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International Tower Hill Mines appoints financial services veteran Thomas Weng to its board

Published: 12:27 08 Aug 2013 EDT

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International Tower Hill Mines (TSE:ITH)(NYSE MKT:THM) said Thursday that it has added Thomas Weng to its board of directors, increasing the number of members to seven from six. 

Weng, which has more than 22 years of experience in the financinal services sector, will serve as an independent director on both the compensation and audit committees.              

"Mr. Weng brings a wealth of financial background to the board of International Tower Hill Mines," said president and CEO of ITH, Don Ewigleben. "His extensive experience in equity capital markets and portfolio management, covering the metals and mining space, will be invaluable as we continue to advance the Livengood project and continue discussions with potential strategic partners."             

Weng is currently the co-founding partner of Alta Capital Partners, a provider of investment banking services, globally. He previously was a managing director at Deutsche Bank and head of equity capital markets for metals and mining throughout the Americas and Latin America, across all industry segments. 

Weng has also held various senior positions at Pacific Partners, an alternative investment firm, and Morgan Stanley.         

International Tower Hill last month reported the results of a feasibility study for its Livengood gold project in Alaska that it said shows just how much the asset is highly leveraged to the gold price. The economics, using a trailing three-year gold price of $1,500 an ounce, showed a "minimal positive return", according to the company's statement released in late July.  

The Livengood gold project is connected by an existing paved highway 70 miles northwest of the town of Fairbanks in Central Alaska, and is proximal to power in an active mining district that has been mined for gold since 1914.    

"We will continue to review opportunities for cost reduction while we preserve cash and the asset while waiting for a better economic environment for gold and maintaining the usability of five years of data that have already been compiled," said the chief executive on the conference call that took place after the study's release, with the company focused on finding the most optimized program to get the gold out of the ground economically without compromising the resource. 

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