International Tower Hill Mines Ltd. ("ITH" or the "Company")
(TSX:ITH)(NYSE Amex:THM)(FRANKFURT:IW9) announces an operations
update at the Company's 100% controlled Livengood Gold Project near
Fairbanks, Alaska. In addition to advancing its Pre-Feasibility
Study towards expected completion in the third quarter of 2012, the
Company is carrying out approximately 12,000 metres of drilling in
support of permitting activities, engineering design, condemnation
of proposed infrastructure sites and district-wide exploration. The
Company also announces that it will postpone all further studies
for placer gold extraction on its recently acquired placer claims
to focus on advancing the Livengood gold deposit towards
development and a production decision.
Pre-Feasibility Study Progress
The Pre-Feasibility Study ("PFS") currently underway will
incorporate the current 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.
While the bulk of engineering studies for the PFS were completed
in November 2011, the Company is currently carrying out detailed
metallurgical testing after a review of the Preliminary Economic
Assessment flow sheet indicated that further optimization is
possible. Due to the large amount of testing underway, the
publication date for the PFS is now expected in the third quarter
of 2012.
2012 Drilling Programs
The Company's 2012 Drilling Programs commenced in February and
consist of three categories: (1) a $2.1-million, 6,000-metre
condemnation drill program; (2) a $5.2 million, 3,000-metre program
of geotechnical drilling; and (3) a $1.1 million, 3,000-metre
district-wide exploration program. The objectives of the
condemnation and geotechnical drill programs are to support
permitting efforts and detail site facility locations while the
discovery exploration program aims to target potential new gold
discoveries along the mineralized trend of the existing Livengood
gold deposit. Results from all drill programs are expected
throughout the summer and fall of 2012.
To support the completion of these work programs, on March 16,
2012 the ITH Board of Directors approved a budget of CAD 68.3
million for its 2012 fiscal year ending December 31, 2012, subject
to raising the necessary additional financing.
Livengood Placer Claims
Following a comprehensive review and internal financial analysis
of the Company's placer property, management has opted to postpone
all further studies, including an NI 43-101 resource report and
Preliminary Economic Assessment, for placer gold extraction.
"Investigating the possibility of placer gold production from
our recent placer claims acquisition was a key part of our mandate
to explore all opportunities to create value for shareholders in
the short-term," stated James Komadina, President and Chief
Executive Officer of the Company. "However, the results of our
investigations indicate that the greatest benefits will be to
optimize site facility locations for the Livengood Project."
"In the past three months, our Manager of Mining and Livengood
placer team worked diligently to look at ways of getting into
short-term production as quickly as possible," continued Mr.
Komadina. "And while we would have relished the opportunity to
produce gold as early as 2013, our highest priority remains our
16.5 million-ounce Livengood gold deposit. Postponing development
of the placers creates the most synergy with the development of the
larger Livengood deposit and this is the route that we must take to
ensure the highest possibility of success."
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,
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 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.
NR12-09
Contacts: International Tower Hill Mines Ltd. Shirley Zhou
Vice-President - Corporate Communications Direct line: 604-343-4799
Toll-Free: 1-855-208-4642 Ext. 13szhou@ithmines.com
www.ithmines.com
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