International Tower Hill Mines Ltd.
TSX : ITH
NYSE Amex : THM
FRANKFURT : IW9

International Tower Hill Mines Ltd.

March 06, 2012 08:00 ET

International Tower Hill Mines Validates Resource Estimate at the Livengood Gold Project, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 6, 2012) - International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:ITH)(NYSE Amex:THM)(FRANKFURT:IW9) has received the results for 73 in-fill drill holes completed late in 2011 which confirm the integrity of the May 2011 resource estimate reported in August 2011 at the Livengood Gold Project near Fairbanks, Alaska. Based on the latest results (see Table 3), new internal resource estimates calculated for three areas of the deposit have been verified within 1% to contain the same tonnage, grade and contained ounces of gold as those calculated from the nominal 50-metre-spaced grid drilling used to calculate the May 2011 resource. This positive outcome marks the conclusion of confirmation drilling at the Livengood gold deposit as the Company focuses on district-wide exploration within its 145 km2 land package as well as condemnation/geotechnical drilling in support of permitting activities in 2012.

"Our 2011 close-spaced drill programs have firmly verified the data used to calculate our latest resource estimate and substantiated Livengood as one of the largest gold resources in North America," stated James Komadina, President and Chief Executive Officer of ITH. "The significant size of the project now warrants a shift in the Company's focus from resource growth to development activities that will advance the Livengood project towards a production decision and potentially becoming a new, large-scale gold mine in North America."

Resource Verification Drilling

The resource estimate as at May 31, 2011 contained in the August 25, 2011 NI 43-101 technical report entitled "August 2011 Summary Report on the Livengood Project, Tolovana District, Alaska" (available on SEDAR) ("August 2011 Report") was based on 50-metre and, in fringe areas of the deposit, 75-metre grid drilling. Two areas of the deposit, the Core and Sunshine crosses, were selected for 15-metre-spaced reverse circulation (RC) in-fill drilling on crosses with north-south and east-west legs 150 metres in length (Fig. 1). A third area, Area 50, measuring 195 metres by 240 metres, was drilled on a 37.5-metre grid with alternating core and RC drilling. Two resources were generated for each volume using ordinary kriging on samples composited to 10-metre lengths: the first including those portions of the 50-metre grid drilling (May 2011 resource) within the volume; and a second using both the grid and close-spaced drilling within the same volume. On average, the effect of the increased drilling density on tonnage, grade, and contained ounces of gold is negligible (less than 1%; see Table 1).

Table 1: Calculated resources for the Core Cross, Sunshine Cross, and Area 50
(ordinary kriging, 0.25 g/t cutoff)
Area, Drill Hole Spacing Tonnes
(millions)
Tonnage
Ratio
(all/grid)
Gold
Grade
(g/t)
Grade
Ratio
(all/grid)
Gold
(ounces)
Gold
Ratio
(all/grid)
Core Cross, 50m grid & 15m infill 15.67 0.481 242,401
Core Cross, 50m grid drilling only 15.37 1.020 0.477 1.008 235,715 1.028
Sunshine Cross, 50m grid & 15m 9.82 0.553 174,647
Sunshine Cross, 50m grid drilling 9.81 1.001 0.566 0.977 178,556 0.978
Area 50, all drilling (37.5m) 16.04 0.562 289,685
Area 50, 50m grid drilling 16.13 0.994 0.550 1.022 285,136 1.016
All areas (averages) 1.005 1.002 1.007

To view figures 1 and 2, please visit the following link: http://media3.marketwire.com/docs/ith306i.pdf.

Comparison of Core and RC Drilling

Direct statistical comparison of data sets with vastly different numbers of samples can be accomplished by repeatedly re-sampling the data sets using varying numbers of samples to establish estimates of the mean and standard deviation for the data sets. An evaluation of core vs. RC drilling using this methodology was presented in the August 2011 Report. For the deposit as a whole, core drilling (essentially entirely HQ core sawn in half for sampling at that time) returned a modeled mean gold grade that is 96% of that calculated for RC drilling (Figure 2a).

