International Tower Hill Mines Appoints Tom Yip as its New Chief Financial Officer
August 24 2011 - 9:30AM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company") -
(TSX: ITH)(NYSE Amex: THM)(FRANKFURT: IW9) announces the
appointment of Mr. Tom S. Q. Yip as the Company's new Chief
Financial Officer, effective September 7, 2011. Mr. Yip has over 25
years of experience in all aspects of financial management
including strategic planning, mergers and acquisitions, treasury
and capital structure, reporting and risk management with both
private and publicly traded resource companies.
Most recently, Mr. Yip served as the Chief Financial Officer for
Silver Standard Resources Inc., a Canadian mining company with a
substantial portfolio of silver properties in the Americas.Since
2007, he was a key member of the leadership team to transition from
an exploration and development company to a producer. Prior to
that, he served as the Chief Financial Officer for Asarco, LLC, a
copper mining, smelting and refining company, from 2006 to 2007. He
began his career in the mining industry with Echo Bay Mines Ltd.,
where he worked for 20 years holding various financial roles of
increasing responsibility, including Principal Accounting Officer
and then Chief Financial Officer, before the company merged with
Kinross Gold Corporation in 2003. Mr. Yip is a Chartered Accountant
and holds a Bachelor of Commerce degree in Business Administration
from the University of Alberta.
"I am very pleased to welcome Tom to the executive team," stated
James Komadina, Chief Executive Officer of ITH. "His diverse and
extensive experience in financial management with major global
mining and resource companies will further strengthen our team as
we advance the Livengood project through development into a major
new gold mine in North America."
Mr. Yip will succeed Michael Kinley, CA, who will remain with
the Company as a consultant through a transition period before
leaving to pursue other opportunities. The Company would like to
take this opportunity to thank Mr. Kinley for his many
contributions to the growth of the Company since 2006 and to wish
him success in his future endeavours.
Grant of Incentive Stock Options
The Company also announces that, pursuant to its 2006 Incentive
Stock Option Plan, it has granted Mr. Yip incentive stock options
to purchase 650,000 common shares in the capital stock of the
Company. The options are exercisable on or before August 24, 2016
at a price of CAD 8.07 per share and will vest as to one-third on
August 23, 2011, as to one third on August 23, 2012 and as to the
balance on August 23, 2013.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. controls a 100% interest in
the world-class Livengood Gold Project accessible by paved highway
70 miles north of Fairbanks, Alaska. In 2011 ITH is focused on the
rapid advancement of the Livengood project into a compelling
potential development scenario while it continues to expand its
current resource and explore its 145 km2 district for new
deposits.
On behalf of International Tower Hill Mines Ltd.
James J. Komadina, 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 a production
decision to be made in respect of the Livengood Project, the
potential for any production at the Livengood project, 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.
NR11-14
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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