International Tower Hill Mines Files 2011 Audited Annual Financial Statements and NI 43-101 Technical Report
August 29 2011 - 4:30PM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:
ITH)(NYSE Amex: THM)(FRANKFURT: IW9) announces that it has filed
its audited financial statements, associated management discussion
and analysis, Annual Information Form and Annual Report on Form 40F
for the year ended May 31, 2011 on August 29, 2011. The Company has
also filed a National Instrument 43-101 Report dated August 26,
2011 containing its latest Preliminary Economic Assessment (PEA)
and Resource Estimate on SEDAR. All of these documents will be
available for viewing on SEDAR and EDGAR on Tuesday, August 30,
2011.
Clarification on August 23, 2011 News Release
The Company also wishes to clarify capital expenditure figures
included in press release NR11-14 dated August 23, 2011. An updated
PEA completed on the Company's Livengood Gold Project has estimated
an initial capital cost of $1.61 Billion, which includes $323
Million in contingency but does not include sustaining capital
costs estimated to be $585 Million. The Life of Mine capital
expenditures for the Livengood project is therefore estimated to be
$2.19 Billion over a 23-year mine life (see Table 1 below). All
other figures were highlighted in the news release and the full PEA
report will be available for viewing on the SEDAR website on
Tuesday, August 30, 2011.
Table 1: Expected Capital Costs
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Items Capital Costs (millions)
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Mining $ 271.4
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Processing Plant $ 499.8
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Infrastructure and Tailing Management $ 203.9
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Other (Owners' cost, EPCM, Indirect costs etc.) $ 315.9
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Contingency $ 323.0
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Total Initial CAPEX $ 1,613.8
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Sustaining Capital (over 23 years) $ 585
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Total Life of Mine CAPEX $ 2,198.8
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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,
completion and cost of exploration programs, anticipated
exploration program results and the timing thereof, 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 higher grade mineralization to form the
basis for initial surface mining phases in any extraction scenario,
the potential low strip ratio of the Livengood deposit being
amenable for low cost surface mining techniques that could support
a high production rate and economies of scale, the potential to
optimize currently anticipated Livengood mineralization treatment
options, the timing of the completion of the pre-feasibility study
for 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,
proposed, planned, potential 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.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 Livengood
property.
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.
NR11-15
Contacts: International Tower Hill Mines Ltd. Shirley Zhou
Vice-President - Corporate Communications (604) 638-3247 or Toll
Free: 1-888-770-7488 (604) 408-7499 (FAX) szhou@ithmines.com
www.ithmines.com
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