International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:
ITH)(NYSE Amex: THM)(FRANKFURT: IW9) is pleased to announce the
results from a further 29 holes drilled during the Company's 2011
Winter Drill Program at the Livengood Gold Project near Fairbanks,
Alaska. The winter drill program, which began in February, is
focused on confirming the continuity and grade of the
mineralization in the Southwest (SW), South Core and Sunshine zones
of the Money Knob deposit, as well as follow-up exploration of a
new, deeper, higher grade zone with a series of 500-metre core
holes.
Highlights from Drilling:
-- Hole MK-RC-0504: 33.5 m @ 8.07 g/t gold from 80.8-114.3 m depth (infill,
Core Zone)
-- Hole MK-RC-0485: 93.0 m @ 1.24 g/t gold from 178.3-271.3 m depth
(infill, Core Zone)
-- Hole MK-RC-0488: 88.4 m @ 0.94 g/t gold from 185.9-274.3 m depth
(infill, Core Zone)
-- Hole MK-11-103: 28.6 m @ 1.83 g/t gold from 156.4-185.0 m depth (infill,
Core Zone)
As a continuation of the program's initial results announced in
news on March 29, 2011, these intersections are part a series of
shallow infill and step out holes completed prior to deeper core
drilling designed to test the deposit's new high-grade zone at
depth. Results from this series of deeper core holes are expected
by the end of May.
Southern Core Zone
Eleven of the 29 holes were drilled as infill holes in the
southern Core zone. Two holes (holes MK-RC-0504 and MK-RC-0485)
intersected higher grade mineralization related to quartz veining,
extending a zone of high-grade mineralization further to the west
(see Figure 1 below). The remaining holes are similar in grade and
thickness to the surrounding holes and continue to add continuity
to the deposit. Assay data for four core holes testing the deep
mineralization in the southern Core Zone are pending and expected
to become available by the end of May.
Southwest Zone
Current drill results on the western edge of the SW zone appear
to be defining a limit to the shallow oxide zone in the area;
however, strong near-surface gold-in-soil anomalies located 300 to
500 metres to the west have yet to be tested. The SW zone also
remains open at depth with six holes mineralized to the lower limit
of drilling, potentially part of the same deep high-grade
mineralized zone being explored in the south Core zone. This deeper
mineralization will be targeted in follow-up drilling programs.
Jeff Pontius, Chief Executive Officer of ITH, states: "These
results continue to confirm and expand our understanding of the
higher grade areas of the Money Knob deposit which could form the
'starter pit' phase of our mining plan. We look forward to bringing
more exciting drill results over the next few weeks and months,
particularly from our deeper core drilling."
To view Figure 1, please click on the following link:
http://media3.marketwire.com/docs/ith52.pdf
Table 1: Significant new intercepts(i)
(i) Intercepts are calculated using a 0.25g/t gold cutoff and a maximum of
3 metres of internal waste.
From Length Area and
Drill Hole (metres) To (metres) (metres) Gold (g/t) Comments
------------------------------------------------------------------------
------------------------------------------------------------------------
MK-RC-0485 178.3 271.3 93.0 1.24 Core Zone
infill
includes 179.8 195.1 15.2 3.00
includes 201.2 211.8 10.7 2.05
272.8 283.5 10.7 0.47
347.5 394.7 47.3 0.87
includes 361.2 368.8 7.6 2.72
MK-RC-0487 237.7 245.4 7.6 0.33 SW Zone
MK-RC-0488 51.8 57.9 6.1 0.82 Core Zone
infill
153.9 181.4 27.4 0.56
185.9 274.3 88.4 0.94
includes 239.3 256.0 16.8 1.75
278.9 320.0 41.2 0.72
includes 278.9 283.5 4.6 3.02
324.6 349.0 24.4 1.80
353.6 362.7 9.1 0.71
365.8 413.0 47.2 0.65
includes 391.7 402.3 10.7 1.09
MK-RC-0491 152.4 161.5 9.1 0.44 SW Zone
MK-RC-0492 117.4 126.5 9.1 1.01 Sunshine
infill
134.1 147.8 13.7 1.51
includes 134.1 138.7 4.6 2.92
153.9 166.1 12.2 0.70
195.1 225.6 30.5 0.71
MK-RC-0493 70.1 79.3 9.2 0.50 Core Zone
infill
105.2 109.7 4.6 0.58 lost,
redrilled as
498
112.8 120.4 7.6 0.51
125.0 134.1 9.1 0.61
MK-RC-0494 94.5 99.1 4.6 4.03 SW Zone
189.0 214.9 25.9 0.46
MK-RC-0495 30.5 71.6 41.2 0.64 Sunshine
infill
76.2 86.9 10.7 0.56
93.0 150.9 57.9 0.76
155.5 166.1 10.7 0.71
201.2 257.6 56.4 0.41
MK-RC-0496 108.2 125.0 16.8 1.61 Sunshine
infill
includes 108.2 111.3 3.1 6.79
138.7 157.0 18.3 0.59
164.6 199.6 35.1 0.53
205.7 263.7 57.9 0.59
MK-RC-0497 179.8 195.1 15.2 0.68 SW Zone
278.9 291.1 12.2 0.49
300.2 318.5 18.3 0.34
