International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:
ITH)(NYSE Amex: THM)(FRANKFURT: IW9) is pleased to announce the
results of an independently prepared Preliminary Economic
Assessment (PEA) for the Livengood gold project, Alaska.
The combined milling/heap leach PEA is based the Company's June,
2010 resource estimate and produced a positive economic analysis
for the conceptual project. Significantly the PEA demonstrated a
life of project average annual production of 504,000 recovered
ounces of gold for 21 years, at a 1:1.07 strip ratio (ore to
waste), indicating a pre-tax NPV(5%) of USD 813M, and an IRR of
15.4% using a USD 950 per ounce gold price (Table 1). The study
also shows the deposit has a considerable leverage to gold price,
with a pre-tax NPV(5%) of USD 2.3B and an IRR of 32.5% at a USD
1,200 per ounce gold price (Table 2).
ITH's management will hold a conference call on Tuesday, August
03, 2010, at 2:00 p.m. EST/11:00 a.m. PST to discuss the results.
All participants will be asked to register with the conference call
operator. Contact numbers for the call are
1-416-641-6151/1-866-358-0067.
Livengood Project Highlights:
-- 13.6 million ounce in-pit resource deposit with potential for over
500,000 ounces per year of production
-- Good infrastructure and favourable jurisdiction positively impacting
development costs
-- Excellent potential to expand the existing deposit, upgrade in-pit
resource and make new discoveries within the district
-- Favourable mining geometry and a low strip ratio
-- Potential to increase production rates substantially in future mining
design with larger throughput facilities and mining fleet to maximize
economies of scale
-- High recovery of gold to gravity and flotation concentrates reducing
processing costs and tailings infrastructure capital costs
-- Existing highly competent and experienced labor force available in the
local area
Jeffrey Pontius President and CEO of ITH stated "These initial
results from the integration of the updated resource estimate and
the inclusion of milling into the production plan have highlighted
the project's key drivers: high annual gold production, low ore to
waste strip ratio, and high leverage to gold price with an early
heap leach start-up component prior to mill construction. In
addition, the study identified a number of opportunities to
significantly add value, which include assessing increased ore
production rates to reduce the current long mine life, adding
certainty to reduce the current 25% contingency on capital cost and
improving the mining sequencing to reduce operational cost. In
addition, our ongoing exploration has good potential to both expand
the deposit and discover new deposits within the district."
Table 1
Livengood Project - Mill - Heap Leach PEA-Summary
(All values in 2010 USD based on an $850 pit shell, mining recoverable
in-pit resources above 0.3 g/t gold cut off)
--------------------------------------------------------------------------
In-pit resource - Indicated 600 Mt @ 0.65 g/t gold for 12.6M
contained ounces gold, 9.8M
recoverable ounces gold
--------------------------------------------------------------------------
In-pit resource - Inferred 48 Mt @ 0.64 g/t gold for 1.0M
contained ounces gold, 0.8M
recoverable ounces gold
--------------------------------------------------------------------------
NPV(5%) and IRR at USD 950 per Oz USD 813M ; 15.4%
--------------------------------------------------------------------------
Over all strip ratio of : 1 to 1.07 (ore to waste)
--------------------------------------------------------------------------
Average Annual gold production: 504,000 ounces over a 21 year mine
life
--------------------------------------------------------------------------
Average gold recovery: 78% (76% Heap & 81% Mill)
--------------------------------------------------------------------------
LOM Mining rate: 81,000 ore tonnes per day, 167,000
total tonnes per day
--------------------------------------------------------------------------
Mining cost per/tonne: $1.45
--------------------------------------------------------------------------
Mill Processing cost/tonne: $7.69
--------------------------------------------------------------------------
Heap Leach Processing cost/tonne $2.95
--------------------------------------------------------------------------
G&A cost per processed tonne: $0.81
--------------------------------------------------------------------------
Operating Cost per ounce: $560
--------------------------------------------------------------------------
Initial capital cost: $635 M
--------------------------------------------------------------------------
Mill deferred capital cost $750 M
--------------------------------------------------------------------------
Life of mine sustaining capital costs: $450 M
--------------------------------------------------------------------------
Capital Contingency: 25%
--------------------------------------------------------------------------
The Company will file the final version of a NI 43-101 technical
report which will include the results of this Preliminary Economic
Analysis (the "Report") on SEDAR within 45 days, and investors are
urged to review the Report in its entirety.
