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:
May 12, 2020 at 12:00 pm ET
North American callers:
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.
SOURCE International Tower Hill Mines Ltd.