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Road Town, Tortola, British Virgin Islands (July 12, 2007) – CIC Energy Corp. (“CIC Energy” or the “Company”) (TSX:ELC, BSE: CIC Energy) reported a loss for the three month period ended May 31, 2007 of $2,737,474 or $0.06 per share (basic and diluted), and a loss for the six month period of $3,761,212 or $0.08 per share (basic and diluted).
The loss for the six month period is attributable to non-capitalized exploration expenditures, administration and personnel costs as well as the cost of a bought deal private placement, the completion of which was announced by the Company on February 23, 2007.
Capitalized exploration costs amount to $61,880,829, with exploration costs for the six month period totaling $13,777,522.
Consolidated Interim Financial Statements for the three and six months ending May 31, 2007, along with Management’s Discussion and Analysis, have been filed on SEDAR and are available at www.sedar.com.
Closing of Share Subscription by International Power Affiliates
CIC Energy is pleased to announce the closing of the share subscription by affiliates of International Power plc (“IPR”) of 50% indirect interests in each of Meepong Energy (Proprietary) Limited (“Meepong Energy”) and Meepong Resources (Proprietary) Limited (“Meepong Resources”). This share subscription is part of the transactions previously announced on March 26, 2007 concerning the Mmamabula Energy Project. As a result, the Company and IPR each now hold indirect 50% interests in each of Meepong Energy and Meepong Resources.
Appointment of Executive Vice President, Coal to Liquids
The Company is pleased to announce the appointment of Dr. Pieter du Toit as Executive Vice President, Coal to Liquids effective immediately. Pieter brings over 30 years of international petrochemical engineering experience, including as Projects Portfolio Manager, Project Management department at Sasol Technology, a division of Sasol. He also worked as Project Director for Saudi International Petrochemical Company, and for petrochemical engineering companies in Japan and South Africa. Pieter holds a Ph.D. Management of Engineering and Technology from Southern California University, a M.Sc. Construction Engineering and Project Management from the University of Texas and a B.Sc. Civil Engineering from Worchester Polytechnic Institute in Massachusetts.
“Pieter du Toit expands our management team and brings important new capabilities as we consider developing a coal to liquids project to further realize the value of the Company’s coal resources at Mmamabula,” said Mr. Gregory Kinross, President and CEO of CIC Energy.
For additional information on CIC Energy and its projects visit the Company’s website at www.cicenergycorp.com or contact:
Erica Belling, CFA, P.Eng.
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 227
Email: ebelling@taucapital.com
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