International Tower Hill Provides an Update on the Livengood Gold Project
November 07 2012 - 6:24PM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company")
(TSX:ITH)(NYSE MKT:THM)(FRANKFURT:IW9) is pleased to provide an
update on its 100% owned Livengood Gold Project.
The Company has successfully completed within budget its
critical path 2012 geotechnical drilling program, totaling 199
holes, 15,731 meters utilizing core, sonic, and auger drilling
methods. The drilling program evaluated facility sites to obtain
the technical information required for use in sub-arctic
engineering design. The pump testing of the large diameter water
wells required for hydrogeological modeling was also successfully
completed. Metallurgical test work and engineering studies are
on-going to advance the feasibility study, which is on schedule for
release in the first half of 2013.
The Company's recently appointed CEO, Don Ewigleben, stated:
"Over the past month I have been very encouraged by the progress
being made. We will continue working on engineering for the next
several months and we are on-track for completing the Feasibility
Study in the first half of 2013. I am extremely pleased that the 16
million ounce plus gold deposit is on schedule for feasibility
study completion, permitting and construction due to the
world-class project team in place."
The Company is aggressively advancing the Feasibility Study and
all scenarios are under consideration to optimize the economics of
the project, including considering a future strategic alliance to
assist in further development and construction costs while adding
value for our shareholders.
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.
On behalf of International Tower Hill Mines Ltd.
Donald C. Ewigleben, President & 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 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.
NR12-28
Contacts: International Tower Hill Mines Ltd. Michelle Stachnik,
Manager - Investor Relations Direct: 720-881-7646 Ext. 203
Toll-Free: 1-855-208-4642 Ext. 203mstachnik@ithmines.com
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