VANCOUVER, BC, Jan. 12, 2021 /PRNewswire/ - International
Tower Hill Mines Ltd. (the "Company") - (TSX: ITH) (NYSE
American: THM) today announced that the Board of Directors has
approved a 2021 budget of US$5.6
million and endorsed the associated 2021 work program to
advance the Livengood Gold Project.
The key element in the 2021 work program is the completion of
the Pre-Feasibility Study ("PFS) on the Livengood Gold Project that
is planned for release in October
2021. The comprehensive study was begun in July of 2020 and
will further de-risk and identify the optimal project
configuration. The Company has engaged BBA, Inc. as its lead
consultant and has retained Whittle Consulting, Resource Modeling,
Inc., Resource Development Associates, Easton Process Consulting,
and NewFields Companies, LLC to provide specialized technical
support.
On October 16, 2020, the Company
announced completion of a US $10.3
million financing through an At-The-Market ("ATM") offering
with B. Riley Securities, Inc. (the "Offering"). The Offering
ensured that the Company has not only enough funds to complete the
PFS, but it also provided an excellent runway to advance the
Livengood Gold Project beyond the PFS in a disciplined manner. As
of September 30, 2020, the Company
had working capital of US$13.1
million.
"The gold market's continued strength gives us strong motivation
to advance our 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 large
resource size gives our project high leverage to the gold
price."
International Tower Hill Mines Ltd. has a 100% interest in its
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
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, the timing
and contents of a new Pre-Feasibility Study, 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.