The largest discrepancy documented in the August 2011 Report occurred in the Sunshine Zone above the water table (~150 metres below surface), where core returned a modeled mean gold grade of around 80% of that calculated for RC drilling. The 37.5-metre-spaced drilling in Area 50 of the Sunshine Zone, with a mix of HQ core (7 drill holes; sawn in half for sampling), PQ core (23 holes; sampled whole), and RC drilling (28 holes) provides an opportunity to re-examine the difference between core and RC sampling utilizing the same methodology. All Area 50 samples were composited to 5-metre lengths and modeled as described above. For Area 50, the modeled mean PQ grade is 92% of that calculated for RC drilling and the modeled HQ grade is 71% of the RC grade and 77% of the PQ grade, indicating that sawn HQ core recovers significantly less gold than either whole PQ core or RC sampling; PQ sampling is closer to RC sampling, but still lower. Ordinary kriging of the resource within the Area 50 volume (described above) by sample type bears this relative relationship out (PQ core gold grade is 94% of RC and HQ core gold grade 86% of RC, Table 2).

Table 2: Calculated resources for Area 50 by drill sample type (ordinary kriging of 10m composites, 0.25 g/t cutoff)
Drill Sample Type Tonnes
(millions)
Tonnage
Ratio
Gold
Grade
(g/t)
Grade
Ratio
Gold
(ounces)
Gold
Ratio
RC drilling 16.73 0.575 309,114
PQ drilling, PQ/RC ratios 15.95 0.953 0.566 0.984 289,981 0.938
HQ drilling, HQ/RC ratios 15.14 0.905 0.510 0.887 248,061 0.802
HQ/PQ ratios 0.949 0.901 0.855

Mineralization in the Sunshine Zone (Area 50) is characterized by quartz-carbonate-sulfide veinlets that have a significantly higher proportion of associated coarse gold relative to the remainder of the deposit. Where the mineralized material is oxidized, the carbonate and sulfide is leached out, rendering the veinlets friable with the core often breaking along them. The most probable explanation for the discrepancies in grade is progressive loss of gold with increased handling of the sample material, e.g. the HQ core was boxed, then taken from the boxes and sawn in half lengthwise then bagged (most handling), the PQ core was boxed, then transferred whole directly into sample bags (less handling), and the RC samples were bagged directly on the rig (no handling). This effect would be most pronounced in oxidized zones of the deposit but could also occur in unoxidized rocks if they are badly broken. Because the gold at Livengood is relatively coarse, another contributing factor may be the relative sample volume (e.g. RC with a 12.7 cm diameter, whole PQ3 core with an 8.3 cm diameter, and HQ3 core with a 6.1 cm diameter that has been halved). HQ core comprises 13% of the composites used to calculate the August 2011 resource. Based on the results above, it can be concluded that the August 2011 resource is not significantly overstated and may be slightly understated.

