Inter-Citic Appoints Vice-Chairman of Zijin MiningMr. Lan Fusheng Joins Inter-Citic Board
TORONTO, ONTARIO, Nov 22, 2010 -- Inter-Citic Minerals Inc. (TSX:ICI) ("Inter-Citic" or "the Company") President and CEO James Moore, is pleased to the appointment of Mr. Lan Fusheng, Vice Chairman of Zijin Mining Group Co. Ltd. to Inter-Citic's Board of Directors, effective immediately.
Mr. Lan Fusheng is Vice Chairman of the Board of Zijin Mining Group Co., Ltd. ("Zijin"), China's largest gold producer. He is currently also Chairman of the Zijin Consortium and previously served as Executive Deputy General Manager of Zijin.
"Inter-Citic welcomes Mr. Lan to our board and we look forward to his valuable contributions as our Dachang Gold Project progresses towards permitting and feasibility," said James Moore President and CEO of Inter-Citic. "Having the assistance of China's largest gold producer behind Inter-Citic is a tremendous benefit to our shareholders as we continue to move forward. We are particularly pleased that Zijin has nominated such a senior and experienced member of their company to our board."
Mr. Lan Fusheng graduated from Fuzhou University with a Bachelor's Degree in Geology in 1984 and obtained a Master's Degree in Business Administration from La Trobe University, Australia, in 2000. Mr. Lan joined the Zijin Mining Group in 1994 and was appointed as an executive director and a deputy general manager of Zijin Mining Group Co. Ltd. in August 2000. He has been Vice Chairman of the Board of Zijin since 2006. Mr. Lan has extensive experience in managing investment businesses and in mining project evaluation. He is also Chairman of the Board in a Xiamen-based investment development company.
On April 15, 2010, Inter-Citic Minerals Inc. announced an agreement to a strategic investment by Zijin Mining Group Co., Ltd. Under the agreement Zijin purchased approximately 19.2% of the outstanding shares of Inter-Citic.
Under the terms of the agreement Inter-Citic agreed to support the nomination of one Zijin nominee to its Board. The agreement also provided, among other things, that Zijin will not, for 24 months from the closing date (subject to a change of control or a change of management), vote against management in respect of certain matters.
Zijin is now China's largest gold producer, China's third largest copper producer, and one of China's six major zinc producers. It operates the Zijinshan Gold Mine, the largest open pit gold mine in China. It has subsidiaries in over 20 provinces in China and in seven other foreign countries. It is a public company listed on the Hong Kong Stock Exchange (HLSE: stock code: 601899) and the Shanghai Stock Exchange (SHA: 601899.SS) with a market capitalization of approximately USD $20 billion.
On Behalf of the Board:
James J. Moore, President & CEO
ABOUT INTER-CITIC:
Toronto-based Inter-Citic Minerals Inc. is a gold exploration and development company, with its Dachang Gold Project in Qinghai Province. Inter-Citic is listed on the TSX under the symbol ICI. Inter-Citic's website is www.inter-citic.com.
Investors are encouraged to review "Risk Factors" associated with the Dachang project as outlined in the Company's 2009 Financial Statements and Annual Information Form, along with updates, available on the SEDAR website at www.sedar.com. The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
Inter-Citic Minerals Inc. Stephen Lautens Vice President, Corporate Communications (905) 479-5072 x 227 stephen@inter-citic.com www.inter-citic.com