CIC Mining Resources Ltd

CIC Mining Resources Ltd

January 19, 2011 02:00 ET

CIC Mining Resources Ltd ("CIC Mining Resources" or the "Company"): Private Placement US$2.5m

LONDON, UNITED KINGDOM--(Marketwire - Jan. 19, 2011) - CIC Mining Resources (CNSX:RRR)(AIM:CICR)(FRANKFURT:31C), the consulting and advisory firm operating primarily in the mining and energy infrastructure sectors, is pleased to announce that it has formed CIC Precious Metals Group Limited (Hong Kong) ("CICP"). CICP, a subsidiary of CIC Mining Resources, intends to acquire gold property assets that the directors consider to be undervalued or have strong fundamentals and attractive growth prospects, and de-risk those assets by way of exploration or mining.

The Company has completed a private placement of US$2.5m within CICP, issuing 4,166,666 units at a price of US$0.60 per unit. Each unit consists of one share of CICP and one half of one share purchase warrant. Subsequent to the private placement, CICP will have 30,000,000 shares in issue. The proceeds of the private placement will be used for working capital purposes within CIC Mining Resources.

The Company's current gold interests include a 48 per cent. holding in Eco Project Company Limited ("Eco Project"), a company that has four gold exploration concessions in the Twangiza-Namoya gold belt, in the Democratic Republic of Congo.

Advisory services are also being provided to the Jin Ce gold project located near China's second largest gold mine operation, Jinfeng, formally owned by Sino Gold Mining Limited now Eldorado Gold Corporation. A Canadian NI43-101 Technical Report on the Jin Ce gold project was completed in January 2010 by CIC Mining Resources and is available from Sedar (

Mr. Su Yabin has been appointed Executive Director and Chief Operating Officer of CICP. Mr. Su established his own gold mining operations in China in 2001, introducing new mechanized mining methods and processing techniques, similar to South African methods in the early development of their gold mines. Within ten years Mr. Su has created one of China's leading oxide gold mining enterprises. As well as China, Mr. Su has a particular focus on gold opportunities within Africa.

The Company intends the make additional management appointments at CICP in order to further develop its strategy.

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.

Cautionary Statement 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