VANCOUVER, May 8, 2020 /PRNewswire/ - International Tower
Hill Mines Ltd. (the "Company") - (TSX: ITH) (NYSE American:
THM) today announces that the Company's Board of Directors has
approved a work plan to prepare a Pre-Feasibility Study on the
Livengood project.
The Company believes that the recent strength in the price of
gold arising from the unprecedented accommodative fiscal and
monetary stimulus from central banks and governments globally
provides the necessary macroeconomic backdrop to support the
advancement of the large, highly-levered, and long-life gold asset
at Livengood.
"Over the last several years, we have quietly remained laser
focused on improving our geological and metallurgical understanding
of the Livengood Gold deposit, which reported a 11.5 million ounce
gold resource in our 2017 NI 43-101," said Karl Hanneman, CEO. "We intend to use new
tools that have emerged in recent years, such as Whittle Enterprise
Optimization, to incorporate this new information with our previous
solid technical work to design the best possible Livengood Gold
project and to update our NI 43-101 to further de-risk the project
and demonstrate its value in a higher gold price environment."
"Since 2016 we have conserved our cash to maximize optionality
for ITH shareholders, and we are well positioned to embark on a new
phase for the Livengood project as a result of the favorable
macro-economic backdrop for gold." said Marcelo Kim, Chairman. "ITH owns the
largest independent gold-only resource in North America and we believe that in a rising
gold price, the Livengood project becomes one of the most coveted
and substantial assets in a geopolitically safe jurisdiction, in a
time when most gold companies are struggling to replenish their
reserves. Our aim is to unlock that value for shareholders by
proceeding with a Pre-Feasibility Study that will update our
project's parameters."
The Company is mindful that the worldwide pandemic has caused
extreme disruption to personal lives and to normal business
practices. With this in mind, and with Board authorization to
proceed, the Company will immediately begin work with its
team and technical consultants to develop a more definitive
timeline and budget for completion of the Pre-Feasibility Study
update and release of an NI 43-101.
The Company invites you to attend a conference call and webcast
hosted by Chairman Marcelo Kim, Lead
Independent Director Steve Lang, and
CEO Karl Hanneman to discuss the
Company and this news release.
Conference Call & Webcast Details:
INTERNATIONAL TOWER HILL MINES's
conference call and webcast details are provided below:
Date:
|
May 12, 2020 at 12:00
pm ET
|
Webcast:
|
https://services.choruscall.com/links/thm200512.html
|
North American
callers:
|
1-877-270-2148
|
International
callers:
|
1-412-902-6510
|
The Company also today announced that it has filed its unaudited
first quarter Financial Statements and associated Management
Discussion and Analysis and Quarterly Report on Form 10-Q for the
three-month period ended March 31,
2020.
As of March 31, 2020, the Company
had working capital of $6.4
million.
Shareholders can obtain copies of the Company's unaudited
Financial Statements and associated MD&A and Form 10-Q on SEDAR
at: www.sedar.com, EDGAR at www.sec.gov and on the Company's
website at: www.ithmines.com. The Company will also provide hard
copies of these documents, free of charge, to shareholders who
request a copy directly from the Company.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. has a 100% interest in the
Livengood Gold Project located along the paved Elliott Highway, 70
miles north of Fairbanks,
Alaska.
On behalf of
International Tower Hill Mines Ltd.
(signed) Karl L.
Hanneman
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, including statements with respect
to the potential development of any mine at Livengood, production
levels and the price of gold 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. 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, the price of gold, the potential
inability of the Company 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 report on Form
10-K and other reports filed with the United States Securities and
Exchange Commission, and certain securities commissions in
Canada 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 and its United States public disclosure filings may be
accessed via www.sec.gov. Readers are urged to review these
materials, including the latest technical report filed with respect
to the Livengood Gold Project.
This news release is not, and is not to be construed in any
way as, an offer to buy or sell securities in the United States.
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SOURCE International Tower Hill Mines Ltd.