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International Tower Hill Signs Key Exploration Agreement with Ahtna, Incorporated on Chisna Copper-Gold Joint Venture Project in Alaska
9:03a ET May 6, 2010 (Market Wire)
International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX: ITH)(NYSE Amex: THM)(FRANKFURT: IW9) is pleased to announce that Raven Gold Alaska Inc. ("Raven"), a subsidiary of ITH, has signed a key exploration agreement with Ahtna Incorporated, an Alaskan Native Corporation ("Ahtna"), which owns or has selected highly prospective land surrounding the high priority Ahtell porphyry system which forms part of the Chisna Project Joint Venture between Raven and Ocean Park Alaska Corp. ("OPA"), an Alaskan subsidiary of Ocean Park Ventures Corp. of Vancouver, BC (TSXV: OCP). The agreement is the first step in developing a strategic partnership with Ahtna for the exploration and development of mineral resources in the promising Chisna porphyry belt of Alaska. The Ahtna lands add an additional 75,520 acres to the existing 87,940 acres of Alaska State mining claims that make up the Chisna Project (Figure 1: http://media3.marketwire.com/docs/ith506ma.pdf). Pursuant to the agreement, Ahtna has consented to the transfer of Raven's rights to the Ocean Park/Raven Joint Venture. Further consent will be required if Raven ceases to be the operator under the Joint Venture.
Ahtna Agreement Summary
Ahtna and Raven have signed a Mineral Exploration Agreement with Option to Lease effective March 30, 2010 over a 75,520 acre parcel surrounding existing Alaska State mining claims held by Raven. The key terms of the Ahtna agreement include the following:
-- exclusive right to explore, and the option to enter into a mining lease
to develop and mine, the subject lands for a six-year period
-- annual option payments of US$1.00 - US$1.25 per acre
-- minimum exploration expenditures of US$4 - US$8 per acre, provided that
if the agreement is not terminated at the end of any option year, the
exploration expenditures for the next year become a firm commitment
-- at the end of the third year, Raven will release at least 50% of the
original lands subject to the agreement
-- preferential contracting, hiring and training practices for Ahtna
shareholders or designees
-- scholarship contributions to the Ahtna Heritage Foundation
(US$10,000/year, subject to increase for inflation)
-- all surface work subject to Ahtna archaeological and cultural clearance
Upon Raven having expended an aggregate of US$1,000,000 (including 2,500 feet of core drilling) and having completed a feasibility study over some or all of the land subject to the exploration agreement within the six year term of the exploration agreement, Raven has the option to enter into a mining lease. The key terms of the mining lease include:
-- exclusive mining rights for an initial term of ten years and so long
thereafter as commercial production continues
-- minimum exploration expenditures of US$4.00 - US$9.00 per acre subject
to the lease until commercial production is achieved, escalating over
time
-- advance minimum royalty payments of US$6 - US$12 per acre escalating
over time (50% deductible from production royalties)
-- net smelter return production royalties for gold and silver scaled from
2.5% (gold price US$550 per ounce or less) to 14% (gold price per ounce
US$1,900 or higher per ounce), 2.5% on base metals and 3% on all
minerals other than gold, silver or base metals
-- in the event Raven acquires rights to minerals within the area subject
to the lease, the acquired minerals lands are subject to a production
royalty in favour of Ahtna of 2% of the gross value of any gold and
silver and a NSR of 1% on base metals
-- Ahtna is also entitled to receive an amount by which 20% of the net
profits realized by Raven from its mining operations on Ahtna minerals
(10% in the case of non-Ahtna minerals) in any year exceed the aggregate
royalties paid by Raven to Ahtna in that year
-- Ahtna has the right to acquire a working interest in the lands subject
to the lease, which is to be greater than or equal to 10% but not more
than 15%, upon Raven having made a production decision, and in
consideration, Ahtna will be required to fund ongoing operations after
such exercise in an amount equal to 200% of Ahtna's percentage share of
the pre-production expenditures incurred by Raven (not including advance
minimum royalty payments to Ahtna). Should Ahtna exercise such option,
it would become a participant in the Ocean Park/Raven Joint Venture
Chisna Project Background
The Chisna Project, located in the Chistochina mining district of south-central Alaska, is a Joint Venture between OPA and Raven. Ocean Park's initial contribution in respect of its 51% interest in the Joint Venture is US$20M in exploration expenditures over a 5 year period. Raven is the initial operator. The 2010 exploration budget is in excess of US$6M.
The Chisna Porphyry belt contains numerous unexplored copper and gold targets with the two most significant being the highly prospective +8 square kilometre Ahtell alkaline porphyry copper-gold system (which has recently been augmented by the Ahtna land addition) and the large 40 square kilometre POW system at the northwest end of the belt.
The project is targeting Cretaceous copper-gold porphyry style mineralization of a similar age to the Pebble deposit, located approximately 600 kilometres to the southwest. The Chisna Project contains a number of grassroots surface discoveries made by ITH in 2006 and 2007 which were the focus of the 2008 follow-up work.
