International Tower Hill Mines Ltd. ("ITH" or the "Company") -
(TSX:ITH)(NYSE Amex:THM)(FRANKFURT:IW9) has selected Samuel
Engineering, Inc. of Greenwood Village, Colorado, to provide
process engineering services for its feasibility study on the
Livengood Gold Project located near Fairbanks, Alaska. The Company
has also engaged AMEC Environment & Infrastructure, Inc. of
Denver, Colorado, to provide geotechnical infrastructure
engineering services for the feasibility study. Feasibility level
work will commence in the upcoming month. Publication of the
Company's Livengood Prefeasibility Study remains on schedule to be
completed by the summer of 2012.
Samuel Engineering is a highly respected engineering firm known
for its work on large-scale gold projects around the world.
Important work elements on the Livengood Gold Project include:
-- Identifying potential enhancements to the prefeasibility study design
basis;
-- Participating in the metallurgical optimization program;
-- Developing feasibility-level design documents such as process flow
sheets, design criteria, piping and instrumentation drawings, control
philosophy, general arrangement drawings, construction and equipment
specifications; and
-- Completing feasibility-level design of the concentrator, primary
crusher, overland conveyor and ancillary facilities such as the
administration building, truck shop/warehouse, laboratory building, main
substation, site-wide power distribution, and fresh, potable water
systems.
Services to be provided by AMEC Environment &
Infrastructure, a division of AMEC Americas Ltd. and one of the
world's leading engineering companies, include:
-- Hydrogeological or geotechnical field investigations supporting the
feasibility-level design work;
-- Feasibility level design of the tailing management facility, overburden
storage facility, pro temp ore storage facility, water storage facility,
topsoil storage facility and sanitary landfill;
-- Identification of suitable borrowed sources for construction of the
facilities;
-- Design of the main access road and site roads; and
-- Development of a site-wide water balance.
Management selected the firms based on their extensive
experience in cold weather climates as well as previous work
performed in Alaska. Both firms have assembled a first-class team
of engineers to work on the Livengood feasibility study. The
Company anticipates that the feasibility study will be completed by
the first half of calendar year 2013 and, if the results are
favourable, will be followed by a detailed design effort.
"The selection of both Samuel Engineering and AMEC to perform
the feasibility study is an important step forward in the
advancement of our development plan for the Livengood project"
states Jim Komadina, president and chief executive officer of ITH.
"The results of the feasibility study should provide us with the
necessary information to make additional project development
decisions. We are confident that the study results will support the
compelling data we have collected to date."
Management Team Established
The Company has completed the build out of its management team
to move the Livengood Gold project through the development and
permitting phase. Recent appointments include:
-- Tom Irwin as Alaska General Manager to oversee the management and
technical direction of permitting and development activities of the
Livengood project in Alaska.
-- Bob Comer as Chief Administrative Officer and General Counsel. Mr. Comer
will be responsible for all legal affairs and corporate administration
matters at ITH and play an instrumental role in the Company's permitting
activities.
-- Allen Thabit as Manager of Engineering responsible for selecting third
party consultants and engineering firms to conduct the feasibility study
at the Livengood project and to supervise these firms in their work.
-- Tom Yip as Chief Financial Officer. Mr. Yip is responsible for all
aspects of financial management including strategic planning, treasury
and capital structure, reporting and risk management.
-- Harold Galbraith as Mining Manager responsible for the development of
the Livengood Life of Mine plan including all aspects of ore production
and scheduling, overburden management plans, mine capital programs, mine
infrastructure engineering.
"International Tower Hill Mines now boasts an incredibly skilled
and experienced team of individuals with proven track records in
permitting, financing, constructing and operating large mines in
North America," continues Mr. Komadina. "The fact we have attracted
such high caliber talent is testament to the exceptional potential
for the Livengood Gold project to become a major new gold mine in
Alaska."
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 for the expansion of the
estimated resources at Livengood, the projected dates for the
commencement of feasibility study work and for the completion of a
pre-feasibility and feasibility study for the Livengood Project,
the potential for a production decision to be made in respect of
the Livengood Project, the potential for the development and
construction 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 40F
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 current technical report filed with
respect to the Company's Livengood Project.
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.
NR12-05
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
International Tower Hill... (TSX:ITH)
Historical Stock Chart
From Jun 2024 to Jul 2024
International Tower Hill... (TSX:ITH)
Historical Stock Chart
From Jul 2023 to Jul 2024