International Tower Hill Mines (ITH) is focused on the rapid exploration and development of its 100% controlled world-class Livengood Gold Project located 70 miles north of Fairbanks, Alaska. At a resource size of 16.5 million ounces in the Measured & Indicated categories plus 4.1 million ounces in the Inferred category, the Livengood project ranks as one of the largest gold deposits discovered globally in 20 years.
International Tower Hill Mines (TSE:ITH)(NYSE MKT:THM) says that the feasibility study for its Livengood project in Alaska is on schedule and within budget, as the company also revealed its 2012 results.
The gold exploration and development company, which generates no revenue from its project as of yet, ended the year with a working capital position of $27.7 million.
The Canadian company said it is focused on finishing all the engineering and analysis to support the completion of its feasibility study, and the environmental work needed to maintain its current schedule.
"This world class gold project continues to show significant potential for becoming one of the largest new gold mines in the world," said president and CEO, Don Ewigleben, in a statement late Wednesday.
"The project is a very large gold resource in a favorable mining jurisdiction; the existing infrastructure and a high quality development team will continue to make ITH an attractive long-term investment."
So far, it has completed metallurgical tests to optimize recovery, as well as mine design and production alternatives, including equipment specification and bids.
It has also wrapped up the milling process design circuit, with throughput optimization now being tested. The process used will be similar to the one at the Fort Knox mine, the company said, which sits 45 air miles to the southeast.
Equipment bids have been received and are being reviewed, it added.
Meanwhile, the collection of data for environmental baseline data has now streched into its fifth year, which the company says has established "critical benchmarks" for mine permitting needs.