August 27, 2009
International Tower Hill Announces Latest 34 Drill Holes from Livengood Gold Project, Alaska
Core Zone: 21metres @ 6.3g/t gold, 32 metres @ 4.5g/t gold and
150.9 metres @ 1.56 g/t gold
Sunshine Zone: 125 metres @ 0.9g/t gold, 52 metres @ 1.3g/t gold and
50 metres @ 1.0g/t gold
East Zone: 75 metres @ 1.0g/t gold, 26 metres @ 2.8g/t gold and
23 metres @ 2.7g/t gold
Vancouver, B.C........International Tower Hill Mines Ltd. ("ITH" or "the Company") - (TSX Venture: ITH, NYSE-A: THM, Frankfurt: IW9) is pleased to announce the latest results from the Company's 2009 summer drilling program at its Livengood project, Alaska. These results continue to illustrate the significant expansion potential for higher grade mineralization, not only in the newly identified Sunshine Zone (51.8 metres @ 1.27 g/t gold), but also in the East Zone (25.9 metres @ 2.82 g/t gold), the Northwest Zone (12.2 metres @ 3.34 g/t gold) and the Core Zone (21.3 metres @ 6.28 g/t gold and 150.9 metres @ 1.56 g/t gold).
The latest assay results are projected to have a significant impact on resource expansion and mining economic studies. Mineralization in the expanding Sunshine Zone continues to be deeply oxidized and open to the north. The East Zone mineralization has extended the higher grades of the Core Zone to the east, thereby opening up significant potential for an expanding starter pit and to depth. The latest intercepts in the Northwest Zone are extending the higher grades to the west, although the intervals appear to be thinning. The new holes in the Core Zone were drilled across the strike and successfully confirmed grade and width while also expanding the zone to depth. Results from a total of 34 holes from the four areas are reported here (see Tables 1, 2, 3 & 4), while another 48 holes have been completed for which assays are pending.
New Core Zone Results
Drilling during the Summer 2009 season within the Core Zone was designed to target gaps in the existing drilling (MK-RC-182 and MK-RC-186) and to test the zone at depth. The infill drilling has continued to delineate broad zones of +1g/t gold material, with the identification of additional locally high grade (>5g/t gold) zones similar to those encountered during 2007 and 2008. It appears that the Core Zone has a southerly plunge and that hole MK-09-36 was drilled below the main zone of high-grade mineralization.
Table 1: Significant New Intercepts* from the Core Zone
*Intercepts are calculated using 0.25g/t cutoff and maximum 3 metres of internal waste.
Table 2: Significant New Intercepts* from the Sunshine Zone
*Intercepts are calculated using 0.25g/t cutoff and maximum 3m internal waste.
Table 3: Significant New Intercepts* from the East Zone.
*Intercepts are calculated using 0.25g/t cutoff and maximum 3m internal waste
|MK-RC-0173||no significant intercepts|
Table 4: Significant New Assays from Northeast, Far East and Northwest Zones
*Intercepts are calculated using 0.25g/t cutoff and maximum 3m internal waste
|MK-RC-0191||no significant intercepts||Northeast|
no significant intercepts
The Company wishes to emphasize that the Livengood project has a very favourable logistical location, being situated 110 road kilometres north of Fairbanks, Alaska along the paved all weather Elliott 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.
At the request of the Company, internationally renowned geological consultant Dr. Richard Sillitoe recently visited the Livengood project. The results of his visit are summarized in a geological report dated June 21, 2009 and entitled "Geological Model and Potential of the Livengood Gold Prospect, Alaska". The report is not a "Technical Report", as defined in N.I. 43-101, but the complete report may be viewed at www.ithmines.com.
ITH controls 100% of its 44 square kilometre Livengood land package, which is primarily made up of fee land leased from the Alaska Mental Health Trust and a number of smaller private mineral leases. 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 2009 drilling program is part of a series of drill initiatives which mark 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 one of the world's larger new gold deposits.
The Livengood Deposit is hosted in a thrust interleaved sequence of Proterozoic to Palaeozoic sedimentary and volcanic rocks. Mineralization is related to a 90 million year old (Fort Knox age) dike swarm that cuts through the thrust stack. Primary ore controls are a combination of favourable lithologies and crosscutting structural zones. In areas distal to the main structural zones the selective development of disseminated mineralization in favourable host rocks is the main ore control. Within the primary structural corridors all lithologies can be pervasively altered and mineralized. Devonian volcanic rocks and Cretaceous dikes represent the most favourable host lithologies and are pervasively altered and mineralized throughout the deposit. Two dominant structural controls are present: 1) the major shallow south-dipping faults which host dikes and mineralization which are related to the original fold-thrust architecture, and 2) steep NNW trending linear zones which focus the higher-grade mineralization that cuts across all lithologic boundaries. The net result is broad flat-lying zones of stratabound mineralization around more vertically continuous, higher grade core zones with a resulting lower strip ratio for the overall deposit and higher grade areas that could be amenable for starter pit production.
The surface gold geochemical anomaly at Livengood covers an area 6 kilometres long by 2 kilometres wide, of which an area approximately 3 kilometres by 1.5 kilometres has been explored by drilling to date. Surface exploration is ongoing as new targets are developed to the northeast of the known mineralization.
Qualified Person and Quality Control/Quality Assurance
Jeffrey A. Pontius (CPG 11044), a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Pontius is not independent of ITH, as he is the President and CEO and holds common shares and incentive stock options.
The work program at Livengood was designed and is supervised by Dr. Russell Myers, Vice President, Exploration, and Chris Puchner, Chief Geologist (CPG 07048), of the Company, who are responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project photograph the core from each individual borehole prior to preparing the split core. Duplicate reverse circulation drill samples are collected with one split sent for analysis. Representative chips are retained for geological logging. On-site personnel at the project log and track all samples prior to sealing and shipping. All sample shipments are sealed and shipped to ALS Chemex in Fairbanks, Alaska for preparation and then on to ALS Chemex in Vancouver, B.C. for assay. ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Finally, representative blind duplicate samples are forwarded to ALS Chemex and an ISO compliant third party laboratory for additional quality control.
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
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. All statements, other than statements of historical fact, included herein including, 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, the potential for the expansion of the estimated resources at Livengood, the potential for any production at the Livengood project, the completion of the initial preliminary economic analysis of the Livengood project, the potential for higher grade mineralization to form the basis for a starter pit component in any production scenario, the potential low strip ratio of the Livengood deposit being amenable for low cost open pit mining that could support a high production rate and economies of scale, the potential for cost savings due to the high gravity concentration component of some of the Livengood mineralization, business and financing plans and business trends, are forward-looking statements.
Information concerning mineral resource estimates also may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered 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 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 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, 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 20-F 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 technical reports filed with respect to the Company's mineral properties.
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 estimates contained in or incorporated by reference in this press 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 14, 2004 (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 Industry Guide 7. Accordingly, the Company's disclosures regarding mineralization may not be comparable to similar information disclosed by companies subject to the SEC's Industry Guide 7. Without limiting the foregoing, while the terms "mineral resources", "inferred mineral resources" and "indicated 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 Industry Guide 7. Mineral resources which are not mineral reserves do not have demonstrated economic viability, and United States shareholders are cautioned not to assume that all or any part of a mineral resource will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. In addition, the NI 43-101 and CIM Standards definition of a "reserve" differs from the definition adopted by the SEC in Industry Guide 7. In the United States, 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.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.