International Tower Hill Mines Ltd. (TSX: ITH)(NYSE Amex:
THM)(FRANKFURT: IW9) -
Highlights
-- MK-10-62: 18.4m @ 4.2 g/t & 17 m @ 2.4 g/t gold - Core Zone Infill
-- MK-RC-0440: 15.m @ 3.1 g/t gold - Core Zone Infill
-- MK-RC-0448: 47.3m @ 1.8 g/t gold - Core Zone Infill
-- MK-RC-0438: 38.1m @ 1.7 g/t & 12.2 m @ 4.6 g/t gold - Core Zone Infill
-- MK-RC-0449: 74.7m @ 1.3 g/t gold - Core Zone Infill
-- MK-10-64: 75.9m @ 1.1 g/t & 3.4m @ 8.3 g/t gold - Sunshine Zone Infill
-- MK-RC-0429: 77.7m @ 1.0 g/t gold - Core Zone Infill
International Tower Hill Mines Ltd. ("ITH" or the "Company") is
pleased to announce the results from the latest 30 holes completed
in its 55,000-metre Summer 2010 Livengood Exploration Program
(Figure 1: http://media3.marketwire.com/docs/ith-map1.pdf). The
Summer 2010 program is focused on the conversion of the existing NI
43-101 indicated and inferred resources to the measured and
indicated categories through infill drilling, as well as step-out
resource expansion and mine development-related engineering and
environmental testing. The Company is currently operating seven
drills at Livengood (three RC and four core rigs).
Highlights of the ongoing 2010 work program at Livengood
include:
-- Infill drilling continues to expand and add greater definition of near
surface, higher grade areas in the Core and Sunshine zones. Recent
results continue to outline significant zones of higher grade
mineralization in the top 150 metres of the deposit, which will be the
key economic drivers of starter pit design work in the coming months.
Several significant intervals highlighted in this news release in this
shallow zone are: MK-RC-0448, 47m @ 1.76 g/t gold beginning at 96
metres; MK-RC-0446, 32m @ 1.39 g/t gold beginning at 78 metres; MK-RC-
0440 15m @ 3.11 g/t gold beginning at 24 metres; MK-RC-044, 1 27m @ 1.09
g/t gold & 31m @ 1.57 g/t gold beginning at 11 metres and MK-10-62, 18m
@ 4.18 g/t gold & 71m @ 0.98 g/t gold beginning at 67 metres.
-- Completion of infill drill holes below the floor of prior drilling
(approximately 300 metres in depth) in the Core Zone continues to expand
this dimension of the deposit. Ten of 18 Core Zone drill holes reported
in this news release have significant intercepts below the general floor
of previous drilling (MK-RC-0432, 17m @ 1.85 g/t gold beginning at 384
metres; MK-RC-0443, 15m @ 1.08 g/t gold beginning at 299 metres; MK-RC-
0440, 11m @ 1.08 g/t gold beginning at 291 metres).
Table 1: Significant Livengood New Intercepts(i)
(i)Intercepts are calculated using a 0.25g/t gold cutoff and a maximum of 3
metres of internal waste.
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From To Thickness
Drill Hole (metres) (metres) (metres) Gold (g/t) Area
----------------------------------------------------------------------------
MK-RC-0404 111.25 114.3 3.05 1.82 Olive
MK-RC-0425 no significant intercepts Core Infill
MK-RC-0428 83.82 92.96 9.14 0.66 Core Infill
105.16 117.35 12.19 1.41
includes 105.16 108.2 3.04 4.59
123.44 138.68 15.24 1.14
includes 132.59 135.64 3.05 3.07
227.08 237.74 10.66 0.52
243.84 275.84 32 0.82
includes 254.51 263.65 9.14 1.20
286.51 301.75 15.24 0.67
307.85 316.99 9.14 0.88
includes 312.42 315.47 3.05 2.01
333.76 338.33 4.57 1.61
MK-RC-0429 6.1 24.38 18.28 0.96 Core Infill
includes 18.29 24.38 6.09 1.94
30.48 45.72 15.24 0.86
includes 42.67 45.72 3.05 1.93
77.72 86.87 9.15 1.45
includes 80.77 83.82 3.05 3.67
97.54 175.26 77.72 1.01
includes 109.73 115.82 6.09 1.45
includes 147.83 152.4 4.57 7.07
219.46 225.55 6.09 1.36
includes 219.46 222.5 3.04 2.03
MK-RC-0430 Sunshine
146.3 152.4 6.1 1.15 North
includes 147.83 150.88 3.05 1.71
MK-RC-0431 16.76 24.38 7.62 0.78 Core Infill
103.63 108.2 4.57 1.32
184.4 190.5 6.1 2.67
275.84 286.51 10.67 0.50
MK-RC-0432 7.62 24.38 16.76 0.68 Core Infill
32 54.86 22.86 0.76
includes 33.53 39.62 6.09 1.66
82.3 94.49 12.19 1.82
99.06 126.49 27.43 0.61
152.4 166.12 13.72 0.66
includes 152.4 155.45 3.05 1.68
167.64 227.08 59.44 0.71
includes 211.84 217.93 6.09 1.30
295.66 309.37 13.71 0.66
384.05 400.81 16.76 1.85
