VANCOUVER, Dec. 18, 2014 /CNW/ - International Tower
Hill Mines Ltd. (TSX: ITH, NYSE MKT: THM, Frankfurt: IW9) ("ITH" or
the "Company") announces that Mr. Tom S. Q.
Yip will resign as the Chief Financial Officer (CFO) of the
Company, effective December 31, 2014,
to pursue other interests.
The Company will immediately begin to evaluate the most cost
effective structure to fulfill the CFO responsibilities and search
for a replacement. Mr. Yip has agreed to provide transitional
services as a consultant to insure financial continuity and
oversight through the filing of the Company's 2014 year-end
results.
Tom Irwin, Chief Executive
Officer, said "I want to thank Tom for his excellent service to ITH
as the CFO over the past three years and for being willing to
continue to provide his expertise while we undergo this
transition. We wish Tom the very best in his future
endeavors."
ITH's priority is to continue optimizing the Livengood Project
with those opportunities identified in the September 2013 Feasibility Study as well as other
potential improvements identified subsequently. These
opportunities include operating and capital cost reductions and
defining the optimum plant size for future development of the large
Livengood gold resource in central Alaska.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. controls 100% of the
Livengood Gold Project that contains 15.7 M oz. of gold
(807 MT at 0.61 g/t) measured &
indicated and 4.4 M oz. (266 MT at 0.52 g/t) inferred, all at a
0.30 g/t gold cutoff located along the paved Elliott Highway, 70
miles north of Fairbanks,
Alaska.
On behalf of
International Tower Hill Mines Ltd.
(signed) Thomas E.
Irwin
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 Mr. Yip providing transitional services as a consultant
to insure financial continuity and oversight through the filing of
the Company's 2014 year-end results, the ability of the Company to
optimize and/or enhance the base case as set out in the Feasibility
Study for the Livengood Project, the ability of the Company to
advance the Livengood Project, whether incrementally or at all, and
business and financing plans and business trends are
forward-looking statements. Information concerning mineral
reserve/resource estimates and the economic analysis thereof
contained in the feasibility study also may be deemed to be
forward-looking statements in that it reflects a prediction of the
mineralization that would be encountered, and the results of mining
it, if a mineral deposit were developed and mined. 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, variations in the nature, quality and quantity of
any mineral deposits that may be located, variations in the market
price of any mineral products the Company may produce or plan to
produce, the inability of the Company to obtain any necessary
permits, consents or authorizations required for its activities,
the inability of the Company to produce minerals from its
properties successfully or profitably, to continue its projected
growth, 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 Information Form
filed with certain securities commissions in Canada and the Company's annual report on Form
10-K filed with the United States Securities and Exchange
Commission (the "SEC"), 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
Company's Livengood property.
Cautionary Note Regarding References to Resources and
Reserves
National Instrument 43 101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") is a rule developed by the Canadian
Securities Administrators which establishes standards for all
public disclosure an issuer makes of scientific and technical
information concerning mineral projects. Unless otherwise
indicated, all resource and reserve estimates contained in or
incorporated by reference in this news release have been prepared
in accordance with NI 43-101 and the guidelines set out in the
Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM")
Standards on Mineral Resource and Mineral Reserves, adopted by the
CIM Council on November 27, 2010 (the
"CIM Standards") as they may be amended from time to time by
the CIM.
United States shareholders
are cautioned that the requirements and terminology of NI 43-101
and the CIM Standards differ significantly from the requirements
and terminology of the SEC set forth in the SEC's Industry Guide 7
("SEC Industry Guide 7"). Accordingly, the Company's disclosures
regarding mineralization may not be comparable to similar
information disclosed by companies subject to SEC Industry Guide
7. Without limiting the foregoing, while the terms "mineral
resources", "inferred mineral resources", "indicated mineral
resources" and "measured mineral resources" are recognized and
required by NI 43-101 and the CIM Standards, they are not
recognized by the SEC and are not permitted to be used in documents
filed with the SEC by companies subject to SEC Industry Guide
7.
Mineral resources which are not mineral reserves do not have
demonstrated economic viability, and investors are cautioned not to
assume that all or any part of a mineral resource will ever be
converted into reserves. The preliminary assessments on the
Livengood Project are preliminary in nature and include "inferred
mineral resources" that have a great amount of uncertainty as to
their existence, and are considered too speculative geologically to
have economic considerations applied to them that would enable them
to be categorized as mineral reserves. There is no certainty
that such inferred mineral resources at the Livengood Project will
ever be realized. Further, it cannot be assumed that all or any
part of the inferred resources will ever be upgraded to a higher
resource category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of a feasibility study or
prefeasibility study, except in rare cases. Investors are cautioned
not to assume that all or any part of an inferred mineral resource
exists or is economically or legally mineable.
The SEC normally only permits issuers to report
mineralization that does not constitute SEC Industry Guide 7
compliant "reserves" as in-place tonnage and grade without
reference to unit amounts. The term "contained ounces" is not
permitted under the rules of SEC Industry Guide 7. In
addition, the NI 43-101 and CIM Standards definition of a "reserve"
differs from the definition in SEC Industry Guide 7. In SEC
Industry Guide 7, a mineral reserve is defined as a part of a
mineral deposit which could be economically and legally extracted
or produced at the time the mineral reserve determination is made,
and a "final" or "bankable" feasibility study is required to report
reserves, the three-year historical price is used in any reserve or
cash flow analysis of designated reserves and the primary
environmental analysis or report must be filed with the appropriate
governmental authority.
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.