332.2 341.4 9.2 0.84
MK-RC-0497 342.9 352.0 9.1 0.74
(cont) 356.6 381.0 24.4 0.85
385.6 419.1 33.5 0.98
MK-RC-0498 97.5 105.2 7.6 1.12 Core Zone
infill
140.2 150.9 10.7 0.45 lost hole
MK-RC-499 112.8 131.1 18.3 0.87 SW Zone
172.2 184.4 12.2 0.80
195.1 213.4 18.3 0.67
243.8 285.0 41.2 0.51
307.9 327.7 19.8 0.66
MK-RC-500 143.3 150.9 7.6 1.33 Core Zone
pre-collar,
core tail
pending
MK-RC-501 109.7 114.3 4.6 3.06 SW Zone
234.7 275.8 41.1 0.69
includes 249.9 254.5 4.6 2.35
312.4 326.1 13.7 0.61
MK-RC-502 213.4 224.0 10.7 0.55 SW Zone
225.6 239.3 13.7 0.62
246.9 260.6 13.7 0.42
MK-RC-503 27.4 38.1 10.7 0.68 Sunshine
infill
56.4 70.1 13.7 1.36
77.7 85.3 7.6 1.23
96.0 102.1 6.1 0.99
121.9 144.8 22.9 0.71
146.3 198.1 51.8 0.82
236.2 243.8 7.6 0.76
includes 161.5 167.6 6.1 1.82
MK-RC-504 80.8 114.3 33.5 8.07 Core Zone
infill
includes 80.8 96.0 15.2 14.59
includes 99.1 111.3 12.2 3.73
155.5 164.6 9.1 0.50
169.2 178.3 9.2 0.55
189.0 211.8 22.9 0.47
277.4 315.5 38.1 0.56
339.9 356.6 16.8 0.86
MK-RC-505 45.7 76.2 30.5 0.74 Sunshine
infill
93.0 135.6 42.7 0.94
includes 96.0 99.1 3.1 6.47
MK-RC-506 291.1 300.2 9.2 1.18 SW Zone
303.3 324.6 21.3 1.25
includes 318.5 324.6 6.1 1.88
MK-RC-507 30.5 33.5 3.1 2.13 Core Zone
infill, lost
hole
121.9 150.9 29.0 0.65 re-drilled as
512
175.3 192.0 16.8 0.44
196.6 234.7 38.1 1.14
includes 205.7 211.8 6.1 3.91
MK-RC-508 86.9 93.0 6.1 0.95 SW Zone
292.6 312.4 19.8 0.52
326.1 342.9 16.8 0.43
MK-RC-509 111.3 121.9 10.7 0.78 Sunshine
infill
167.6 251.5 83.8 0.84
includes 219.5 233.2 13.7 1.07
265.2 285.0 19.8 0.65
MK-RC-510 41.2 45.7 4.6 0.91 SW Zone
53.3 57.9 4.6 1.41
MK-RC-511 7.6 13.7 6.1 1.55 Sunshine
infill
51.8 64.0 12.2 0.49
192.0 236.2 44.2 0.80
includes 205.7 214.9 9.1 1.37
245.4 256.0 10.7 0.51
260.6 272.8 12.2 1.46
includes 262.1 269.8 7.6 1.91
MK-RC-512 29.0 33.5 4.6 1.06 Core Zone
infill
146.3 182.9 36.6 0.44
184.4 201.2 16.8 0.50
204.2 242.3 38.1 0.43
265.2 286.5 21.3 1.14
includes 278.9 281.9 3.1 3.35
289.6 315.5 25.9 0.55
MK-RC-513 97.5 108.2 10.7 1.45 SW Zone
208.8 231.7 22.9 0.86
240.8 243.8 3.1 3.54
260.6 291.1 30.5 0.46
298.7 320.0 21.3 0.49
350.5 378.0 27.4 0.48
MK-11-103 156.4 185.0 28.6 1.83 Core Zone
infill, lost
hole
187.2 194.6 7.4 0.63
MK-11-104 no significant intercepts Core Zone,
lost, re-
drill
as 11-108
(assays
pending)
MK-11-105 94.3 102.6 8.3 0.74 Core Zone
infill, lost
hole
107.9 117.6 9.7 0.89
Livengood Project Highlights
-- 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 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.
-- 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 April 12, 2011) of 397 Mt at an average
grade of 0.83 g/t gold (10.6MozMeasured and Indicated) and 104 Mt at an
average grade of 0.79 g/t gold (2.7Moz 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 (Measured and Indicated Resources of 193 Mt at an
average grade of 1.08 g/t gold and Inferred Resources of 41 Mt at an
average grade of 1.11g/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 focused on the potential use of
milling with a flotation-gravity circuit, which has returned initial
recoveries to a concentrate of 89%, offering significant potential for
operational and capital cost savings. Test data for conventional whole
ore milling with a gravity-CIL system produced initial recoveries of 76%
(See NR10-19). Optimization work is ongoing for these processing
alternatives, as they have the 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.
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 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
AusIMM and SAIMM. Mr. Brechtel is not independent of ITH, as he is
the President and 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 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.
Jeffrey A. Pontius, 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 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, the completion of a pre-feasibility study at
Livengood, the potential for a production decision to be made, 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 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.comand 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 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.
NR11-07
Contacts: International Tower Hill Mines Ltd. Shirley Zhou Vice
President - Corporate Communications 1-888-770-7488 (toll free)
(604) 638-3247 (604) 408-7499 (FAX) szhou@ithmines.com
www.ithmines.com
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