International Tower Hill Announces Management Reorganization and
Appoints Tom Irwin as Chief Executive Officer
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 23, 2013) -
International Tower Hill Mines Ltd. ("ITH" or the "Company") -
(TSX:ITH) (NYSEMKT:THM) today announced that the Company will
reorganize senior management and its Board of Directors, and
implement a reduction in the work force. These changes are being
made to focus the Company's efforts on project optimization
opportunities, maintenance of environmental baseline activities
required for permitting, advancing discussions with companies
holding confidentiality agreements and conserving cash. The Company
will retain the strong development and permitting team for moving
the project forward, while maintaining ITH's significant gold
asset.
The Company is
pleased to announce that Mr. Thomas Irwin has been appointed
President and Chief Executive Officer effective January 1, 2014.
Mr. Irwin has been serving as Vice President, supporting corporate
strategic initiatives as well as being responsible for technical
matters for the Company's Livengood Gold Project.
Mr. Irwin will
succeed Don Ewigleben, who became CEO in September 2012, after
having previously served as the Chairman of the Board. Mr.
Ewigleben recently informed the Board of his desire to seek an
orderly transition now that the Company is properly organized for
its present activities in conserving cash and in view of the
current market conditions. Mr. Ewigleben has agreed to assist the
Company in this transition as a consultant and counsel.
"I am very pleased
to take on the role of Chief Executive Officer of ITH as our team
continues to advance the Livengood Gold Project," said Mr. Irwin.
"With the benefit of my long history in Alaska, I am confident the
region remains one of the best mining jurisdictions in the world
and I believe in Livengood as a world- class multi-million ounce
gold project. With Tom Yip, as CFO and Karl Hanneman, as Alaska
General Manager, along with our strong development and
environmental team, we are uniquely positioned to move Livengood
forward with a joint venture partner."
Mr. Irwin is well
suited for this phase of the Company's development with over 40
years of experience in the natural resource industry, including
construction, operations, optimization, and permitting major mining
projects. Prior to joining ITH, Mr. Irwin served as the
Commissioner of the Alaska Department of Natural Resources for six
years. As Commissioner, part of his responsibilities included close
communication and negotiation with major companies and management
of Alaska oil, gas and mining resources, which annually produce
several billion dollars of revenue for the State.
Prior to his role
with the Alaska Department of Natural Resources, Mr. Irwin held
senior positions at the Fort Knox mine located 45 miles southeast
of the Livengood project. From 1992 to 1996 Mr. Irwin was Vice-
President of Fairbanks Gold Mining, Inc., a subsidiary of AMAX Gold
Inc., responsible for engineering at Fort Knox during project
design and permitting. From 1996 to 1999 he was Operations Manager
responsible for mine start-up and operation and General Manager of
the mine from 1999 to 2001. Following these positions he became the
Vice President, Business Development for Fairbanks Gold Mining
Inc., then a subsidiary of Kinross Gold Corp. Prior to his work in
Alaska, Mr. Irwin was General Manager of AMAX Gold's Sleeper Mine
in Nevada and manager of AMAX's Climax mine in Colorado. Mr. Irwin
has a degree in Mineral Engineering-Chemistry from the Colorado
School of Mines.
As part of the
Company's reorganization, effective January 1, 2014, Mr. Ewigleben
will step down from the Board along with Mr. Dan Carriere, Mr. Tim
Haddon and Mr. Roger Taplin; Mr. Anton Drescher, Mr. Mark Hamilton
and Mr. Thomas Weng will remain on the Board and Mr. Weng will be
the Lead Independent Director of the Board.
Total ITH staff will
be reduced by approximately 30% effective January 1, 2014,
affecting both the Denver and Fairbanks offices.
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, which contains 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).
Caution
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.
All statements, other than statements of historical fact, included
herein, including statements with respect to the potential for the
Company to identify and secure a joint venture partner for the
Livengood Project, the ability of the Company to continue to
maintain the necessary environmental baseline activities to
maintain the integrity and usability of the five years of
historical data already compiled, the ability of the Company to
optimize and/or enhance the base case as set out in the Feasibility
Study, the ability of the Company to provide shareholder value
through securing a joint venture for the Livengood Project, the
ability of the Company to advance the Livengood Project, whether
incrementally or at all, and to maintain the asset well into 2015,
the potential development of any mine at Livengood, business and
financing plans and business trends are forward-looking statements.
Information concerning mineral reserve/resource estimates and the
economic analysis thereof contained in the feasibility study 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 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
latest technical report filed with respect to the Company's
Livengood property.
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.
NR13-12
International Tower Hill Mines Ltd.Rick SolieManager, Community
& Government RelationsToll Free:
855-428-2825rsolie@ithmines.comTMX Equicom, for ITHMichael
MooreInvestor Relations858-886-7813mmoore@tmxequicom.com
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