VANCOUVER, March 16, 2016 /CNW/ - International Tower Hill
Mines Ltd. ("ITH" or the "Company") - (TSX: ITH) (NYSE-MKT:
THM) today announced that it has filed its audited year-end
financial statements and associated management discussion and
analysis and year-end report on Form 10-K for the year ended
December 31, 2015.
The Company's working capital at December
31, 2015 was USD 6.2 million,
which is expected to allow ITH to advance the Livengood Gold
Project through 2016.
Shareholders can obtain copies of the Company's annual financial
statements and associated management's discussion and analysis and
Form 10-K on SEDAR at: www.sedar.com, EDGAR at www.sec.gov and
on ITH's website at: www.ithmines.com. ITH will also provide hard
copies of these documents, free of charge, to shareholders who
request a copy directly from the Company.
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 optimize and/or enhance the base
case as set out in the September 2013
Feasibility Study for the Livengood Project, including with respect
to OPEX and CAPEX; the potential for the overall mining scheme and
operating cash flows to be improved with an appropriate elevated
cut-off grade strategy and reduced stripping ratio in the early
years of mining, lower throughput and a more compact site layout;
the ability of the Company to potentially include the results of
the optimization process in a new or updated feasibility study or
any future financial analysis of the Livengood Project; the ability
of the Company to carry forward and incorporate into future
engineering studies of the Livengood Project the mine
design, production schedule, and recovery concepts described in
this news release; the potential for the Company to carry out an
engineering phase that will evaluate and optimize the Livengood
Project configuration and CAPEX and OPEX, including determining the
optimum scale for the Livengood Project, the ability of the Company
to advance the Livengood Project either as projected or at all; the
potential for the Company to make a construction decision, whether
when warranted by market conditions or at all; the potential for
market conditions to be such that they warrant the making of a
production decision; the potential development of any mine at the
Livengood Project; 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 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 Information Form
filed with certain securities commissions in Canada and the Company's annual report on Form
10-K filed with the United States Securities and Exchange
Commission (the "SEC"), 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.