Indico Resources Ltd. announced the appointment of Mr. Asgari bin Mohd Fuad Stephens as a director of the company, subject to the acceptance of the TSX Venture Exchange. Asgari has over 25 years of experience in both public and private equity investing in Malaysia. He is currently a director and founding member of Intelligent Capital Sdn Bhd (Intelligent Capital) and is a director of Kumpulan Sentiasa Cemerlang Sdn Bhd (KSC).

He has also served as an independent non-executive director for Mudajaya Group Berhad and Maxis Bhd and currently serves as non-executive director on the boards of JayCorp Berhad and Privasia Technology Berhad, both public companies listed on the Bursa Malaysia (formerly known as the Kuala Lumpur Stock Exchange). He is also a director and shareholder of Stonehouse Constructions Pte Ltd. Asgari will be replacing Leonard Harris, who has resigned from the Board of Directors. Len has been a director since April 2006 and will continue to advise the company on a consulting basis.