International Tower Hill Mines Provides Update on Prefeasibility Study at its Livengood Project, Alaska
November 22 2011 - 9:30AM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company") -
(TSX:ITH)(NYSE Amex:THM)(FRANKFURT:IW9) announces an update on the
progress of the Prefeasibility Study ("PFS") at the Company's
Livengood Project located near Fairbanks, Alaska. While the bulk of
engineering studies have been timely completed, a detailed
metallurgical review of the Preliminary Economic Assessment flow
sheet has indicated further optimization is possible. The
publication date of the PFS is therefore being extended to the
first half of 2012.
The Prefeasibility study underway will incorporate the mineral
resource estimate of 933 million tonnes at an average grade of 0.55
grams per tonne of gold (at a cutoff grade of 0.22 g/t gold) for
16.5 million ounces of gold contained in the Measured and Indicated
categories (see news release dated August 23, 2011) together with
the results of geotechnical studies, metallurgical testing, updated
capital and operating cost estimates and other relevant
studies.
"We remain confident of the Livengood Project viability given
its significant gold resource, exceptional infrastructure access
and location in one of the best mining jurisdictions in the world,"
stated Mr. Komadina, Chief Executive Officer of ITH. "The
publication date of the Livengood Prefeasibility study is being
extended to allow for the completion of additional laboratory
testing and optimization work suggested by myself as well as ITH
and third party metallurgists, that will enable us to move the
project forward as rapidly and cost efficiently as possible to
create wealth for our shareholders and jobs for a generation of
Alaskans."
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 2012, 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 completion of the
Pre-feasibility Study on the Livengood Project, the potential for a
production decision to be made in respect of the Livengood Project,
the potential for the development of a mine, and 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.
NR11-19
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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