International Tower Hill Mines Ltd.

[istockguy]

THM - $30 million in orders

Press Release Source: Thomas Equipment Inc.

Thomas Equipment, Inc. Re-affirms Strategic OEM Relationship with Hyundai Heavy Industries

Thomas Estimates Hyundai's Purchase of at Least 1,000 Units in 2007, Which Should Exceed $30 Million in Sales


MILWAUKEE--(BUSINESS WIRE)--July 5, 2006--Thomas Equipment Inc. ("Thomas") (AMEX: THM - News) today announced that its new senior management team concluded an annual business review in South Korea with the senior management of Hyundai Heavy Industries, Ltd. ("Hyundai"). The meetings were successful with both Thomas and Hyundai re-affirming their commitment to fulfill the strategic relationship between the companies.

Hyundai is a multibillion dollar world leader in a number of diversified businesses including ship building, industrial plant, engineering services, and construction equipment (http://english.hhi.co.kr/Business/Construction.asp), headquartered in Ulsan, South Korea.

In 2005, Thomas Equipment completed a global OEM supply agreement with Hyundai. Given the recent departure of Mr. Rhee from Thomas, who was the original contact to Hyundai, James E. Patty felt it necessary to evaluate the status of the Hyundai relationship and arranged to meet with the senior management of Hyundai.

"Our team held a series of lengthy and candid meetings with senior executives at Hyundai involving all relevant topics. I am pleased to report that at the conclusion of those meetings Hyundai's management expressed their confidence in Thomas' new management team and the strategic directions we are taking in a number of areas," said James E. Patty, Chief Executive Officer of Thomas Equipment. "We have a great opportunity to grow our relationship with Hyundai beyond the minimum forecast. However, we must deliver units to Hyundai as promised before we can expect to grow our Hyundai shipments to their full potential. I am confident that my new team can begin to fulfill the commitments Thomas made to Hyundai last year."

Thomas' management and Hyundai are in the process of updating orders for the balance of 2006 and 2007. Shipments will be determined by Hyundai's distributor demand and our ramp up in production. Thomas believes the 2007 orders from Hyundai will be no less than 1,000 units, which should exceed $30 million in sales depending on the product mix.

"With the direct feedback from Hyundai, our team is putting the final touches on our post-restructuring business plan to ensure that we allocate proper manufacturing resources to satisfy Hyundai's needs," commented William Davis, Chief Operating Officer of Thomas Equipment. "We are looking forward to building a long-term relationship with Hyundai and our new team thanks Hyundai for their trust and support."