International Tower Hill Mines Ltd. Appoints Karl L. Hanneman as Chief Operating Officer
Mar 26 15
International Tower Hill Mines Ltd. announce that Mr. Karl L. Hanneman has been appointed as the company's Chief Operating Officer, effective immediately. Mr. Hanneman most recently has been serving as General Manager for the Company and will now join the executive management team. Mr. Hanneman has been with the company since May 2010, during which time he was responsible for
assembling the Alaska team and served as the Livengood Gold Project Manager.
International Tower Hill Mines Ltd. Announces Progress on Livengood Gold Project Optimization and Establishes Work Plans for 2015
Jan 6 15
International Tower Hill Mines Ltd. announced the progress made to date toward optimization of the Livengood Gold Project (Project). The 2014 work has developed an improved production schedule, as compared to the feasibility study that was summarized in the September 4, 2013 NI-43-101 report (September 2013 Study), and generated detailed work plans for 2015. The work plans will include additional metallurgical tests and engineering and focus on all aspects of the Project, including confirmation of the flow sheet and optimizing the operating costs. Once defined, these operating costs (OPEX) will then be used to evaluate and optimize the project configuration and capital costs (CAPEX), including determination of the optimum scale for the Project. Findings from 2014 Work: During 2014, in addition to the mine production scheduling and detailed metallurgical test work review, power supply alternatives were reviewed to determine how changing energy supply dynamics might impact the Project assumptions regarding electrical generation. Construction and operations camp alternatives were reviewed to better define the costs of supporting the manpower requirements for the Project. The company has also continued to advance environmental baseline work in support of future permitting in order to better position the Project for a construction decision when warranted by market conditions. Production scheduling: Work completed by Metal Mining Consultants Inc. of Denver, Colorado (MMC) utilizing Maptek Vulcan MineModeller, WhittleTM Pushback Optimizer and Minemax Scheduler has resulted in revised production schedules for the Project at throughputs ranging from 11,250 to 90,000 tonnes/day. At the 90,000 tonnes/day case (the same throughput as in the 100,000 ton/day case used in the September 2013 Study). As an estimate of the potential scope of this improvement, importing this revised production schedule into the financial model used in the September 2013 Study would result in an increase in the NPV5% @ $1500/oz. gold of $305 million. MMC also completed an evaluation of the overall pit slope sensitivities at 40, 45, and 48 degrees. Again, as an estimate of the potential scope of this change, integrating 45 degree slopes into the mine plan for the first five years, then reverting to the design slopes used in the September 2013 Study and importing the resulting operating costs into the financial model used in the September 2013 Study, would result in an additional increase in the NPV5% @ $1500/oz. gold of $95 million. A review of the feasibility study metallurgical test work metal balances has been completed by the Company and AMEC E&C Services Inc. of Reno, Nevada. This review determined that the observed calculated head grades from the 250-300kg composite samples of the five primary rock types of the Livengood deposit processed by SGS Vancouver during 2012 and 2013 met or exceeded the drill assay grades used to project the Project reserve grade by a ratio of 1.00 to 1.43, depending on rock type. The objectives of the 2015 metallurgical test program are to optimize the gravity circuit, optimize the grind size and power consumption, optimize the reagent consumption, optimize the leach retention time, confirm the overall recoveries by rock type and provide additional confirmation of the Project head grades.
Tom S. Q. Yip to Resign as Chief Financial Officer of International Tower Hill Mines Ltd., Effective December 31, 2014
Dec 18 14
International Tower Hill Mines Ltd. announced that Mr. Tom S. Q. Yip will resign as the Chief Financial Officer of the company, effective December 31, 2014, to pursue other interests. Mr. Yip has agreed to provide transitional services as a consultant to insure financial continuity and oversight through the filing of the company's 2014 year-end results.