Inter-Citic Minerals Inc.
TSX : ICI

Inter-Citic Minerals Inc.

October 23, 2006 12:35 ET

Inter-Citic Receives Results From 21 New Drill Holes at Dachang Gold Project

All Holes Contain Gold Mineralization. Results Include Shallow Drill Hole Containing 27.0 Metres of 5.34 Grams Per Tonne Gold. Drill Hole CJV-95 Intersects Gold Mineralization On-Strike 500 Metres East of the Previously Calculated Inferred Resource Area

TORONTO, ONTARIO--(CCNMatthews - Oct. 23, 2006) - Inter-Citic Minerals Inc. (TSX:ICI)("Inter-Citic" or "the Company") President and CEO James Moore, is pleased to report results received from the fourth set of drill holes from its 2006 diamond drill program at its Dachang Gold Project in China.

"We continue to be most encouraged by the productivity and results of this year's diamond drilling program," said James Moore, President. "We are seeing excellent grades and widths, and the results discovered in drill hole CJV-95 provide us with further encouragement for the resource growth potential at Dachang."

This news release provides results from 21 drill holes, all of which intersected gold mineralization, in the Dachang East area of the Company's Dachang gold project. Maps of the Dachang East area illustrating drill hole locations are available on the Company's web-site: www.inter-citic.com.

Highlights:

- Drill Hole CJV-81 shows three near surface mineralized zones, including 9.0m grading 7.86 gpt Au and 10.0m grading 7.08 gpt Au.

- Drill Hole CJV-84 shows multiple near surface mineralized zones totalling 40.0m, including 13.0 m grading 5.87 gpt Au.

- Drill Hole CJV-90 reported an interval of 27.0m grading 5.34 gpt Au.

- Drill Hole CJV-92 reported an interval of 13.0m grading 5.49 gpt Au.

- Drill Hole CJV-96 reported an interval of 11.0m grading 5.95 gpt Au.

- Drill Hole CJV-95 shows multiple mineralized zones 500m to the East of the previously calculated resource area at Dachang East Main Zone.



Detailed drilling results are set out in the chart below:

------------------------------------------------------------------
DDH Grid Dip/ From To Drill Gold
Number Section Azimuth (metres) (metres) Width Assay
(degrees) (metres) (grams
per
tonne)
------------------------------------------------------------------
CJV-56 13500 45/20 34.5 39.5 5 2.33
42.5 48.5 6 4.07
------------------------------------------------------------------
CJV-57 13500 58/20 53.0 59.0 6 6.44
88.0 110.0 22 2.54
------------------------------------------------------------------
CJV-58 8700 45/20 20.0 34.0 13 3.47
------------------------------------------------------------------
CJV-59 8700 57/20 85.0 88.0 3 1.14
118.0 132.0 14 4.76
------------------------------------------------------------------
CJV-60 13500 60/20 187.0 189.0 2 0.78
204.0 206.0 2 5.68
------------------------------------------------------------------
CJV-81 12300 70/20 29.0 38.0 9 7.86
85.0 87.0 2 5.83
100.0 110.0 10 7.08
------------------------------------------------------------------
CJV-82 11500 60/20 102.0 107.0 5 2.35
------------------------------------------------------------------
CJV-83 12300 60/20 123.0 129.0 6 2.57
142.0 147.0 5 0.56
165.0 171.0 6 3.85
------------------------------------------------------------------
CJV-84 11500 73/20 58.0 60.0 2 7.27
65.0 69.0 4 2.56
86.0 90.0 4 1.59
93.0 95.0 2 2.61
99.0 108.0 9 2.26
113.0 126.0 13 5.87
156.0 162.0 6 2.66
------------------------------------------------------------------
CJV-85 12900 45/20 78.0 82.0 4 2.12
------------------------------------------------------------------
CJV-86 8100 45/20 9.2 14.1 4.9 5.31
34.0 37.0 3.0 5.97
------------------------------------------------------------------
CJV-87 12900 38 45 7.0 0.81
69 72 3.0 1.28
------------------------------------------------------------------
CJV-88 8100 70/20 55.0 60.0 5.0 8.15
------------------------------------------------------------------
CJV-89 11100 45/20 42.0 45.0 3.0 3.64
------------------------------------------------------------------
CJV-90 11100 70/20 29.0 56.0 27.0 5.34
------------------------------------------------------------------
CJV-91 8100 70/20 106.0 109.0 3.0 0.84
------------------------------------------------------------------
CJV-92 11100 45/20 53.0 73.0 20.0 3.56
76.0 89.0 13.0 5.49
------------------------------------------------------------------
CJV-93 5100 45/20 29.0 31.0 2.0 1.23
------------------------------------------------------------------
CJV-94 11100 70/20 46.0 48.0 2.0 1.56
64.0 67.0 3.0 4.40
108.0 113.0 5.0 6.44
133.0 135.0 2.0 7.60
------------------------------------------------------------------
CJV-95 5100 70/20 37.0 49.0 12.0 3.50
62.0 70.0 8.0 3.90
88.0 91.0 3.0 3.56
174.0 188.0 14.0 2.06
------------------------------------------------------------------
CJV-96 10700 45/20 48.0 56.0 8.0 1.73
63.0 74.0 11.0 5.95
------------------------------------------------------------------


