VANCOUVER, March 10, 2020 /PRNewswire/ - International Tower
Hill Mines Ltd. (the "Company") - (TSX: ITH) (NYSE American: THM)
today announced that the 2020 budget of $2.6
million has been approved by the Board. The work program
includes completion of the final stages of the Phase 12
metallurgical program at SGS in Vancouver, B.C. The engineering firm of BBA
Inc. has been retained to continue to guide the metallurgical
program, with the goal of optimizing and defining the Project
flowsheet. Work is also planned to advance environmental baseline
efforts needed to support future permitting, as well as to continue
community engagement.
"The recent gold market strength provides an encouraging
environment for our Company as we continue work to establish the
best foundation to support future development," said Karl Hanneman, CEO. "The 11.5 million ounce gold
resource at the Livengood Gold Project is in a premier jurisdiction
and the project is highly leveraged to the gold price. For example,
if we assume 6.8 million ounce production over 23 years, every
$100/ounce increase in the gold price
would increase project revenue NPV@5% basis by approximately
$428 million, or approximately
$2.25 per current share."
The Company also today announced that it has filed its audited
Year-End Financial Statements and associated Management Discussion
and Analysis (MD&A) on Form 10-K for the year ended
December 31, 2019. As of December 31, 2019, the Company had working
capital of $6.8 million.
Shareholders can obtain copies of the Company's audited Year-End
Financial Statements and associated MD&A and Form 10-K on SEDAR
at: www.sedar.com, EDGAR at www.sec.gov and on the Company's
website at: www.ithmines.com. The Company will also provide hard
copies of these documents, free of charge, to shareholders who
request a copy directly from the Company.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. has a 100% interest in the
Livengood Gold Project located along the paved Elliott Highway, 70
miles north of Fairbanks,
Alaska.
On behalf of
International Tower Hill Mines Ltd.
(signed) Karl L.
Hanneman
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, including statements with respect
to the potential development of any mine at Livengood, production
levels and the price of gold 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. 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, the price of gold, the potential
inability of the Company 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 report on Form
10-K and other reports filed with the United States Securities and
Exchange Commission, and certain securities commissions in
Canada 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. Readers are urged to review these
materials, including the latest technical report filed with respect
to the Livengood Gold Project.
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.
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SOURCE International Tower Hill Mines Ltd.