International Tower Hill Mines Ltd. ("ITH" or the "Company")
(TSX:ITH)(NYSE MKT:THM)(FRANKFURT:IW9) today announced the results
of a Feasibility Study (the "FS") for its Livengood Gold Project
(the "Project") located near Fairbanks, Alaska. The FS evaluated a
100,000 ton per day project that would produce 8 million ounces of
gold over 14 years. Using the trailing three year gold price of
$1,500 per ounce, the project generates a minimal positive return.
The Company continues to pursue opportunities as identified in the
FS for potential cost reductions as well as scenarios which would
require less initial capital expenditure. All dollar figures in
this news release are stated in US Dollars.
A conference call to discuss the results of the FS will be held
tomorrow morning at 8:30am ET, Wednesday, July 24, 2013. Call-in
details are located at the end of this release.
"The results of the Feasibility Study confirm that the Livengood
project is a large, well proven resource that can significantly
benefit from economies of scale to generate good economic returns,"
said Don Ewigleben, CEO of International Tower Hill Mines. "While
the large project FS results are not economically robust in today's
gold market, the Livengood project remains a very significant gold
deposit in one of the most favorable jurisdictions in the world.
The Company is highly focused on advancing lower cost opportunities
identified in the FS. The Company has also implemented numerous
cost savings initiatives that will allow it to continue with the
opportunities review and maintain the project well into 2015. We
will also be maintaining the necessary environmental baseline
activities to move the permitting process forward and maintain the
integrity and usability of five years of data already compiled for
any of the various production alternatives."
FS Overview
The Company controls 100% of the Project with a mineral resource
of 731 million Measured tonnes at an average grade of 0.61 g/tonne
(14.4 million ounces at 0.3 g/tonne cut-off), 71 million Indicated
tonnes at an average grade of 0.56 g/tonne (1.3 million ounces at
0.3 g/tonne cut-off) and 266 million Inferred tonnes at an average
grade of 0.52 g/tonne (4.4 million ounces at 0.3 g/tonne
cut-off).
The FS has converted a portion of these mineral resources into
proven reserves of 434 million tonnes at an average grade of 0.69
g/tonne (9.6 million ounces) and probable reserves of 20 million
tonnes at an average grade of 0.70 g/tonne (454,000 ounces). The
mine plan provides sufficient ore to support an annual production
rate of approximately 577,600 ounces over an estimated 14 year mine
life.
Project Opportunities
The Company plans to continue to advance the Project within the
limitations of its working capital on hand while safeguarding the
asset for development in the future. As of June 30, 2013, the
Company has approximately $19.9 million in cash. Discussions
continue with several potential strategic partners with longer term
development horizons for advancement of the Project.
Project Location
The Livengood Gold Project is connected by an existing paved
highway 70 miles northwest of the town of Fairbanks in Central
Alaska. The Project is located in an active mining district that
has been mined for gold since 1914. The State of Alaska land use
plan designates mining as the primary surface use for the Livengood
area.
Project Summary
The Project design is a conventional, owner-operated surface
mine that will utilize large-scale mining equipment in a
blast/load/haul operation. Ore is planned to be processed in a
100,000 ton per day comminution circuit consisting of a primary
gyratory crusher, wet grinding in a single semi-autogenous (SAG)
mill and two ball mills, followed by a gravity gold circuit and a
conventional carbon in leach (CIL) circuit.
Infrastructure
The Project would include a lined tailings management facility,
two water reservoirs, an administration office/shop/warehouse
complex and a 440 person camp. The Project would also include
construction of a 50 mile transmission line to the site from the
existing grid power near Fairbanks, Alaska.
Environmental and Community Relations
Five continuous years of baseline environmental work continues
to show that all aspects of the Project can be successfully and
safely managed. The design of the tailings facility incorporates
best practices including a lined rock fill structure with a lined
tailings basin. The development team has had considerable
experience working with Alaska's large mine permitting process and
has a proven and respected track record of developing projects
safely and in an environmentally sound manner. The Project has
already and will continue to provide local economic opportunities
with local access to a highly skilled and available work force. The
Company is also working with the town of Fairbanks and the nearby
community of Minto to seek early input on the Project and to
explore ways to maximize economic benefits to the local
communities.
