Past News Releases

ITH Acquires High-Grade Gold Vein System adjacent to its North Bullfrog Project, Nevada

December 10, 2007

Highlights of Previous Drilling:

8.3 g/t gold over 12.2 meters, including 28.8 g/t gold over 3 meters and
4.2 g/t gold over 26 meters, including 41.5 g/t gold over 1.5 metres

Vancouver, B.C........International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSXV: ITH, AMEX: THM, Frankfurt: IW9) is pleased to announce that it has entered into a binding letter of intent to lease the Mayflower property, located adjacent to its North Bullfrog project in southwestern Nevada. The Mayflower property, host to the former Mayflower Mine, was most recently explored by Barrick Gold Corporation in the mid 1990's. Drilling by Barrick indicated the presence of both a high-grade vein hosted system and a broad low-grade bulk tonnage target on the property.

Property Summary

The Mayflower property lies at the south end of the North Bullfrog Project area located near Beatty, Nevada. The property lies within the overall North Bullfrog target area and, as such, shares many similarities with the district geology described in earlier news releases (NR07-05). The Mayflower Mine, situate on the property, was developed along a northwest-trending, steeply-dipping, high-grade quartz-calcite vein system hosted in volcanic rocks. The mine was active intermittently from 1905 until about 1941, with at least 1,100 metres (3,500 feet) of workings to a depth of at least 150 metres, but no historic production records are available. Historic mapping and sampling along the Mayflower structural zone reportedly outlined a target which is over 900 metres long and
remains open under cover to the south-east.

Previous drilling conducted by Barrick Gold Corporation in the mid 1990's on the Mayflower property returned encouraging results. Information provided to the current property owners in a Barrick project summary report indicates that Barrick drilled a total of 29 holes (4,497 metres) and reported significant intersections of gold mineralization within 200 metres of surface (Table 1), including 8.3 g/t gold over 12.2 metres (including 28.8 g/t gold over 3 metres) and 4.2 g/t gold over 26 metres (including 41.5 g/t gold over 1.5 metres). Of the 29 holes, 19 had at least 3 metres of 0.3 g/t gold, while the remaining 10 encountered no significant mineralization. Drilling was shallow, and the mineralization remains open along strike and at depth. The Barrick report further indicates that there is a significant halo of low-grade mineralization surrounding the higher-grade veins, with some holes intersecting multiple veins separated by thick zones of low-grade gold -- for example, hole NB202, which returned 42.7 metres of 1.55 g/t gold. The Company cautions that it has not independently verified any of the results reported by Barrick, but believes such information to be reliable.

The initial focus of the Company's work at the Mayflower property will be to expand the known vein system at depth and along strike as well as assessing the bulk tonnage potential of this part of the overall North Bullfrog system. The Company is currently planning a 4,500 metre drill program for the overall North Bullfrog project (which will include drilling at the Mayflower property) at a projected cost of approximately USD 600,000. The program is scheduled to begin in late January of 2008.

Table 1: Historic Mayflower Drilling Results*
(Intervals calculated using nominal 0.25 g/t gold cutoff, intersections reported below are not necessarily true widths)

 

Drill Hole

From (m)

To (m)

Length (m)

Gold (g/t)

NB14

 

45.7

70.1

24.4

0.722

NB110

 

198.1

216.4

18.3

0.500

NB198

 

48.8

61

12.2

8.322

 

including

48.8

51.8

3.0

28.820

   

70.1

86.9

16.8

1.132

 

including

77.7

79.2

1.5

5.250

NB202

 

77.7

120.4

42.7

1.551

 

including

85.3

88.4

3.0

7.480

NB216

 

59.4

74.7

15.2

1.120

NB217

 

15.2

32

16.8

2.105

 

including

16.8

19.8

3.0

5.651

NB219

 

41.1

47.2

6.1

1.402

 

including

44.2

45.7

1.5

4.310

NB219

 

56.4

65.5

9.1

1.639

 

including

56.4

57.9

1.5

4.315

NB220

 

118.9

125

6.1

5.458

 

including

118.9

121.9

3.0

10.205

NB223

 

47.2

50.3

3.0

2.752

 

including

48.8

50.3

1.5

5.171

NB223

 

71.6

97.5

25.9

4.146

 

including

73.2

76.2

3.0

22.463

 

including

73.2

74.7

1.5

41.500

NB224

 

96

112.8

16.8

0.388

NB227

 

27.4

50.3

22.9

0.970

 

including

42.7

44.2

1.5

3.801

NB233

 

19.8

25.9

6.1

0.879

NB233

 

41.1

54.9

13.7

1.199


* Assay data taken from results reported by Barrick Gold Corporation and are believed to be representative, although the Company has not yet confirmed these with its own drill data. Until such confirmation has been obtained, readers should not place undue reliance on the information contained herein.

 

 

Terms of Acquisition

The Company has entered into a binding letter of intent to lease the Mayflower property from the current owners (all of whom are at arm's length to the Company). The property consists of eleven patented mining claims, aggregating approximately 76 hectares. The binding letter of intent provides for the following lease terms:

  • Term: Initial term of 5 years, commencing December 1, 2007, with the option to extend the lease for an additional 5 years. The lease will continue for so long thereafter as the property is in commercial production or, alternatively, for an additional three years if the Company makes advance minimum royalty payments of USD 100,000/year (which are recoupable against actual production royalties).
  • Lease Payments: USD 5,000 and 25,000 common shares of the Company following TSXV acceptance of the transaction, and an additional 20,000 common shares on each of the first through fifth lease anniversaries. If the Company elects to extend the lease for a second 5 year term, it will pay USD 10,000 and issue 50,000 common shares upon such election being made, and an additional 50,000 common shares on each of the sixth through tenth anniversaries.
  • Work Commitments: USD 100,000 per year for years 1 - 3, USD 200,000 per year for years 4-6 and USD 300,000 for years 7 - 10. Excess expenditures in any year may be carried forward. If the Company does not incur the required expenditures in year 1, any deficiency is required to be paid to the lessors.
  • Retained Royalty: The Company will pay the lessors a net smelter returns royalty of 2% if the average gold price is USD 400 or less, 3% if the average gold price is USD 401-500 and 4% if the average gold price is greater than USD 500.
  • Purchase Option: The Company will have the right to purchase the property outright (together with the retained royalty) during the first 10 years for USD 10,000,000. Following year 10 the USD 10,000,000 purchase price will be escalated annually based on the US annual Consumer Price Index increase for that year.



The Mayflower property, and associated acquisition costs, will be added to the ITH-Redstar Joint Venture properties in which ITH has the right to earn a 70% interest. The Mayflower lease will be subject to the acceptance for filing thereof by the TSXV on behalf of ITH.

Qualified Person

Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Pontius is the President and CEO of ITH.

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 advanced gold and base metal discoveries. ITH is committed to building shareholder value through new discoveries while maintaining a majority interest in its holdings, thereby giving its shareholders the maximum value for their investment.

On behalf of
INTERNATIONAL TOWER HILL MINES LTD.

(signed) Jeffrey A. Pontius
Jeffrey A. Pontius,
President and Chief Executive Officer

Contact Information:
Quentin Mai, Vice-President - Corporate Communications
E-mail: qmai@internationaltowerhill.com
Phone: 1-888-770-7488 (toll free) or (604)683-6332 / Fax: (604) 408-7499

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release, which has been prepared by management.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans and business trends. 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 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, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability 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. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its US disclosure filings at www.sec.gov and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

©2011 International Tower Hill Mines Ltd. Gold Mining Exploration Company.
All Rights Reserved