International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:
ITH)(NYSE Amex: THM)(FRANKFURT: IW9) is pleased to announce its
2011 Exploration Program at the Livengood Gold Project near
Fairbanks, Alaska, and the addition of key new corporate and
project personnel. The planned 2011 exploration program, budgeted
at approximately $10 million, will include 45,000 metres of
resource expansion and in-fill drilling at the Money Knob gold
resource along with a 10,000-metre district-scale new discovery
exploration program.
Initiation of 2011 Drilling Program at Livengood
The 2011 Exploration Program will commence in early February and
include a $7.5-million, 45,000-metre resource expansion and in-fill
drill program focused on the Money Knob deposit, which currently
hosts an Indicated gold resource of 10.9 million ounces (409
million tonnes at an average grade of 0.83 g/t gold) and an
Inferred gold resource of 2.4 million ounces (94 million tonnes at
an average grade of 0.79 g/t gold), both at a 0.5 g/t gold cutoff).
Drilling will focus on the west and southwest target areas and
follow up a new deep high-grade zone discovered during the 2010
exploration program (as indicated by hole MK-RC-0458 which
intercepted 112 metres of 2.63 g/t gold and 108 metres of 1.0 g/t
gold - see NR10-38).
In addition, the Company will commence a $2.4-million,
10,000-metre district-scale new discovery exploration program
involving major geophysics work for target generation at the
Livengood project, where more than 90% of the 145 km(2) land
package remains unexplored.
Livengood Resource Update
Upon receipt of final 2010 in-fill and step-out drill results,
the Company will prepare a NI 43-101 technical report updating and
potentially expanding (based on the positive results from step-out
holes completed in 2010) the current Money Knob estimated resource.
The updated resource estimate is expected to be completed in the
first quarter of 2011.
Key Personnel Additions
The Company has strengthened its corporate and technical
management structure with the following appointments:
-- Shirley Zhou has been appointed Vice President of Corporate
Communications to grow the Company's shareholder base and to spearhead a
comprehensive market awareness campaign within the international
investment community that will highlight the investment opportunity
represented by the Company. Ms. Zhou has eight years of combined
experience in journalism, investor relations and strategic marketing and
has worked as a corporate communications professional with publicly
listed companies in both Canada and the U.S. since 2005. Before joining
the Company, she held the position of Corporate Communications Manager
for Silvercorp Metals Inc., a NYSE/TSX-listed silver producer, from
August 2008 to August 2010. Ms. Zhou is based in Vancouver, B.C.
-- Debbie Evans has been appointed Controller for the Company's Alaskan
operations. Ms. Evans comes to the Company from the Kensington Mine
operated by Coeur Alaska Inc. where she was the Mines Controller. Prior
to Kensington, Ms. Evans was Controller at the Fort Knox Mine and
previously held senior accounting positions at the Stillwater and Round
Mountain Mines. Ms. Evans will be based in Fairbanks, Alaska.
Carl Brechtel, President and Chief Operating Officer, stated: "I
am very pleased with the addition of our new team members and the
exceptional expertise they bring to the Company and the Livengood
project. ITH is extremely fortunate in its ability to attract such
high calibre individuals to its organization as we continue to grow
the Company."
Grant of Incentive Stock Options
The Company also announces that, pursuant to its 2006 Incentive
Stock Option Plan, it has granted incentive stock options to
purchase 265,000 common shares in the capital stock of the Company
to new and existing employees of the Company. The options are
exercisable on or before January 10, 2013, at a price of CAD 9.15
per share and have a 12-month vesting period.
Livengood Project Summary
-- 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.
-- The Livengood project has a 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.
-- 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 (10.9 Moz Indicated) and 94 Mt at an average grade of 0.79
g/t gold (2.4 Moz 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 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.
-- No major permitting hurdles have been identified to date.
-- A prefeasibility study is underway and processing alternative mining
scenarios to identify those that 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.
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
Exploration and 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 AusIMM and SAIMM. Mr. Brechtel has supervised the
preparation of the scientific and technical information in this
news release and has approved such disclosure herein. Mr. Brechtel
is not independent of the Company, as he is the President and COO
of the Company and holds incentive stock options.
The Livengood development work program is supervised by Karl
Hanneman, Alaska General Manager and Livengood Project Manager, who
is responsible for all aspects of the Livengood development work.
Mr. Hanneman is not independent of the Company, as he is an
employee of the Company and holds incentive stock options.
The Livengood exploration program is designed and 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. Mr. Puchner is not independent
of the Company as he is an employee of the Company and holds
incentive stock options.
On-site personnel at Livengood 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 controls a 100% interest in the
world-class Livengood Gold Project accessible by paved highway 70
miles north of Fairbanks, Alaska. ITH is focused on the rapid
advancement of the project into a compelling potential development
project in 2011 while it continues to expand its current resource
and explore its 145 km(2)district for new deposits.
On behalf of International Tower Hill Mines Ltd.
Carl Brechtel, President and Chief Operating 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.
NR11-01
Contacts: International Tower Hill Mines Ltd. Shirley Zhou
Vice-President - Corporate Communications 1-888-770-7488 (toll
free) or (604) 638-3247 (604) 408-7499 (FAX) szhou@ithmines.com
www.ithmines.com
International Tower Hill... (TSX:ITH)
Historical Stock Chart
From May 2024 to Jun 2024
International Tower Hill... (TSX:ITH)
Historical Stock Chart
From Jun 2023 to Jun 2024