people to the Company's board of directors (the "Board"):
  1. Robert Baxter,
  2. Robert Parsons,
  3. Brian Kerzner,
  4. Markus Willi, and
  5. Timothy Moody.
The Company would like to welcome Timothy Moody to the Board, as a new director. Mr. Moody has over 30 years of experience in the mining industry, including mineral exploration, resource assessment, business development, strategy and government relations.  This includes 24 years with Rio Tinto from 1992 to 2015. During 2005-2010, he was exploration Director for the Project Generation Group and the Asia Region, and from 2010 to 2015, he was Vice President and Director for Business Development. Mr. Moody has an impressive track record in discovery of mineral resources and commercial transactions in Australia, Asia, Latin America, Africa, Europe and North America. This includes leading the teams in identification and exploration of several projects now in feasibility and/or production in Peru, including Mina Justa, Constancia, La Granja, Corani and Ollachea. As Director of Business Development at Rio Tinto, his responsibilities included corporate strategy, M&A and public market transactions. His work in the international arena has provided him an impressive network of business and government contacts. Mr. Moody has a Bachelor of Science with Honours from the University of New England, a graduate of the Senior Leadership Program from the London Business School, a graduate of the Business Leadership Development Program from the Australian Graduate School of Management, and is a Fellow of the Society of Economic Geologists.

The Company would also like to thank all outgoing directors for their service to Indico and wish them well on their future endeavours, specifically Henk van Alphen, David Savage, Tareq Damerji, Asgari Stephens and Luis Alva.

About Indico Resources Ltd.

Indico is a mineral resource exploration company focused in the discovery and exploration of porphyry copper-gold deposits in South America.

On behalf of Indico Resources Ltd.

Robert Baxter
President and Chief Executive Officer

Contact Information:
Bob Baxter
Email: bbaxter@indicoresources.com
Vancouver: +1(778) 928-1864 / Lima: +51-936762648


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.


View the release in PDF format:
File: http://www.indicoresources.com/i/pdf/news/2016-07-29_NR.pdf
 435 KB, approx. 1 minute, 22 seconds at 56.6Kbps
 
#May 20, 2016
Indico Announces Offer To Purchase The Irmin Copper Project

 Vancouver, British Columbia -- Indico Resources Ltd. (the "Company") (TSX-V: IDI) is pleased to announce that it has entered into a letter of intent (the "LOI") with Aruntani S.A.C. ("Aruntani") pursuant to which it will sell to Aruntani all of the shares of Indico Peru S.A.C. ("Indico Peru"), a wholly owned subsidiary of the Company, which has an irrevocable option to acquire all of the shares in the capital of Inversiones Minerales S.A.C., an entity holding a series of concessions in Peru (the "Transaction").

Aruntani will acquire all rights held by Indico Peru to Inversiones Minerales S.A.C., which holds 23 concessions covering 123 km2 , located on the northwest extension of the Southern Peru Porphyry Copper Belt (the "Irmin Property"). At present, the Company and Aruntani have an agreement to jointly develop the Irmin Property (the "Joint Venture Agreement"), with Aruntani holding an earn-in option allowing it to earn 70% interest in the Irmin Property after completion of expenditures totaling US$18,600,000. As part of the Transaction, Aruntani will acquire the Company's legal and beneficial right, title and interest in and to the Ocana Property, including any interests held pursuant to the Joint Venture Agreement. As consideration for the acquisition of all shares of Indico Peru, Aruntani will pay to the Company US$6,000,000 in cash and will grant the Company a 1% Net Smelter Return royalty over the Irmin Property.

Aruntani is the holder of approximately 27.21% of common shares in the capital of the Company, and is considered a "control person" as such term is defined by applicable securities laws. Accordingly, the Transaction will be a related party transaction pursuant to the provisions of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions.

Closing of the Transaction is subject, among other things, to the approval of the TSX Venture Exchange, minority shareholder approval and valuation, and any other applicable governmental or regulatory authorities.

About Indico Resources Ltd.

Indico is a mineral resource exploration company focused in the discovery and exploration of porphyry copper-gold deposits in South America. The Irmin Porphyry Project, located in the Arequipa Region of Peru, is the Company's primary exploration project and is currently the main focus of exploration activities.

On behalf of Indico Resources Ltd.,

Robert Baxter
President and Chief Executive Officer

Contact Information:
Robert Baxter -- President & Chief Executive Officer
Email: bbaxter@indicoresources.com
Vancouver: +1(778) 928-1864 / Lima: +51-936762648
Fax: 604 398 5387

Neither the 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.

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.


View the release in PDF format:
File: http://www.indicoresources.com/i/pdf/news/IDI-NR16-02_may20_final.pdf
 471 KB, approx. 1 minute, 29 seconds at 56.6Kbps
 
#May 02, 2016
Indico Announces Payment of Annual Option Payment on the Irmin Project

 Vancouver, British Columbia - Indico Resources Ltd. ("Indico" or the "Company") (TSX-V: IDI) is pleased to announce that the annual payment of US$2 million due in April 2016 towards the acquisition of a 100% interest in the Irmin Porphyry Copper-Gold Project has been made by our partners Aruntani SAC.

Aruntani have completed dressing the road for regular use. They are now working on obtaining permissions, licences and authorizations to start with the drilling program, as well as the construction of a chemical laboratory for the metallurgical test program.

