0001062993-12-002166.txt : 20120619 0001062993-12-002166.hdr.sgml : 20120619 20120619162303 ACCESSION NUMBER: 0001062993-12-002166 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20120619 FILED AS OF DATE: 20120619 DATE AS OF CHANGE: 20120619 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL TOWER HILL MINES LTD CENTRAL INDEX KEY: 0001134115 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 000000000 STATE OF INCORPORATION: A1 FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33638 FILM NUMBER: 12915264 BUSINESS ADDRESS: STREET 1: 1177 WEST HASTING STREET STREET 2: SUITE 2300 CITY: VANCOUVER STATE: A1 ZIP: V6E 2K3 BUSINESS PHONE: 604-683-6332 MAIL ADDRESS: STREET 1: 1177 WEST HASTING STREET STREET 2: SUITE 2300 CITY: VANCOUVER STATE: A1 ZIP: V6E 2K3 6-K 1 form6k.htm FORM 6-K International Tower Hill Mines Ltd.: Form 6-K - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 16d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of June, 2012

Commission File Number: 001-33638

INTERNATIONAL TOWER HILL MINES LTD.
(Translation of registrant's name into English)

2300 - 1177 West Hastings Street, Vancouver, BC, V6E 2K3
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[           ] Form 20-F   [ x ] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [           ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [           ]

 

SUBMITTED HEREWITH

Exhibits

  99.1 Material Change Report dated June 19, 2012
     
  99.2 News Release dated June 19, 2012

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  International Tower Hill Mines Ltd.
  (Registrant)
     
Date: June 19, 2012 By: /s/ James Komadina
    James Komadina
  Title: CEO

EX-99.1 2 exhibit99-1.htm MATERIAL CHANGE REPORT DATED JUNE 19, 2012 International Tower Hill Mines Ltd.: Exhibit 99.1 - Filed by newsfilecorp.com

FORM 51-102F3

MATERIAL CHANGE REPORT

Item 1. Name and Address of Issuer
   
  INTERNATIONAL TOWER HILL MINES LTD. (the “Issuer”)
  Suite 2300 1177 West Hastings Street
  Vancouver, B.C. V6E 2K3
   
Item 2. Date of Material Change
   
  June 19, 2012
   
Item 3. News Release
   

The date of the material change report issued pursuant to section 7.1 of National Instrument 51- 102 with respect to the material change report disclosed in this report is June 19, 2012. The material change report was issued in Vancouver, British Columbia through the facilities of the TSX Venture Exchange via Marketwire, Canada Stockwatch and Market News Publishing.

   
Item 4. Summary of Material Change
   
  The Issuer provides an update on the Livengood Gold Project, Alaska.
   
Item 5. Full Description of Material Change

The Issuer reports an update regarding the optimization review of its Livengood project, which was announced on May 15, 2012. The Issuer has determined that the most efficient and cost-effective path to permitting is to incorporate results from current engineering and metallurgical test work directly into a definitive feasibility study, which the Issuer expects to complete in the first half of 2013. The Issuer has also implemented a cost reduction program and is evaluating financial de-risking options for the development of the Livengood project. Additionally, the Board of Directors is reviewing a list of qualified candidates for the position of the Issuer’s Chief Executive Officer.

Project Review – Fast Track to Feasibility

Over the past nine months, the Issuer’s management team has been examining all potential options for the Livengood gold deposit to address key process and development opportunities. This work has focused in large part on metallurgical testing aimed at defining the recovery process. To date, the test work has produced encouraging results and suggests the potential for a more efficient gold recovery system than the one proposed in the August 2011 Preliminary Economic Assessment (PEA). The advanced level of this work is expected to enable the Issuer to bypass the preparation of a prefeasibility study and move directly to completion of a feasibility study, with a view to more cost-effectively advancing the project.

Key elements of this plan for completion of a feasibility study are described below:

  • Since the August 2011 PEA, the development team has made significant advancements on project design which are being driven by an extensive metallurgical test program. Determining the most cost-effective extraction method is critical to the Livengood gold project’s success, given its significant resource size but lower gold grade.

2

  • In February 2012, 10,800 kg from approximately 3,000 samples selected from throughout the Livengood deposit were sent to SGS Canada Inc. for the final stage of optimization testing and analysis. To date, SGS has completed gravity test work and results are pending.

  • Remaining engineering work is focused on determining the secondary system that will be used to complete the gold recovery process. This has been narrowed down to either whole- ore Cyanide in Leach (CIL) or flotation-CIL (the proposed system in the August 2011 PEA). The whole-ore CIL process is being evaluated as it would offer operational simplification opportunities.

