Corporate Update - CIC Precious Metal Group Ltd

17 July 2012

CIC Mining Resources Ltd.

("CIC" or the "Company")

Corporate Update - CIC Precious Metal Group Limited

CIC (AIM: CICR), the consulting and advisory firm operating primarily in the mining and energy infrastructure sectors, is pleased to provide an operational update of CIC Precious Metals Group Limited ("CICP") and advise of first gold production at Shanba Gold Mine, China. CIC holds a 43% equity interest in CICP.

Shanba is a heap leach oxide gold mining operation, the mining and processing operations of which are managed by Mr. Su, a director of CICP and a leading oxide gold miner in China. Following a 48-day leaching period Shanba has produced 3,825 oz. gold, with a further three-heap leach pad due to complete final leaching in the near future. A total of 4,790 oz. gold has been produced to date.

It is proposed that the mine and processing equipment costs, which are expected to total US$8.3 million, are to be covered from initial gold production. Following the payment of these costs, CICP will receive a dividend from Shanba, although shareholders may elect to fund increased oxide gold production at its various gold leases.

In addition, CICP is pleased to advise that following visits to its DR Congo gold mine site, land for the site of its operational headquarters has been purchased in Bukavu and construction is due to commence imminently.

It is intended that the focus at Shanba will be to increase oxide gold production and commence shipments of oxide gold processing equipment to the DR Congo, a process which is now well underway.

-Ends-

CIC Mining Resources Ltd

The Company is a consulting and advisory company, operating primarily in the mining and energy infrastructure sectors. The Company seeks to provide consulting and advisory services to entities operating at various stages of resource development, and the exclusive right to control the public listing process of any client company if the client company is an unlisted company.

Mining and energy infrastructure companies or projects will include those involved in the exploration for, and extraction of, base metals, precious metals, bulk commodities, thermal and metallurgical coals, industrial metals, hydrocarbons, renewables and new technologies, including single-asset as well as diversified natural resources companies.

The core services provided by CIC Mining Resources are: the Advisory Service which provides a range of technical, project management, strategic and commercial services; the Strategic Investment Service which helps companies source investment from industry partners for which the Company will typically receive an equity interest; and Advice on Listings where the Company helps the client realise value by listing on a Stock Exchange. www.cicresources.com