VANCOUVER, March 10, 2020 /CNW/ - International Tower Hill Mines Ltd. (the "Company") - (TSX: ITH) (NYSE American: THM) today announced that the 2020 budget of $2.6 million has been approved by the Board. The work program includes completion of the final stages of the Phase 12 metallurgical program at SGS in Vancouver, B.C. The engineering firm of BBA Inc. has been retained to continue to guide the metallurgical program, with the goal of optimizing and defining the Project flowsheet. Work is also planned to advance environmental baseline efforts needed to support future permitting, as well as to continue community engagement.
"The recent gold market strength provides an encouraging environment for our Company as we continue work to establish the best foundation to support future development," said Karl Hanneman, CEO. "The 11.5 million ounce gold resource at the Livengood Gold Project is in a premier jurisdiction and the project is highly leveraged to the gold price. For example, if we assume 6.8 million ounce production over 23 years, every $100/ounce increase in the gold price would increase project revenue NPV@5% basis by approximately $428 million, or approximately $2.25 per current share."
The Company also today announced that it has filed its audited Year-End Financial Statements and associated Management Discussion and Analysis (MD&A) on Form 10-K for the year ended December 31, 2019. As of December 31, 2019, the Company had working capital of $6.8 million.
Shareholders can obtain copies of the Company's audited Year-End Financial Statements and associated MD&A and Form 10-K 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.
For further information: Contact Information: Richard Solie, Jr., Manager - Investor Relations, E-mail: [email protected], Direct line: 907-328-2825, Toll-Free: 1-855-428-2825