Toronto, October 7, 2003 -- Further to the Company's Press Release of July 30, 2003, Inter-Citic Mineral Technologies Inc. (TSX V - ICI) today announced that the previously negotiated $1.5 million private placement of 2,500,000 units of the Company at a price of $0.60 has been increased to up to $2.5 million consisting of 4,200,000 units at a price of $0.60. Each unit consists of one common share and one share purchase warrant. One warrant and $1 will entitle the investor to acquire one additional common share of the Company for a period of one year. It is anticipated that closing of the private placement will occur within approximately thirty days.

Toronto-based Inter-Citic Mineral Technologies Inc. is an investment opportunity company investing selectively 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 and other business activities in China for both Western and Chinese partners.

FOR FURTHER INFORMATION PLEASE CONTACT:

James J. Moore President & CEO

"Lou Pasubio"

Lou Pasubio, C.A. Vice-president, Finance & CFO

Inter-Citic Mineral Technologies Inc. (416) 363-5055 invest@inter-citic.com

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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