International Tower Hill Mines Secures $3.9 Million for Livengood Gold Project Advancements and Antimony Exploration

International Tower Hill Mines Secures $3.9 Million for Livengood Gold Project Advancements and Antimony Exploration



International Tower Hill Mines Ltd., publicly traded on the TSX and NYSE American, recently disclosed the successful completion of a non-brokered private placement aimed at furthering its Livengood Gold Project located in Alaska. This strategic move has raised approximately US$3.9 million, intended for both operational funding and a comprehensive study of antimony mineralization found at the project site.

Details of the Funding Initiative



The funding initiative involved the issuance of 8,192,031 common shares to existing major shareholders. This allotment represents around 4.1% of the company's total shares before the placement. Shares were priced at US$0.4801 each, reflecting the January 25th closing price on the NYSE American. Prominent institutional investors involved included Paulson & Co. Inc., Electrum Strategic Opportunities Fund II L.P., and Kopernik Global Investors, LLC.

Post-placement, International Tower Hill Mines now boasts 207,885,473 common shares in circulation. The raised funds will be crucial for advancing both working capital needs and exploring the metallurgical aspects of antimony extraction from the Livengood site.

Significance of Antimony Studies



The Livengood Gold Project has shown potential not just for gold, with estimated reserves reaching 9 million ounces, but also for antimony, a metal increasingly recognized for its importance in various industries, including national defense and electronics. The most recent pre-feasibility study illuminated a new geologic model and provided insights into gold recovery linked with the project’s anticipated antimony yield, which includes veins of massive stibnite exhibiting antimony grades reaching as high as 6.9%.

CEO Karl Hanneman emphasized the strategic timing of this initiative, as record-high gold prices coupled with the rising market value of antimony represent a favorable investment opportunity. The geopolitical landscape has also raised awareness about the necessity of critical minerals like antimony, underscoring their role in national economic security. Hanneman highlighted, “The significant occurrence of antimony known to exist within our Livengood Gold Project now warrants some of our attention.

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