Inter-Citic Minerals Inc.

Inter-Citic Minerals Inc.

June 20, 2008 13:48 ET

Inter-Citic Introduces New Board Members, Issues Options

TORONTO, ONTARIO--(Marketwire - June 20, 2008) - Inter-Citic Minerals Inc. (TSX:ICI) ("Inter-Citic" or "the Company") Chairman Mark Frederick, is pleased to introduce three new board members following the Company's Annual General Meeting.

At the Company's Annual General Meeting held May 29, 2008, three new directors were elected to join the Board and replace retiring directors. The new directors are:

ZHANG HONGYI: Mr. Zhang graduated from the Beijing Institute of Foreign Trade with a degree in Foreign Trade and Economics in August 1969. He is a Fellow Member of the Hong Kong Institute of Bankers and was professor of the Wuhan University and also an adjunct professor of the Graduate Department of the People's Bank of China. He retired from the Bank of China in 2006. He is currently an Independent Director of The Shenzhen Rural Commercial Bank; Vice Chairman - China Development Institute (Shenzhen); Independent Director - Ping An of China Insurance Company (Hong Kong Stock Exchange); and, Non-executive Director - Bank of East Asia (China), a wholly owned subsidiary of Bank of East Asia (Hong Kong Stock Exchange).

MALCOLM SWALLOW: Mr. Swallow is a senior mining industry professional and mining engineer with over thirty five years of operations and project management experience in the mining industry, principally concentrating on the evaluation, development, construction and operation of underground and open pit mines and their associated plants and infrastructure, involving both base metals and industrial minerals, from grass roots exploration to production. He has extensive experience in evaluation and development of operations from green field sites through planning, permitting, feasibility and financing, to construction and then into production, while integrating the mining operations into non-mining communities. Most recent experience includes control of exploration programmes in foreign countries, evaluation and construction of large scale open pit operations, planning, permitting, control of shaft sinkers, contractors, consultants, metallurgical test work, government and bank negotiation and all other work involved in mine management and corporate development. He holds a B.Sc. (Hons) Mining Engineering; 1972, Associate of the Royal School Mines; Fellow, Institute of Materials, Minerals and Mining, Chartered Engineer (UK,) European Engineer. Professional Engineer, (British Columbia).

PETER JOYNT: Mr. Joynt is a Chartered Accountant and holds a Bachelor of Commerce degree. He is a senior executive with extensive operating and merchant banking experience. Currently Mr. Joynt is principal in Balsam Capital Inc., his own consulting practice with assignments in various companies on behalf of a mid-sized merchant bank. Previously he was Manager in Audit, Management Consulting and Valuation at Clarkson Gordon.

Subject to regulatory approval, the Board has approved the grant of 925,000 stock options to directors, management and employees at an exercise price of $1.76, with 300,000 of the options having an expiry date of June 20, 2010 and the balance having an expiry date of June 20, 2013, pursuant to the terms of Inter-Citic's Stock Option Plan.

On Behalf of the Board:

Mark R. Frederick, Chairman


Toronto-based Inter-Citic Minerals Inc. is an exploration and development company with property in the People's Republic of China, including its Dachang Gold Project in Qinghai Province. Inter-Citic is listed on the TSX under the symbol ICI. Inter-Citic's website is

Contact Information