Optimization Study Results Showing Improved Livengood Gold Project
Pre-Feasibility Study Completed for Optimized Project Configuration
Vancouver, British Columbia, September 8, 2016 – International Tower Hill Mines Ltd. (“ITH” or the “Company”) (TSX: ITH; NYSE-MKT: THM) today announced the results of a Pre-Feasibility Study (the “PFS”) on an optimized configuration for its Livengood Gold Project (the “Project”) located near Fairbanks, Alaska. The engineering optimization studies incorporated in the PFS evaluated several scenarios, ultimately selecting a project that will process 52,600 tons per day and produce 6.8 million ounces of gold over 23 years. This improved configuration has reduced the capital costs (“CAPEX”) by 34% or $950 million to $1.84 billion, the process operating cost (“process OPEX”) by 28% or $2.97 per ton to $7.48 per ton, and the all-in sustaining costs by 16% or $242 to $1,263 per ounce, all as compared to the 100,000 tons per day project evaluated in the September 2013 Feasibility Study (the “FS”). All dollar figures in this news release are stated in US Dollars.
“We are pleased that our Optimization Study has resulted in lower CAPEX and OPEX costs projected over a 23 year mine life. Livengood’s fundamentals are compelling, with a substantial gold resource, favorable jurisdiction, proximity to infrastructure and great leverage to the gold price. We are committed to advancing our basic engineering and metallurgical work to further de-risk the project and prepare for future permitting” said Tom Irwin, CEO.
Pre-Feasibility Study Overview
The Project configuration evaluated in the PFS remains a conventional, owner-operated surface mine that will utilize large-scale mining equipment in a blast/load/haul operation. Mill feed would be processed in a 52,600 tons per day comminution circuit consisting of primary and secondary crushing, wet grinding in a single semi-autogenous (SAG) mill and single ball mill followed by a gravity gold circuit and a conventional carbon in leach (CIL) circuit.