VANCOUVER, May 12, 2015 /PRNewswire/ - International
Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX: ITH)
(NYSE-MKT: THM) is pleased to announce that Mr. David A. Cross, CPA, CGA, has been retained
under contract to serve as the Chief Financial Officer (CFO) of the
Company, effective May 11,
2015. Mr. Cross will remain a partner in the firm of Cross
Davis & Company LLP, Certified General Accountants, which has
also been retained to provide corporate accounting support to the
Company.
Tom Irwin, CEO, said "David
worked on our corporate file several years ago and comes with a
strong background of relevant experience and skills which are well
suited to this stage of the Company's business. I look
forward to working with him to continue to advance the Livengood
Gold Project."
Mr. Cross' past experience consists of officer, director and
senior management positions, including five years at Davidson &
Company LLP Chartered Accountants where he spent time as a Manager,
a member of their Technical Accounting Committee and a member of
their IFRS Committee. He is also the CFO of several other
junior mineral exploration companies. Mr. Cross holds a BCIT
diploma in Financial Management and is a Chartered Professional
Accountant and Certified General Accountant.
Cross Davis & Company LLP, Certified General Accountants
focuses on providing accounting, management services and guidance
related to accounting policies, corporate governance and financial
regulatory requirements for publicly listed companies reporting
under both IFRS and US GAAP.
ITH is also pleased to announce that it has expanded Ms.
Debbie L. Evans' responsibilities
and title to include Corporate Controller for ITH as well her
current position as Controller for Tower Hill Mines, Inc. the U.S.
operating subsidiary of the Company in Alaska, with responsibility for accounting,
budgeting and human resource functions.
Tom Irwin, CEO, said "Debbie is
already a key member of the Livengood Gold Project Team and with
her accounting experience at successful Alaska mines she will continue to add value to
the Company's financial reporting and compliance functions.
We are fortunate to have her as part of the team."
Ms. Evans has 20 years of experience in the mine controller and
mine accounting positions. Prior to joining the Company in
January, 2011, Ms. Evans was the Controller for the Kensington Mine
operated by Coeur Alaska Inc., and prior to that, Ms. Evans was the
Controller at the Fort Knox Mine and Chief Accountant for the East
Boulder Mine in Big Timber, Montana. Prior to that, she held
senior accounting positions at the Stillwater, Round Mountain and ASARCO
Mines.
Ms. Evans has a B.Sc. Business Management Degree from
Lewis Clark State College, Lewiston, Idaho.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. controls 100% of the
Livengood Gold Project that contains 15.7 M oz. of gold
(807 MT at 0.61 g/t) measured &
indicated and 4.4 M oz. (266 MT at 0.52 g/t) inferred, all at a
0.30 g/t gold cutoff, located along the paved Elliott Highway, 70
miles north of Fairbanks,
Alaska.
On behalf of
International Tower Hill Mines Ltd.
(signed) Thomas E.
Irwin
Chief Executive Officer
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and US
securities legislation. All statements, other than statements
of historical fact, included herein, including statements with
respect to the ability of the Company to advance the Livengood
Project, the potential development of any mine at Livengood,
business and financing plans and business trends are
forward-looking statements. Information concerning mineral
reserve/resource estimates and the economic analysis thereof
contained in the September 2013
feasibility study also may be deemed to be forward-looking
statements in that it reflects a prediction of the mineralization
that would be encountered, and the results of mining it, if a
mineral deposit were developed and mined. Although the
Company believes that such statements are reasonable, it can give
no assurance that such expectations will prove to be correct.
Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, postulate,
proposed, planned, potential and similar expressions, or are those,
which, by their nature, refer to future events. The Company
cautions investors that any forward-looking statements by the
Company are not guarantees of future results or performance, and
that actual results may differ materially from those in forward
looking statements as a result of various factors, including, but
not limited to, variations in the nature, quality and quantity of
any mineral deposits that may be located, variations in the market
price of any mineral products the Company may produce or plan to
produce, the inability of the Company to obtain any necessary
permits, consents or authorizations required for its activities,
the inability of the Company to produce minerals from its
properties successfully or profitably, to continue its projected
growth, to raise the necessary capital or to be fully able to
implement its business strategies, and other risks and
uncertainties disclosed in the Company's Annual Report on Form 10-K
filed with the United States Securities and Exchange Commission
(the "SEC") and certain Canadian Securities Commissions, and other
information released by the Company and filed with the appropriate
regulatory agencies. All of the Company's Canadian public
disclosure filings may be accessed via www.sedar.com and its
United States public disclosure
filings may be accessed via www.sec.gov, and readers are urged to
review these materials, including the latest technical report filed
with respect to the Company's Livengood property.
Cautionary Note Regarding References to Resources and
Reserves
National Instrument 43 101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") is a rule developed by the Canadian
Securities Administrators which establishes standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Unless otherwise
indicated, all resource and reserve estimates contained in or
incorporated by reference in this news release have been prepared
in accordance with NI 43-101 and the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM")
Standards on Mineral Resource and Mineral Reserves, adopted by the
CIM Council on November 27, 2010 (the
"CIM Standards") as they may be amended from time to time by
the CIM.
United States shareholders
are cautioned that the requirements and terminology of NI 43-101
and the CIM Standards differ significantly from the requirements
and terminology of the SEC set forth in the SEC's Industry Guide 7
("SEC Industry Guide 7"). Accordingly, the Company's disclosures
regarding mineralization may not be comparable to similar
information disclosed by companies subject to SEC Industry Guide
7. Without limiting the foregoing, while the terms "mineral
resources", "inferred mineral resources", "indicated mineral
resources" and "measured mineral resources" are recognized and
required by NI 43-101 and the CIM Standards, they are not
recognized by the SEC and are not permitted to be used in documents
filed with the SEC by companies subject to SEC Industry Guide
7.
Mineral resources which are not mineral reserves do not have
demonstrated economic viability, and investors are cautioned not to
assume that all or any part of a mineral resource will ever be
converted into reserves. The preliminary assessments on the
Livengood Project are preliminary in nature and include "inferred
mineral resources" that have a great amount of uncertainty as to
their existence, and are considered too speculative geologically to
have economic considerations applied to them that would enable them
to be categorized as mineral reserves. There is no certainty
that such inferred mineral resources at the Livengood Project will
ever be realized. Further, it cannot be assumed that all or any
part of the inferred resources will ever be upgraded to a higher
resource category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of a feasibility study or
prefeasibility study, except in rare cases. Investors are cautioned
not to assume that all or any part of an inferred mineral resource
exists or is economically or legally mineable.
The SEC normally only permits issuers to report
mineralization that does not constitute SEC Industry Guide 7
compliant "reserves" as in-place tonnage and grade without
reference to unit amounts. The term "contained ounces" is not
permitted under the rules of SEC Industry Guide 7. In
addition, the NI 43-101 and CIM Standards definition of a "reserve"
differs from the definition in SEC Industry Guide 7. In SEC
Industry Guide 7, a mineral reserve is defined as a part of a
mineral deposit which could be economically and legally extracted
or produced at the time the mineral reserve determination is made,
and a "final" or "bankable" feasibility study is required to report
reserves, the three-year historical price is used in any reserve or
cash flow analysis of designated reserves and the primary
environmental analysis or report must be filed with the appropriate
governmental authority.
This news release is not, and is not to be construed in any
way as, an offer to buy or sell securities in the United States.
SOURCE INTERNATIONAL TOWER HILL
MINES LTD.