Planned 2010 exploration work will include:
-- regional airborne ZTEM survey over 2,270 square kilometres
-- geochemical soil and silt sampling program
-- regional and property scale geological mapping
-- 6,000 metres of diamond core drilling focussing on the POW and Ahtell
Porphyry Systems
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. is a resource exploration company, focused in Alaska and Nevada, which controls a number of exploration projects representing a spectrum from early stage to the advanced multimillion ounce gold discovery at Livengood. ITH is committed to building shareholder value through new discoveries while maintaining a majority interest in its key holdings, thereby giving its shareholders the maximum value for their investment.
On behalf of International Tower Hill Mines Ltd.
Jeffrey A. Pontius, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans and business trends, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required for its activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's Annual Information Form filed with certain securities commissions in Canada and the Company's annual report on Form 40-F filed with the United States Securities and Exchange Commission (the "SEC"), and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and its United States public disclosure filings may be accessed via www.sec.gov, and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
Cautionary Note Regarding Similar or Adjacent Properties
This press release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the US Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
NR10-15
Contacts:
International Tower Hill Mines Ltd.
Quentin Mai
Vice-President - Corporate Communications
1-888-770-7488 (toll free) or (604)683-6332
(604) 408-7499 (FAX)
qmai@internationaltowerhill.com
www.ithmines.com
SOURCE: International Tower Hill Mines Ltd.
First Star Announces Intent to Option the LMS and WP Gold Prospects From International Tower Hill Mines Ltd.
9:00a ET March 25, 2010 (PR NewsWire)
Trading Symbol: TSX-V: FS
First Star Resources (FS - TSX:V) announced today it has signed Letters of Intent with International Tower Hill Mines Ltd. (ITH - TSX, NYSE-A - THM) and its subsidiary Raven Gold Alaska Inc. for the exploration and development of each of the LMS gold prospect and the WP gold prospect, both located in the Goodpaster Mining District. The LOI's give First Star the right to earn a 100% interest in each of the projects.
LMS Gold Project
----------------
First Star President & CEO Bill Wishart noted, "Acquisition of this gold project marks the return of First Star to its mining roots. Our intention is to form a gold exploration and development company around these projects. In the coming weeks we will be building our technical staff and preparing for an active season of drilling."
The LMS claim block is located in the Goodpaster Mining District and consists of 92 State of Alaska mining claims covering 61 square kilometres. The prospect is believed to be an intrusion-related vein system, with similarities to the Pogo deposit operated by Sumitomo Metal Mining Pogo LLC that was discovered in the mid 1990's. The gold mineralization in the LMS claim block occurs with strongly silicified and brecciated zones that are associated with a low-angle shear zone within, and marginal to schist units. The outcrop exposure of this zone has produced samples up to 6.2 g/t Au and the zone has been defined through drilling to a down-plunge depth of 500m.
Under the terms of the agreement, First Star has the ability to earn an initial 55% interest, and a second option to earn a further 45% for a total 100% interest. To earn the 55% interest First Star will pay US$280,000 and expend US$3.5 million on exploration. To acquire a 100% ownership, First Star will fund the project through to an advanced exploration stage by spending a further $3 million prior to December 31, 2015, or by producing, filing and having accepted by the TSX Venture Exchange a NI43-101 compliant inferred resource of two million ounces of gold using a 0.3 g/t cutoff grade, whichever costs less. An NSR royalty of 3% or 4% on gold/silver and 1% on all other products will be payable to Raven. The royalty can be reduced by 1% by paying Raven US$3 million.
West Pogo Gold Project
----------------------
The West Pogo prospect is located in the Goodpaster mining district, Alaska, and represents a high-grade intrusion-related vein system gold target. The West Pogo claim block consists of 96 State of Alaska Mining Claims covering 18.9 square kilometres. The claims are immediately to the west of the Pogo Mine and can be accessed from the mine road. The gold mineralization discovered to date is related to high-temperature quartz veins like those at the Pogo mine with similar trace-element values (high rock sample 11 g/t Au with high Bi and Te). Dominant structures on the property are east-west shear zones related to northwest and northeast trending fault zones. New gold discoveries along the west margin of the Pogo mine property are encouraging for the WP project's potential.
Under the terms of the agreement, First Star has the ability to earn an initial 55% interest, and a second option to earn a further 45% for a total 100% interest. To earn the 55% interest First Star will pay US$250,000 and expend US$2.8 million on exploration. To acquire a 100% ownership, First Star will fund the project through to an advanced exploration stage by spending a further $2 million prior to December 31, 2015, or by producing, filing and having accepted by the TSX Venture Exchange a NI43-101 compliant inferred resource of one million ounces of gold using a 0.3 g/t cutoff grade, whichever costs less. An NSR royalty of 3% or 4% on gold/silver and 1% on all other products will be payable to Raven. The royalty can be reduced by 1% by paying Raven Gold US$3 million.