Table 2
Base Case Gold Price Sensitivity Analysis
(all values in constant 2010 US$)
Gold Price NPV(5%) ($M) NPV(7.5%) ($M) IRR (%)
------------------------------------------------------
$950 $813 $495 15.4%
------------------------------------------------------
$1,100 $1,708 $1,200 25.8%
------------------------------------------------------
$1,200 $2,305 $1,669 32.5%
------------------------------------------------------
$1,500 $4,096 $3,079 52.3%
------------------------------------------------------
This PEA utilized preliminary estimates of heap leach and mill
recovery, assuming a nominal 76% and 81% process recovery,
respectively. This estimated mill recovery is consistent with the
high average recovery (89%) of gold to concentrate demonstrated in
the existing metallurgical testing data and the subsequent total
gold recovery by CIL treatment in some of the ore types. Extensive
metallurgical testing will be conducted as part of a
Pre-feasibility Study to verify the total gold recovery assumptions
and to support design of the required mill and heap leach
processes.
Carl Brechtel, Chief Operating Officer of ITH, stated "The
positive results from this economic assessment will form the
conceptual foundation of the Livengood project design, which is
projected to consist of a large open pit mine supplying ore to both
a large mill using gravity and flotation concentration and a heap
leach pad with associated gold recovery circuit. The authors of
this most recent PEA will continue on as key external members of
the Company's Owner Team, providing continuity in the transition to
the Pre-feasibility Study. The Pre-feasibility Study will address a
number of optimization and enhancement opportunities to continue to
improve and grow the project."
The Company cautions that this PEA is preliminary in nature, and
is based on technical and economic assumptions which will be
evaluated in the Pre-feasibility Study. The PEA is based on the
Livengood in-situ resource model (June, 2010) which consists of
material in both the indicated and inferred classification.
Inferred mineral resources are considered too speculative
geologically to have technical and economic considerations applied
to them. The current basis of project information is not sufficient
to convert the in-situ mineral resources to Mineral Reserves, and
mineral resources that are not mineral reserves do not have
demonstrated economic viability. Accordingly, there can be no
certainty that the results estimated in this PEA will be realized.
The PEA results are only intended as an initial, first-pass review
of the potential project economics based on preliminary
information.
This initial stage mill and heap leach PEA, utilizes the June
2010 in-situ resource estimate, which includes all assays completed
through May, 2010 (434 diamond and reverse circulation holes). The
mine production estimate was developed by L-G optimization to
produce a series of pit shells defined at varying gold prices
between $300 and $1500 per ounce, for the gold recovery and
processing cost assumptions. A long term gold price of $950 per Au
oz has been assumed in this PEA, and the pit shell defined at $850
per Au oz was selected for the analysis to assure a minimum margin
on process cost of $100 per Au ounce. The resulting pit shell at
projected full extraction is shown in Figure 1 (to view Figure 1,
please click on the following link:
http://media3.marketwire.com/docs/ith83.pdf), and a series of 5
push-backs were chosen within the shell as the basis of a
production schedule that would deliver a nominal 81,000 tonnes/day
ore output. Individual in-situ resource blocks within the pit shell
were assigned an economic value based on recovery and contained
gold above the 0.3 g/t cut-off grade, and the blocks were assigned
to one of the heap leach, mill or waste dump destinations based on
the economic value. For blocks assigned to the heap leach or mill
destination, the individual block grade-tonnage data developed in
the Multiple Indicator Kriging in-situ resource model was used to
calculate the mining recoverable tonnage above the 0.3 g/t cut-off
grade. The mining recoverable resource was scheduled to the
appropriate process circuit (mill or heap leach) and the remaining
material below the 0.3 g/t mining recovery cut-off was scheduled to
the waste dump.