Table 3: Significant new intercepts*
* Intercepts are calculated using a 0.25g/t gold cutoff and a maximum of 3 metres of internal waste.
Hole ID From (metres) To
(metres)
Length (metres) Gold
(g/t)
Area and Comments
MK-RC-0553 163.07 227.08 64.01 0.77 Core Cross
MK-RC-0554 54.86 60.96 6.10 0.96 Core Cross
65.53 82.30 16.77 0.74
115.82 156.97 41.15 0.80
167.64 214.88 47.24 0.70
MK-RC-0558 6.10 16.76 10.66 0.68 Core Cross
22.86 51.82 28.96 3.66
includes 32.00 36.58 4.58 2.94
includes 38.10 45.72 7.62 4.22
includes 47.24 50.29 3.05 12.28
60.96 121.92 60.96 0.86
includes 62.48 71.63 9.15 1.56
includes 103.63 109.73 6.10 1.72
134.11 175.26 41.15 1.11
181.36 208.79 27.43 0.60
MK-RC-0570 0.00 12.19 12.19 0.72 Area 50
15.24 24.38 9.14 0.67
50.29 59.44 9.15 1.28
68.58 106.68 38.10 0.84
108.20 138.68 30.48 0.47
MK-RC-0573 32.00 39.62 7.62 0.73 Core Cross
48.77 79.25 30.48 0.93
86.87 97.54 10.67 0.84
120.40 134.11 13.71 0.48
164.59 190.50 25.91 0.64
MK-RC-574 39.62 50.29 10.67 0.47 Area 50
86.87 92.96 6.09 1.71
97.54 164.59 67.05 2.05
includes 105.16 109.73 4.57 17.88
MK-11-114 0.00 25.95 25.95 0.90 Pit wall stability geotech
34.53 36.88 2.35 8.11
includes 34.53 35.81 1.28 13.60
MK-11-121 55.98 63.39 7.41 1.15 Pit wall stability geotech
74.07 82.91 8.84 0.64
191.11 211.43 20.32 0.66
MK-11-124 no significant intercepts Pit wall stability geotech, pending
MK-11-133 no significant intercepts Infrastructure geotech
MK-11-134 no significant intercepts Infrastructure geotech
Mk-11-136 no significant intercepts Infrastructure geotech
MK-11-137 no significant intercepts Infrastructure geotech
MK-11-138 72.82 82.80 9.98 3.65 Core Zone infill
includes 73.70 79.90 6.20 5.45
144.48 169.94 25.46 0.73
175.79 179.90 4.11 1.31
196.42 200.71 4.29 2.34
206.58 230.08 23.50 0.72
249.00 263.35 14.35 0.77
275.34 282.90 7.56 2.45
385.84 389.54 3.70 1.36
415.75 417.43 1.68 4.62
MK-11-140 39.93 113.08 73.15 0.95 Area 50
122.23 142.04 19.81 0.91
MK-11-141 no significant intercepts Infrastructure geotech
MK-11-142 0.00 20.12 20.12 0.65 Area 50
45.05 65.25 20.20 0.69
70.41 152.71 82.30 0.97
MK-11-143 no significant intercepts Infrastructure geotech
MK-11-144 19.50 34.71 15.21 0.90 Area 50
49.54 84.52 34.98 0.79
143.56 152.70 9.14 0.66
MK-11-145 no significant intercepts Infrastructure geotech
MK-11-146 0.00 14.98 14.98 0.64 Area 50
25.05 152.71 127.66 0.94
MK-11-148 34.37 64.31 29.94 0.82 Area 50
94.79 119.10 24.31 0.44
124.49 164.90 40.41 1.38
MK-11-149 no significant intercepts Infrastructure geotech
MK-11-150 0.00 28.66 28.66 0.51 Area 50
32.30 145.00 112.70 0.86
150.00 164.90 14.90 0.96
MK-11-151 9.95 80.00 70.05 0.98 Area 50
85.00 105.00 20.00 0.45
110.03 140.00 29.97 1.90
155.00 164.90 9.90 0.47
MK-11-152 no significant intercepts Infrastructure geotech
MK-11-153 32.16 54.25 22.09 1.12 Sunshine infill
60.81 72.85 12.04 0.84
77.11 124.05 46.94 0.86
128.93 168.55 39.62 1.22
176.90 190.81 13.91 0.60
202.08 220.22 18.14 0.81
263.50 275.20 11.70 0.79
325.24 344.27 19.03 1.07
MK-11-154 0.00 10.00 10.00 0.47 Area 50
25.00 35.36 10.36 0.56
45.00 74.88 29.88 0.95
90.00 105.00 15.00 0.33
110.03 120.00 9.97 0.93
125.00 145.08 20.08 1.07
150.00 164.90 14.90 0.56
MK-11-156 no significant intercepts Infrastructure geotech
MK-11-157 15.03 25.00 9.97 0.84 Area 50
50.60 85.15 34.55 1.45
90.22 110.00 19.78 0.37
120.00 144.80 24.80 0.60
MK-11-158 129.85 149.66 19.81 0.76 Tower Zone Infill
187.76 205.47 17.71 2.20
209.09 216.71 7.62 6.60
includes 210.35 212.14 1.79 27.20
292.91 312.73 19.82 0.43
MK-11-159 no significant intercepts Infrastructure geotech
MK-11-160 41.57 51.42 9.85 0.65 Infrastructure geotech
MK-11-161 24.80 27.30 2.50 16.81 Core Zone, site of RC-0424
78.33 87.48 9.15 0.66
117.96 153.47 35.51 0.81
162.70 176.27 13.57 0.70
MK-11-162 43.70 53.40 9.70 0.90 Area 50
58.40 73.00 14.60 1.04
78.00 83.07 5.07 1.56
108.00 132.00 24.00 0.58
136.05 161.00 24.95 0.65
MK-11-163 28.70 37.60 8.90 0.57 Area 50
56.50 71.50 15.00 0.45
79.74 103.15 23.41 0.75
MK-11-165 no significant intercepts NE Exploration
MK-11-166 1.37 22.86 21.49 0.97 Core Zone infill
