Tuesday, 15 May 2012

ITH begins review of Livengood gold project, CEO resigns

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 opportunities.

International Tower Hill (ITH) said it is currently revising its 2012 work program to fit within its current financial position.

"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."

The company said it also accepted the resignation of James Komadina as president and CEO, though he will stay on as a consultant to ITH.

"On 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.

"Ewigleben has extensive mining industry experience, particularly in Alaska with permitting and project development activities," stated the company in a recent release.

"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.

In 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.

As 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.

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