International Tower Hill Mines Ltd. ("ITH" or the "Company") -
(TSX: ITH)(NYSE Amex: THM)(FRANKFURT: IW9) is pleased to announce
the results for an additional 14 holes of the 2010 winter drilling
campaign at the Livengood gold project, Alaska (Figure 1). The
winter drilling program is focussed on expanding and adding
confidence to the existing resource by infilling and stepping out
in the permafrost gap areas of the deposit. Drill holes MK-RC-0310
(114 cumulative gram metres), MK-RC-0316 (141 gram metres), and
MK-RC-320 (117 gram metres) continue to close the area between the
Core and the Sunshine Zones with an expansion of higher grade
mineralization (Table 1).
To view Figure 1, please click on the following link:
http://media3.marketwire.com/docs/ith0408m.pdf.
Results from holes MK-RC-320 and 322 are highly encouraging for
expanding the Sunshine Zone and gap area to the north into an
untested area of the gold system. These holes will be followed up
with additional step out holes to assess the potential of this new
and expanding area of the deposit.
In addition to the results from the gap area and north Sunshine
areas, seven new, permafrost, infill holes from the Core Zone
confirm continuity and grade in this key area of the deposit. With
the recent completion of drilling in of all the permafrost areas
within the Core, Sunshine and Gap Zones, drilling is now focused in
the Southwest Zone, which remains fully open for expansion to the
west. Fifteen holes have been completed in this area, with several
more planned prior to the end of the winter campaign. All winter
drill results are expected to be included in a new resource update
planned for the third quarter of 2010. The summer 2010 drill
campaign is scheduled to begin in early June and will involve over
40,000 metres of drilling focused on both resource expansion and
project development requirements.
Work continues on a new Preliminary Economic Assessment (PEA) to
evaluate a combined milling and heap leach scenario for the
deposit. The study aims to maximize the project economics with the
addition of a gravity/flotation milling circuit. Completion of the
study is expected in the second quarter of 2010.
Table 1: Significant New Livengood Intercepts(i)
((i)Intercepts are calculated using a 0.25g/t cutoff and a maximum of 3
metres of internal waste.
Cumulative gram metres is the sum of the grade thickness products for all
intercepts, including many which are not reported here.)
Cumulative
Length grams x
Drill Hole # From (metre) To (metre) (metres) Gold (g/t) metres
----------------------------------------------------------------------------
----------------------------------------------------------------------------
MK-RC-0310 67.06 71.63 4.57 1.11 114.79
134.11 140.21 6.10 1.33
166.12 175.26 9.14 0.81
303.28 339.85 36.57 0.67
includes 315.47 323.09 7.62 1.12
342.90 376.43 33.53 0.92
includes 342.90 345.95 3.05 3.72
381.00 391.67 10.67 0.68
includes 382.52 387.10 4.58 1.12
MK-RC-0314 105.16 117.35 12.19 0.64 70.66
188.98 225.55 36.57 0.69
includes 207.26 213.36 6.10 0.99
MK-RC-0315 21.34 32.00 10.66 1.98 200.70
143.26 173.74 30.48 0.54
181.36 263.65 82.29 0.78
includes 185.93 192.02 6.09 1.45
includes 222.50 240.79 18.29 1.21
265.18 278.89 13.71 0.59
294.13 320.04 25.91 2.00
includes 301.75 315.47 13.72 3.34
MK-RC-0316 15.24 18.29 3.05 1.90 140.63
22.86 28.96 6.10 1.31
39.62 56.39 16.77 0.62
60.96 74.68 13.72 1.58
includes 71.63 74.68 3.05 5.78
88.39 102.11 13.72 0.78
includes 88.39 97.54 9.15 0.99
108.20 123.44 15.24 0.78
MK-RC-0316 161.54 208.79 47.25 0.73
includes 164.59 169.16 4.57 1.14
260.60 268.22 7.62 2.48
303.28 310.90 7.62 0.73
MK-RC-0317 144.78 179.83 35.05 0.91 58.76
includes 152.40 176.78 24.38 1.06
219.46 227.08 7.62 0.71
MK-RC-0318 0.00 6.10 6.10 2.06 53.45
44.20 68.58 24.38 0.81
includes 54.86 62.48 7.62 1.36
85.34 99.06 13.72 1.02
includes 88.39 94.49 6.10 1.65
MK-RC-0319 28.96 36.58 7.62 0.65 92.64
91.44 156.97 65.53 0.81
includes 94.49 129.54 35.05 1.01
181.36 192.02 10.66 1.13
208.79 216.41 7.62 1.48
230.12 231.65 1.53 3.87
MK-RC-0320 89.92 109.73 19.81 0.92 117.01
includes 94.49 100.58 6.09 1.76
147.83 163.07 15.24 1.56
includes 152.40 156.97 4.57 4.03
201.17 256.03 54.86 0.83
includes 204.22 207.26 3.04 1.89
includes 214.88 217.93 3.05 3.22
MK-RC-0322 188.98 246.89 57.91 1.20 96.39
MK-RC-0323 79.25 141.73 62.48 1.03 71.48
MK-RC-0324 126.49 175.26 48.77 0.84 62.74
includes 137.16 143.26 6.10 1.53
includes 155.45 167.64 12.19 1.10
176.78 188.98 12.20 0.80
MK-RC-0325 77.72 100.58 22.86 0.56 56.28
includes 92.96 99.06 6.10 1.06
106.68 111.25 4.57 7.72
MK-RC-0327 3.05 30.48 27.43 0.64 114.13
includes 4.57 9.14 4.57 1.99
