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| June 12, 2008 --- Vol. 2, No. 24 | June 2008
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ITH acquires 100 percent of Terra and LMS projects from AngloGold Ashanti
International Tower Hill Mines Ltd. June 10 said it has entered into an agreement to acquire all of the interest of AngloGold Ashanti Exploration (U.S.A.) Inc. in the Terra and LMS projects in Alaska, plus certain other AngloGold rights, for 450,000 shares of ITH to AngloGold. Based on the current ITH share price, this equates to an acquisition price of about $6 per ounce of current inferred gold resource. The purchase agreement encompasses all royalties and residual rights held by AngloGold in the Terra and LMS properties, as well as AngloGold’s first refusal rights on transactions involving the West Pogo and Gilles properties held by ITH.
The acquisition, when completed, will add 134,000 ounces of inferred gold resources from the Terra and LMS projects to ITH’s account. That amount was calculated as 40 percent of the 167,000 inferred gold ounces at LMS, using 0.30 grams per metric ton gold cutoff inferred resource of 5.86 million metric tons at 0.89 g/t gold and 40 percent of the 168,000 inferred gold ounces at Terra, using a 5.0 gold g/t cutoff inferred resource of 428,000 metric tons at 12.2 g/t gold.
Given the significant exploration upside for each of these projects, ITH said it is excited about being able to rapidly advance them either on a 100 percent basis or via strategic, production focused partnerships.
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