International Tower Hill Mines Ltd. (TSX:ITH)(AMEX:THM) said Tuesday that its board will undertake a review of its Livengood Project in Alaska as it announced the resignation of CEO James Komadina.
The company said the review
will look at ways to optimize available development alternatives,
including infrastructure and processing options and financing
International Tower Hill (ITH) said it is
currently revising its 2012 work program to fit within its current
"We are very pleased with the progress we
have made on the Livengood Project and the range of options open to us
as we manage our costs according to our financial resources," said ITH
board chairman Don Ewigleben.
"We look forward to updating shareholders on the results of our review."
company said it also accepted the resignation of James Komadina as
president and CEO, though he will stay on as a consultant to ITH.
behalf of the board of directors of the company, I would like to extend
our thanks to Jim for his work as our president and chief executive
officer," said Ewigleben.
"Jim [Komadina] has materially
advanced the Livengood Project and leaves in place an excellent team to
continue progress toward completion."
ITH said that during the
search for a new CEO, day-to-day operations will be supervised by an
executive committee consisting of Ewigleben, and Jeffrey Pontius,
director and former president and CEO of ITH.
extensive mining industry experience, particularly in Alaska with
permitting and project development activities," stated the company in a
"Mr. Pontius is a founder of ITH and important
driver of the company's Livengood discovery and resulting shareholder
valuation growth and has extensive market experience."
ITH controls a 100 percent interest in the Livengood gold project, 70 miles north of Fairbanks, Alaska.
2012, the company is focused on the rapid advancement of the Livengood
project into a compelling potential development scenario.
On May 1, ITH began district-wide exploration and condemnation drilling at Livengood.
The gold explorer said that drill results are expected throughout the summer and fall of this year.
part of its initial district-wide exploration program, ITH will drill
3,000 metres in 10 core holes to find new discoveries on its 145 square
kilometre land package.