Inter-Citic Minerals Inc.
TSX VENTURE : ICI

Inter-Citic Minerals Inc.

March 22, 2006 12:46 ET

Inter-Citic Closes $11 Million Private Placement Financing

TORONTO, ONTARIO--(CCNMatthews - March 22, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Inter-Citic Minerals ("Inter-Citic" or "the Company")(TSX VENTURE:ICI) announced today the closing of its previously announced private placement financing for gross proceeds of $11,056,477.

The Company's financing announced January 25, 2006 of 11,111,200 Special Warrants for gross proceeds of $10,000,080 was oversubscribed at closing by more than a million Special Warrants.

The financing as closed consisted of 12,284,975 Special Warrants of the Company at a price of $0.90 per Special Warrant. Each Special Warrant is convertible, without payment of additional consideration, into a unit consisting of one common share and one-half of one common share-purchase warrant. Each whole warrant will entitle the holder to acquire, at any time within twenty four (24) months from the closing of the offering, one common share of the Company at a price of $1.20.

The financing syndicate was led by Salman Partners Inc., and included Pacific International Securities Inc. and Wellington West Capital Markets Inc. The Company paid a cash fee of $663,389 from the gross proceeds of the financing and issued 737,098 Agents' Special Warrants to the syndicate. Each Agents' Special Warrant is convertible, without payment of additional consideration, into one common share- purchase warrant. Each such warrant will entitle the holder to acquire one common share of the Company at any time within twenty four (24) months from the closing of the offering at a price of $1.00 per share.

The Company has agreed to use its reasonable best efforts to file and obtain a receipt for a short form prospectus to qualify the common shares and warrants underlying the Special Warrants and Agents' Special Warrants as soon as possible. If the prospectus has not been cleared by the applicable securities regulatory authorities by April 30, 2006, then the Special Warrants will entitle the holders to acquire 1.1 common shares and 0.55 of one warrant on exercise of each Special Warrant. The Special Warrants and Agents' Special Warrants will automatically be exercised into units on the date that is the earlier of (a) (i) one business day after the date the receipts for the prospectus have been issued by the applicable securities regulatory authorities and (b) July 23, 2006.

Proceeds from the private placement will be used to finance further exploration of the Company's interests in its Dachang Gold Project in China and for general working capital purposes.

The securities (and all underlying securities) will be subject to a four-month hold period under applicable law (unless the prospectus qualifying the common shares and warrants underlying the Special Warrants and Agents' Special Warrants is filed prior to the expiry of the four-month hold period).

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

ON BEHALF OF THE BOARD OF

INTER-CITIC MINERALS INC.

"James J. Moore"

James J. Moore, President and CEO

ABOUT INTER-CITIC

Toronto-based Inter-Citic Minerals Inc. is an exploration and development company with properties in the People's Republic of China. The Company has strategic partnerships with several large financially strong and established groups in China to facilitate investment in China for both Western and Chinese partners. Inter-Citic is listed on the TSX Venture Exchange 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 regulatory filings 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 interim and annual Management's Discussion and Analysis with Canadian securities regulators. Actual results could differ from those currently projected. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

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

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