International Tower Hill Mines Ltd. ("ITH" or the "Company") -
(TSX:ITH)(NYSE Amex:THM)(FRANKFURT:IW9) announces that it has
appointed Mr. Allen R. Thabit as the Company's new Manager of
Engineering, effective November 15, 2011. Mr. Thabit has over 33
years of experience in project engineering, construction,
maintenance and management of mining and milling equipment with
companies such as Cyprus Mines and Newmont Gold as well as a
consultant in the mining and petrochemical industries.
Mr. Thabit is the president of Jade Diamond Consulting Inc.,
which has provided consulting services to mining and petrochemical
industries on management training and project management,
troubleshooting, maintenance and construction since 2001. Prior to
that, he was the President of Garfield Steel and Machine, Inc.
which also consulted to the mining and petrochemical industries.
Among the projects that he has consulted on are Kennecott's Utah
Copper-MAP project, IAMGOLD's Rosebel gold mine in Suriname, Anglo
Nevada Metals Corporation's Taylor silver project, Alacer Gold
Corp's Copler project in Turkey, Goldfields Peru's Cerro Corona
project and the AngloGold Ashanti's Cripple Creek & Victor
mine.
From 1987 to 1995, Mr. Thabit was a Project Manager/Senior
Project Engineer and Mill Maintenance Superintendent for Newmont
Gold Company where he was responsible for engineering design and
construction of treatment plants and mine de-watering projects with
a total budget in excess of $300 million. From 1983 to 1987, he was
the Maintenance Manager of the Atlas Plant for Atlas Powder Company
responsible for the total maintenance function in a large
industrial complex manufacturing chemicals and explosives with a $3
million annual maintenance budget. From 1973 to 1983, he served as
Maintenance, Construction and Project Engineer for numerous mining
and petrochemical companies, including Cyprus Mines Corporation,
where he was responsible for design and specification review for a
$400 million surface mine and mill project. Mr. Thabit has a
Bachelor of Science degree in Mechanical Engineering from the
Polytechnic Institute of Brooklyn, New York.
ITH has retained Jade Diamond Consulting Inc., which will
provide the services of Mr. Thabit to oversee the preparation of
documents enabling the Company to select third party consultants
and engineering firms as well as supervise these firms which will
provide specific technical design expertise for the Livengood
project's pre-feasibility study, feasibility study and permitting
process. Working together with the Company's Alaska Livengood
Project Manager, he will help ensure that all third party
consultants and engineering work products comport with permit
requirements.
"The addition of Al Thabit to our development team demonstrates
our persistent focus on building up an operations team that rivals
those of major mining companies," said James Komadina, Chief
Executive Officer of ITH. "We will de-risk the project
operationally by retaining the best-in-industry talent to advance
the Livengood project towards development into a major new gold
mine in North America."
The Company also announces the departure of President and Chief
Operating Officer Carl Brechtel, who has left to pursue other
opportunities. The Company would like to take this opportunity to
thank Mr. Brechtel for his contributions to the Company since 2010
and to wish him success in his future endeavours.
Grant of Incentive Stock Options
The Company announces that, pursuant to its 2006 Incentive Stock
Option Plan, it has granted Jade Diamond Consulting Inc. incentive
stock options to purchase 100,000 common shares in the capital
stock of the Company. The options are exercisable on or before
November 15, 2016 at a price of CAD 5.64 per share and will vest as
to 33,333 shares upon grant, as to 33,333 shares on November 15,
2012, and as to the balance on November 15, 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
current estimated resources at the Livengood project, the potential
for the preparation of a feasibility study with respect to the
Livengood project, 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 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 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.
NR11-17
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.comwww.ithmines.com
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