2012-11-08 00:31:17 -
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/07/12 -- International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:ITH)(NYSE MKT:THM)(FRANKFURT:IW9) is pleased to provide an update on its 100% owned Livengood Gold Project.
The Company has successfully completed within budget its critical path 2012 geotechnical drilling program, totaling 199 holes, 15,731 meters utilizing core, sonic, and auger drilling methods. The drilling program evaluated facility sites to obtain the technical information required for use in sub-arctic engineering design. The pump testing of the large diameter water wells required for hydrogeological modeling was also successfully completed. Metallurgical test work and engineering studies are on-going to advance the feasibility study, which is on schedule for release in the first half of 2013.
The Company's recently appointed CEO, Don Ewigleben, stated: "Over the past month I have been very encouraged by the progress being made. We will continue working on engineering for the next several months and we are on-track for completing the Feasibility Study in the first half of 2013. I am extremely pleased that the 16 million ounce plus gold deposit is on schedule for feasibility study completion, permitting and construction due to the world-class project team in place."
The Company is aggressively advancing the Feasibility Study and all scenarios are under consideration to optimize the economics of the project, including considering a future strategic alliance to assist in further development and construction costs while adding value for our shareholders.
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.
Donald C. Ewigleben, President & 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 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. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, proposed, planned, potential and similar expressions, or are those, which, by their nature, refer to future events. 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, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required for its activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, 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 Information Form filed with certain securities commissions in Canada and the Company's annual report on Form 40-F filed with the United States Securities and Exchange Commission (the "SEC"), 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 : www.sedar.com and its United States public disclosure filings may be accessed via www.sec.gov, and readers are urged to review these materials, including the technical reports filed with respect to the Company's Livengood property.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
International Tower Hill Mines Ltd.
Michelle Stachnik, Manager - Investor Relations
Direct: 720-881-7646 Ext. 203
Toll-Free: 1-855-208-4642 Ext. 203 firstname.lastname@example.org