New Issue: Inter-Citic Minerals concludes C$5 million private placement of units

By Devika Patel

Knoxville, Tenn., Oct. 26 - Inter-Citic Minerals Inc. said it completed a C$5 million private placement of units.

The company sold 6,666,000 units at C$0.75 per unit. Each unit consists of one common share and one half-share warrant. The whole warrants are exercisable at C$1.45 until Oct. 26, 2011.

Proceeds will be used to advance Inter-Citic's Dachang gold project in China and for general corporate purposes.

Toronto-based Inter-Citic Minerals is an exploration and development company with properties in the People's Republic of China.

Issuer:	Inter-Citic Minerals Inc.
Issue:	Units of one common share and one half-share warrant
Amount:	C$4,999,500
Units:	6,666,000
Price:	C$0.75
Warrants:	One half-share warrant per unit
Warrant expiration:	Oct. 26, 2011
Warrant strike price:	C$1.45
Settlement date:	Oct. 26
Stock symbol:	Toronto: ICI
Stock price:	C$0.79 at close Oct. 26
Market capitalization:	C$65.2 million

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