The Livengood mineralization remains open in a number of
directions particularly to the west, southeast and at depth. The
Company is continuing its resource expansion drilling campaign,
which is focused on expanding the higher grade Southwest Zone of
the deposit, confirming the inferred resource extrapolation at
depth currently included in the in-pit resource, and infilling the
drill pattern to increase the drill density in core of the Sunshine
Zone and Main Zone mineralization.
Cash Flow Model Inputs and Assumptions
Resources - The analysis included both indicated and inferred
resources in the mining and economic study. Indicated resources
make up more than 90% of the defined in-pit ore tonnage.
Mining Method - A standard open pit drill, blast, load and haul
mining plan was used for the study, assuming a 45 degrees pit
slope. Preliminary pit designs have been developed and include pit
roads and ramps for all stages of the open pit schedule. The
assumed nominal mining rate was 167,000 total tonnes per day, with
365 operating days per year.
Processing Method - A valley fill heap leach design, operated
initially at 100,000 tonnes of ore a day and declining to nominally
35,000 tonnes ore per day after the mill start-up in year 4, was
assumed for the PEA. Heap leach ore would be crushed to 1.2 cm and
truck stacked on the pad. A process plant using SAG milling,
gravity and flotation circuits for concentration and CIL recovery
of gold was assumed in the PEA. The process plant was assumed to
have a nominal throughput of 53,400 tonnes per day, beginning
operation in year 4, after 3 years of heap leach processing.
Gold Recovery Model - Process recoveries were estimated for each
of 21 different mineralization types (7 rock types, 3 oxidations
states) in the deposit based on metallurgical test results
published in the June 2010 update of the Livengood technical data.
The quantity of mineralization types are then projected into the
in-situ resource block model using a 3D geological model of the
deposit, and a process recovery factor is calculated for each model
block. The calculated process recovery factor is used to determine
produced gold ounces for the portion of mine recoverable material
above the 0.3 g/t cut-off grade for each block according to its
processing destination (heap leach or mill).
Operating and Capital Cost Estimates - Preliminary capital and
operating costs were prepared using information available on other
Alaskan gold mines, an independent mining and development cost
research report commissioned by the Company, all available project
technical data and metallurgical/process related test work.
Preliminary site infrastructure alternatives (heap leach, waste
dump, tailing storage facilities, and mill) have been evaluated by
independent study and an arrangement defined as the basis of
capital cost estimates. Capital costs were estimated from a review
of recent gold projects developed in the region. Capital costs were
developed based on a nominal mining rate of 81,000 tonnes of ore
per day (nominal total tonnes mined per day of 167,000), processing
a total of 650 Mt, and includes sustaining capital and all
facilities and equipment needed for all phases of the project over
its projected 21 year life. All costs are in constant USD from Q3
2010. No escalation was applied in the financial model.
Taxes and Royalties - Taxes and royalty charges were excluded
from this preliminary analysis of the project. Net smelter return
royalty rates vary from 0-5% across the project and average
approximately 2.5%, assuming exercise by the Company of all
available royalty buy-out rights.
Revenue - Revenue was determined in the base case financial
model assuming a constant, long term gold price of $950 per ounce.
All sensitivities to gold price assumptions were assessed using a
constant price.
June 2010 Resource Update
Reserva International, LLC. produced an updated in-situ mineral
resource estimate, the results of which were included in the June
2010 update of the Livengood NI 43-101 (June 2010 Summary Report on
the Livengood Project, Tolovana District, Alaska). Summary results
at different cut-off grades are listed in Table 3. This in-situ
resource estimate was used as the basis for the Mill and Heap Leach
PEA.