Results of the 100,000 Ton Per Day, Large Mine Feasibility Study
include:
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Summary of Feasibility Results
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OPERATING METRICS
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Mill Throughput 100,000 tons/day
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Head Grade - LOM 0.69 g/tonne
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Head Grade - Year 1-5 0.83 g/tonne
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Gold Recovery 80.3 %
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Mine Life 14 years
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Total Ounces Produced 8,086,400 Troy ounces
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Average Annual Production - LOM 577,600 Troy ounces
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Average Annual Production - Year 1-5 698,500 Troy ounces
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Total Ore Processed 501 Million tons
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Total Waste 720 Million tons
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Annual Mining Rate 98 Million tons
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Waste Rock to Mill Ore (tonnes) Ratio -
Year 1-14 1.34:1 Waste to Ore
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Low Grade Stockpile Maximum Size 93 Million tons
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FINANCIAL METRICS
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CAPEX - Initial 2.790 $Billion
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CAPEX - Sustaining 667 $Million
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Reclamation & Closure 353 $Million
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OPEX - Mining 1.67 $/ton material
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OPEX - Processing 10.45 $/ton ore
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OPEX - G&A 0.89 $/ton ore
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OPEX - Operating Cost - LOM 1,030 $/Ounce
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OPEX - Operating Cost - Year 1-5 885 $/Ounce
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All-In Cost Pre-Tax (CAPEX+OPEX) - LOM 1,447 $/Ounce
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All-In Cost Pre-Tax (CAPEX+OPEX) - Year 1-5 1,272 $/Ounce
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All-In Cost After-Tax (CAPEX+OPEX) - LOM 1,474 $/Ounce
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All-In Cost After-Tax (CAPEX+OPEX) - Year 1-5 1,292 $/Ounce
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Gold Price Sensitivity Analysis
The following table shows the after-tax economics at various
gold prices
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Gold Price ($/Oz) NPV 5% ($M) IRR (%) Payback (Years)
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$1200 (1,835) -16.1 N/A
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$1300 (1,336) -7.2 N/A
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$1400 (854) -1.9 N/A
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$1500 (440) 1.7 10.8
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$1600 (50) 4.6 8.8
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$1700 336 7.3 7.2
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$1800 723 9.7 6.1
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$1900 1,109 12.0 5.2
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$2000 1,493 14.1 4.6
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$2100 1,869 16.1 4.2
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$2200 2,219 17.8 3.8
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Capital Costs
Key capital expenditures for initial and sustaining capital
requirements are identified in the following table.
---------------------------------
$Million
---------------------------------
Initial Sustaining
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Process Facilities $ 1,119 $ 26
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Infrastructure Facilities 708 506
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Power Supply 129 -
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Mine Equipment 189 126
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Mine Development 177 -
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Other Owners Costs 166 9
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Contingency 271 -
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Subtotal Before Reclamation 2,758 667
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Funding of Reclamation Trust Fund (1) 32 226
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Total $ 2,790 $ 893
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Rounding of some figures may lead to minor discrepancies in totals.
(1) Includes initial funding, total $353 Million estimated costs. See
operating cost table.
Annual Gold Production
The chart below highlights the anticipated production schedule.
Total life-of-mine production is anticipated to be 8,086,400
ounces. For the first five years, it is anticipated that average
annual production would be 698,500 ounces.
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Year Mill Feed Grade (g/tonne) Ounces Produced (000)
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1 1.08 763.2
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2 0.94 844.2
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3 0.67 594.0
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4 0.76 671.3
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5 0.74 619.7
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6 0.63 558.3
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7 0.66 590.3
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8 0.66 582.3
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9 0.67 554.2
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10 0.72 562.9
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11 0.82 720.7
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12 0.54 421.6
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13 0.39 321.4
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14 0.39 282.2
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LOM 0.69 8,086.4
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Rounding of some figures may lead to minor discrepancies in totals.
