International Tower Hill Recognizes Alaska Progress Made Towards Lowering Energy Costs for Alaskans
April 04 2012 - 9:30AM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company")
(TSX:ITH)(NYSE Amex:THM)(FRANKFURT:IW9) is pleased to inform
investors that the State of Alaska has reached a landmark
settlement with major oil producers BP PLC, Exxon Mobil Corp. and
ConocoPhillips for the study of a major liquefied natural gas
pipeline at the Point Thompson gas field on the North Slope of
Alaska's northernmost coast. A major gas pipeline in the State
would have the potential to significantly reduce power costs in
Alaska and positively impact the economics for the Company's 100%
controlled Livengood Gold Project located near Fairbanks,
Alaska.
Announced on Friday, March 30, 2012, the deal between the State
and the oil giants ends three decades of dispute at Point Thomson,
a large oil and gas field located 60 miles east of Prudhoe Bay.
This is a critical step to a gas pipeline, long-sought by Alaskans
as a way to shore up revenues amid declining oil production, create
jobs and provide a reliable source of energy. The new deal
incentivizes the oil producers to begin development of the gas and
finding markets so that a pipeline can be built.
"This settlement is a huge step in the right direction for the
development of affordable energy in the State of Alaska for both
residents and businesses," stated James Komadina, President and
Chief Executive Officer of the Company. "This is also an extremely
positive development for the Livengood Gold Project as energy costs
account for more than 25% of our anticipated overall production
costs. The construction of a new LNG pipeline has the potential to
reduce our energy costs by a significant margin, making our project
much more robust economically."
The Point Thomson gas field holds an estimated 8 to 9 trillion
cubic feet of gas, or approximately one fourth of the total 35
billion cubic feet of gas in the North Slope, which contains
approximately one-eighth of US total reserves. Currently, almost 90
per cent of Alaska's gas output, which is produced as part of oil
production, is reinjected into the field because there currently is
no way to bring the gas to market. Exxon, BP and Conoco have yet to
announce the next steps for the plan, which is expected to include
a large gas pipeline to Alaska's southern coast and a plant to
liquefy gas for export. The proposal, which could cost an estimated
$40 - $50 Billion and take five to 10 years to develop, still has
to clear many commercial and regulatory hurdles.
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 construction and operation of a new natural gas
pipeline in Alaska, the potential for a new natural gas pipeline to
reduce energy costs in Alaska generally and specifically at the
Company's Livengood project, the potential for any production at
the Livengood project, 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. 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.
NR12-11
Contacts: International Tower Hill Mines Ltd. Shirley Zhou
Vice-President - Corporate Communications Direct: 604-343-4799 or
Toll-Free: 1-855-208-4642 Ext. 213szhou@ithmines.com
www.ithmines.com
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