  • Grinding studies have begun and may have significant impacts on equipment selection, power demands and resulting operating costs. Initial results from testing on a more extensive sample base indicate that mineralization at the Livengood project could have better grinding characteristics than those published in the August 2011 PEA. This could have a potentially positive impact on the project.

  • A number of other trade-off studies and project design alternatives have been evaluated over the last six months, including various grinding circuits, heap leaching and various reagent additions. At present, the large mill concept has generated superior results to all alternatives.

  • New mine design work is ongoing to re-examine cut-off grades and the optimum grade to the mill, which will produce the most economically robust project. In addition, geotechnical work for surface facility sites has significantly progressed with a key focus being potential tailing and overburden locations.

This test work program and the ongoing engineering studies have significantly advanced the Livengood project and are expected to produce the optimum project from an economic and permitting perspective. Once all work has been completed, the Issuer plans to begin permitting discussions with various agencies and look at project financing work necessary to advance the project towards production.

Rationalization of Costs

A comprehensive cost and organizational review is being undertaken by the Board of Directors to establish the most cost-effective structure. As a result, the Issuer has decided to postpone much of its district-wide exploration drilling program and reduce a portion of its condemnation drill program. The Issuer will focus on completing all the necessary field work and drilling to support the completion of a feasibility study and the environmental work needed to keep its permitting schedule on track. The Issuer believes that is has sufficient funds to complete the revised 2012 work program.

In addition, the Board of Directors is reviewing all options that could de-risk the project financially, including possible discussions with third parties on joint venture opportunities.

Qualified Person

Allen Thabit (SME # 4101531RM), a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis of this material change report, and has approved the disclosure herein. Mr. Thabit is not independent of the Issuer.

3

Cautionary Note Regarding Forward-Looking Statements

This material change report contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the anticipated content, commencement, completion and cost of exploration programs, anticipated exploration program results and the timing thereof, the size and characteristics of, or the discovery and delineation of, mineral deposits, resources or reserves, the potential for the expansion of the estimated resources at the Livengood property, the preparation or completion of a feasibility study, the optimization of mine or gold recovery plans, the permitting of a mine at the Livengood project, the potential for a production decision to be made, the potential commencement of any development of a mine at Livengood following a production decision, the Issuer’s business strategy and the potential for a joint venture in respect of the Livengood project, and the Issuer’s other business and financing plans and business trends, are forward-looking statements. Information concerning mineral resource estimates and the preliminary economic analysis thereof also may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered, and the results of mining it, if a mineral deposit were developed and mined. Although the Issuer 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, proposed, planned, potential and similar expressions, or are those, which, by their nature, refer to future events. The Issuer cautions investors that any forward-looking statements by the Issuer 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 at the Livengood property, variations in the market price of any mineral products the Issuer may produce or plan to produce, the inability of the Issuer to obtain any necessary permits, consents or authorizations required for its activities, the inability of the Issuer to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Issuer’s Annual Information Form filed with certain securities commissions in Canada and the Issuer’s annual report on Form 40-F filed with the United States Securities and Exchange Commission (the “SEC”), and other information released by the Issuer and filed with the appropriate regulatory agencies. All of the Issuer'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 Issuer’s mineral properties.

Item 6. Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
   
  Not applicable
   
Item 7. Omitted Information
   
  No information has been omitted on the basis that it is confidential.

4

Item 8. Senior Officer
   

The following senior officer of the Issuer is knowledgeable about the material change disclosed in this report.

   
  Donald C. Ewigleben, Chairman
  Business Telephone No.: 720-881-7646
   
Item 9. Date of Report
   
  June 19, 2012

EX-99.2 3 exhibit99-2.htm NEWS RELEASE DATED JUNE 19, 2012 International Tower Hill Mines Ltd.: Exhibit 99.2 - Filed by newsfilecorp.com
Suite 2300
1177 West Hastings St.
St. Vancouver, BC
Canada V6E 2K3
TEL 604.683.6332
FAX 604.408.7499
www.ithmines.com
TSX: ITH | NYSE-A: THM

NR12-15 June 19, 2012

International Tower Hill Mines Announces Update
on the Livengood Gold Project, Alaska

Vancouver, B.C. – International Tower Hill Mines Ltd. (TSX: ITH, NYSE-A: THM, Frankfurt: IW9) (“ITH” or the “Company”) announces an update regarding the optimization review of its Livengood project, which was announced on May 15, 2012. The Company has determined that the most efficient and cost-effective path to permitting is to incorporate results from current engineering and metallurgical test work directly into a definitive feasibility study, which ITH expects to complete in the first half of 2013. The Company has also implemented a cost reduction program and is evaluating financial de-risking options for the development of the Livengood project. Additionally, the Board of Directors is reviewing a list of qualified candidates for the position of the Company’s Chief Executive Officer.

