TORONTO, ONTARIO--(Marketwire - July 11, 2011) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES

Inter-Citic Minerals Inc. (News - Market indicators)(OTCQX:ICMTF) ("Inter-Citic" or "the Company") President and CEO James Moore is pleased to announce the completion on Friday, July 8, 2011, of the final tranche of a $21 million non-brokered private placement financing previously announced by the Company.

The total completed financing consists of 11,052,632 Units ("Units") of the Company at a price of C$1.90 per Unit, for total gross proceeds of $21,000,000. Each Unit consists of one common share and one-half of one common share-purchase warrant. Each whole warrant entitles the holder to acquire one common share of the Company at a price of $2.00 for a two year period from the closing date, at which time any unexercised warrants will expire. The common shares issued pursuant to the offering are subject to a statutory hold period of four months from closing.

The second tranche of the financing closed on Friday, July 8th and consisted of 4,421,053 Units for gross proceeds of $8.4 million. The first tranche of this financing representing 6,631,579 Units closed on Monday, June 27, 2011 for gross proceeds of $12.6 million.

Subscribers to the transaction are investors resident in China.

The net proceeds of the offering will be used to advance Inter-Citic's Dachang Gold Project in China by completing a Chinese Feasibility Study this year as well as all other advanced engineering studies required under Chinese regulations in order to complete the mine permitting process, as well as continuing regional exploration for further resource expansion, and for general corporate purposes.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

On Behalf of the Board:

James J. Moore, President & CEO

ABOUT INTER-CITIC:

Toronto-based Inter-Citic Minerals Inc. is an exploration and development company advancing its Dachang Gold Project in the People's Republic of China. 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 2010 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.