Table 3
June 2010 Livengood In-Situ Resources (at 0.30 g/t gold cutoff)
---------------------------------------------------------------------------
Gold Cutoff Tonnes Gold Million Ounces
Classification (g/t) (millions) (g/t) Gold
---------------------------------------------------------------------------
Indicated 0.30 789 0.62 15.7
---------------------------------------------------------------------------
Inferred 0.30 229 0.55 4.0
---------------------------------------------------------------------------
June 2010 Livengood In-Situ Resources (at 0.50 g/t gold cutoff)
---------------------------------------------------------------------------
Gold Cutoff Tonnes Gold Million Ounces
Classification (g/t) (millions) (g/t) Gold
---------------------------------------------------------------------------
Indicated 0.50 409 0.83 10.9
---------------------------------------------------------------------------
Inferred 0.50 94 0.79 2.4
---------------------------------------------------------------------------
June 2010 Livengood In-situ Resources (at 0.70 g/t gold cutoff)
---------------------------------------------------------------------------
Gold Cutoff Tonnes Gold Million Ounces
Classification (g/t) (millions) (g/t) Gold
---------------------------------------------------------------------------
Indicated 0.70 202 1.07 6.9
---------------------------------------------------------------------------
Inferred 0.70 40 1.06 1.4
---------------------------------------------------------------------------
The scale of the Livengood gold system is demonstrated by the
size of the estimated resource using a 0.3 g/t gold cutoff (Table
3). This resource forms a coherent body covering a lateral extent
of three square kilometres and remains open in several
directions.
The resource model for the deposit was developed using Multiple
Indicator Kriging techniques. Indicator variogram modeling was done
on 10 metre composites. The resource model was constrained by the
lithological model developed by the Company. Spatial statistics
indicate that the mineralization shows very reasonable continuity
within the range of anticipated operational cutoffs. Bulk density
was estimated on the basis of individual density measurements made
on core samples and reverse circulation drill chips from each
stratigraphic unit. In total, 98 measurements were used. Block
density was assigned on the basis of the lithological model. The
resource model, with blocks 15 x 15 by 10 metres, was estimated
using nine indicator thresholds. A change-of-support correction was
imposed on the model assuming 5 x 5 x 10 metre selectable mining
units. Classification of indicated and inferred was based on
estimation variance.
Livengood Project Highlights
-- Drilling at the project continues to expand the deposit in several
directions; at depth, to the west in the Lillian area and to the
southeast in the Sunshine Zone.
-- The Company has begun the Money Knob pre-feasibility study with the
initiation of hydrological studies, surface mine facility location
analysis, phase 2 metallurgical studies, deposit scale geotechnical
studies and the continuing collection of environmental baseline data.
-- Ongoing metallurgical studies continue to focus on gravity and flotation
concentration, which has returned initial average recoveries to
concentrate of 89% and offers a significant potential for operational
and capital cost savings. 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. Future
mining studies will evaluate mining and processing production rates
greater than analyzed in this current mill-heap leach PEA.
-- The Livengood project has a very favorable 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 80 kilometres to the south.
-- ITH controls 100% of its approximately 145 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.
-- No major permitting hurdles have been identified to date.
Geological Overview
The Livengood Deposit is hosted in a thrust-interleaved sequence
of Proterozoic to Paleozoic 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 favorable lithologies and crosscutting
structural zones. In areas distal to the main structural zones, the
selective development of disseminated mineralization in favorable
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 favorable 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 Persons and Quality Control/Quality Assurance
Tim Carew, P.Geo., of Reserva International, LLC., a mining
geo-scientist, is a Professional Geoscientist in the province of
British Columbia (No. 18453) and, as such, is acted as the
Qualified Person, as defined in NI 43-101, for the June 2010
resource modeling for the Livengood deposit. Mr. Carew has a B.Sc.
degree in Geology, an M.Sc in Mineral Production Management and
more than 34 years of relevant geological and mining engineering
experience in operating, corporate and consulting environments.