Note: Assay cut-off for the above table was at 0.5 gpt. There was no evidence of nugget effect and none were topcut. True widths for the intervals above have yet to be determined.

The Company believes that poor core recovery evident in steeply dipping holes may be a factor in returning lower gold assay values in some holes.

Additional Information:

- 82 drill holes have now been completed at the Dachang Gold Project in 2006;

- Approximately 12,500m of the Company's 20,000m diamond drill program for 2006 has now been drilled, and the balance is on schedule to be completed by year end;

- With this release, 56 of the drill holes on Dachang Main Zone from 2006 are now reported;

- 26 more drill holes on Dachang Main Zone are now complete and pending assay results, and will be reported as results are received;

- Mineralization in the Dachang Main Zone has now been mapped by detailed trenching (40 metre intervals) for a two and a half kilometre strike length, showing sulphide mineralization across exposed widths of 7 to 23 metres, and remains open long strike;

- The majority of holes drilled on the Dachang Main Zone have been relatively shallow (typically less than 150m in depth), and are showing continuity of width; and,

- Drill core recovery has averaged in excess of 90%, with relatively poorer core recovery in steeply angled holes. The Company has begun using larger drill core (HQ) to improve future core recovery in the fault zone.

Methodology:

Drill core samples were taken at geologically significant intervals, typically over one metre. Core recovery was in excess of 90%. The designated sample intervals were cut with a diamond saw by qualified technicians. One half of the cut core was selected for assay with the remaining half being placed back into the core box. Care was taken to ensure that neither half of the core represents a bias with respect to the nature and mineral content of the sample. The sample interval and methodology are consistent with industry standards. Drill core samples were shipped to SGS Geochemical Laboratories ("SGS") located in Kunming and Tianjin, China for sample preparation and 50g fire assay with AA finish. SGS is the world's leading inspection, verification, testing and certification company. Analytical work is performed in accordance with recognized standards such as ASTM, ISO, JIS, and other accepted industry standards. Accuracy of the results is tested through the systematic inclusion of certified reference standards, blanks and duplicate samples.

Security of Samples: All of the samples collected at Dachang are stored in a restricted secure storage area. Samples are shipped by truck to Golmud and delivered to Inter-Citic's courier agent in Golmud for shipment to the various laboratories for analysis. Inter-Citic's courier agents are present at all transshipment point between Golmud and the laboratories. All the laboratories used by Inter-Citic are ISO approved and subject to the security protocols of that designation. Exploration at Dachang was conducted with the assistance of the numerous professionals from QGSI, working in co-operation with Inter-Citic's technical team on site and supervised by Mr. Garth Pierce, Vice-President of Exploration.

Mr. B. Terrence Hennessey, P.Geo, of Micon International Limited is a Qualified Person under the requirements of National Instrument 43-101 and has reviewed a copy of this press release.

On Behalf of the Board:

"James J. Moore", President & 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 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 2005 Financial Statements and Annual Information Form 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 periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

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

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