Up to the maximum finder's fee allowable may be payable in any combination of the cash or shares in connection with the foregoing transactions. Completion of the transaction contemplated in this news release is subject to certain conditions including, without limitation, the signing of a definitive agreement and approval of the TSX Venture Exchange.
Completion of the transactions contemplated in this news release are subject to certain conditions including, without limitation, satisfactory due diligence by First Star, the signing of definitive agreements and acceptance for filing by the TSX Venture Exchange on behalf of First Star.
The Company also wishes to announce that it has entered into private placements for the sale of 7,000,000 units at $0.35 per unit for a total of $2,450,000, where each unit consists of one common share of the Company and a share purchase warrant having an 18 month exercise term, where one whole warrant may be exercised for the purchase of one further common share of the Company at the exercise price of $0.55 per common share, subject to the following acceleration provision: if the closing trading price for the common shares of the Issuer as traded on the TSX Venture Exchange is equal to or greater than CDN$0.90 per common share for 10 consecutive trading days (the "Threshold Period"), then the Company shall issue a press release announcing the occurrence of the Threshold Period. The Subscriber shall have until 4:00 pm (Vancouver, BC Time) of the 30th calendar day after the date of dissemination of the press release to exercise the share purchase warrants (the "Accelerated Expiry Date"). The share purchase warrants shall expire on the earlier of the last day of the 18 month exercise term or the Accelerated Expiry Date. The proceeds of the private placement shall be used for working capital. Up to the maximum finder's fee comprising of any combination of cash, shares and/or warrants will be paid to eligible finders in relation to this financing.
The Company intends to conduct a drilling program on each of the LMS gold prospect and the WP gold prospect during 2010.
The technical information in this news release was reviewed by Dr. Karsten Eden, a consulting geologist, and a Qualified Person as defined in NI 43-101.
ON BEHALF OF THE BOARD
Bill Wishart, President & CEO
"NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE."
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business and financing plans and business trends, are forward-looking statements. Information concerning mineral resource estimates also may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered if a mineral deposit were developed and mined. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's management discussion and analysis and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com, and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties, carefully.
Cautionary Note Concerning Reserve and Resource Estimates
This press release uses the terms "resources", and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of inferred resources will ever be converted into reserves. Inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all reserve and resource estimates contained in this press release or released by ITH in the future, have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") Standards on Mineral Resource and Mineral Reserves, adopted by the CIM Council on November 14, 2004 (the "CIM Standards") as they may be amended from time to time by the CIM. United States shareholders are cautioned that the requirements and terminology of NI 43-101 and the CIM Standards differ significantly from the requirements and terminology of the SEC set forth Industry Guide 7. Accordingly, the Company's disclosures regarding mineralization may not be comparable to similar information disclosed by companies subject to the SEC's Industry Guide 7.
Cautionary Note Concerning Reference to Adjacent or Similar Properties
This press release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the US Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.
SOURCE First Star Resources Inc.
Where is this Golden Cross? And where will the volume come from if no one really knows about this stock? IMO, if we want to see volume, we should start spreading the word.
We probably will not see a return to the 52 week highs on most bank stock for a few years. My money will be on metal mining companies and agriculture for the next few years.
Citi Group may be in for a rough rest of the year.
http://globaleconomicanalysis.blogspot.com/2009/10/citigroups-hail-mary-pass-how-to-know.html
I have no doubt that Citigroup will eventually go up to $5 or higher, I just do not forsee that by the time Dec 5 calls expire. IMO
Obviously, if the reports are good friday, people will try to take some short gains at market open on monday. However, wednesday or thursday we should see the financials start climbing again. Hopefully, we'll see BAC hit $21 next week.
This is a good solid company, I had stock last year sold at $9 and bought back at $6.50. I'm buying more if it dips back to $7.
I got screwed out of 20,000 Shares. At least have the decency to do a reverse split for those who stuck with you. Thanks for nothing Spectrum Brands, I'm boycotting all your products.
I bought into this company almost 4 years ago. Some of my friends that are in to the microbiology field said this company is on the cutting edge of research. As long as they continue to receive funding, they will become a leader in the cancer field. IMO
I have sold October $5 puts, there are 5 days till expiration. Should I hold? Do you think the stock will go above $5 by the end of the week?
I'm buying more shares today!! yay
you can always recycle the envelopes yourself after you receive them by either reusing them or using paper recycling. They will eventually become more green with time.
I have been following this stock before it was an OTC, back when it was going for around $1.25 a share. I sure hope that it is going to make a move and eventually stay well above $0.10.
My only concern is that after looking at the SEC filings and financial's, they do not seem to have any money. Are they keeping this as a shell company? Are there any talks of a reverse merger? All of the above would be pretty good scenarios for any current stock holders since shares could be converted.
IMO