TORONTO, Nov. 19, 2012 /CNW/ – Inter-Citic Minerals Inc. (“Inter-Citic” or the “Company“) (TSX: ICI; OCTQX: ICMTF) is pleased to announce the successful
completion of the previously announced plan of arrangement under the
Canada Business Corporations Act (the “Arrangement“) pursuant to which Qing Hai Mining Acquisition Corp., an indirect
wholly-owned Canadian subsidiary of Western Mining Group Co., Ltd.,
acquired all of the issued and outstanding common shares of Inter-Citic
for C$2.05 per share in cash.

With the completion of the Arrangement, the common shares of Inter-Citic
are expected to be delisted from the Toronto Stock Exchange in the next
few business days. The Company intends to apply to the relevant
securities regulatory authorities to cease to be a reporting issuer in
each of the jurisdictions in Canada in which it is currently a
reporting issuer.

Registered shareholders of Inter-Citic are reminded that in order to
receive the consideration under the Arrangement, they must complete,
sign, date and return the letter of transmittal prepared in connection
with the Arrangement to the depositary, Computershare Investor Services
Inc., in accordance with the instructions specified in the letter of
transmittal and management information circular of Inter-Citic, dated
October 3, 2012 (the “Circular“) in connection with the special meeting of Inter-Citic shareholders
called to consider the Arrangement. Beneficial shareholders are advised
to contact their bank, trust company, securities broker, trustee or
other nominee or intermediary to determine how to receive the
consideration.

Details of the transaction were contained in the Circular, which can be
found at www.sedar.com.

About Inter-Citic

Toronto-based Inter-Citic Minerals Inc. is an exploration and
development company advancing its Dachang Gold Project in the People’s
Republic of China. Inter-Citic is listed on the TSX under the symbol
ICI. Inter-Citic’s website is www.inter-citic.com.

About Western Mining

Western Mining Group Co., Ltd. is an integrated resources development
company based in Qinghai Province, People’s Republic of China. It has
total assets of approximately C$5.5 billion and is involved in
geological exploration, mining, processing, smelting, scientific
research and development, trade, investment and financing. There are
approximately 40 companies within the Western Mining Group, including
Western Mining Co., Ltd, which is listed on the Shanghai Stock
Exchange.

Investors are encouraged to review “Risk Factors” associated with the
Arrangement as outlined in the management proxy circular of the Company
dated October 3, 2012 and “Risk Factors” set out in the Company’s 2011
Financial Statements and Annual Information Form, along with updates,
all available on the SEDAR website at www.sedar.com. The statements herein that are not historical facts are
forward-looking statements including those identified by the expressions “expect”, “intend” and
similar expressions. These statements address future events and
conditions and so involve inherent risks and uncertainties, as
disclosed under the heading “Risk Factors” in the company’s periodic
filings with Canadian securities regulators. Actual results could
differ from those currently projected. Readers are cautioned not to
place undue reliance on forward-looking statements. The Company does
not assume the obligation to update any forward-looking statement. The
TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of the content of this news release.

SOURCE Inter-Citic Minerals Inc.