Vancouver, British Columbia, December 23, 2013 – International Tower Hill Mines Ltd. (“ITH” or the “Company”) - (TSX: ITH) (NYSE-MKT: THM) today announced that the Company will reorganize senior management and its Board of Directors, and implement a reduction in the work force. These changes are being made to focus the Company’s efforts on project optimization opportunities, maintenance of environmental baseline activities required for permitting, advancing discussions with companies holding confidentiality agreements and conserving cash. The Company will retain the strong development and permitting team for moving the project forward, while maintaining ITH’s significant gold asset.
The Company is pleased to announce that Mr. Thomas Irwin has been appointed President and Chief Executive Officer effective January 1, 2014. Mr. Irwin has been serving as Vice President, supporting corporate strategic initiatives as well as being responsible for technical matters for the Company’s Livengood Gold Project.
Mr. Irwin will succeed Don Ewigleben, who became CEO in September 2012, after having previously served as the Chairman of the Board. Mr. Ewigleben recently informed the Board of his desire to seek an orderly transition now that the Company is properly organized for its present activities in conserving cash and in view of the current market conditions. Mr. Ewigleben has agreed to assist the Company in this transition as a consultant and counsel.
"I am very pleased to take on the role of Chief Executive Officer of ITH as our team continues to advance the Livengood Gold Project,” said Mr. Irwin. “With the benefit of my long history in Alaska, I am confident the region remains one of the best mining jurisdictions in the world and I believe in Livengood as a world-class multi-million ounce gold project. With Tom Yip, as CFO and Karl Hanneman, as Alaska General Manager, along with our strong development and environmental team, we are uniquely positioned to move Livengood forward with a joint venture partner.”
Mr. Irwin is well suited for this phase of the Company’s development with over 40 years of experience in the natural resource industry, including construction, operations, optimization, and permitting major mining projects. Prior to joining ITH, Mr. Irwin served as the Commissioner of the Alaska Department of Natural Resources for six years. As Commissioner, part of his responsibilities included close communication and negotiation with major companies and management of Alaska oil, gas and mining resources, which annually produce several billion dollars of revenue for the State.
Prior to his role with the Alaska Department of Natural Resources, Mr. Irwin held senior positions at the Fort Knox mine located 45 miles southeast of the Livengood project. From 1992 to 1996 Mr. Irwin was Vice-President of Fairbanks Gold Mining, Inc., a subsidiary of AMAX Gold Inc., responsible for engineering at Fort Knox during project design and permitting. From 1996 to 1999 he was Operations Manager responsible for mine start-up and operation and General Manager of the mine from 1999 to 2001. Following these positions he became the Vice President, Business Development for Fairbanks Gold Mining Inc., then a subsidiary of Kinross Gold Corp. Prior to his work in Alaska, Mr. Irwin was General Manager of AMAX Gold's Sleeper Mine in Nevada and manager of AMAX’s Climax mine in Colorado. Mr. Irwin has a degree in Mineral Engineering-Chemistry from the Colorado School of Mines.
As part of the Company’s reorganization, effective January 1, 2014, Mr. Ewigleben will step down from the Board along with Mr. Dan Carriere, Mr. Tim Haddon and Mr. Roger Taplin; Mr. Anton Drescher, Mr. Mark Hamilton and Mr. Thomas Weng will remain on the Board and Mr. Weng will be the Lead Independent Director of the Board.
Total ITH staff will be reduced by approximately 30% effective January 1, 2014, affecting both the Denver and Fairbanks offices.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. controls a 100% interest in the world-class Livengood Gold Project, accessible by paved highway 70 miles north of Fairbanks, Alaska, which contains a mineral resource of 731 million Measured tonnes at an average grade of 0.61 g/tonne (14.4 million ounces at 0.3 g/tonne cut-off), 71 million Indicated tonnes at an average grade of 0.56 g/tonne (1.3 million ounces at 0.3 g/tonne cut-off) and 266 million Inferred tonnes at an average grade of 0.52 g/tonne (4.4 million ounces at 0.3 g/tonne cut-off).
Today is a Good Day to Trade - Good Fortune and Happy Trails - Tommy
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