§ International Tower Hill (ITH:TSX-VEN ¨ Cdn$2.85 ¨ 44.3 mln shares o/s)
Jan. 28, 2009 – Livengood Gold Project Resource Update
International Tower Hill Mines Ltd. announced an updated mineral resource estimate for the Livengood gold project, near Fairbanks, Alaska. The independent study incorporates all of the 2008 drilling (a total of 183 core and reverse circulation holes) and trenching (totalling over 41,063 metres). The updated indicated gold resource estimate (summarized below) represents a 70% increase of the gold resource from the previous
estimate.
Ore Grade Gold
(mln tonnes) Au (g/t) mln ozs
Cut-off (0.5 g/t)
Indicated 128.60 0.83 3.41
Inferred 142.10 0.74 3.39
Total 270.70 0.78 6.80
Source: Company report
Livengood deposit
The expansion of the deposit over the past 12 months incorporates the discovery of the larger and higher grade Core Zone area in the Money Knob target. The Livengood Gold Deposit remains open for expansion in all directions. The Core Zone area has an estimated indicated gold resource of 68.8 M/t (metric ton) at an average grade of 1.03 g/t gold (2.28 mln ounces) and an estimated inferred gold resource of 65.2 M/t at an average grade of 0.93 g/t gold (1.95M ounces) based on a cut off grade of 0.70 g/t gold.
Many of the holes completed in the second half of 2008 ended in significant mineralization, outlining the good potential for expanding the deposit at depth.
The current drilling at Livengood only covers about 2 square km of the Main Gold Target, which is approximately 12 sq. km. in area, offering excellent district scale exploration potential.
Ongoing metallurgical studies continue to support the deposit's potential for heap leach gold recovery. Initial test work suggests that enhanced recoveries might be achieved with milling; these results are now being followed up with a series of milling tests.
The geometry of the currently defined shallowly dipping, outcropping mineralized zone suggests a low strip, open pit mining potential.
The project has a favourable logistical location and no major permitting hurdles have been identified to date. The Company will begin its 2009 Phase I drill program at Livengood in early February – consisting of 6,000 metres of reverse circulation drilling targeting areas within and adjacent to the existing resource model where blocks are currently unestimated.
These areas have numerous higher grade holes adjacent to them and are expected to add significantly to the resource. Following the return of these results in mid-Q2, the company will complete a new resource model which will form the basis of an initial Preliminary Economic Analysis of the deposit.
Phase II of the 2009 drilling is scheduled to commence in June and is designed to further expand the deposit, as well as to initially test for potential deep, high-grade feeder zone targets. The Company will continue with its monthly release of drill results beginning in March, 2009 and extending through the year.