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TORONTO, ONTARIO--(Marketwire - March 22, 2011) - Inter-Citic Minerals Inc. (News - Market indicators) ("Inter-Citic" or "the Company") President and CEO James Moore is pleased to announce the appointment of China Nerin Engineering Co., Ltd. to complete a Chinese-Standard Feasibility Study, ("CFS") a Mineral Resources Development and Utilisation Program and the associated Project Application Report, for its Dachang Gold Project in China.
China Nerin Engineering Co., Ltd. ("Nerin") is one of China's largest engineering companies. Nerin is an internationally accredited Level 1 Design Institute, based in Nanchang. They have extensive experience in all forms of engineering design and construction management, and have acted as the design engineers for numerous mine projects worldwide, including Eldorado's Jinfeng Gold Mine in Guizhou Province (approx 200,000 oz gold per year), plus numerous other mine, mill and smelter designs, both in China and in other countries worldwide.
"Our attraction to Nerin stems from their extensive worldwide experience and their successful track record in engineering, designing, permitting and development of gold projects in China and elsewhere," said Malcolm Swallow, Inter-Citic's VP Development. "Nerin's successful work on Jinfeng, including the use of Goldfields of South Africa's BIOX® technology, was a major part of our decision to engage them. The strength of Nerin's team when coupled with our partner, the No. 5 Geology and Mineral Exploration Institute of Qinghai Province, means that we expect to progress our Dachang project with the maximum possible speed."
The engagement of a recognized and accredited Chinese engineering company like Nerin to complete a Chinese-Standard Feasibility Study is a requirement and major milestone to advance a gold project in China towards development and production.
On Behalf of the Board:
James J. Moore, President & CEO
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.