TORONTO, June 16-Inter-Citic Minerals Inc. (ICI - TSXV) today announced that it has entered into a letter of intent agreement with Salman Partners Inc. as lead Agent for a $5,000,000 private placement of 5,000,000 Units of the Company at a price of $1.00 per Unit. Each unit consists of one common share and one-half common share purchase warrant. Each full warrant shall entitle the purchaser to purchase, at any time within twenty four (24) months from the closing of the placement, one common share of the Company at a price of $1.35. The Units are subject to a four-month hold period.

In connection with the private placement, the Company has agreed to pay the Agent a cash commission of 6% of the total gross proceeds of the offering and in addition, will issue to its agents a number of common share purchase warrants equal to 10% of the number of Units sold under the private placement. Each agent's warrant shall entitle the agent to acquire one common share of the Company for a term of twenty four (24) months from the closing of the private placement at the issue price of the private placement, subject to regulatory approval.

Proceeds from the private placement will be used to help finance further exploration of the Company's interests in the Dachang and Zalantun properties in China and for general working capital purposes.

The transaction is subject to the receipt of all necessary regulatory and stock exchange approvals.

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

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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