Both Mr. Carew and Reserva International, LLC. are independent of
the Company under NI 43-101.
Dr. Paul D. Klipfel, Ph.D., AIPG, a consulting economic
geologist employed by Mineral Resource Services Inc., has acted as
the Qualified Person, as defined in NI 43-101, for the exploration
data and supervised the preparation of the technical exploration
information on which some of this news release is based. Dr.
Klipfel has a PhD in economic geology and more than 28 years of
relevant experience as a mineral exploration geologist. He is a
Certified Professional Geologist (CPG 10821) by the American
Institute of Professional Geologists. Both Dr. Klipfel and Mineral
Resource Services Inc. are independent of the Company under NI
43-101.
Mr. William J. Pennstrom, Jr., of Pennstrom Consulting Inc., a
consulting metallurgical engineer, is acting as the Qualified
Person, as defined in NI 43-101, for the metallurgy and mineral
processing programs for the Livengood deposit, and development of
the PEA project financial analysis. Mr. Pennstrom has a BS degree
in Metallurgical Engineering and a Masters degree in Business
Management. He has more than 26 years of relevant experience as a
metallurgist, having functioned as an operator, engineer, and
process consultant over this time frame. Mr. Pennstrom is also a
Qualified Professional (QP) member of the Mining and Metallurgical
Society of America. Both Mr. Pennstrom and Pennstrom Consulting
Inc. are independent of the Company under NI 43-101.
Mr. Quinton de Klerk, Director of Mining Solutions at Cube
Consulting, Perth, Australia, is a consulting mining engineer
specializing in open pit design, open pit optimization and
analysis, mine design, production scheduling, due diligence
evaluations and Mineral Reserves reporting. He is acting as
Qualified Person, as defined in NI 43-101, for the open pit
optimization and scheduling work for the Livengood Deposit. Mr. de
Klerk has over 15 years experience in open pit mining and is a
Corporate Member of AusIMM. He holds a Mine Manager's Certificate
in South Africa and a National Higher Diploma in Metalliferous
Mining. Both Mr. de Klerk and Cube Consulting are independent of
the Company under NI 43-101.
Mr. John Bell, Sr. Project Manager at MTB Project Management
Professionals, Inc of Denver, Colorado, is a graduate civil
engineer, with an MBA, specializing in project management, cost
estimation, project controls, construction management and contract
administration. Mr. Bell is acting as Qualified Person, defined in
NI 43-101, for capex and opex cost review for the Livengood
Project. Mr. Bell has over 46 years experience working in the
engineering and construction industry in North and South America,
Europe, Australia and Asia. He is a Life Member of the American
Society of Civil Engineers, a Member of the Association for
Advancement of Cost Engineering, a Member of the Institution of
Engineers, Australia and a Chartered Professional Engineer in
Australia (#172814). Both Mr. Bell and MTB Project Management
Professionals, Inc. are independent of the Company under NI
43-101.
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.
Development work at the Livengood Project is directed by Carl E.
Brechtel (Colorado PE 23212, Nevada PE 8744), who is a qualified
person as defined by National Instrument 43-101. He is a graduate
geological engineer with and MS degree in mining engineering. He is
a member of the Society for Mining, Metallurgy and Exploration
located in Denver CO, and AusIMM (Australia) and SAIMM (South
Africa). Mr. Brechtel has supervised the preparation of the
technical and economic information that forms the basis for this
news release and has approved the disclosure herein. Mr. Brechtel
is not independent of ITH, as he is the COO and holds incentive
stock options.
The work program at Livengood was designed and is supervised by
Chris Puchner, Chief Geologist (CPG 07048), of the Company, who is
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 of 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 holdings, 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 a production
decision concerning, and any production at, the Livengood project,
the completion of a Pre-feasibility Study for the Livengood
project, 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, 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
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 Company's inability to
obtain any necessary permits, consents or authorizations required
for its activities, the Company's inability 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.
NR10-23
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.ITHmines.com /
www.internationaltowerhill.com
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