International Tower Hill Mines Appoints James Komadina as New Chief Executive Officer
May 10 2011 - 9:00AM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:
ITH)(NYSE Amex: THM)(FRANKFURT: IW9) is pleased to announce the
appointment of Mr. James J. Komadina as the Company's new Chief
Executive Officer and as a director, effective June 1, 2011. He
will be stepping into the role currently held by Jeff Pontius, who
will move to the Company's board of directors. Mr. Komadina has 32
years of diverse natural resource experience in project
development, construction and operations, having held senior
management positions with major gold producers including Gold
Fields, AngloGold and Newmont.
Most recently, Mr. Komadina was the President and Chief
Operating Officer of Brazauro Resources, a Canadian resource
company with operations in Brazil, where he was responsible for all
exploration, development and operational activities until the
company was acquired in July 2010 by Eldorado Gold at a 92% premium
to the market price. Other experience includes his role as the
Senior Vice President, Development Projects for Gold Fields where
he led the development and construction of the $430 Million Cerro
Corona project in Peru. From 1999 to 2003, he was the President and
Chief Executive Officer, North America, for AngloGold Limited where
he was responsible for all regional business activities. From 1992
to 1999, he held various senior positions with Minorco/AngloGold
North America, including Executive VP and COO responsible for
operations producing approximately 500,000 ounces per year as well
as associated reserve and capital programs including the
development and operation of the Cripple Creek Mine in Colorado.
Prior to that, he was the VP Operations Planning for Newmont Gold
Company directing various Nevada expansion projects and assessing
merger opportunities. Mr. Komadina holds a Bachelor of Science
degree in Metallurgical Engineering from the University of Arizona,
a Master of Business Administration from the University of Phoenix
and completed the Advanced Management Program at the Wharton School
of Business.
Jeff Pontius, outgoing Chief Executive Officer of ITH, states:
"The appointment of Jim Komadina as the new CEO of International
Tower Hill Mines marks an historic transition for the Company as we
advance towards becoming a North American mid-tier gold producer.
Jim's exceptional large project design and operations experience at
multiple major gold projects, along with his corporate merger and
acquisitions experience, ideally positions him to lead our Company
to its next level of growth."
James Komadina, incoming Chief Executive Officer, states: "I am
very pleased to be joining such a dynamic and well positioned team
at ITH with a truly world-class gold project at Livengood. I look
forward to developing a major new North American gold project as
well as leading the Company to its next level of success. I see a
number of opportunities to grow and develop both the Livengood
project and the Company as a whole and will be focused on building
value for ITH shareholders."
Henk Van Alphen, Chairman of ITH, states: "In addition to our
excitement on having Mr. Komadina join ITH, the board would like to
thank Jeff Pontius for his exceptional effort in the formation and
advancement of the Company to where it is today. Jeff's skill at
defining and developing yet another major world-class gold
discovery has brought our shareholders tremendous value and we look
forward to his counsel on the board and continued involvement in
advancing and expanding the Livengood exploration program."
Grant of Incentive Stock Options
The Company also announces that, pursuant to its 2009 Incentive
Stock Option Plan, it has granted Mr. Komadina incentive stock
options to purchase 1,000,000 common shares in the capital stock of
the Company. The options are exercisable on or before May 9, 2016
at a price of CAD 8.35 per share and will vest as to 333,333 shares
upon grant, as to 333,333 shares on May 9, 2012 and as to the
balance on May 9, 2013.
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. The Company 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 a land package spanning 145 km(2) 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 potential for the Company to become a
mid-tier gold producer, business and financing plans and business
trends, 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, 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 20-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.
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.
NR11-08
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
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