TORONTO -- Inter-Citic Mineral Technologies Inc. announced today that the Board of Directors has approved a change in the Company's name to Inter-Citic Minerals Inc., to more accurately reflect Inter-Citic's strategic focus on the exploration and development of gold projects in the People's Republic of China. This approval is subject to TSX Venture acceptance.

"With the completion of our most recent equity financing, the Company is well positioned to accelerate progress on its Dachang and Zalantun gold projects. We are committed to advancing these projects and expanding our presence in China, and our new name is indicative of this commitment," said President and CEO Jim Moore.

As announced July 30, 2003, the Company entered into agreements to acquire Joint Venture interests in the Dachang and Zalantun gold projects. These agreements are subject to regulatory and exchange approval. Inter-Citic is also in the process of updating its website at www.inter-citic.com, and will incorporate new information into the website as these projects mature.

About Inter-Citic Toronto-based Inter-Citic Minerals Inc. is a gold 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 Venture Exchange under the symbol ICI.

FOR FURTHER INFORMATION PLEASE CONTACT:

Inter-Citic Mineral Technologies Inc., James J. Moore, President & CEO, (416) 363-5055 or Flora Wood OR Sean Stokes Business Development Linear Capital Corp. (416) 364-2266

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

FORWARD LOOKING STATEMENTS Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Inter-Citic Minerals Inc. (the "Company") to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may," "will," "expect," "anticipate," "project," "believe," "plan" and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by the Company with securities regulatory authorities to which recipients of this press release are referred for additional information concerning the Company, its prospects and the risks and uncertainties relating to the Company and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of the Company to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking information contained in this press release is current only as of the date of this press release. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.

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