Livengood gets bigger for Tower Hill (October 13, 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, Alaska, 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 returned higher grades of gold. Hole 39, in the south of the Core zone, cut 25.9 metres grading 3.35 grams gold per tonne starting 18 metres down-hole. Collared about 50 metres northwest of that, hole 43 cut 143.3 metres grading 1.32 grams gold starting 85 metres down-hole.

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 dykes, present across the stratigraphy, helped mineralization develop throughout, even in the lower sedimentary package. And since the host rocks get shallower 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 Livengood’s 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, AGD-l]). Tower Hill picked it up from AngloGold in 2006, drilling its first seven holes that year. With another 15 holes in 2007, it produced Liven- good’s inferred resource of 3.1 million oz. gold.

The mineralized area at the 43- sq.-km Livengood property lies just north of an existing placer mining camp. Tower Hill says the Livengood placer district has produced about 500,000 oz. gold since 1914.

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