All-in Costs
The table below highlights the all-in operating cost of
production over the life of the Project:
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All-in Sustaining Cost of Production $/Ounce LOM ($Million)
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On-Site Mine Operating Costs $ 933 $ 7,543
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Royalties 45 362
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Third-Party Smelting, Refining and Transport
Costs 9 75
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Sub-Total 987 7,980
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Reclamation & Remediation 43 353
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Sub-Total Production Cost Before Capital 1,030 8,333
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Capital Expenditures (initial and sustaining)
(1) 416 3,367
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All-In Costs - Pre-Tax 1,447 11,700
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Mining and Income Taxes 27 220
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All-In Costs - After-Tax $ 1,474 $ 11,920
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Rounding of some figures may lead to minor discrepancies in totals.
(1) Excludes $32M upfront funding included in reclamation and remediation
above and $57M of recoverable initial stores inventory.
Project Mineral Reserves and Resources
The table below illustrates the reserve estimate for the
Project, calculated at a gold price of $1,500 per ounce.
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Rock Type Tonnes 000's g Au/t Au Ounces 000's
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RT4 Cambrian 58,247.3 0.639 1,196.6
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RT5 Sunshine Upper Sediments 126,592.2 0.576 2,344.6
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RT6 Upper Sediments 80,912.3 0.733 1,906.0
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RT7 Lower Sediments-Bleached 51,020.0 0.772 1,266.3
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RT8 Sunshine Volcanics 6,707.4 0.659 142.1
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RT9 Volcanics 111,013.9 0.775 2,766.0
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Proven Totals 434,493.0 0.689 9,621.5
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RT4 Cambrian
5,129.8 0.720 118.7
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RT5 Sunshine Upper Sediments 1,503.4 0.535 25.8
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RT6 Upper Sediments 2,754.6 0.637 56.4
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RT7 Lower Sediments-Bleached 4,005.3 0.726 9.5
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RT8 Sunshine Volcanics 2,321.2 0.669 49.9
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RT9 Volcanics 4,416.4 0.773 109.7
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Probable Totals 20,130.8 0.702 454.0
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RT4 Cambrian 63,377.1 0.645 1,315.2
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RT5 Sunshine Upper Sediments 128,095.6 0.576 2,370.4
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RT6 Upper Sediments 83,666.9 0.730 1,962.4
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RT7 Lower Sediments-Bleached 55,025.3 0.769 1,359.8
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RT8 Sunshine Volcanics 9,028.6 0.662 192.0
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RT9 Volcanics 115,430.3 0.775 2,875.7
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Proven + Probable Totals 454,623.8 0.689 10,075.6
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Rounding of some figures may lead to minor discrepancies in totals.
The table below illustrates the updated mineral resource
estimate for the Project.
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Gold Cutoff Tonnes Gold Ounces
Classification (g/t) (Million) Gold (g/t) (Million)
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Measured 0.20 994 0.52 16.4
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Indicated 0.20 112 0.45 1.6
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Total M & I 0.20 1,106 0.51 18.0
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Inferred 0.20 438 0.41 5.8
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Measured 0.30 731 0.61 14.4
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Indicated 0.30 71 0.56 1.3
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Total M & I 0.30 802 0.61 15.7
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Inferred 0.30 266 0.52 4.4
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Measured 0.50 370 0.82 9.8
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Indicated 0.50 31 0.80 0.8
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Total M & I 0.50 401 0.82 10.6
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Inferred 0.50 92 0.76 2.3
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Measured 0.70 179 1.08 6.2
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Indicated 0.70 13 1.09 0.5
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Total M & I 0.70 192 1.08 6.7
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Inferred 0.70 34 1.08 1.2
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Mineral resources that are not mineral reserves do not have demonstrated
economic viability. Mineral resource estimates do not account for
mineability, selectivity, mining loss and dilution. These mineral resource
estimates include inferred mineral resources that are normally considered
too speculative geologically to have economic considerations applied to
them that would enable them to be categorized as mineral reserves. There is
also no certainty that these inferred mineral resources will be converted
to measured and indicated categories through further drilling, or into
mineral reserves, once economic considerations are applied.
