CIC Mining Resources Ltd

CIC Mining Resources Ltd

December 15, 2010 02:00 ET

CIC Mining Resources Establishes Logistics Division

LONDON, UNITED KINGDOM--(Marketwire - Dec. 15, 2010) - CIC Mining Resources (AIM:CICR)(CNSX:RRR)(FRANKFURT:31C), the consulting and advisory firm operating primarily in the mining and energy infrastructure sectors, is pleased to announce that it has acquired CIC Logistics (BVI Company) ("CIC Logistics") from Director Stuart J. Bromley for nil consideration.

CIC Logistics focuses on infrastructure supply, major infrastructure development and funding. Having completed a phase of establishment and initial client development, CIC Logistics recently supplied highly specialized scanning equipment to Lonrho Plc (AIM:LONR) from China National Aero-Technology Import & Export Corporation ("CATIC") in a US$2.65 million contract.

CIC Mining Resources intends to make CIC Logistics' key partners available to its advisory clients so as to provide potential funding on infrastructure requirements and to add value on resource related projects.

CIC Logistics is clear of all liabilities and expects to have net assets and net profit of C$450,000 for the financial year ending 31 December 2010.

The directors of CIC Mining Resources (excluding Stuart J.Bromley), having consulted with its nominated adviser, consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

Stuart J. Bromley, Chairman and CEO of CIC Mining Resources, commented:

"Having migrated from South Africa to Western Australia in the mid seventies, I saw first-hand the major rail and port infrastructure that was later developed to transfer iron ore to the world markets. Today, there is a direct parallel between Africa, especially West Africa, and Western Australia in the early seventies in infrastructure terms. As a result of this acquisition, CIC Mining Resources now has an excellent platform and the right partners to aggressively go after the African continent's infrastructure build potential."

China National Aero-Technology Import & Export Corporation

China National Aero-Technology Import & Export Corporation ("CATIC") is a large-scale Chinese state-owned conglomerate with aviation products & technology import and export as its core business, headquartered in Beijing. CATIC's core business is aviation defense products, both import and export. CATIC was established in 1979 and is part owned by China Aviation Industry Corporation of China ("AVIC"). CATIC has 7 specialized companies, 10 regional subsidiaries in China and 56 overseas branches worldwide. With total assets of up to RMB 24 billion and accumulated import and export volume of US $24 billion thus far, CATIC ranks among the top 20 of China's leading 500 enterprises for import and export.

Lonrho Plc

Lonrho Plc is focused on investing in and developing opportunities across Africa, where it operates five strategic divisions in seventeen countries.

Lonrho Plc is an expanding conglomerate that is rapidly growing a successful business throughout Africa. Lonrho is strategically focused on the development of business opportunities in infrastructure, agribusiness, transportation, hotels and support services.

CIC Mining Resources Ltd

The Company is a consulting and advisory company, operating primarily in the mining and energy infrastructure sectors. The Company seeks to provide consulting and advisory services to entities operating at various stages of resource development, and the exclusive right to control the public listing process of any client company if the client company is an unlisted company.

Mining and energy infrastructure companies or projects will include those involved in the exploration for, and extraction of, base metals, precious metals, bulk commodities, thermal and metallurgical coals, industrial metals, hydrocarbons, renewables and new technologies, including single-asset as well as diversified natural resources companies.

The core services provided by CIC Mining Resources are: the Advisory Service which provides a range of technical, project management, strategic and commercial services; the Strategic Investment Service which helps companies source investment from industry partners for which the Company will typically receive an equity interest; and Advice on Listings where the Company helps the client realise value by listing on a Stock Exchange.

Forward-Looking Statements

This news release includes certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with the Company's business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect management's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the matters discussed under "Risk Factors" in the Company's Admission Document which can be found at the Company's profile on SEDAR The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.

Neither CNSX nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • CIC Mining Resources Ltd
    Stuart J. Bromley
    +86 136 0113 1912
    Canaccord Genuity Limited
    Andrew Chubb/Bhavesh Patel
    +44 (0)207 050 6500
    GTH Communications
    Toby Hall
    +44 (0) 20 3103 3903