Indico Resources Ltd. announced that it has signed the final shareholders agreement with Aruntani with respect to the development of the Irmin Copper Project (formerly Acana), located in the Arequipa region of Peru. Pursuant to the terms of the agreement, it is expected that Aruntani will own 70% of the Irmin Project after completion of expenditures totaling USD 18.7 million, with Indico owning the remaining 30%. The partnership 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 and form a new company to be named IRMIN S.A.C for the purpose of the project development. The shareholders agreement allows for the expenditures of USD 18.7 million to be spent on the following activities: Property payments to underlying optioners, Acquisition and lease payments of surface rights, Resource calculations and evaluation, Updating the existing semi detailed Environmental Impact Assessment for continued exploration. Preparation of a Pre Feasibility Study for the project development, Preparation of an Environmental Impact Assessment for project development.

Diamond drilling programs and construction of road access, Detailed Engineering, Mine Plan development, Mining Permit and Government Permits and Authorisations. The new company IRMIN S.A.C. will be administered by a board of 5 including 4 Aruntani nominees and 1 Indico nominee. The constitution of the board is a transitory position and is subject to review after 2 years.

Supermajority votes are required for the sale and or transfer of shares of IRMIN S.A.C., increases or reductions in share ownership by way of increases or decreases in expenditures and any company reorganization, fusion or dissolution of IRMIN S.A.C. and authorization of any project debt.