International Tower Hill Receives Share Ownership Topup Notice from AngloGold Ashanti for 415,041 Shares
Vancouver, B.C........International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX: ITH,
NYSE-A: THM, Frankfurt: IW9) is pleased to announce that AngloGold Ashanti (U.S.A.) Exploration
Inc., a subsidiary of AngloGold Ashanti Limited ("AngloGold"), has exercised its right to maintain its
13.2907% equity interest in the Company. AngloGold's equity interest had been diluted by virtue of the
Company's issuance of shares since October 31, 2009 (other than in connection with financings),
principally due to the exercise of incentive stock options and broker options.
As a consequence of AngloGold's election to exercise its "top-up" right, the Company will sell to
AngloGold, on a private placement basis, an aggregate of 415,041 common shares at a price of CAD 5.26
per share (reflecting the 5 day volume-weighted average price of the Company's common shares on the
TSX preceding August 12, 2010 of CAD 6.18 less the maximum allowable discount (15%), as required
by the provisions of the "top-up" right) for gross proceeds of CAD 2,183,115.66. The private placement
is subject to execution of formal documentation and the acceptance for filing thereof by the TSX and
NYSE-Amex on behalf of the Company. The common shares issued in the private placement will be
subject to a hold period in Canada expiring 4 months plus one day after closing. The net proceeds from
the private placement are anticipated to be used by the Company for continued work on the Livengood
Gold project in Alaska and general working capital.
The "top-up" provision, contained in the June 30, 2006 purchase agreement among AngloGold, the
Company and Talon Gold Alaska, Inc. pursuant to which the Company acquired AngloGold's Alaskan
assets (including the Company's flagship Livengood property), gives AngloGold the right, twice a year,
to maintain its then current equity ownership percentage in the Company on an ongoing basis thereby
avoiding dilution as a result of the issuance of shares by the Company in connection with property
payments or warrant or option exercises. AngloGold also has a separate right to participate in any equity
financings by the Company up to its then pre-financing percentage equity interest.
The common shares have not been and will not be registered under the U.S. Securities Act of 1933, as
amended, (the "1933 Act"), or any state securities laws, may not be offered or sold in the United States
absent registration under the 1933 Act and any applicable state securities laws or pursuant to an
exemption therefrom and are being issued to AngloGold pursuant to exemptions from such registration
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. is a resource exploration company, focused in Alaska and Nevada,
which controls a number of exploration projects representing a spectrum of early stage to the advanced
multimillion ounce gold discovery at Livengood. ITH is committed to building shareholder value
through new discoveries while maintaining a majority interest in its key holdings, thereby giving its
shareholders the maximum value for their investment.
On behalf of
INTERNATIONAL TOWER HILL MINES LTD.
(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
President and Chief Executive Officer