27.13 30.18 3.05 2.64
31.8 41.64 9.84 0.95
45.14 53.58 8.44 0.70
61.77 65.71 3.94 2.55
62.48 63.82 1.34 6.29
84.67 92.05 7.38 1.09
99.52 108.47 8.95 0.86
112.28 116.43 4.15 1.39
119.6 121.33 1.73 2.90
138.04 175.85 37.81 0.62
335.64 346.06 10.42 0.59
MK-11-167 no significant intercepts Infrastructure geotech
MK-11-170 264.97 268.53 3.56 2.00 NE Exploration
MK-11-171 0.00 9.45 9.45 0.84 Area 50
45.52 86.02 40.50 0.52
123.44 150.44 27.00 0.39
MK-11-172 66.60 71.60 5.00 1.08 Area 50
91.58 96.54 4.96 1.92
MK-11-173 15.00 50.00 35.00 0.56 Area 50
54.95 70.14 15.19 0.72
75.00 90.00 15.00 0.77
145.21 153.01 7.80 0.67
MK-11-176 10.00 85.09 75.09 0.81 Area 50
105.00 110.09 5.09 2.33
140.00 155.19 15.19 0.50
MK-11-177 91.47 96.62 5.15 1.41 Core Zone infill
105.64 108.81 3.17 21.88
includes 107.14 108.81 1.67 41.32
156.70 159.33 2.63 1.93
184.83 202.85 18.02 0.46
220.07 226.60 6.53 1.96
233.78 242.10 8.32 0.93
265.30 337.41 72.11 0.62
352.45 361.10 8.65 0.74
MK-11-183 77.86 83.03 5.17 1.23 Tower Zone, site of RC-0169
227.69 239.00 11.31 0.55
244.45 255.12 10.67 0.54
MK-11-184 pending
MK-11-187 no significant intercepts NE Exploration
MK-11-188 78.82 106.20 27.38 1.05 Money Knob, site of RC-0407
includes 96.32 100.05 3.73 3.72
114.45 143.56 29.11 0.85
161.85 229.82 67.97 0.63
339.94 361.30 21.36 0.47
372.93 391.97 19.04 0.41
394.20 448.18 53.98 0.45
MK-11-189 no significant intercepts Infrastructure geotech
MK-11-191 no significant intercepts Infrastructure geotech
MK-11-193 no significant intercepts NE Exploration, lost hole
MK-11-194 0.00 26.82 26.82 0.48 Sunshine Zone, site of RC-0303
32.21 54.70 22.49 0.63
67.30 71.97 4.67 1.21
76.32 89.76 13.44 0.64
MK-11-195 no significant intercepts NE Exploration, lost hole
MK-11-196 no significant intercepts Infrastructure geotech
MK-11-197 no significant intercepts Infrastructure geotech
MK-11-199 no significant intercepts Infrastructure geotech
MK-11-200 75.13 80.00 4.87 2.57 Area 50
120.00 164.90 44.90 0.78
MK-11-201 37.40 38.41 1.01 49.30 Core Zone, site of RC-0039
46.03 53.62 7.59 1.07
80.00 84.26 4.26 1.66
93.91 94.79 0.88 7.62
132.89 146.80 13.91 0.72
152.71 265.48 112.77 0.79
includes 169.47 174.04 4.57 5.29
319.27 332.54 13.27 0.62
MK-11-203 Hydrology, pending
MK-11-204 55.00 60.00 5.00 1.07 Area 50
85.00 90.00 5.00 1.21
135.00 155.00 20.00 0.31
MK-11-207 5.00 15.00 10.00 1.25 Area 50
22.15 31.00 8.85 0.56
106.20 136.40 30.20 0.68
141.40 166.73 25.33 0.57
MK-11-209 20.00 40.00 20.00 0.57 Area 50
85.00 95.10 10.10 0.97
105.00 130.00 25.00 0.89
MK-11-210 0.00 9.14 9.14 1.83 Core Zone, site of RC-0414
32.53 43.27 10.74 0.66
82.30 182.88 100.58 2.42
includes 97.59 114.30 16.71 2.46
includes 160.02 175.36 15.34 8.66
MK-11-211 276.15 288.34 12.19 0.63 SW Exploration
MK-11-212 15.47 25.50 10.03 1.80 Area 50
34.00 140.00 106.00 0.95
143.50 157.28 13.78 0.47
160.33 164.90 4.57 3.30
MK-11-213 25.00 35.00 10.00 0.77 Area 50
55.00 65.00 10.00 2.55
MK-11-214 55.02 63.50 8.48 2.46 Area 50
MK-11-215 no significant intercepts Hydrology
MK-11-216 131.06 147.83 16.77 0.64 Core Zone, site of RC-0372
148.78 265.35 116.57 1.11
includes 255.11 259.61 4.50 3.00
295.13 316.10 20.97 0.34
379.48 387.40 7.92 0.78
MK-11-217 154.84 173.13 18.29 0.43 Money Knob infill
176.17 194.31 18.14 0.79
202.88 213.29 10.41 0.93
217.32 247.67 30.35 0.69
289.68 298.09 8.41 0.85
311.81 328.57 16.76 1.59
includes 313.25 314.25 1.00 19.00
MK-11-218 75.70 83.60 7.90 0.73 Money Knob, site of RC-0259
135.64 146.13 10.49 0.67
158.50 174.62 16.12 0.87
227.98 230.98 3.00 1.76
237.23 248.38 11.15 0.58
MK-11-220 164.07 253.90 89.83 1.67 Core Zone infill
includes 167.08 174.00 6.92 8.88
includes 196.72 202.80 6.08 2.25
307.33 321.70 14.37 0.47
MK-11-221 105.30 115.37 10.07 0.53 Core Zone infill
157.89 174.65 16.76 0.73
202.08 210.01 7.93 0.68
214.12 228.75 14.63 1.02
263.04 277.52 14.48 0.41
278.89 288.95 10.06 0.65
MK-11-224 0.00 17.26 17.26 0.95 Area 50
21.56 37.04 15.48 0.66
48.50 55.78 7.28 0.83
59.69 67.06 7.37 0.90
71.35 111.74 40.39 0.78
114.56 124.90 10.34 1.15
130.02 152.40 22.38 0.76

