Midas Letter Money Illuminates Inter-Citic Minerals: Dachang Project Update in China from CEO James Moore

Click on the image to watch the video James West interviews Inter-Citic Minerals Inc. (ICI.TO) President and CEO James J. Moore on the latest developments in China on the company's 279 square kilometre Dachang Gold Project in Qinghai Province of Western China. The currently defined NI 43-101 resource at Dachang (calculated at June 28, 2011) consists of an estimated Measured and Indicated inventory of 1.88 million ounces contained gold (17.2 million tonnes grading 3...

Click on the image to watch the video

James West interviews Inter-Citic Minerals Inc. (ICI.TO) President and CEO James J. Moore on the latest developments in China on the company's 279 square kilometre Dachang Gold Project in Qinghai Province of Western China.

The currently defined NI 43-101 resource at Dachang (calculated at June 28, 2011) consists of an estimated Measured and Indicated inventory of 1.88 million ounces contained gold (17.2 million tonnes grading 3.41 g/t Au), plus a further Inferred mineral resource estimate of 1.93 million ounces contained gold (21.3 million tonnes grading 2.83 g/t Au).

A new independent Technical Report prepared by Micon International under NI 43-101 was filed on June 30, 2011. The updated NI 43-101 Technical Report added approximately 409,000 oz. gold to the previous estimated Inferred resource inventory at Dachang, and includes all drilling and exploration to the end of the 2010 season.

Here's an exceprt:

"First and foremost, there are opportunistic people in China who are looking to grow in this business and there are companies that are hungry for resource. If you were to take a look at the second half of 2012 not only is China in the last number of years become the largest producer of gold, they've become one of the most significant importers of gold.

So being in the mining industry, you are paying attention to the gold business. You can't be in the mining industry in China in my opinion and not pay attention to Dachang. It's not only one of the largest undeveloped gold resources. It's a high grade north of three gram open pit deposit."

Visit Midas Letter Money to view the full interview.

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