International Tower Hill Mines Announces 2019 Work Program and Files 2018 Year-End Financial Results
VANCOUVER, March 15, 2019 /CNW/ - International Tower Hill Mines Ltd. (the "Company") - (TSX: ITH) (NYSE American: THM) today announced that its Phase 12 metallurgical program has begun at SGS in Vancouver, B.C. This work is part of the 2019 budget of $3.7 million approved by the Board on November 1, 2018 and will build upon the metallurgical studies undertaken in 2018 to continue to define and refine the project flowsheet. Approximately 2,000 kg of samples will be processed in 2019 to evaluate optimum grind size and to determine whether different recovery parameters should be applied to different areas of the orebody. The engineering firm of BBA Inc. has been retained to continue to guide the metallurgical program. Work is also planned to advance environmental baseline efforts needed to support future permitting.
"The 11.5 million ounce gold resource at the Livengood Gold Project is in a great jurisdiction and is highly leveraged to the price of gold. Our stock has responded to the recent strengthening of the gold price and our 2019 work program will continue to focus on optimization that will help us prepare to advance the best possible project toward future permitting," said Karl Hanneman, CEO.
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, 2018. As of December 31, 2018, the Company had working capital of $9.9 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, on 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. controls 100% of 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 ability of the Company to carry out and complete optimization studies with respect to the Livengood Gold Project, the ability of the Company to advance the Livengood Gold Project, the potential development of any mine at Livengood, business and financing plans and business trends 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. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate, proposed, planned, potential and similar expressions, or are those, which, by their nature, refer to future events. 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, and 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.