The partnership with Aruntani will continue work to develop the leachable copper resource at Irmin with the aim of constructing a 25 Mtpa SXEW plant. Immediate plans will include additional drilling to expand the leachable copper resources and conduct metallurgical testing to complete a PEA on the leachable copper project.

In July 2014, Indico announced the maiden independent resource estimate for the supergene portion of Irmin. The Technical Report is available for review on the SEDAR website at www.sedar.com under "Company Profiles - Indico Resources Ltd." and on the Company's website at www.indicoresources.com. Table 1 lists the estimated resources following Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") classification definitions at the cut-off grade of 0.1% recoverable (acid and cyanide soluble) copper. The recoverable copper cut-off, using sequential copper leach analysis, is used because it reflects a more conservative estimate of economically extractable material.

Table 1. Irmin Supergene Resources at 0.1% Recoverable Copper Cut-off

Classification

Millions of Tonnes

Total Cu %

Indicated

13.7

0.46

Inferred

36.1

0.34



Highlights of the mineral resource estimate are:
  • Indicated mineral resource of 139 million pounds (63,000 tonnes) of total copper grading 0.46% Cu
  • Inferred mineral resource 270 million pounds (122,000 tonnes) of total copper grading 0.34% Cu
  • Supergene mineralization remains open to the south and east
Significant hypogene (primary sulphide) mineralization underlies the shallow supergene mineralization at Irmin, with intersections of >0.2% copper occurring over 800 metres east-west, and 600 metres north-south. Mineralization continues to the north onto the neighbouring property, and last year was drilled by Pembrook Mining Corp. as part of their Pecoy project.

Once the above drilling is complete, Indico intends to complete an updated supergene resource estimate and Preliminary Economic Assessment for a 15,000 -- 25,000 tpd, heap-leach, SX/EW operation, producing copper cathode at site.

About Indico Resources Ltd.

Indico is a mineral resource exploration company focused in the discovery and exploration of porphyry copper-gold deposits in South America. The Irmin Porphyry Project, located in the Arequipa Region of Peru, is the Company's primary exploration project and is currently the main focus of exploration activities. For further information on Indico and the Irmin Porphyry Project, readers are referred to Indico's website (www.indicoresources.com) and to Canadian regulatory filings on SEDAR at www.sedar.com.

Qualified Person

Bob Baxter, (FAusIMM), Indico's President and CEO and a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release. Mr. Baxter is not independent of the Company, as he is a director, officer and shareholder.

On behalf of Indico Resources Ltd.

Robert Baxter
President and Chief Executive Officer

Contact Information: Robert Baxter - President and Chief Executive Officer
  Email:
  Vancouver: +1-778-9281864 / Lima: +51-963762648


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.

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.


View the release in PDF format:
File: http://www.indicoresources.com/i/pdf/news/2016-05-02_NR.pdf
 392 KB, approx. 1 minute, 14 seconds at 56.6Kbps
 
#November 25, 2015
Indico Announces Results of 2015 Annual General and Special Meeting of Shareholders

 Vancouver, British Columbia – Indico Resources Ltd. ("Indico" or the "Company") (TSX-V: IDI) is pleased to announce that all formal business as set out in the Company's information circular of its annual general and special meeting held on November 24, 2015 (the "Meeting") was tabled and approved.

All of the proposed nominees were re-elected as directors of Indico to serve until the next annual meeting of shareholders. The directors of the Company are Robert Baxter, Hendrik van Alphen, Luis Alva, Tareq Damerji, Brian Kerzner, Robert Parsons, David Savage, Asgari Stephens and Markus Willi. Shareholders at the Meeting also approved the re-appointment of Indico's auditors, Smythe Ratcliffe LLP, and approved the continuation of the Company's 10% "rolling" Stock Option Plan.

In addition, the shareholders voted in favour of the resolution approving the adoption of new Articles of the Company to include advance notice provisions and further amendments, as detailed in the information circular prepared for the Meeting. Among other things, the advance notice provisions are designed to: (i) facilitate orderly and efficient annual general or, where the need arises, special meetings; (ii) ensure that all shareholders receive adequate notice of all director nominations and sufficient information with respect to all nominees; and (iii) allow shareholders to register an informed vote. The advance notice provision is the framework by which the Company seeks to fix a deadline by which holders of record of common shares of Indico must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form.

The full text of the advance notice provisions are set out in Schedule "B" to the information circular mailed out for the Meeting, which was filed under Indico's profile on SEDAR at www.sedar.com.

The new Articles of the Company will also be filed under Indico's profile on SEDAR at www.sedar.com.

A total of 75,374,079 shares were voted, representing 51.27% of Indico's issued and outstanding shares as of October 13, 2015 (the record date for the Meeting).

About Indico Resources Ltd.

Indico is a mineral resource exploration company focused in the discovery and exploration of porphyry copper-gold deposits in South America. The Irmin Porphyry Project, located in the Arequipa Region of Peru, is the Company's primary exploration project and is currently the main focus of exploration activities.

On behalf of Indico Resources Ltd.

Robert Baxter
President and Chief Executive Officer

Contact Information:

Robert Baxter - President & Chief Executive Officer
Email: bbaxter@indicoresources.com
Vancouver: +1(778) 928-1864 / Lima: +51-936762648

Neither the 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.

View the release in PDF format:
File: http://www.indicoresources.com/i/pdf/news/2015-11-25_NR.pdf
 370 KB, approx. 1 minute, 10 seconds at 56.6Kbps
 

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