International Tower Hill Mines To Commence District-Wide Exploration Program at the Livengood Gold Project, Alaska
April 18 2012 - 8:00AM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company")
(TSX:ITH)(NYSE Amex:THM)(FRANKFURT:IW9) announces that, on May 1,
2012, it will be commencing two major field drill programs
consisting of district-wide exploration and condemnation drilling
at the Company's 100% controlled Livengood Gold Project near
Fairbanks, Alaska. Results from the drill programs are expected
throughout the summer and fall of 2012.
The Company plans to drill 3,000 metres in 10 core holes as part
of its initial district-wide exploration program focused on making
new discoveries in the Company's 145 km2 land package. Prior
drilling, mapping and surface geochemical sampling conducted in
2010 had identified an area northeast of the Money Knob deposit
where faults, dikes and anomalous gold coincide, indicating an area
of potentially significant mineralization. An initial three holes
are planned to target the area to assess the extent of the
mineralization (see Figure 1). Subsequent exploration drill sites
are contingent on the results of the initial holes.
In addition, a 40-hole, 6,000-metre program of condemnation
drilling will be carried out to either sterilize or establish the
presence of significant mineralization in the area surrounding the
Money Knob deposit and extending northeast towards existing
mineralized exploration drill holes. The purpose of the
condemnation drilling program is to determine appropriate areas for
infrastructure development.
To view Figure 1, please visit:
http://media3.marketwire.com/docs/ith418_F1.pdf.
"With our Money Knob deposit sitting at over 16.5 million ounces
in the Measured and Indicated, and 4.1 million ounces in the
Inferred, resource categories, it is important for us to look in
new areas of our land package to see if we can find additional gold
deposits," stated Jim Komadina, Chief Executive Officer. "In
addition, as the Livengood project progresses toward permitting and
development, it is crucial to begin engineering data acquisition so
that regulatory and community engagement can begin. The
condemnation drill program is designed to enable Tower Hill Mines,
Inc. to be ready for these important discussions in the first
quarter of 2013."
In separate news, the Company confirmed today that the report of
the Company's independent public accounting firm on its audited
consolidated financial statements for the seven month period ended
December 31, 2011 and for the year ended May 31, 2011, as filed
with certain Canadian regulatory authorities and with the United
States Securities and Exchange Commission in the Company's annual
report on Form 40-F, on March 26, 2012, contained an "emphasis of
matter" paragraph in relation to a going concern explanatory note.
The note did not modify the report of the independent auditor, but
instead draws attention to Note 1 of the Company's audited
consolidated financial statements which describe certain material
uncertainties related to the ability of the Company to continue as
a going concern. Under rules of the NYSE Amex the inclusion of such
a paragraph is required to be announced. As disclosed in Note 1 to
the Company's audited consolidated financial statements, the
Company's current working capital is considered sufficient to fund
its operations and exploration program for the current fiscal
year.
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 seek 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 identification of additional deposits on the
Company's Livengood land package, 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 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.
NR12-12
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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