Metallurgy Recovery by Rock Type
The Company has completed extensive metallurgical test work on
the five rock types that comprise 98% of the reserve. Recovery
rates by rock type using gravity and carbon-in-leach recovery of
gravity tail are shown in the table below:
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Rock Type Gold Recovery %
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RT4 Cambrian 84.2
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RT5 Sunshine Upper Sediments 87.7
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RT6 Upper Sediments 76.7
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RT7 Lower Sediments-Bleached 58.5
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RT9 Volcanics 84.8
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Next Steps and Opportunities
The Company believes that mill throughput and production
schedule optimization studies may provide opportunities to reduce
project capital costs. A lower mill throughput may offer an
opportunity to enhance mill head grades in early years by a more
aggressive stockpile management strategy than is assumed in the
FS.
The Company will also continue to advance environmental baseline
work in support of future permitting in order to better position
the Project for a construction decision when warranted by market
conditions.
There is also opportunity to expand the mineable resource by
increasing the in-pit resource, as additional drilling may improve
the classification of the material contained within the pit.
Additional drilling may expand the resource at depth and to the
southwest, incorporating mineralized material below the current
grade model. Multiple exploration targets have been identified and
may increase the resource with additional exploration.
The Company has also identified several opportunities to improve
the performance of the Project that warrant further study including
verification of preliminary indications of a higher head grade,
verify modeling to improve recovery through intensive cyanide leach
of gravity concentrates, reducing reagent consumption and energy
costs.
Detailed Report
A NI 43-101 Technical Report that summarizes the results of the
FS will be filed on SEDAR at www.sedar.com within 45 days of this
press release and will be available on the Company's website
www.ithmines.com at that time.
Qualified Persons
The FS was prepared by Samuel Engineering, Inc., AMEC
Environment & Infrastructure, Inc. as well as others listed
below. The detailed engineering design to estimate capital costs
are within a +/- 15% accuracy. The scientific and technical data
contained in this news release pertaining to the Project has been
reviewed, verified and approved by the following Qualified Persons
under NI 43-101 who consent to the inclusion of their names in this
release.
----------------------------------------------------------------------------
Qualified Person Company Scope of
Responsibility
----------------------------------------------------------------------------
Richard Kunter, Qualified Person Samuel Engineering Process Engineering
(No. 01217QP Mining and
Metallurgical Society of America)
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Charlie Rehn, P.E. (Utah No. AMEC Geotechnical
7261612) Engineering
----------------------------------------------------------------------------
Mike Levy, P.E. (Colorado No. SRK Mine Slope Stability
40268)
----------------------------------------------------------------------------
Tim Carew, P. Geo. Association of Reserva Resource Estimation
Professional Engineers and International
Geoscientists of British Columbia
(Professional Geoscientist 19706)
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Neil Prenn, P.E. (Nevada No. 7844) Mine Development Mining and Reserve
Associates Estimation
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Chris Puchner, CPG (AIPG No. Tower Hill Mines Geology
07048)
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Conference Call Details
The Company will host a conference call at 8:30 am ET Wednesday,
July 24, 2013 to discuss the FS. Mr. Don Ewigleben, President and
CEO of International Tower Hill Mines, will chair the call. All
interested parties can join the conference call by dialing
1-888-231-8191 or 647-427-7450. Please dial in 15 minutes prior to
the call to secure a line. The conference call will be archived for
replay until July 31, 2013 at midnight. To access the archived
conference call, please dial 1-855-859-2056 or 416-849-0833 and
enter the reservation code 17471473. This call will also be
web-cast and can be accessed on the company's events webpage.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and US
securities legislation. Information concerning mineral
resource/reserve estimates and the economic analysis thereof
contained in the feasibility study may also 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. The likelihood
of future mining at the Livengood Gold Project is subject to a
large number of risks and will require achievement of a number of
technical, economic and legal objectives, including obtaining
necessary mining and construction permits, completion of further
feasibility studies, preparation of all necessary engineering for
workings and processing facilities as well as receipt of
significant additional financing to fund these objectives as well
as funding mine construction. Such funding may not be available to
the Company on acceptable terms or on any terms at all. All
statements, other than statements of historical fact, included
herein, including statements with respect to the potential
development of the Livengood Gold Project; the price of gold; the
ability of the Company to implement cost reduction opportunities or
alternative mine plans for the Livengood Gold Project; the timing
for completion and anticipated release of additional studies for
the Project; the potential for the Company to enter into
arrangements with one or more strategic alliance partners and to
thereby obtain further finding for the development of the Livengood
Gold Project; business and financing plans; business trends and the
attractiveness of the Company as a long-term investment 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, specific risks inherent in the
mining business as well as general economic and business
conditions, 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, including the price of gold, the inability of the Company
to enter into arrangements with strategic alliance partners to
secure additional funding, or at all, the inability of the Company
to obtain any necessary permits, consents or authorizations
required for its activities, the inability of the Company to reduce
its costs sufficiently while at the same time maintaining essential
environmental baseline activities to support the permitting
process, 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
(10-K) filed with certain securities commissions in Canada and the
Company's annual report on Form 10-K 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
Gold Project.
