Indico Resources Ltd. announce that it has entered into an interim agreement with Aruntani S.A.C. with respect to the development of the Ocaña Copper Project, located in the Arequipa region of Peru. Pursuant to the terms of the Agreement, Indico and Aruntani have agreed to jointly develop the Ocaña project. Under the terms of the Partnership, Aruntani will own 70% of the Ocaña Project after completion of expenditures totaling $18.6 Million, with Indico owning the remaining 30%.

The Partnership will immediately work to develop the leachable copper resource at Ocaña with the aim of constructing a 25 Mtpa SX-EW 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.