International Tower Hill Mines Announces Livengood Project Update and Departure of Chief Executive Officer
Vancouver, B.C., International Tower Hill Mines Ltd. (“ITH” or the “Company”) - (TSX: ITH, NYSE-A: THM, Frankfurt: IW9) announced today that the Board of Directors has decided to undertake a review of the Livengood Project in order to optimize available development alternatives, including infrastructure and processing options and financing opportunities. The Company is currently revising its 2012 work program to fit within its current financial position. “We are very pleased with the progress we have made on the Livengood Project and the range of options open to us as we manage our costs according to our financial resources,” said Don Ewigleben, Chairman of the Board of Directors of ITH. “We look forward to updating shareholders on the results of our review.”
The Company also announced today that its Board of Directors has accepted the resignation of James Komadina as President and Chief Executive of the Company. Mr. Komadina expressed to the Board a desire to spend more time with his wife and family. Mr. Komadina will be available as a consultant to ITH. Mr. Ewigleben said, "On behalf of the Board of Directors of the Company, I would like to extend our thanks to Jim for his work as our President and Chief Executive Officer. Jim has materially advanced the Livengood Project and leaves in place an excellent team to continue progress toward completion.”
The Board of Directors has commenced a search for a new Chief Executive Officer. During the interim period, the day to day operations of the Company will be supervised by an executive committee consisting of Don Ewigleben, Chairman of the Board of Directors and Director and former President and Chief Executive Officer of ITH, Jeffrey Pontius. Mr. Ewigleben has extensive mining industry experience, particularly in Alaska with permitting and project development activities. Mr. Pontius is a founder of ITH and important driver of the Company’s Livengood discovery and resulting shareholder valuation growth and has extensive market experience.
Posted: May 15, 2012