International Tower Hill Shareholders Approve Corvus Gold Inc. Spin-out
August 13 2010 - 9:00AM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:
ITH)(NYSE Amex: THM)(FRANKFURT: IW9) is pleased to announce that
its shareholders have voted 99.85% in favour of approving the
spin-out of its Alaska and Nevada exploration assets into Corvus
Gold Inc. ("Corvus") by way of a plan of arrangement. Over 54% of
the outstanding shares of the Company were represented and voted on
the arrangement resolution at the Company's Special Meeting held on
August 12, 2010.
Jeff Pontius, the President and CEO of the Company, noted that
"I am extremely pleased at the overwhelming approval for the Corvus
spin-out received from the Company's shareholders. The completion
of the arrangement will allow ITH to focus all of its energies on
the ongoing development of the Livengood Project. Corvus, as a
separate and independent company, will be able to focus on
generating value from the Company's current Alaska and Nevada
exploration projects through the further exploration of those
projects, as well as utilizing our extensive Alaska database to
identify and acquire additional prospective projects."
As the next step in the process, an application for a final
order of the Supreme Court of British Columbia approving the
arrangement will be set down for hearing before the presiding Judge
or Master in Chambers at the Courthouse at 800 Smithe Street,
Vancouver, British Columbia, on August 20, 2010 at 9:45 a.m., or so
soon thereafter as counsel may be heard.
The Company is also pleased to report that Corvus has received
the conditional approval of the Toronto Stock Exchange ("TSX") to
list the common shares of Corvus on the TSX. Listing of the common
shares is subject to the completion of the arrangement spin-out and
compliance with all of the TSX requirements, including receipt by
the TSX of all required documentation by October 26, 2010.
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
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 completion of the arrangement
spin-out involving the Company and Corvus Gold Inc. and the listing
of the common shares of Corvus on the TSE, 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. 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, the failure of the Company and Corvus to obtain the
final order approving the arrangement or to satisfy the conditions
precedent top the listing of the Corvus shares on the TSE. Other
risks and uncertainties are disclosed in the Company's annual
information form filed with Canadian securities commission and its
annual report on Form 40-F filed with the United States Securities
and Exchange Commission, 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.
NR10-25
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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