Livengood gets bigger for Tower Hill (September 30, 2008)

Vancouver – The latest set of drill results from International Tower Hill Mines‘ (ITH-V, THM-X) Livengood property, about 120 km northwest of Fairbanks, has expanded the Core zone mineralized area by 50% along strike and by 200-400 metres in width.

The drilled mineralized area is now 1.5 km long and 500-900 metres wide. Recent drilling expands the Core zone to the southeast where it remains open at depth and along strike to the south and east.

Some of the more exciting results for Tower Hill had higher grades of gold. Hole 39, in the south of the Core zone, returned 25.91 metres grading 3.35 grams gold per tonne. It started 18 metres downhole. Collared about 50 metres northwest of that, hole 43 cut 143.26 metres grading 1.32 grams gold starting 85 metres downhole.

The drill results from more than 150 holes so far this year have added to Tower Hill’s understanding of the mineralization’s distribution. The company believes southerly dipping faults and dikes, present across the stratigraphy, helped mineralization develop throughout, even in the lower sedimentary package. And since the host rocks shallow to the southwest, Tower Hill suggests they will surface within a few hundred metres south of existing holes.

The latest drill results will also go towards updating the Livengood inferred resource estimate. As it stands Livengood weighs in at 181 million inferred tonnes grading 0.54 gram gold. Tower Hill president and CEO Jeff Pontius speculates that the growing mineralized area and the presence of higher grade gold in the lower zone speaks to a potentially “much larger deposit.”

Before Tower Hill, Livengood was in AngloGold’s hands (now AngloGold Ashanti (AU-N)). Tower Hill picked it up from AngloGold in 2006 and subsequently drilled its first 7 holes that year. With another 15 in 2007, it produced Livengood’s inferred resource of 3.1 million oz. gold.

The mineralized area at the 4,275 ha. Livengood property lies just north of an existing placer mining camp. Tower Hill says the Livengood placer district has produced about 500,000 oz. of gold since 1914.

On news of the drill results Tower Hill lost 6 to close at $2.19. It has about 43.8 million shares issued.