March 13, 2013 18:37 ET
International Tower Hill Mines Announces Corporate Update and 2012 Year End Financial Results
http://www.marketwire.com/press-rel...ear-end-financial-results-tsx-ith-1767810.htm
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 13, 2013) - 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.
