VANCOUVER, BC, July 15, 2020 /PRNewswire/ - International
Tower Hill Mines Ltd. (the "Company") - (TSX: ITH) (NYSE American:
THM) today announced that it has finalized the key contracts for
completion of the previously announced Pre-Feasibility Study (PFS)
on the Livengood Gold Project and expects to release the results of
the PFS and the associated NI 43-101 Technical Report in
October 2021.
The comprehensive study will incorporate work that has been done
since the last NI 43-101 report was completed to further de-risk
and identify the optimal project configuration. The Company has
engaged BBA, Inc. as its lead consultant and has retained Whittle
Consulting, Resource Modeling, Inc., Resource Development
Associates, Easton Process Consulting, and NewFields Companies, LLC
to provide specialized technical support.
"BBA has been our lead consultant since 2015 and has extensive
experience with similar large-scale gold projects, such as Detour
Lake and Canadian Malartic." said Karl
Hanneman, CEO. "We look forward to working alongside BBA and
our other consultants to provide an updated PFS during October of
next year. The work from this study will help the Company determine
the appropriate next steps to continue to create shareholder
value."
As set forth in the Company's April
2017 NI 43-101 Technical Report, the Livengood Gold Project
has a measured and indicated gold resource of 11.5 million ounces.
The Company believes that the recent strength in the price of gold
arising from the unprecedented accommodative fiscal and monetary
stimulus from central banks and governments globally provides the
necessary macroeconomic backdrop to support the advancement of the
large, highly-levered, and long-life gold asset at Livengood.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. has a 100% interest in the
Livengood Gold Project located along the paved Elliott Highway, 70
miles north of Fairbanks,
Alaska.
On behalf of
International Tower Hill Mines Ltd.
(signed) Karl L.
Hanneman
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 potential development of any mine at Livengood, the timing
and contents of a new Pre-Feasibility Study, production levels and
the price of gold are forward-looking statements. Although the
Company believes that such statements are reasonable, it can give
no assurance that such expectations will prove to be correct. 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, the price of gold, the potential
inability of the Company 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 and other reports filed with the United States Securities and
Exchange Commission, and certain securities commissions in
Canada 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. Readers are urged to review these
materials, including the latest technical report filed with respect
to the Livengood Gold Project.
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.
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SOURCE International Tower Hill Mines Ltd.