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Inter-Citic Announces PRC Approvals Related to Plan of Arrangement Have Been Obtained
Published : November 13, 2012
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Keywords :   Canada | China | Gold | Market |

TORONTO, ONTARIO--(Marketwire - Nov. 13, 2012) - Inter-Citic Minerals Inc. ("Inter-Citic" or the "Corporation") (News - Market indicators)(OTCQX:ICMTF) today announced that it has been informed by Western Mining Group Co., Ltd. that all requisite regulatory approvals required in The People's Republic of China to complete the previously announced arrangement under the Canada Business Corporations Act (the "Arrangement") pursuant to which Qing Hai Mining Acquisition Corp., an indirect wholly-owned Canadian subsidiary of Western Mining Group Co., Ltd., will acquire all of the issued and outstanding common shares of Inter-Citic for C$2.05 per share in cash, have now been granted.

The closing of the Arrangement is currently scheduled for November 19, 2012.

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.

About Western Mining

Western Mining Group Co., Ltd. is an integrated resources development company based in Qinghai Province, People's Republic of China. It has total assets of approximately C$5.5 billion and is involved in geological exploration, mining, processing, smelting, scientific research and development, trade, investment and financing. There are approximately 40 companies within the Western Mining Group, including Western Mining Co., Ltd, which is listed on the Shanghai Stock Exchange.

Investors are encouraged to review "Risk Factors" associated with the Arrangement as outlined in the management proxy circular of the Company dated October 3, 2012 and "Risk Factors" set out in the Company's 2011 Financial Statements and Annual Information Form, along with updates, all available on the SEDAR website at www.sedar.com. The statements herein that are not historical facts are forward-looking statements including those identified by the expressions "expect", "intend" and similar expressions. 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 completion of the Arrangement is subject to a number of terms and conditions, including required court and regulatory approvals, as well as certain termination rights available to the parties under the Arrangement Agreement. To the extent such approvals are outstanding, they may not be obtained, the other conditions to the transaction may not be satisfied in accordance with their terms, and/or the parties to the Arrangement Agreement may exercise their termination rights, in which case the Arrangement could be modified, restructured or terminated, as applicable. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not assume the obligation to update any forward-looking statement.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release

Inter-Citic Minerals Inc.
Stephen Lautens
Vice President, Corporate Communications
(905) 479-5072 x 227
ir@inter-citic.com
www.inter-citic.com
Companies Mentionned : Aura Minerals | Reliance | Total |
Data and Statistics for these countries : Canada | China | All
Gold and Silver Prices for these countries : Canada | China | All

Inter-citic Minerals Inc

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CODE : ICI.TO
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Contact Cpy

Inter-citic Min. is an exploration gold company based in Canada.

Inter-citic Min. holds various exploration projects in China.

Its main asset in development is DACHANG in China.

Inter-citic Min. is listed in Canada and in United States of America. Its market capitalisation is CA$ 239.9 millions as of today (US$ 221.5 millions, € 160.1 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 2.50, and its lowest recent point on December 12, 2008 at CA$ 0.17.

Inter-citic Min. has 117 574 000 shares outstanding.

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Financings of Inter-citic Minerals Inc
10/12/2011Extends Term of Warrants
3/23/2006closes $11 million private placement financing
Nominations of Inter-citic Minerals Inc
11/22/2010Appoints Vice-Chairman of Zijin Mining Group to Board of Dir...
Project news of Inter-citic Minerals Inc
3/27/2012(Dachang)Reports Trench Results From 2011 Exploration Program at Dach...
2/28/2012(Dachang)Exploration Licenses Renewed at Inter-Citic's Dachang Gold P...
12/12/2011(Dachang)Reports Drill Results From New Gold Discoveries at Dachang
11/29/2011(Dachang)Permitting Progress at Inter-Citic's Dachang Gold Project
10/3/2011(Dachang)Announces Two New Mineralized Zones Discovered at Its Dachan...
8/8/2011(Dachang)$6.3 Million Exploration Program at Inter-Citic's Dachang Go...
3/22/2011(Dachang)Engages Company For Feasibility Study
1/18/2011(Dachang)Reports Drill Results From New Exploration Areas. All 41 New...
1/17/2011(Dachang)Exploration Licenses Renewed At Inter-Citic's Dachang Gold P...
11/23/2010(Dachang)Intersects Gold In Five New Exploration Areas. All 46 New Ho...
10/28/2010(Dachang)Releases Early Drill Hole Results From Dachang Gold Project
9/15/2010(Dachang)Issues Exploration Progress Update for Its Dachang Gold Proj...
7/27/2010(Dachang)CORRECTION FROM SOURCE: Inter-Citic Releases Drill Hole Resu...
7/19/2010(Dachang)Reports Updated NI 43-101 Compliant Mineral Resource Estimat...
7/8/2010(Dachang)25,000 Metre Drill Program Underway at Inter-Citic's Dachang...
4/22/2010(Dachang)Releases Drill Hole Results from Dachang Gold Project
11/5/2006(Dachang)Receives results from 10 new drill holes
Corporate news of Inter-citic Minerals Inc
11/19/2012Closes Plan of Arrangement
11/13/2012Announces PRC Approvals Related to Plan of Arrangement Have ...
10/29/2012Obtains Shareholder Approval for Arrangement
8/27/2012to be Acquired by Western Mining Group Co., Ltd. for C$2.05 ...
7/9/2012Responds to Trading Activity
6/19/2012(Dachang)Reports Updated NI 43-101 Compliant Mineral Resource Estimat...
2/14/2012(Dachang)Reports Drill Results from 2011 Exploration Program at Dacha...
2/6/2012(Dachang)Reports New Drill Results From 2011 Exploration Program at D...
1/10/2012(Dachang)Reports Drill Results from 2011 Exploration Program at Dacha...
12/5/2011(Dachang)First Drill Results From Inter-Citic's 2011 Exploration Prog...
3/29/2011Shares Commence Trading on the U.S. OTCQX
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