The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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International Tower Hill Mines Ltd. has taken another step along the road to engineering the ideal mine for its Livengood gold project located some 70 road miles northeast of Fairbanks, Alaska. In 2013, the company published a feasibility study outlining a 100,000-metric-tons-per-day operation that would average 577,600 ounces of gold annually, or 8.1 million oz. over an estimated 14-year mine life. The project, however, was estimated to cost about US$2.8 billion to develop...
Reuters recently reported that the 10 largest gold-producing companies worldwide have steadily increased their near-mine exploration budgets over the past few years to 56 percent in 2015 from 45 percent in 2013. They also reduced their higher-risk greenfields exploration budgets to 21 percent from 25 percent in the same time period. This retrenchment of exploration by the larger producers is occurring, while global gold output is declining with an expected reduction of 9...
As gold exploration cools globally, the search for the precious metal is once again heating up in the larger Pogo Mine region of Interior Alaska. One of the reasons this region continues to be a hotbed of gold exploration is Sumitomo Metal Mining Pogo LLC’s success in finding and expanding new deposits of high-grade gold on its Pogo Mine property, which anchors the Goodpaster Mining District. Another dozen promising prospects found beyond the borders of the Pogo Mine claims a...
It is high summer in Alaska and the mining industry is busy breaking rocks, drilling holes, collecting baseline data, making upgrades to mine facilities and producing metal and coal across the state. The effects of declining prices for metals are starting to be felt at the operating metal mines and except for a few projects, the exploration sector continues to wallow in the doldrums, which have plagued the industry since 2013. That said, the tire-kicking of earlier this...
The owners of Alaska’s five large metal mines – Sumitomo Metal Mining Pogo, Hecla Mining Company, Kinross Gold Corp, Teck Resources Ltd. and Coeur Mining Inc. – accounted for nearly half the US$92 million of exploration spending in the state during 2014 and similar investments by these companies is providing solid footing for the Far North state’s mineral exploration sector this year. Avalon Development President Curt Freeman said he is seeing more mining majors shopping for d... Full story
International Tower Hill Mines Ltd. Dec. 15 said it has arranged a US$22 million non-brokered private placement financing. The offering will consist of 45,833,334 company shares, or roughly 39.4 percent of the 116.4 million shares currently issued and outstanding, at US48 cents per share. Tower Hill intends to use the net proceeds of the private placement to pay a roughly US$14.8 million payment due in January for the acquisition of certain mining claims and related rights in the vicinity of the company's Livengood property;... Full story
International Tower Hill Mines Ltd. Dec. 28 closed a US$22 million financing that involved the issuance of 45.83 million shares at US48 cents each. As a result of the financing, Paulson & Co. Inc., Tocqueville Asset Management, L.P. and AngloGold Ashanti (U.S.A.) Exploration Inc. own 34.2 percent, 19.7 percent and 9.5 percent of International Tower Hill Mines shares, respectively. Tower Hill intends to use the net proceeds from the financing to make a roughly US$14.7 million final payment due in January on certain claims...
The year just past was many things for the mining industry, but one of the bright spots came from the Mine Safety and Health Administration, an agency not known for awarding happy faces or gold stars. In 2016, the mining industry experienced only 25 deaths in U.S. mines, the lowest level ever recorded. This, despite the industry having more than 330,000 miners working in 13,000 mines across the country. The leading cause of death in both coal and metal/nonmetal mines was...
ITH: TSX / THM: NYSE-A Chairman: Stephen Lang President and CEO: Tom Irwin Chief Operating Officer: Karl Hanneman International Tower Hill Mines Ltd. plans to invest roughly US$10 million to support a 2015 work program that includes metallurgical, field and engineering work aimed at optimizing the mine plan for its 20-million-ounce Livengood gold project in Interior Alaska. Lying along the Elliot Highway about 70 miles northwest of Fairbanks, the Money Knob deposit at Livengood encompasses 15.7 million oz of gold in 802...
MRO: TSX.V President and CEO: Gregory Beischer Chief Exploration Officer: Philip St. George Through careful execution of the project generator model, Millrock Resources Inc. has built a portfolio of grassroots mineral prospects in Alaska, New Mexico and Mexico. In finding joint venture partners to help fund exploration, the project generator model lessens Millrock's need to raise money in tight equity markets, minimizes the risks involved with grassroots exploration and exposes shareholders to a larger amount of exploration e...
Mining is a notoriously cyclical business that generally ebbs and flows with the overall state of the global economy, and these cycles are amplified for junior mining companies charged with scouring the globe for the next generation of mines. Following a bull market that reached a crescendo at the end of 2010, the current bear market has been especially deep and painful for even seasoned mining sector veterans. "This has been a particularly treacherous bear market," longtime...
Millrock Resources Inc. July 29 reported that it has struck a deal with Corvus Gold Inc. to purchase Raven Gold Alaska LLC's assets located in or pertaining to the Goodpaster Mining District of Interior Alaska. As part of the agreement, Millrock has purchased the West Pogo gold property from the Corvus subsidiary. The West Pogo claims cover the projection of a favorable structure that passes through Sumitomo Metal Mining Co.'s Pogo Mine., located about two miles to the east....
