Indico Resources Ltd. signed a binding memorandum of understanding to acquire a 51% stake in porphyry project in southern Peru from CIA. Minera Maria Reyna S.A. for $2 million on October 17, 2012. Indico Resources will also acquire an option to acquire the remaining stake in the project for $20 million and 30 million shares of Indico. The consideration shall be payable no later than 4 months following the closing of the deal. At closing the parties will enter into a shareholder's agreement. The deal is subject to receipt of all necessary regulatory, corporate and third party approvals, including the approval of the TSX Venture Exchange and compliance with all applicable regulatory requirements, completion and execution of a formal share purchase and option agreement and completion by Indico of a private placement within 120 days of signing date of the memorandum of understanding.

As of March 1, 2013, the closing date of the transaction was extended. As of October 3, 2013, the closing date of the transaction is now set at January 31, 2014.

Indico Resources Ltd. cancelled the acquisition of 51% stake in porphyry project in southern Peru from CIA. Minera Maria Reyna S.A. on October 9, 2014.