Additional Information
Market: TSX, NYSE AMEX
Sector: Gold Mining
EPIC: ITH
Latest Price: 0.56  (0,00%)
52-week High: 1.26
52-week Low: 0.33
Market Cap: 54.92M
1 year chart
1 day chart
International Tower Hill Mines
www.ithmines.com

International Tower Hill Mines (ITH) is focused on the rapid exploration and development of its 100% controlled world-class Livengood Gold Project located 70 miles north of Fairbanks, Alaska.  At a resource size of 16.5 million ounces in the Measured & Indicated categories plus 4.1 million ounces in the Inferred category, the Livengood project ranks as one of the largest gold deposits discovered globally in 20 years.

International Tower Hill makes “significant advancements” at Livengood during Q3

15th Nov 2012, 2:00 pm by Carrie White
International Tower Hill Mines notes 'significant advancement' at its Livengood project in Alaska during its third quarter. International Tower Hill Mines notes "significant advancement" at its Livengood project in Alaska during its third quarter.

International Tower Hill Mines (ITH) (TSE:ITH) (NYSE MKT:THM) Thursday reported its third quarter financial results and provided an update on its Livengood gold project in Alaska.

During the three and nine month periods ended September 30,  the company said it advanced its Livengood project by focusing its efforts on an upcoming feasibility study – expected in the second quarter of 2013.

The company noted that its development team made “significant advancements” on project design, driven by an extensive metallurgical test program. 

A large portion of the metallurgical testwork has been completed, with final results expected in the fourth quarter, ITH said, adding that the work will define the anticipated process flowsheet and recovery rates to be incorporated in the definitive feasibility study.

Additionally, the company closed a two-stage, non-brokered private placement financing for gross proceeds of  approximately $29.6 million. The proceeds of the offering will be used  to complete the feasibility study  in the first half of 2013 as well as general corporate purposes, it said.

During the third quarter, on September 19,  Donald C. Ewigleben was appointed president and CEO of the company. 

ITH noted that Ewigleben has served as the chairman of the Board since November 2011 and was involved during the early stages of Livengood’s exploration and development in the 1990’s. 

The company ended the period with $42.3 million of cash and cash equivalents, and said that it spent $36.3 million on exploration and evaluation assets and used $6.7 million for operating activities.  

At the end of the third quarter, ITH had working capital of $34.8 million. The company expects to operate at a loss “for the foreseeable future”, but believes its current cash position will be sufficient for it to complete non-discretionary activities at Livengood, as well as general and administrative costs through the  2012 and 2013 fiscal years.  

ITH anticipates  continuing its investigations, studies  and drilling programs  and anticipates spending approximately $60 million for the 2012 fiscal year ending December 31, in order to advance the Livengood project.

The company incurred a net loss of $11.1 million for the quarter, compared to a net loss of $8.3 million in the comparable year-ago period.

No investment advice


Proactive Investors North America Inc, trades as "Proactiveinvestors USA & Canada".


You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.


You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.


From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.


You understand that we may be providing advertising and/or marketing services to companies mentioned on the site. A full list of companies that are paying for services from us, or our affiliated companies in the UK and Australia can be viewed here