Welcome To The International Tower Hill HUB
Committed to Creating Value Through Discovery
Message: Receives Proceeds of $23,114,288 from Warrant/Broker Option Exercises
| May 20, 2009 |
| International Tower Hill Mines Ltd. Receives Proceeds of $23,114,288 from Warrant/Broker Option Exercises |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2009) - International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX VENTURE:ITH)(NYSE Amex:THM)(FRANKFURT:IW9) is pleased to announce that it has received a total of CAD 23,114,288 from the exercise of 7,753,385 warrants, broker options and broker warrants that expired May 9, 2009. Current funds in the treasury (less current liabilities) now exceed CAD 32.8 million, providing the Company with sufficient funds for the next two years, including its planned Livengood project development program. This program is designed to outline a plus 15 million ounce gold resource and advance the Livengood project toward production. ITH has spent approximately USD 4.5 million so far in 2009 with USD 8.0 million planned for the second half of the year, to complete a total of 45,000 metres of reverse circulation and core drilling. The 2009 summer program, scheduled to begin in approximately 10 days, will utilize three reverse circulation (RC) drill rigs and one deep hole core (diamond drill) rig to complete approximately 35,000 metres of drilling. The RC drills will focus on expanding the near-surface deposit and testing new district-wide exploration targets. The core drilling will focus on expanding the high-grade feeder zones at depth and assessing the significant growth potential of the large percentage of RC drill holes that ended in mineralization. Project exploration to date at Livengood has added gold ounces for an average cost of approximately USD 3.00 per ounce. As of the end of 2008, the Company has drill tested approximately 2.5 square kilometres of the 12 square kilometre Main Gold Anomaly and it anticipates that the expanded 2009 drill program will double that area. The Company anticipates releasing an updated N.I. 43-101 resource estimate for the Livengood project in late June 2009, and an initial Preliminary Economic Assessment (PEA) in July of 2009. Grant of Incentive Stock Options The Company also announces that, pursuant to its 2006 Incentive Stock Option Plan, it has granted incentive stock options to directors, officers, employees and consultants of the Company and its affiliates, to purchase up to an aggregate of 965,000 common shares in the capital stock of the Company. The options are exercisable on or before May 20, 2011 at a price of CAD 3.15 per share. Livengood Project Background The Livengood project has a very favourable logistical location, being situated 110 road kilometres north of Fairbanks, Alaska along the paved all-weather Elliot Highway and the Trans Alaska Pipeline Corridor; and approximately 55 kilometres north of the Alaska State power grid and along the proposed Alaska natural gas pipeline route. ITH controls 100% of its 44 square kilometre Livengood land package that is primarily comprised of leased fee land from the Alaska Mental Health Trust and a number of smaller private mineral leases. The thick, shallowly dipping, outcropping gold deposit at Livengood has a favourable geometry for a low strip, bulk tonnage mining operation. Initial metallurgical data indicates the deposit is potentially amenable to some type of combined milling and heap leach system of gold recovery. The Company and its predecessor, AngloGold Ashanti (U.S.A.) Exploration Inc., have been exploring the Livengood area since 2003, with the project's first indicated resource estimate being announced in early 2008. The 2008 drilling program marked the first grid drilling resource definition campaign for the project and is only the initial step in what the Company envisions as a major exploration program to define what it anticipates is one of the world's larger new gold deposits. Resource Estimate at Year-end 2008 (N.I. 43-101 Compliant) The most recent resource estimate for the Livengood Project (announced January 28, 2009) incorporates all of the 2008 drilling and trenching (a total of 172 core and reverse circulation holes and 11 trenches totalling over 41,063 metres). The most recent indicated gold resource is 128.6 M/t at an average grade of 0.83 g/t (3.41M ounces gold) and inferred resource of 142.1 M/t at an average grade of 0.74 g/t (3.39M ounces gold), based on a cut off grade of 0.50 g/t gold. This estimate represents a 70% increase in the gold resource from the previous estimate (as at September 27, 2008) reported on October 29, 2008 (NR08-22). The expansion of the deposit during 2008 incorporates the discovery of the larger and higher grade Core Zone area in the Money Knob target. The Core Zone area has an estimated indicated gold resource of 68.8 M/t at an average grade of 1.03 g/t gold (2.28M ounces) and an estimated inferred gold resource of 65.2 M/t at an average grade of 0.93 g/t gold (1.95M ounces) based on a cut off grade of 0.70 g/t gold. A 3D image of the most recently released Livengood drill information can be viewed at: http://www.corebox.net/properties/li... . About International Tower Hill Mines Ltd. International Tower Hill Mines Ltd. is a resource exploration company, focused in Alaska and Nevada, which controls a number of exploration projects representing a spectrum of early stage to the advanced multimillion ounce gold discovery at Livengood. ITH is committed to building shareholder value through new discoveries while maintaining a majority interest in its key holdings, thereby giving its shareholders the maximum value for their investment. On behalf of INTERNATIONAL TOWER HILL MINES LTD. Jeffrey A. Pontius, President and Chief Executive Officer |
Loading...
Loading...
New Message
Please
login
to post a reply