ROAD TOWN, TORTOLA, British Virgin Islands, July 15 /CNW/ - CIC Energy
Corp. ("CIC Energy" or the "Company") (TSX: ELC, BSE: CIC Energy) reported a
loss for the three month period ended May 31, 2008 of $2,610,000 or $0.05 per
share (basic and diluted), and a loss for the six month period of $4,089,000
or $0.08 per share (basic and diluted).
The loss for the three and six month periods are attributable to
non-capitalized exploration expenditures, administration and personnel costs.
Capitalized exploration costs amount to $105 million, with exploration
costs for the six month period totaling $18 million.
Consolidated Interim Financial Statements for the three and six months
ending May 31, 2008, along with Management's Discussion and Analysis, have
been filed on SEDAR and are available at www.sedar.com.
Appointment of Executive Vice President, Project Implementation
The Company is pleased to announce the appointment of Anton Reiche as
Executive Vice President, Project Implementation, effective immediately. Mr.
Reiche has close to 30 years experience in industrial mega-project
construction and project management both in southern Africa and
internationally, and has previously been involved in power plant,
petro-chemical plant, mineral processing plant and coal handling project
implementation. Most recently, in a career spanning 14 years with Murray &
Roberts, a leading South African project implementer, he was responsible for,
amongst other things, the construction management of the internationally
renowned Mozal Aluminium Smelter Project (Murray & Roberts in joint venture
with SNC-Lavalin of Canada, 1998-2003) and later was the project director
responsible for construction of the Vaal River Eastern Sub-system Augmentation
Project, a strategic water supply system and the largest contract of its type
undertaken in southern Africa. Mr Reiche holds engineering qualifications from
the Witwatersrand University of Technology and the Cape Town University of
Technology and is a professional associate of the South African Council for
the Project and Construction Management Professions.
"Anton Reiche is a key addition to our management team with his extensive
experience in civil construction and project management," said Mr. Gregory
Kinross, President of CIC Energy. "His experience will be an asset in
developing the Mmamabula Energy Complex, which is planned to include a power
station, an export coal operation and a coal-to-hydrocarbons project."
For further information:
For further 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: