VANCOUVER, March 12, 2014 /CNW/ - International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX: ITH, NYSE-MKT: THM, Frankfurt: IW9) today announced that it has filed its audited year-end financial statements and associated management discussion and analysis and year-end report on Form 10-K for the twelve month period ended December 31, 2013. Highlights provided in this news release should be read in conjunction with the 10-K.
The Company's working capital as of December 31, 2013 was USD12.7 million, which is expected to allow the Company to advance the Livengood Gold Project well into 2015.
During the fourth quarter of 2013, the Company announced the appointment of Mr. Thomas Irwin as President and Chief Executive Officer effective January 1, 2014. Mr. Irwin stated "The Livengood Gold Project has significant fundamentals with a substantial multi-million ounce gold asset; favorable location; a stable jurisdiction, one of the best in the world; a proven management team and an experienced board of directors. As part of positioning the Company for the path forward, the board was strengthened in February 2014 with the addition of two mining veterans, Mr. Stephen Lang and Mr. John Ellis. Steve and John bring tremendous industry knowledge and experience to the board. The Project also provides a strong leverage to the price of gold."
The Company will continue to advance the Project by conducting the necessary environmental baseline activities to maintain the integrity and usability of the data already compiled for future permitting, continue work on evaluating the project opportunities identified in the NI 43-101 filed on September 6, 2013 and those subsequently developed by the Company, and advance the discussions with entities that have signed confidentiality agreements regarding the Livengood Gold Project.
Shareholders can obtain copies of the Company's annual documents on SEDAR at www.sedar.com, on 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.
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.
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 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, the expectation that the Company has sufficient working capital to advance the Livengood Project 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 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.
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.
SOURCE International Tower Hill Mines Ltd.
For further information:
Investor Relations Contact Information:
Rick Solie, Investor and Community Relations Manager
1-855-428-2825 - Toll Free Investor Line
rsolie@ithmines.com
