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Road Town, Tortola, British Virgin Islands (February 27, 2007) – CIC Energy Corp. (“CIC” or the “Company”) (TSX: ELC, BSE: CIC Energy) reported a loss for the year ended November 30, 2006 of $2,197,288 or $0.06 per share (basic and diluted), as compared to a loss of $701,024 or $0.04 per share (basic and diluted), for the period March 10, 2005 (date of incorporation of CIC’s predecessor, Coal Investment Corp.) to November 30, 2005.
The loss for the year is attributable to the fact that in the past year, the Company has increased expenditure significantly as a result of a full year of exploration activity.
Capitalized exploration costs amount to $48,103,307 with exploration costs for the year totaling $44,367,198. In addition, project development costs capitalized during the year amount to $3,131,931.
Consolidated Audited Financial Statements for the year ended November 30, 2006 and the period March 10 to November 30, 2005, together with Management’s Discussion and Analysis, have been filed on SEDAR and are available at www.sedar.com.
For additional information on CIC and its projects visit the Company’s website at www.cicenergycorp.com or contact:
Fiona Childe, Ph.D., P.Geo.
VP Corporate Communications
Tau Capital Corp.
Tel: (416) 361-9636 x 227
Email: fchilde@taucapital.com
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