CIC Announces an Updated Resource Estimate for Mmamabula Energy Project

On April 18, the BVI company CIC Energy Corp. has announced the results of an updated independent mineral resource estimate for the Mmamabula Energy Project in Southern Africa. The previous estimate was published in the end of March 2007, and included information on Power Purchase Agreement negotiations and update of Project finance.

The global mineral resource estimate for the Project now totals about 2.3 billion tonnes – that is 77% increase in the region, from the previously reported 1.3 billion tonnes. In the current resource estimate, five coal-bearing zones are defined at Mmamabula East, and a single block at Mmamabula South.

In this release, the mineral resource estimate was prepared by Snowden Mining Industry Consultants – an international minerals consultancy group independent of CIC Energy.

Gregory Kinross, President and CEO of CIC, has commented “This represents a major increase in the mineral resource estimate for Mmamabula and is extremely encouraging in respect to the long life and potential multiple phases for the Project. Furthermore, ongoing exploration may lead to a further increase in the mineral resource for the Project”.

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