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International Tower Hill Mines Announces Completion of Livengood Land Acquisition, Approval of 2017 Work Program, and Appointment of Karl Hanneman as CEO
International Tower Hill Mines Announces Completion of Livengood Land Acquisition, Approva...
About this update from International Tower Hill Mines Ltd.
[{"type":"text","content":"\n\n\n\nInternational Tower Hill Mines Announces Completion of Livengood Land Acquisition, Approval of 2017 Work Program, and Appointment of Karl Hanneman as CEO\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Feb. 1, 2017\n\n\n\nVANCOUVER, Feb. 1, 2017 /CNW/ - International Tower Hill Mines Ltd. (TSX: ITH, NYSE-MKT: THM) (\"ITH\" or the \"Company\") announces that it has completed payment of the $14.7 million derivative land payment, approved a $6.3 million 2017 work program to advance the Livengood Gold Project (all $US), and commenced a management transition plan with the appointment of Karl Hanneman as Chief Executive Officer.\n\nCompletion of Livengood Land Acquisition\n\nOn January 12, 2017, the Company paid $14.7 million for the timely and full satisfaction of the final derivative payment due with respect to the acquisition of certain mining claims and related rights in the vicinity of the Livengood Gold Project in Alaska (the \"Project\").  On January 17, 2017, the Full Deed of Reconveyance releasing the Deed of Trust on the acquired property was recorded and the Company is now in full ownership and has no further liability with respect to this acquisition.\n\nAfter closing the $22.0 million private placement as previously announced on December 28, 2016 and payment of the final land payment, the Company had uncommitted cash of $7.5 million as of January 20, 2017.\n\nApproval of 2017 Livengood Work Program\n\nOn January 23, 2017, at the first Board of Directors meeting after the election of Marcelo Kim as Board Chair, the Board approved a 2017 budget of $6.3 million.  The work program incorporated in this budget will seek to build upon the Project improvements announced with the October 24, 2016 Pre-Feasibility Study (2016 PFS), focusing on improving the mineralization and alteration models used to support the resource block model, evaluating alternative block models for production schedule opportunities, and completion of several phases of metallurgical work to better define and optimize the flowsheet and recovery parameter...