Inter-Citic in talks to sell itself; shares rise

(Reuters) - Canadian gold explorer Inter-Citic Minerals Inc ICI.TO said it is in talks with a potential buyer.

Shares of the Toronto-based company were up 14 percent at C$1.21 on Monday on the Toronto Stock Exchange.

"Terms of a potential transaction continue to be negotiated," Inter-Citic said in a statement.

Inter-Citic, which has a market value of $122.9 million, said other than a confidentiality agreement, no written agreement has been entered into with the undisclosed third party. (Reporting by Shounak Dasgupta in Bangalore; Editing by Don Sebastian)