Inter-Citic Minerals Inc.
TSX VENTURE : ICI

Inter-Citic Minerals Inc.

October 27, 2005 14:42 ET

Inter-Citic Closes C$533,500 Private Placement

TORONTO, ONTARIO--(CCNMatthews - Oct. 27, 2005) -

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

Inter-Citic Minerals (TSX VENTURE:ICI) ("Inter-Citic" or "the Company") announced today the closing of the previously announced non-brokered private placement of 485,000 units at a price of C$1.10 per unit for gross proceeds of C$533,500. Each unit consists of one common share plus one-half common share purchase warrant, with each full warrant entitling the holder to purchase, at any time within eighteen (18) months from the issuance of the warrants, one common share of the Company at a price of $1.45. The Units will be subject to a four-month hold period.

This was a non-brokered private placement. The Company paid agents and certain other intermediaries cash commissions totaling 6% of the gross proceeds raised from the private placement, together with a number of common share purchase warrants of the Company equal to 10% of the number of units sold. Warrants so issued may be exercised within twelve (12) months at an exercise price of $1.10.
Proceeds from the private placement will be used to help finance ongoing exploration of the Company's interests in the Dachang and Zalantun properties in China and for general working capital purposes.

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 a gold 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.

FORWARD LOOKING STATEMENTS: Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Inter-Citic Minerals Inc. (the "Company") to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may," "will," "expect," "anticipate," "project," "believe," "plan" and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by the Company with securities regulatory authorities to which recipients of this press release are referred for additional information concerning the Company, its prospects and the risks and uncertainties relating to the Company and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of the Company to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company does not assume the obligation to update any forward-looking statement.

Investors are encouraged to review "Risk Factors" associated with the Dachang project as outlined in the Company's 2004 Audited and most recent Financial Statements available on the SEDAR website at www.sedar.com.

The forward-looking information contained in this press release is current only as of the date of this press release. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.

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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