Indocan Resources Executes Letter of Intent With Thunder Bay Group

Jan 11, 2010, 15:41 ET from Indocan Resources Inc.

NAPLES, Fla., Jan. 11 /PRNewswire-FirstCall/ -- The Board of Directors of Indocan Resources Inc. (OTC: IDCN) announces today that pursuant to a formal Purchase Agreement an initial agreement has been reached with a Thunder Bay, Ontario group to move forward with aggressive plans for mining gold.

Indocan has agreed to provide capital and other good and valuable considerations in exchange for a full interest in a property known as Hockey Stick, which comprises a collection of mining claims in the Thunder Bay District of NW Ontario.

Indocan's subsidiary, Sierra Cora Ltd. will combine on a 50% - 50% basis with the companies and shareholders known as the Thunder Bay Investors Group. Sierra Cora will fund the operations and plan and float an IPO in the coming months to provide capital and liquidity for the company.

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Company Info: +1-406-322-3844 Jeffrey R Bruhjell, president

CONTACT: Investor Relations, Ken Ash +1-910-300-8189

SOURCE Indocan Resources Inc.