International Tower Hill Mines Announces Livengood Project Update and Departure of Chief Executive Officer
May 15 2012 - 7:30AM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company") -
(TSX:ITH)(NYSE Amex:THM)(FRANKFURT:IW9) announced today that the
Board of Directors has decided to undertake a review of the
Livengood Project in order to optimize available development
alternatives, including infrastructure and processing options and
financing opportunities. The Company is currently revising its 2012
work program to fit within its current financial position. "We are
very pleased with the progress we have made on the Livengood
Project and the range of options open to us as we manage our costs
according to our financial resources," said Don Ewigleben, Chairman
of the Board of Directors of ITH. "We look forward to updating
shareholders on the results of our review."
The Company also announced today that its Board of Directors has
accepted the resignation of James Komadina as President and Chief
Executive of the Company. Mr. Komadina expressed to the Board a
desire to spend more time with his wife and family. Mr. Komadina
will be available as a consultant to ITH. Mr. Ewigleben said, "On
behalf of the Board of Directors of the Company, I would like to
extend our thanks to Jim for his work as our President and Chief
Executive Officer. Jim has materially advanced the Livengood
Project and leaves in place an excellent team to continue progress
toward completion."
The Board of Directors has commenced a search for a new Chief
Executive Officer. During the interim period, the day to day
operations of the Company will be supervised by an executive
committee consisting of Don Ewigleben, Chairman of the Board of
Directors and Director and former President and Chief Executive
Officer of ITH, Jeffrey Pontius. Mr. Ewigleben has extensive mining
industry experience, particularly in Alaska with permitting and
project development activities. Mr. Pontius is a founder of ITH and
important driver of the Company's Livengood discovery and resulting
shareholder valuation growth and has extensive market
experience.
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.
On behalf of International Tower Hill Mines Ltd.
Donald C. Ewigleben, Chairman of the Board
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.
Contacts: International Tower Hill Mines Ltd. Shirley Zhou
Vice-President - Corporate Communications 604-343-4799 or
Toll-Free: 1-855-208-4642 Ext. 213szhou@ithmines.com
www.ithmines.com
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