ITH prepared for sustained lower gold price, optimising Alaska project
TORONTO (miningweekly.com) – Vancouver-based International Tower Hill Mines (ITH) this week said it was prepared for the potential of a continuing lower gold price.
ITH said it had developed an alternate work programme under which it would continue to fund its corporate activities, compliance matters and essential environmental baseline activities at its Livengood project, in Alaska, to support the permitting process with the capital currently on hand.
The company did not expect to raise more capital in the near term and would continue to seek strategic alliances to fund the future development of the project as soon as the feasibility study, currently under way, had been completed.
Despite the recent turmoil in the gold market, ITH said it would continue to strive to bring value to its shareholders by optimising its world-class Livengood project, which currently had estimated measured and indicated resources of 933-million tonnes at an average grade of 0.55 g/t gold for about 16.5-million contained ounces at a 0.22 g/t gold cutoff.
The company had completed drilling for condemnation, geo-hydrological and geotechnical support of the feasibility study in 2012.
“The Livengood project hosts a very large gold resource in a favourable mining jurisdiction. Our current strategies remain the same; completing further development of the project while attracting a strategic alliance partner.
“Despite the recent drop in gold price, the value of the long-life Livengood asset will be judged by factors in addition to today’s gold price, including the existing infrastructure, favourable geopolitical setting and highly qualified development team,” president and CEO Don Ewigleben said.
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