International Tower Hill Mines Comments on Recent Gold Market Activity
April 24 2013 - 8:00AM
Marketwired
International Tower Hill Mines Ltd. ("ITH" or the "Company") -
(TSX:ITH)(NYSE MKT:THM)(FRANKFURT:IW9) wishes to comment on the
recent activity in the gold market.
Despite the recent turmoil in the gold market, ITH will continue
to strive to bring value to its shareholders by optimizing its
world class Livengood Gold Project, which currently has estimated
measured and indicated resources of 933 million tonnes at an
average grade of 0.55 g/t gold (16.5 million contained ounces) at a
0.22 g/t gold cut-off (see NR11-13, August 23, 2011).
The Company completed drilling for condemnation,
geo-hydrological and geotechnical support of the Feasibility Study
(FS) for Livengood in 2012. The Company has prepared for the
potential of a continuing lower gold price and has developed an
alternate work program under which ITH will continue to fund its
corporate activities, compliance matters and essential
environmental baseline activities to support the permitting process
with the capital currently on hand. Accordingly, the Company does
not anticipate raising additional capital in the near term and will
continue to seek strategic alliances to fund the future development
of this project upon the completion of the FS currently
underway.
Don Ewigleben, President and CEO, stated, "We recognize that we
are entrusted by our shareholders to protect the asset value of the
Livengood Gold Project and will continue the development process
while limiting the expenditures. ITH has structured its budget and
corporate initiatives to bring the highest value to its
shareholders and we believe it still remains an attractive
long-term investment. The Livengood Project hosts a very large gold
resource in a favorable mining jurisdiction. Our current strategies
remain the same with completing further development of the project
while attracting a strategic alliance partner. Despite the recent
drop in gold price, the value of the long life Livengood asset will
be judged by factors in addition to today's gold price, including
the existing infrastructure, favorable geo-political setting and
highly qualified development team."
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 northwest of Fairbanks, Alaska.
On behalf of International Tower Hill Mines Ltd.
Donald C. Ewigleben, President & Chief Executive Officer
NR13-04
To view the Cautionary Statements, click the following link:
http://media3.marketwire.com/docs/ith424-CS.pdf.
Contacts: International Tower Hill Mines Ltd. Michelle Stachnik
Manager - Investor Relations Toll-Free: 1-855-208-4642 Ext.
203mstachnik@ithmines.com www.ithmines.com
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