Press release from Marketwire
International Tower Hill Mines Comments on Recent Gold Market Activity
Wednesday, April 24, 2013
International Tower Hill Mines Comments on Recent Gold Market Activity08:00 EDT Wednesday, April 24, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 24, 2013) - International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX:ITH)(NYSE MKT:THM)(FRANKFURT:IW9) wishes to comment on the recent activity in the gold market.
Despite the recent turmoil in the gold market, ITH will continue to strive to bring value to its shareholders by optimizing its world class Livengood Gold Project, which currently has estimated measured and indicated resources of 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 (see NR11-13, August 23, 2011).
The Company completed drilling for condemnation, geo-hydrological and geotechnical support of the Feasibility Study (FS) for Livengood in 2012. The Company has prepared for the potential of a continuing lower gold price and has developed an alternate work program under which ITH will continue to fund its corporate activities, compliance matters and essential environmental baseline activities to support the permitting process with the capital currently on hand. Accordingly, the Company does not anticipate raising additional capital in the near term and will continue to seek strategic alliances to fund the future development of this project upon the completion of the FS currently underway.
Don Ewigleben, President and CEO, stated, "We recognize that we are entrusted by our shareholders to protect the asset value of the Livengood Gold Project and will continue the development process while limiting the expenditures. ITH has structured its budget and corporate initiatives to bring the highest value to its shareholders and we believe it still remains an attractive long-term investment. The Livengood Project hosts a very large gold resource in a favorable mining jurisdiction. Our current strategies remain the same with completing further development of the project while attracting a strategic alliance partner. Despite the recent drop in gold price, the value of the long life Livengood asset will be judged by factors in addition to today's gold price, including the existing infrastructure, favorable geo-political setting and highly qualified development team."
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 northwest of Fairbanks, Alaska.
On behalf of International Tower Hill Mines Ltd.
Donald C. Ewigleben, President & Chief Executive Officer
To view the Cautionary Statements, click the following link: http://media3.marketwire.com/docs/ith424-CS.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Tower Hill Mines Ltd.
Manager - Investor Relations
Toll-Free: 1-855-208-4642 Ext. 203