172.21 178.31 6.10 1.21
182.88 262.13 79.25 0.64
includes 192.02 199.64 7.62 1.06
includes 230.12 233.17 3.05 2.90
274.32 281.94 7.62 0.92
includes 274.32 277.37 3.05 1.65
294.13 303.28 9.15 1.84
includes 294.13 297.18 3.05 4.93
MK-10-47 33.83 35.00 1.17 7.69 189.70
55.78 60.35 4.57 7.13
88.13 99.82 11.69 0.67
101.72 110.19 8.47 1.13
118.70 129.25 10.55 0.80
130.76 167.74 36.98 1.30
172.22 198.58 26.36 0.74
includes 195.00 197.05 2.05 3.43
201.47 222.20 20.73 0.86
235.48 242.69 7.21 0.79
247.80 256.05 8.25 0.93
Livengood Project Highlights
-- Drilling at the project continues to expand the deposit, with the
current estimated resource only representing a snapshot in time. The
latest resource estimate (February, 2010) of 369 Mt at an average grade
of 0.78 g/t gold (9.3Moz) (Indicated) and 122 Mt at an average grade of
0.77 g/t gold (3.0Moz) (Inferred), both at a 0.5 g/t gold cut-off grade,
makes it one of the largest new gold discoveries in North America.
-- The Core and Sunshine Zones together account for most of the higher
grade mineralization (Indicated Resources of 184 Mt at an average grade
of 0.98 g/t gold and Inferred Resources of 56 Mt at an average grade of
0.99g/t gold, based on a cut-off grade of 0.70 g/t gold) and will form
the basis for starter pit design work.
-- Ongoing metallurgical studies are focussing on the potential use of
milling, with a flotation-gravity circuit, which has returned initial
recoveries of 88% with an 80% volume reduction and offers significant
potential for operational and capital cost savings. Test data for
conventional whole ore milling with a gravity-CIL system produced
initial recoveries of 86% (See NR10-06). Optimization work is ongoing
for these processing alternatives, as they have potential to make
significant positive impacts on project economics.
-- The geometry of the currently defined shallowly dipping, outcropping
deposit has a low strip ratio amenable to low cost open pit mining which
could support a high production rate and economies of scale.
-- No major permitting hurdles have been identified to date.
The Company wishes to emphasize that the Livengood project has a
very favourable logistical location, being situated 110 road
kilometres north of Fairbanks, Alaska along the paved, all-weather
Elliott Highway, the Trans-Alaska Pipeline Corridor, and the
proposed Alaska natural gas pipeline route. The terminus of the
Alaska State power grid lies approximately 55 kilometres to the
south.
ITH controls 100% of its approximately 125 square kilometre
Livengood land package, which is made up of fee land leased from
the Alaska Mental Health Trust, a number of smaller private mineral
leases and 115 Alaska state mining claims. The Company and its
predecessor, AngloGold Ashanti (U.S.A.) Exploration Inc., have been
exploring the Livengood area since 2003, with the project's first
indicated resource estimate being announced in early 2008. The 2009
resource expansion drilling significantly expanded the Money Knob
deposit, which remains open for continued expansion in 2010 and
beyond. Money Knob is emerging as one of the world's largest new
gold deposits and is located in one of the most stable and mining
friendly jurisdictions in the world.
Geological Overview
The Livengood Deposit is hosted in a thrust-interleaved sequence
of Proterozoic to Palaeozoic sedimentary and volcanic rocks.
Mineralization is related to a 90 million year old (Fort Knox age)
dike swarm that cuts through the thrust stack. Primary ore controls
are a combination of favourable lithologies and crosscutting
structural zones. In areas distal to the main structural zones, the
selective development of disseminated mineralization in favourable
host rocks is the main ore control. Within the primary structural
corridors, all lithologies can be pervasively altered and
mineralized. Devonian volcanic rocks and Cretaceous dikes represent
the most favourable host lithologies and are pervasively altered
and mineralized throughout the deposit. Two dominant structural
controls are present: 1) the major shallow south-dipping faults
which host dikes and mineralization which are related to dilatant
movement on structures of the original fold-thrust architecture
during post-thrusting relaxation, and 2) steep NW trending linear
zones which focus the higher-grade mineralization which cuts across
all lithologic boundaries. The net result is broad flat-lying zones
of stratabound mineralization around more vertically continuous,
higher grade core zones with a resulting lower strip ratio for the
overall deposit and higher grade areas that could be amenable for
starter pit production.
