Item 7.01 Regulation FD Disclosure.
On November 4, 2021, International Tower Hill Mines Ltd. (the "Company") issued
a press release regarding the results of a pre-feasibility study ("PFS") on an
optimized configuration for the Company's Livengood Gold Project located near
Fairbanks, Alaska. A copy of the press release is furnished with this report as
Exhibit 99.1.
The information furnished under this Item 7.01, including the press release,
shall not be deemed "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, nor shall it be deemed incorporated by reference in any
filing under the Securities Act of 1933, except as shall be expressly set forth
by reference to such filing.
Item 8.01 Other Events.
On November 4, 2021, the Company announced the results of the PFS for its
Livengood Gold Project. The PFS details a project that would process 65,000 tons
per day and produce 6.4 million ounces of gold over 21 years from a gold
resource estimated at 13.6 million ounces at 0.60 g/tonne. The PFS utilized a
third-party review by Whittle Consulting and BBA Inc. to integrate new
interpretations based on an expanded geological database, improved geological
modelling, new resource estimation methodology, an optimized mine plan and
production schedule, additional detailed metallurgical work at various gold
grades and grind sizes, changes in the target grind for the mill, new
engineering estimates, and updated cost inputs, all of which significantly
de-risk the Livengood Gold Project. The PFS has estimated the capital costs of
the Livengood Gold Project at US$1.93 billion, the total cost per ton milled at
US$13.12, the all-in sustaining costs at US$1,171 per ounce, and an after-tax
net present value (5%) of US$400 million at US$1,800/oz.
The PFS was prepared by independent third-party consultants and provides
information on the optimized Livengood Gold Project with higher throughput, an
updated resource estimate, and capital and operating cost estimates as compared
to the project evaluated in the National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101") April 2017 Technical Report (the
"2017 Report"). The final version of the NI 43-101 technical report containing
the PFS will be filed on SEDAR within 45 days.
As a result of the changes to the Livengood Gold Project as evaluated in the
PFS, including differences in the mineral resource estimation methodology and
changes to the economic parameters applied to the geologic block model (gold
price, recovery, capital costs, and the total cost per ton milled), all of which
resulted in a change in the mineral resources, the Livengood Gold Project as
evaluated in the 2017 Report is no longer considered current and the 2017 Report
should therefore not be relied upon by investors.
The Company cautions that the PFS is preliminary in nature, and is based on
technical and economic assumptions which would be further refined and evaluated
in a full feasibility study. The PFS is based on an updated Livengood Gold
Project resource estimate effective as of August 20, 2021 using a different
mineral resource model than used in the 2017 Report.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release, dated November 4, 2021.
104 Cover Page Interactive Data File (formatted as Inline XBRL).
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