International Tower Hill Mines Announces Third Quarter 2013 Financial Results
Vancouver, British Columbia, November 6, 2013 – International Tower Hill Mines Ltd. (“ITH” or the “Company”) - (TSX: ITH) (NYSE-MKT: THM) today announced that it has filed its unaudited third quarter financial statements and associated management discussion and analysis and Quarterly Report on Form 10-Q for the three and nine-month periods ended September 30, 2013.
“The Livengood Gold Project is a well-known and significant resource. The project is 100% controlled by ITH, is located in an excellent, stable jurisdiction and is managed by an outstanding and experienced team, putting us in a position to find the proper joint venture partner and provide shareholder value,” said Don Ewigleben, CEO of ITH.
The Company will continue to focus on on-going meetings with interested industry entities that have signed confidentiality agreements regarding the Livengood Project and evaluating and prioritizing project enhancement opportunities as identified in the NI 43-101 completed during the quarter as well as other optimization opportunities suggested by CA participants. During this difficult time in the gold and financial markets, ITH will continue to concentrate on cash conservation and preservation of the Livengood asset while moving the project forward incrementally.
The Company is continuing the necessary environmental baseline activities to maintain the integrity and usability of the five years of historical data already compiled. In early November, as part of its environmental stewardship, ITH received recognition for excellent exploration reclamation work from the Department of Natural Resources, State of Alaska.
The Company’s working capital as of September 30, 2013 was USD 16.2 million, which will allow the Company to advance the project and maintain the asset well into 2015.
For details with respect to the assumptions underlying the current reserve and resource estimates and feasibility economic analysis, see the technical report entitled “Canadian National Instrument 43-101 Technical Report on the Livengood Gold Project, Feasibility Study, Livengood, Alaska,” dated September 4, 2013, and available under the Company’s profile on SEDAR or on the Company’s website.
Shareholders can obtain copies of the quarterly documents on SEDAR at www.sedar.com, EDGAR at www.sec.gov and on ITH's website at www.ithmines.com. ITH will also provide hard copies of these documents, free of charge, to shareholders who request a copy directly from the Company.
Investor Relations Contact for International Tower Hill Mines Ltd.
Michael Moore, Investor Relations
Caution 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 for the Company to identify and secure a joint venture partner for the Livengood Project, the ability of the Company to continue to maintain the necessary environmental baseline activities to maintain the integrity and usability of the five years of historical data already compiled, the ability of the Company to optimize and/or enhance the base case as set out in the Feasibility Study, the ability of the Company to provide shareholder value through securing a joint venture for the Livengood Project, the ability of the Company to advance the Livengood Project, whether incrementally or at all, and to maintain the asset well into 2015, the potential development of any mine at Livengood, 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 10K 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.
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.