includes 385.57 390.14 4.57 5.62
MK-RC-0433 109.73 115.82 6.09 2.61 Core Infill
138.68 150.88 12.2 0.75
167.64 179.83 12.19 0.96
182.88 192.02 9.14 1.51
includes 187.45 190.5 3.05 3.89
213.36 265.18 51.82 1.06
includes 220.98 225.55 4.57 5.64
MK-RC-0434 82.3 96.01 13.71 0.39 Core Infill
120.4 147.83 27.43 0.50
152.4 161.54 9.14 1.08
219.46 248.41 28.95 0.68
256.03 301.75 45.72 0.92
310.9 320.04 9.14 0.55
338.33 365.76 27.43 0.54
MK-RC-0435 Sunshine
4.57 12.19 7.62 0.74 North
76.2 83.82 7.62 0.80
158.5 172.21 13.71 1.18
249.94 271.27 21.33 0.34
330.71 344.42 13.71 0.86
MK-RC-0436 152.4 170.69 18.29 0.31 Core Infill
195.07 210.31 15.24 0.94
includes 204.22 208.79 4.57 1.72
228.6 263.65 35.05 0.74
includes 242.32 246.89 4.57 2.63
355.09 370.33 15.24 0.56
MK-RC-0437 225.55 310.9 85.35 0.86 Core Infill
includes 227.08 237.74 10.66 2.50
includes 263.65 268.22 4.57 1.40
335.28 359.66 24.38 0.63
includes 339.85 344.42 4.57 1.25
MK-RC-0438 106.68 114.3 7.62 0.90 Core Infill
175.26 187.45 12.19 4.63
includes 182.88 185.93 3.05 16.21
192.02 198.12 6.1 1.23
207.26 245.36 38.1 1.70
includes 207.26 211.84 4.58 11.02
393.19 409.96 16.77 0.42
MK-RC-0439 Sunshine
60.96 94.49 33.53 0.66 North
MK-RC-0440 24.38 39.62 15.24 3.11 Core Infill
includes 25.91 33.53 7.62 5.64
47.24 57.91 10.67 0.66
199.64 254.51 54.87 0.88
includes 216.41 219.46 3.05 1.95
includes 236.22 243.84 7.62 1.46
includes 251.46 254.51 3.05 3.39
259.08 271.27 12.19 1.96
includes 262.13 266.7 4.57 4.35
277.37 286.51 9.14 0.61
291.08 301.75 10.67 1.08
includes 291.08 295.66 4.58 2.04
MK-RC-0441 10.67 38.1 27.43 1.09 Core Infill
includes 15.24 22.86 7.62 2.38
42.67 73.15 30.48 1.57
includes 42.67 56.39 13.72 2.95
97.54 117.35 19.81 0.29
131.06 147.83 16.77 0.56
149.35 187.45 38.1 0.89
includes 153.92 158.5 4.58 1.79
includes 178.31 184.4 6.09 1.62
201.17 214.88 13.71 0.47
219.46 228.6 9.14 0.85
269.75 281.94 12.19 0.46
MK-RC-0442 Sunshine
76.2 89.92 13.72 0.67 Infill
132.59 152.4 19.81 0.77
161.54 170.69 9.15 0.56
MK-RC-0443 10.67 24.38 13.71 0.37 Core Infill
181.36 198.12 16.76 0.56
204.22 225.55 21.33 0.72
includes 213.36 217.93 4.57 1.25
240.79 254.51 13.72 0.68
262.13 292.61 30.48 0.71
includes 281.94 284.99 3.05 1.94
298.7 313.94 15.24 1.08
includes 298.7 301.75 3.05 3.13
355.09 371.86 16.77 0.49
374.9 396.24 21.34 0.42
MK-RC-0444 117.35 243.84 126.49 0.81 Core Infill
includes 129.54 137.16 7.62 1.67
includes 140.21 160.02 19.81 1.50
includes 201.17 205.74 4.57 1.47
includes 224.03 230.12 6.09 1.05
330.71 335.28 4.57 1.30
368.81 382.52 13.71 0.44
MK-RC-0446 Sunshine
1.52 68.58 67.06 0.80 Infill
includes 25.91 28.96 3.05 1.14
77.72 109.73 32.01 1.39
includes 82.3 85.34 3.04 3.93
includes 94.49 97.54 3.05 2.77
includes 100.58 103.63 3.05 2.55
118.87 132.59 13.72 0.57
150.88 164.59 13.71 0.86
includes 161.54 164.59 3.05 2.17
MK-RC-0447 207.26 237.74 30.48 0.86 Core Infill
includes 219.46 225.55 6.09 1.41
259.08 281.94 22.86 0.55
288.04 312.42 24.38 0.46
MK-RC-0448 19.81 25.91 6.1 1.33 Core Infill
96.01 143.26 47.25 1.76
includes 106.68 115.82 9.14 4.15
includes 128.02 143.26 15.24 2.09
163.07 172.21 9.14 0.77
237.74 252.98 15.24 0.43
315.47 326.14 10.67 0.97
includes 315.47 323.09 7.62 1.09
362.71 373.38 10.67 0.48
MK-RC-0449 24.38 35.05 10.67 0.60 Core Infill
181.36 256.03 74.67 1.29
includes 199.64 208.79 9.15 5.88
includes 222.5 233.17 10.67 1.60
263.65 278.89 15.24 0.40
292.61 327.66 35.05 0.56
MK-RC-0450 Sunshine
10.67 50.29 39.62 0.56 Infill
54.86 80.77 25.91 0.68
83.82 92.96 9.14 1.92
includes 85.34 89.92 4.58 3.52
117.35 140.21 22.86 0.39
150.88 158.5 7.62 0.75
217.93 234.7 16.77 0.80
MK-RC-0451 Sunshine
140.21 147.83 7.62 1.03 Infill
152.4 166.12 13.72 0.72
172.21 199.64 27.43 0.72
204.22 237.74 33.52 1.04
includes 208.79 213.36 4.57 1.72
includes 216.41 220.98 4.57 2.58
240.79 292.61 51.82 0.42
316.99 332.23 15.24 0.43
MK-RC-0453 Sunshine
25.91 86.87 60.96 0.62 Infill
includes 70.1 73.15 3.05 2.53
106.68 144.78 38.1 0.78
includes 106.68 109.73 3.05 1.64
includes 120.4 123.44 3.04 1.37
163.07 190.5 27.43 0.56
198.12 210.31 12.19 0.51