The surface gold geochemical anomaly at Livengood covers an area
6 kilometres long by 2 kilometres wide, of which approximately half
has been explored by drilling to date. Surface exploration is
ongoing as new targets are being developed to the northeast and
west of the known deposit.
Qualified Person and Quality Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified person as defined by
National Instrument 43-101, has supervised the preparation of the
scientific and technical information that forms the basis for this
news release and has approved the disclosure herein. Mr. Pontius is
not independent of ITH, as he is the President and CEO and holds
common shares and incentive stock options.
The work program at Livengood was designed and is supervised by
Dr. Russell Myers, Vice President, Exploration, and Chris Puchner,
Chief Geologist (CPG 07048), of the Company, who are responsible
for all aspects of the work, including the quality control/quality
assurance program. On-site personnel at the project photograph the
core from each individual borehole prior to preparing the split
core. Duplicate reverse circulation drill samples are collected
with one split sent for analysis. Representative chips are retained
for geological logging. On-site personnel at the project log and
track all samples prior to sealing and shipping. All sample
shipments are sealed and shipped to ALS Chemex in Fairbanks, Alaska
for preparation and then on to ALS Chemex in Reno, Nevada or
Vancouver, B.C. for assay. ALS Chemex's quality system complies
with the requirements for the International Standards ISO 9001:2000
and ISO 17025:1999. Analytical accuracy and precision are monitored
by the analysis of reagent blanks, reference material and replicate
samples. Quality control is further assured by the use of
international and in-house standards. Finally, representative blind
duplicate samples are forwarded to ALS Chemex and an ISO compliant
third party laboratory for additional quality control.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. is a resource exploration
company, focused in Alaska and Nevada, which controls a number of
exploration projects representing a spectrum from early stage to
the advanced multimillion ounce gold discovery at Livengood. ITH is
committed to building shareholder value through new discoveries
while maintaining a majority interest in its key asset, thereby
giving its shareholders the maximum value for their investment.
On behalf of INTERNATIONAL TOWER HILL MINES LTD.
Jeffrey A. Pontius, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 27E of
the Exchange Act. All statements, other than statements of
historical fact, included herein including, without limitation,
statements regarding the anticipated content, commencement and cost
of exploration programs, anticipated exploration program results,
the discovery and delineation of mineral
deposits/resources/reserves, the potential for the expansion of the
estimated resources at Livengood, the potential for any production
at the Livengood project, the completion of a preliminary economic
analysis of the Livengood project incorporating a milling scenario,
the potential for higher grade mineralization to form the basis for
a starter pit component in any production scenario, the potential
low strip ratio of the Livengood deposit being amenable for low
cost open pit mining that could support a high production rate and
economies of scale, the potential for cost savings due to the high
gravity concentration component of some of the Livengood
mineralization, business and financing plans and business trends,
are forward-looking statements. Information concerning mineral
resource estimates and the preliminary economic analysis thereof
also may be deemed to be forward-looking statements in that it
reflects a prediction of the mineralization that would be
encountered 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
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 40-F 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
technical reports filed with respect to the Company's mineral
properties.
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 estimates contained in or incorporated by
reference in this press 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 14, 2004 (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 Industry Guide 7. Accordingly, the Company's disclosures
regarding mineralization may not be comparable to similar
information disclosed by companies subject to the SEC's Industry
Guide 7. Without limiting the foregoing, while the terms "mineral
resources", "inferred mineral resources" and "indicated 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
Industry Guide 7. Mineral resources which are not mineral reserves
do not have demonstrated economic viability, and United States
shareholders are cautioned not to assume that all or any part of a
mineral resource will ever be converted into reserves. Further,
inferred resources have a great amount of uncertainty as to their
existence and as to whether they can be mined legally or
economically. It cannot be assumed that all or any part of the
inferred resources will ever be upgraded to a higher resource
category. In addition, the NI 43-101 and CIM Standards definition
of a "reserve" differs from the definition adopted by the SEC in
Industry Guide 7. In the United States, 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.
This press release is not, and is not to be construed in any way
as, an offer to buy or sell securities in the United States.
NR10-12
Contacts: International Tower Hill Mines Ltd. Quentin Mai
Vice-President - Corporate Communications 1-888-770-7488 (toll
free) or (604)683-6332 (604) 408-7499 (FAX)
qmai@internationaltowerhill.com www.internationaltowerhill.com
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