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International Tower Hill Mines Announces Corporate Update and 2012 Year End Financial Results

Mar 13 2013 12:00AM

Marketwire

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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/13/13 -- International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX: ITH)(NYSE MKT: THM)(FRANKFURT: IW9) announces the filing, today, of the Company's Annual Report on Form 10-K, including the audited financial statements, for the fiscal year ended December 31, 2012, which was filed with the US Securities & Exchange Commission and certain securities commissions in Canada. Highlights provided in this news release should be read in conjunction with the Company's 10-K. All dollar amounts are in U.S. dollars unless otherwise stated.

ITH ended 2012 with a working capital of $27.7 million. The Company is focusing on completing all the engineering and analysis to support the completion of its Feasibility Study and the environmental work needed to maintain its current schedule.

ITH is also pleased to report that the Livengood Feasibility/Optimization Study is on schedule and on budget. To date, the following items have been completed and trade off studies are being conducted:

-- The mine design/production schedule alternatives have been completed, including equipment specifications and bids.-- Metallurgical tests to optimize recovery have been completed.-- The milling process design circuit has been completed and throughput optimization is currently being assessed. The mill will include an initial gravity circuit followed by standard carbon in leach recovery circuit (CIL) similar to the process used at the Fort Knox mine, 45 air miles to the southeast. Equipment bids have been received and are being reviewed.-- Environmental baseline information collection has entered its fifth year, establishing critical benchmarks for mine permitting needs.



Don Ewigleben, President and CEO stated, "I am excited to be moving the Livengood project into this final phase of Feasibility and Optimization. This world class gold project continues to show significant potential for becoming one of the largest new gold mines in the world. The project is a very large gold resource in a favorable mining jurisdiction; the existing infrastructure and a high quality development team will continue to make ITH an attractive long-term investment."

Effective January 1, 2013, the Company began reporting as a U.S. domestic filer under the rules of the U.S. Securities and Exchange Commission. As a U.S. domestic filer, the Company is required to file financial statements using accounting principles generally accepted in the United States of America, (US GAAP) rather than the International Financial Reporting Standards (IFRS) previously used.

Shareholders can obtain copies of the Company's 10-K, including the audited financial statements for the period ended December 31, 2012 and related management discussion and analysis, on SEDAR (www.sedar.com), EDGAR (www.sec.gov) and on ITH's website at (www.ithmines.com). ITH will also provide hard copies of this document, 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.

On behalf of International Tower Hill Mines Ltd.

Donald C. Ewigleben, President & Chief Executive Officer

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 timing for the completion and anticipated release of a Feasibility Study and/or Optimization Study for Livengood, the potential for a production decision to be made at Livengood, the potential commencement of any development of a mine at Livengood following a production decision, business and financing plans and business trends are forward-looking statements. 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 (10-K) 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 technical reports 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.



Contacts:
International Tower Hill Mines Ltd.
Michelle Stachnik
Manager - Investor Relations
Toll-Free: 1-855-208-4642 Ext. 203
mstachnik@ithmines.com
www.ithmines.com





Source: Marketwire


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