Seventy miles northwest of Fairbanks, Alaska, in one of the
most desirable mining jurisdictions on earth, Canadian junior mining
exploration company International Tower Hill Mines Ltd. (NYSE MKT: THM) is
developing its 100% interest in the Livengood Gold Project. The Livengood
Mining District has been actively mined for nearly 100 years, and it’s considered
one of the largest independent and undeveloped gold deposits in the world with
production of more than 500,000 ounces of gold and more than 20 million ounces
of gold resource contained.
Within this district, THM controls in entirety its 75-square
mile land package, which is made up of Alaska State mining claims, fee simple
land, federal placer claims, mineral lands leased from the Alaska Mental Health
Land Trust, and leases with private holders’ federal patented and unpatented
lode and placer claims.
According to THM, the Livengood gold resource has
significantly expanded since it was acquired by the company in late 2006,
marked by aggressive resource expansion drilling programs that now total more
than 714,900 feet in over 792 drill holes.
THM’s stated vision is to “become a top mid-tier gold mining
company,” and its advancement strategy to do so, in specific regard to the
Livengood Gold Project, is to utilize a cash management program and maintain
the necessary environmental baseline activities to move the permitting process
forward. The mine plan provides sufficient ore to support annual production of
roughly 577,600 ounces over an estimated 14-year mine life and an average of
698,500 ounces in the first five years of production.
As of September, 30, 2015, THM reported working capital of
USD$7.5 million, which the company said it expects will enable Livengood Gold
Project advancement into the year ahead.
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