CIC Mining Resources Ltd

CIC Mining Resources Ltd

December 17, 2010 02:00 ET

CIC Mining Resources Ltd: MOU with China Railway Materials

LONDON, UNITED KINGDOM--(Marketwire - Dec. 17, 2010) - CIC Mining Resources (AIM:CICR)(CNSX:RRR)(FRANKFURT:31C) ("CIC Mining Resources" or the "Company"), the consulting and advisory firm operating primarily in the mining and energy infrastructure sectors, is pleased to announce that it has entered into a Memorandum of Understanding ("MOU" or the "Agreement") with China Railway Materials Commercial Company Limited ("CRM"), to provide clients of CIC Mining Resources with integrated rail and port services including - but not limited to - sourcing and supplying materials and equipment, conducting feasibility studies, and the design and management of railway and port construction.

CRM is a large scale Chinese state-owned corporation specialized in the integrated provision of railway materials and equipment. CRM has participated in the sourcing, supplying and management of materials for almost all the major railway construction projects in China, it holding the exclusive right to source and supply critical materials concerning the safety of the railway line infrastructure in China. Major business activities of CRM include the integrated sourcing and supply of railway materials and equipment, integrated railway related logistics, and railway related investment around the world.

As part of the Agreement, CRM has agreed to provide relevant clients of CIC Mining Resources with a free scoping study which will set out a summary of the basic rail and port infrastructure requirements for a project including specifying construction materials, project management, indicative timetable and associated budget costs as well as any other matters CRM may consider relevant to a project. The CRM scoping study will be provided to the Company's clients through CIC Logistics Limited, a wholly owned subsidiary of the Company.

In return, CRM will, subject to completion of definitive agreements with each of the Company's clients, be the sole provider of services within an agreed scope for a project on commercially reasonable terms.

CRM recently provided major capital investment to Africa Minerals Ltd in Sierra Leone for an iron ore project.

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

"We are delighted to have entered into this agreement with a globally respected rail infrastructure company. We envisage their services – to be delivered through CIC Logistics - as well as their access to potential capital, to be of critical importance in bringing potential mining projects into production both within China and the wider mining markets, in particular Africa."

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.

CIC Logistics Limited

CIC Logistics a wholly owned subsidiary of CIC Mining Resources focused on infrastructure supply, major infrastructure development and funding. 

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

The Directors of CIC Mining Resources Ltd accept responsibility for the content of this announcement.

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