Qualified Persons and Quality Control/Quality Assurance

Tim Carew, P.Geo., of Reserva International, LLC., a mining geo-scientist, is a Professional Geoscientist in the province of British Columbia (No. 18453) and, as such, is acting as the Qualified Person, as defined in NI 43-101, for the check resource modeling for the certain portions of the Livengood deposit as described in this news release. Mr. Carew has supervised the preparation of the scientific and technical information in this news release and has approved such disclosure herein. Mr. Carew has a B.Sc. degree in Geology, an M.Sc in Mineral Production Management and more than 34 years of relevant geological and mining experience in operating, corporate and consulting environments. Both Mr. Carew and Reserva International, LLC are independent of the Company under NI 43-101.

The resource verification drilling program at Livengood was designed and is supervised by Chris Puchner, Chief Geologist (CPG 07048), of the Company, who is 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 Reno, Nevada or 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. controls a 100% interest in the world-class Livengood Gold Project accessible by paved highway 70 miles north of Fairbanks, Alaska. In 2012 ITH is focused on the rapid advancement of the Livengood project into a compelling potential development scenario while it continues to expand its current resource and explore its 145 km2 district for new deposits.

On behalf of International Tower Hill Mines Ltd.

James J. Komadina, 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, 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 projected dates for the commencement of feasibility study work and for the completion of a pre-feasibility and feasibility study for the Livengood Project, the potential for a production decision to be made in respect of the Livengood Project, the potential for the development and construction of a mine and any production at the Livengood project, business and financing plans and business trends, are forward-looking statements. Information concerning mineral resource estimates and the preliminary economic analysis thereof 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 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 40F 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 current technical report filed with respect to the Company's Livengood Project.

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 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 US investors 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. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility study, except in rare cases. 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 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.

NR 12-07

Contact Information

  • International Tower Hill Mines Ltd.
    Shirley Zhou
    Vice-President - Corporate Communications
    604-343-4799 or Toll-Free: 1-855-208-4642 Ext. 13
    szhou@ithmines.com
    www.ithmines.com