ITH CEO Provides Company and Project Update
Vancouver, B.C……..International Tower Hill Mines Ltd. (“ITH” or the “Company”) - (TSX: ITH, NYSE-MKT: THM, Frankfurt: IW9) is pleased to provide a Company and project update to the shareholders from the President and CEO, Donald C. Ewigleben.
“After my initial two months on the job, it is clear that ITH and the Livengood Gold Project have tremendous potential to generate significant shareholder value. The exceptionally large and strategically located Livengood gold deposit has a spectrum of development opportunities and ITH is focused on optimizing those opportunities to meet the challenges of today’s market. Livengood is truly a world class gold opportunity that we believe will be developed and ITH owns 100% of this quality asset. The development path for this deposit will be clearly defined by the ongoing metallurgical testwork and project optimization process, the results of which will be incorporated into the Feasibility Study (FS) scheduled for completion by mid-2013. During 2013, ITH will focus on:
- Determining of the most cost effective and achievable development path for the project, where the measured and indicated resources are 933 million tonnes at an average grade of 0.55 g/t gold (16.5 million contained ounces) at a 0.22 g/t gold cut-off (ITH NR11-13, August 23, 2011).
- Outlining a staged and integrated funding strategy for development of the project.
- Implementing an aggressive and achievable permitting strategy for the development plan.
One of ITH’s biggest strengths is its seasoned and highly experienced Alaskan development team which is driving the FS and optimization process. This team has a proven track record of success. ITH is in a solid financial position to execute its optimization strategy, complete the FS and begin the permitting process. The Company continues to broaden its scope of stakeholder engagement and enjoys a supportive and constructive relationship with surrounding communities and regulatory agencies which will be expanded during the permitting process. Key milestones for the Livengood project that have been achieved or will be by mid-2013 are:
- Key land acquisitions have been completed to provide for maximum flexibility in the development of the project.
- Finalization of a full spectrum of metallurgical studies inclusive of milling and heap leach studies. This work is nearly complete and results to date are encouraging.
- Major site engineering and environmental work is largely complete, allowing for the design of various development options and the assessment of their impacts for permitting optimization.
- Infrastructure and logistical assessment have been made for integration into the different development scenarios.
- Initial contacts have been made on a number of potential project financing fronts inclusive of partnerships and sovereign fund investments.
ITH not only offers an unprecedented leverage to gold, currently trading at around $13 per contained measured and indicated ounce, but also the project is in one of the most stable mining jurisdictions on the planet. Its access to a well-developed infrastructure network, experienced development team and strong local support truly makes the project unique among the near-term, undeveloped, mega gold deposits still controlled 100% by a junior.
In addition to adding value in an appreciating gold market, we believe ITH will add shareholder value as the project hits the key milestones of optimized development plan, defined permitting schedule, committed financing structure and, finally, development.
In short, ITH has the necessary people, expertise and Alaska experience to move the Livengood Gold Project forward to a project construction decision and will, we believe, attract a strategic partner to help us take this world-class resource and build a world-class mine.
I look forward to communicating with our shareholders and other investment community participants on a frequent and regular basis, and appreciate shareholder feedback.”
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.
On behalf of
International Tower Hill Mines Ltd.
(signed) Donald C. Ewigleben
Donald C. Ewigleben
President & CEO
Posted: November 28, 2012