Toronto, -- Inter-Citic Minerals Inc. (TSX V - ICI) is pleased to announce that it has completed the second and final tranche (1,666,667 units for aggregate proceeds of $1,000,000) of its private placement financing, originally announced on July 30 and October 7, 2003. Each unit consists of one (1) common share and one (1) share purchase warrant. One (1) warrant entitles the placee to acquire one (1) additional common share of the Company at a price of $1.00 per share until February 2, 2005.

In connection with the completion of the second tranche of the private placement, the Company issued 333,333 non-transferable share purchase warrants to three finders. Each warrant entitles the finder to acquire one (1) common share of the Company at a price of $0.60 per share until February 2, 2006.

All of the second tranche securities are subject to a hold period expiring June 3, 2005.

The Company completed the first tranche of its private placement financing (2,383,333 units for aggregate proceeds of $1,430,000), and issued 476,667 non-transferable share purchase warrants as a finders fee, in November 2003.

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 Minerals 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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