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Road Town, Tortola, British Virgin Islands (April 14, 2009) – CIC Energy Corp. (“CIC Energy” or the “Company”)(TSX:ELC, BSE: CIC Energy) reported net income for the three month period ended February 28, 2009 of $156,643 or $0.01 per share (basic and diluted), compared to a loss of $1,479,228 or $0.03 per share (basic and diluted) for the same period last year.
The reported net income for the first quarter of 2009 is primarily attributable to the substantially higher gain in foreign exchange for current period as a result of the strengthening of the Canadian dollar to Botswana Pula and South African Rand, the functional currencies of the operating companies.
Capital expenditure on exploration properties amounts to $136,580,166 with capitalized exploration costs for the three month period totaling $9,622,376.
Consolidated Interim Financial Statements for the three months ending February 28, 2009, along with the Company’s Management’s Discussion and Analysis (“MD&A”), have been filed on SEDAR and are available at www.sedar.com.
For additional information on CIC Energy and its projects visit the Company’s website at www.cicenergy.com or contact:
Erica Belling, CFA, P.Eng.
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243
Email: ebelling@taucapital.com
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