Cautionary Note Regarding References to Resources and
Reserves
National Instrument 43 101 - Standards of Disclosure for Mineral
Projects ("NI 43-101") is a rule developed by the Canadian
Securities Administrators which establishes standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Unless otherwise
indicated, all resource and reserve estimates contained in or
incorporated by reference in this news release have been prepared
in accordance with NI 43-101 and the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM")
Standards on Mineral Resource and Mineral Reserves, adopted by the
CIM Council on November 27, 2010 (the "CIM Standards") as they may
be amended from time to time by the CIM.
United States shareholders are cautioned that the requirements
and terminology of NI 43-101 and the CIM Standards differ
significantly from the requirements and terminology of the SEC set
forth in the SEC's Industry Guide 7 ("SEC Industry Guide 7").
Accordingly, the Company's disclosures regarding mineralization may
not be comparable to similar information disclosed by companies
subject to SEC Industry Guide 7. Without limiting the foregoing,
while the terms "mineral resources", "inferred mineral resources",
"indicated mineral resources" and "measured mineral resources" are
recognized and required by NI 43-101 and the CIM Standards, they
are not recognized by the SEC and are not permitted to be used in
documents filed with the SEC by companies subject to SEC Industry
Guide 7. Mineral resources which are not mineral reserves do not
have demonstrated economic viability, and US investors are
cautioned not to assume that all or any part of a mineral resource
will ever be converted into reserves. Further, inferred resources
have a great amount of uncertainty as to their existence and as to
whether they can be mined legally or economically. It cannot be
assumed that all or any part of the inferred resources will ever be
upgraded to a higher resource category. Under Canadian rules,
estimates of inferred mineral resources may not form the basis of a
feasibility study or prefeasibility study, except in rare cases.
The SEC normally only permits issuers to report mineralization that
does not constitute SEC Industry Guide 7 compliant "reserves" as
in-place tonnage and grade without reference to unit amounts. The
term "contained ounces" is not permitted under the rules of SEC
Industry Guide 7. In addition, the NI 43-101 and CIM Standards
definition of a "reserve" differs from the definition in SEC
Industry Guide 7. In SEC Industry Guide 7, a mineral reserve is
defined as a part of a mineral deposit which could be economically
and legally extracted or produced at the time the mineral reserve
determination is made, and a "final" or "bankable" feasibility
study is required to report reserves, the three-year historical
price is used in any reserve or cash flow analysis of designated
reserves and the primary environmental analysis or report must be
filed with the appropriate governmental authority.
This news release is not, and is not to be construed in any way
as, an offer to buy or sell securities in the United States.
NR13-07
Contacts: International Tower Hill Mines Michelle Stachnik
Manager, Investor Relations 855-208-4642 Ext.
203mstachnik@ithmines.com TMX Equicom Michael Moore Investor
Relations 619-467-7067mmoore@tmxequicom.com
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