2008 Exploration Begins. 50,000 Metre Drilling Program Now Underway at Inter-Citic's Dachang Gold Project
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TORONTO, ONTARIO, May 20 (MARKET WIRE) --
Inter-Citic Minerals Inc. (TSX: ICI) ("Inter-Citic" or "the Company")
President and CEO James Moore, is pleased to announce that the Company
began drilling last week in its largest exploration program ever at its
Dachang Gold Project in China.
The Company's 2008 diamond drill program totalling up to 50,000 metres
(approximately 165,000 feet) has now begun at Inter-Citic's Dachang
Project. Four diamond drills have now begun operation with additional
drills added as required during the year. Last year's drill program at
Dachang totalled 28,000 metres.
Approximately 25,000 metres of Inter-Citic's 50,000 metre drill program
will focus on the existing Dachang Main Zone ("DMZ") area of the
property, which was reported in a press release of April 10, 2008 to have
an inferred mineral resource estimate of 23.6 million tonnes grading
approximately 3.51 gpt Au (approximately 2.66 million oz Au contained).
The aim of the 2008 drill program on the DMZ is to increase a large
percentage of this inventory to a measured and indicated level. This work
will require proper wire frame modeling and engineering evaluation of the
resource and will be the primary focus for the initial phase of work at
Dachang.
Once the detail infill exploration drilling begins the Company intends to
initiate work on a preliminary assessment (scoping study) in conjunction
with industry consultants. Some of the detail infill drill program may be
directed by these consultants to address engineering aspects of the
project.
Exploration drilling will continue however with the remaining 25,000
meters of drilling to focus on the eastern extensions of the DMZ,
internal areas of the DMZ open to expansion, Placer Valley and new
geochem targets in that order of priority. The DMZ mineralization remains
open at depth and to the east, and further testing of this structure will
continue to focus on shallow potentially bulk-mineable mineralization.
The Company has been very successful in identifying mineralized zones for
drilling through systematic soil and trench sampling. Inter-Citic will
continue to drill targets identified through surface and trench samples
throughout the year.
Exploration at Dachang is 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, Inter-Citic's
Vice-President of Exploration and Mr. Michael W. Leahey, P.Geo., Senior
Geologist and the Company's internal Qualified Person under the
requirements of National Instrument 43-101. Maps and associated materials
are available on the Company's website: www.inter-citic.com.
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, including its
279 km2 Dachang Gold Project, in Qinghai Province. 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 2007 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.
TSX has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.
Contacts:
Inter-Citic Minerals Inc.
Stephen Lautens
Vice President, Corporate Communications
(905) 479-5072 x 227
Email: stephen@inter-citic.com
Website: www.inter-citic.com
Copyright 2008, Market Wire, All rights reserved.
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