358.14 377.95 19.81 0.36
MK-10-61 264.26 288.04 23.78 0.85 Olive
includes 285.14 288.04 2.90 3.64
MK-10-62 66.46 84.9 18.44 4.18 Core Infill
88.41 159.51 71.1 0.98
168.55 177.24 8.69 1.04
180.44 197.35 16.91 0.67
198.78 227.12 28.34 1.02
includes 217.32 219.45 2.13 2.94
231.26 249.87 18.61 0.59
includes 246 247.82 1.82 3.68
254.9 271.87 16.97 2.38
MK-10-63 Sunshine
0 34.9 34.9 0.59 Infill
74.83 102.26 27.43 0.66
117.96 128.63 10.67 0.57
131.67 141.35 9.68 0.53
145.09 149.81 4.72 1.26
176.16 262.1 85.94 0.76
285.9 307.4 21.5 0.62
334.06 354.93 20.87 0.61
MK-10-64 Sunshine
82.86 86.28 3.42 8.32 Infill
170.08 234.08 64 1.10
includes 186.62 187.76 1.14 5.22
includes 198.81 204.15 5.34 1.82
237.13 266.97 29.84 0.62
338.41 351.95 13.54 0.39
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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 (as at June 22, 2010) of 409 Mt at an average
grade of 0.83 g/t gold (10.9Moz Indicated) and 94 Mt at an average grade
of 0.79 g/t gold (2.4Moz Inferred), both at a 0.5 g/t gold cut-off
grade, makes Livengood 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 202 Mt at an average grade
of 1.07 g/t gold and Inferred Resources of 40 Mt at an average grade of
1.06 g/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 focusing on the potential use of
milling, with a flotation-gravity circuit, which has returned initial
recoveries to a concentrate of 89%, thus offering significant potential
for operational and capital cost savings. Optimization work is ongoing
for these processing alternatives, as they have the potential to make a
significant positive impact 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 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 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.
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.
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 member of
SME, AusIMM and SAIMM. 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 on the ongoing development of the advanced,
multimillion-ounce gold discovery at Livengood in Alaska. ITH is
committed to the aggressive development of the Livengood Project,
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 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, 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 to convert the
existing estimated resources at Livengood from the indicated and
inferred categories to the measured and indicated categories; the
potential for any production at 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, the potential for operational and capital cost
savings through the potential use of milling, with a
flotation-gravity circuit, the completion of a pre-feasibility
study at Livengood, the potential for a production decision to be
made regarding Livengood, the potential commencement of any
development of a mine at Livengood following a production decision,
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 Amended 2010 Annual
Information Form filed with certain securities commissions in
Canada and the Company's 2010 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 latest technical report filed with respect to the
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 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 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 US investors 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. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of a
feasibility study or prefeasibility study, except in rare cases.
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 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.
NR10-37
Contacts: International Tower Hill Mines Ltd. Quentin Mai
Vice-President - Corporate Communications 1-888-770-7488 (toll
free) or (604) 683-6332 qmai@internationaltowerhill.com
International Tower Hill Mines Ltd. Shirley Zhou Manager -
Corporate Communications 1-888-770-7488 (toll free) or (604)
638-3246 (604) 408-7499 (FAX) szhou@internationaltowerhill.com
www.internationaltowerhill.com
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