TOWER HILL TO RAISE $105M FOR LIVENGOOD GOLD MINE PROJECT
INVESTING FOR THE FUTURE
Livengood hosts 704.5 million metric tons of mea- sured and indicated resources averaging 0.6 grams per metric ton (13.62 million ounces) gold. A prefeasibility study (PFS) completed in 2021 detailed plans for a 65,000-metric-ton-per-day mining oper- ation at the Livengood mine project that would produce 6.4 million ounces of gold over 21 years, or an average of about 304,750 ounces per year. The PFS elevated 430.1 million metric tons of the Livengood resources averaging 0.65 g/t (9 million ounces) gold to proven and probable reserves. At a $2,500/oz gold price and 2021 cost inputs, the mine detailed in the PFS would generate an after-tax net present value (5% discount) of $2.35 billion, an after-tax internal rate of return of 18.5%, and a capital payback period of 3.9 years.
BY SHANE LASLEY As the price of gold sits at $5,000 per ounce,
International Tower Hill Mines Ltd. has pulled together a $105 million financing to advance exploration and development at its 13.6-million-ounce Livengood gold mine project in Alaska. Paulson & Co. Inc., which already owns a 33.8% interest in Tower Hill, has agreed to invest $40 million into the gold development company via a private placement. At the same time, Tower Hill is raising an additional $65 million from a public offering of 29.28 million shares at $2.22 per share. The company plans to use the $105 million raised during this financing to advance exploration and development of the highway-accessible Livengood project about 70 miles north of Fairbanks.
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