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TSX: ITH) (NYSE American: THM) today announced that the Company has awarded Livengood Gold Project Feasibility Study Phase 1 contracts to a consortium comprised of BBA Consultants USA LP, ("BBA"), Hatch Ltd, ("Hatch"), Newfields Mining Design and Technical Services LLC ("Newfields"), Resource Development Associates, Inc. ("RDA"), and JDS Energy and Mining Inc. ("JDS").
The Company is also pleased to announce that core drilling to support the feasibility study has commenced. See Figure 1.
Alloy Drilling Inc, an Alaska-based drilling contractor with operations throughout the western United States, has mobilized two rigs to Livengood and has begun drilling its initial large-diameter PQ core holes within the 13.6 million ounce measured and indicated resource, which includes the 9.0 million ounce proven and probably gold reserve. The drilling program is designed to provide representative fresh ore samples for advanced metallurgical testing and process optimization work.
The metallurgical testwork on this fresh core will focus on evaluating opportunities to enhance gold recoveries and overall project economics in the context of a substantially higher gold price than the $1,680 per ounce assumption utilized in the Company's prior study. The prior study selected gravity/CIL as the preferred processing option at the time but previous screening test work has demonstrated the potential for significant recovery improvements from some Livengood ore through the application of pressure oxidation ("POX"). With current gold prices significantly above prior study assumptions, the Company believes a comprehensive evaluation of alternative processing technologies and associated trade-off studies are warranted to determine whether additional value can be unlocked from the Project. See Figure 2.
Phase 1 of the Feasibility Study will: (1) Ensure that the planned metallurgical test work provides the detail necessary to support the upcoming tradeoff studies and detailed engineering; (2) Review and validate existing technical data, including the detailed geotechnical and hydrogeological site work completed in support of the 2013 Feasibility Study, and identify any material data gaps; and (3) Develop a comprehensive execution plan and budget for completion of the Feasibility Study ("FS"), and begin detailed engineering in support of permitting.
BBA, Newfields, JDS and RDA each bring industry leading expertise and Livengood Gold Project experience as co-authors of the Company's 2017 and 2023 Pre-Feasibility Studies. Hatch has been added to the team to provide additional expertise in POX processing, metallurgical optimization and trade-off studies. The parties will collaborate across technical disciplines where appropriate, with BBA leading overall integration and coordination of the FS deliverables.
Forward-Looking Statements
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and "forward-looking information" within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements containing the terms "intends," "estimates," "may," "might", "will," or other similar expressions to be uncertain and forward-looking. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The forward-looking statements in this press release, including statements regarding estimates of the quality and quantity of the mineral resources at the Livengood Gold Project, including gold and antimony, and the potential for production at the Livengood Gold Project are based upon the Company's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including, without limitation: (i) the demand for, and level and volatility of the price of, gold, (ii) general business and economic conditions, (iii) the accuracy of the Company's resource estimates (including with respect to size and grade) and the geological, operational and price assumptions on which these are based, (iv) the timing of the Company's ability to commence and complete planned work programs at the Livengood Gold Project, including the feasibility study, (v) the Company's ability to attract and retain key staff, particularly in connection with the permitting and development of any mine at the Livengood Gold Project, and (vi) the Company's ability to secure the necessary services and supplies on favorable terms in connection with its programs at the Livengood Gold Project and other activities. The foregoing list of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors detailed in the "Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 and other documents that have been and will be filed by the Company from time to time with the Securities and Exchange Commission and Canadian securities regulators. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable securities laws.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. has a 100% interest in its Livengood Gold Project located along the paved Elliott Highway, 70 miles north of Fairbanks, Alaska.
On behalf of
International Tower Hill Mines Ltd.
(signed) Karl L. Hanneman
Chief Executive Officer
This news release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
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