Project Review – Fast Track to Feasibility

Over the past nine months, the Company’s management team has been examining all potential options for the Livengood gold deposit to address key process and development opportunities. This work has focused in large part on metallurgical testing aimed at defining the recovery process. To date, the test work has produced encouraging results and suggests the potential for a more efficient gold recovery system than the one proposed in the August 2011 Preliminary Economic Assessment (PEA). The advanced level of this work is expected to enable the Company to bypass the preparation of a prefeasibility study and move directly to completion of a feasibility study, with a view to more cost-effectively advancing the project.

Key elements of this plan for completion of a feasibility study are described below:

  • Since the August 2011 PEA, the development team has made significant advancements on project design which are being driven by an extensive metallurgical test program. Determining the most cost-effective extraction method is critical to the Livengood gold project’s success, given its significant resource size but lower gold grade.

  • In February 2012, 10,800 kg from approximately 3,000 samples selected from throughout the Livengood deposit were sent to SGS Canada Inc. for the final stage of optimization testing and analysis. To date, SGS has completed gravity test work and results are pending.

  • Remaining engineering work is focused on determining the secondary system that will be used to complete the gold recovery process. This has been narrowed down to either whole-ore Cyanide in Leach (CIL) or flotation-CIL (the proposed system in the August 2011 PEA). The whole-ore CIL process is being evaluated as it would offer operational simplification opportunities.

  • Grinding studies have begun and may have significant impacts on equipment selection, power demands and resulting operating costs. Initial results from testing on a more extensive sample base indicate that mineralization at the Livengood project could have better grinding characteristics than those published in the August 2011 PEA. This could have a potentially positive impact on the project.


International Tower Hill Mines Ltd. - 2 - June 19, 2012
NR12-15 Continued    

  • A number of other trade-off studies and project design alternatives have been evaluated over the last six months, including various grinding circuits, heap leaching and various reagent additions. At present, the large mill concept has generated superior results to all alternatives.

  • New mine design work is ongoing to re-examine cut-off grades and the optimum grade to the mill, which will produce the most economically robust project. In addition, geotechnical work for surface facility sites has significantly progressed with a key focus being potential tailing and overburden locations.

This test work program and the ongoing engineering studies have significantly advanced the Livengood project and are expected to produce the optimum project from an economic and permitting perspective. Once all work has been completed, the Company plans to begin permitting discussions with various agencies and look at project financing work necessary to advance the project towards production.

Rationalization of Costs

A comprehensive cost and organizational review is being undertaken by the Board of Directors to establish the most cost-effective structure. As a result, the Company has decided to postpone much of its district-wide exploration drilling program and reduce a portion of its condemnation drill program. The Company will focus on completing all the necessary field work and drilling to support the completion of a feasibility study and the environmental work needed to keep its permitting schedule on track. The Company believes that is has sufficient funds to complete the revised 2012 work program.

In addition, the Board of Directors is reviewing all options that could de-risk the project financially, including possible discussions with third parties on joint venture opportunities.

Qualified Person

Allen Thabit (SME # 4101531RM), a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis of this news release, and has approved the disclosure herein. Mr. Thabit is not independent of ITH.

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. In 2012, ITH is focused on the rapid advancement of the Livengood project into a compelling potential development scenario.

On behalf of
International Tower Hill Mines Ltd.

(signed) Donald Ewigleben
Donald C. Ewigleben
Chairman of the Board

Contact Information: Shirley Zhou, Vice-President - Corporate Communications
  E-mail: szhou@ithmines.com
  Direct line: 604-343-4799
  Toll-Free: 1-855-208-4642 Ext. 213 

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding the anticipated content, commencement, completion and cost of exploration programs, anticipated exploration program results and the timing thereof, the size and


International Tower Hill Mines Ltd. - 3 - June 19, 2012
NR12-15 Continued    

characteristics of, or the discovery and delineation of, mineral deposits, resources or reserves, the potential for the expansion of the estimated resources at the Livengood property, the preparation or completion of a feasibility study, the optimization of mine or gold recovery plans, the permitting of a mine at the Livengood project, the potential for a production decision to be made, the potential commencement of any development of a mine at Livengood following a production decision, the Company’s business strategy and the potential for a joint venture in respect of the Livengood project, and the Company’s other business and financing plans and business trends, are forward-looking statements. Information concerning mineral resource estimates and the preliminary economic analysis thereof also may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered, and the results of mining it, 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, proposed, planned, potential 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 at the Livengood property, 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 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.

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.

-30-

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