Friday, 29 June 2012

International Tower Hill shares rise as it appoints interim CEO

International Tower Hill Mines (TSE:ITH)(NYSE:THM) saw its shares rise Friday morning after announcing that Jeffrey A. Pontius will assume the role of interim chief executive officer until a new candidate is selected by the company’s board of directors.
The company said a number of "highly qualified" candidates have been shortlisted, and anticipates the appointment of a new CEO within the next couple of months, after the resignation of president and chief executive James Komadina in May.
Pontius is currently a director of the mining company, and was the founder and former CEO of International Tower Hill Mines from August 2006 to May 2011.
As interim CEO, Pontius will direct the company through the final stages of optimization at the Livengood project, and will oversee corporate development activities.
International Tower Hill Mines controls a 100 per cent interest in the Livengood gold project located north of Fairbanks, Alaska, that has a resource size of 16.5 million ounces in the measured and indicated categories plus 4.1 million ounces in the inferred category.
Earlier this month, the company provided an update regarding the optimization review of its Livengood project announced in May.
The company said it decided that the "most efficient and cost-effective" path to permitting the project is to incorporate results from current engineering and metallurgical test work directly into a definitive feasibility study - which the company expects to complete in the first half of next year.
The gold miner also implemented a cost reduction program, and is assessing "financial de-risking options", it said, including possible joint venture opportunities, for the development of the Livengood property. As a result, the company decided to postpone much of its district-wide exploration drilling program started in May, and cut a portion of its condemnation drill program.
The mineral explorer said it will focus on completing all the necessary field work and drilling to support the feasibility study as well as the environmental work needed to keep the permitting schedule on track. It also said it believes it has enough funds to complete the revised 2012 work program.
Last week, International Tower Hill said it identified five key target areas at Livengood as part of the project review. It said a geologic review of exploration results from 2009 to 2011 in the Livengood district was undertaken to identify the area's potential for mineral resource expansion of the existing deposit, as well as for new discoveries.
The company highlighted the areas with the most potential to provide “substantial resource growth” over time, which would be the focus of future drill programs.
Shares increased 8.42 per cent to $2.96 Friday morning.

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