International Tower Hill Mines Ltd. March 26 announced that Karl Hanneman has been elevated to the role of chief operating officer. Hanneman has worked for Tower Hill since 2010, most recently serving as the company's general manager. He has more than 30 years of Alaska-based mining industry experience, including serving in a key role on the team that worked to successfully resolve permitting issues at the Red Dog Mine in 2008-2010. Prior to that, he was Alaska regional...
American billionaires John Paulson, Seth Klarman and Thomas Kaplan have taken a keen interest in Alaska's next generation of gold and copper mines. While it is natural for hedge fund managers such as Paulson and Klarman, and resource investors such as Kaplan, to hold mining stocks in their portfolios, this trio holds major positions in three of the top Alaska-focused mineral exploration and development companies. In fact, the companies founded and managed by these...
Several events have dramatically affected Alaska's mining industry in recent weeks, underscoring critical links between Alaska and the global economy. First came bad news for newly-elected Gov. Bill Walker: The plunge in world oil prices pushed Alaska's coming-year budget projections about $3.5 billion into the red. The ripple effect of this was a slashing of everything not required and one of the cuts, temporarily at least, was state funding of the Ambler District Road.... Full story
International Tower Hill Mines Ltd. Jan. 5 reported progress toward optimization of the Livengood gold project in Interior Alaska. The 2014 program included metallurgical work; mine production scheduling studies; power supply alternatives review; and alternative camp reviews. The company says this work has developed an improved production schedule, as compared to the project's 2013 feasibility study and generated detailed work plans for 2015. These plans include additional metallurgical tests and engineering, including...
As the year winds down, financial information has begun to trickle in quantifying just how tough 2014 was on the mining industry. Industry analyst SNL Metals & Mining announced that the total estimated global budget for nonferrous metals exploration dropped another 25 percent in 2014, to US$11.36 billion, from US$15.19 billion in 2013. Perhaps even more arresting is the precipitous fall in just the past two years from an all-time high of US$21.5 billion in nonferrous metal exp... Full story
At the same time as the EPA is pushing forward on its planned precedent-setting, pre-emptive, pre-permit veto of the Pebble project and the tailings dam failure at the Mount Polley mine in British Columbia, former Gold Fields Ltd. Chief Geologist Rael Lipson published an eye-opening summary of where porphyry copper-gold projects like Pebble, Mt. Polley and dozens of others around the world fit into the future of gold production. The article, appearing in the July 2014...
Alaska's natural gas is increasingly replacing diesel as the fuel of choice for mines and mining projects across the Far North State and Yukon Territory. At roughly 37 trillion cubic feet, Alaska is awash in natural gas; however, some 35 tcf of these known reserves are isolated in the Arctic oil and gas fields of the North Slope. The balance, located in the Cook Inlet basin that stretches southwest from Anchorage, has been developed primarily to serve consumers in the... Full story
International Tower Hill Mines Ltd. rang in 2014 with a new chief executive leading a streamlined Alaska-centric company focused on optimizing and safeguarding Livengood until a partner steps up to continue the advancement of the 20-million-ounce gold deposit. Tom Irwin, who ascended to the role of president and CEO of International Tower Hill Mines on Jan. 1, will lead the company's efforts to develop a mine at the world-class Livengood gold project that would contribute to...
For those of you that could not attend, the annual Alaska Miners Association Convention and Trade Show was well-attended, with most people pleasantly surprised by the strong turnout. Compared to a year ago, more companies are planning to get back in the field with exploration and development programs in 2014, a sentiment making up one of the few bright spots in a recent IntierraRMG resource sector exploration summary. This report and a similar snapshot of the exploration... Full story
ITH: TSX / THM: NYSE-A Chairman: Daniel Carriere President and CEO: Don Ewigleben Vice President, Alaska: Tom Irwin Alaska General Manager: Karl Hanneman During the first half of 2013, International Tower Hill Mines Ltd. focused on finalizing a feasibility study for its 20-million-ounce Livengood gold project in Interior Alaska. Released in July, this assessment outlines a 100,000-ton-per-day operation averaging 577,600 ounces of gold per annum over a 14-year mine life. The all-in costs to mine an ounce of gold at Livengood w...
From Kotzebue to Ketchikan, Alaska Industrial Development and Export Authority is using its financial muscle and its ability to build and operate large infrastructure projects to help mining companies overcome the challenges of developing the often remote mineral riches that the Last Frontier has to offer. "We are working with local communities and mine developers on infrastructure projects throughout Alaska, including port facilities and energy supply," said AIDEA external...
This month's mining news is a smorgasbord to delight the appetites of explorers, developers and miners alike. We had quarterly reports out from Teck, Kinross, Hecla and Coeur d'Alene discussing their respective results from operating mines around the state. We had one preliminary economic analysis by NovaCopper on its Arctic massive sulfide project and one feasibility study announced by International Tower Hill Mines Ltd. on its Livengood gold project. We had Freegold and... Full story
Building and operating a mine at the 20-million-ounce Livengood gold project would lose money at today's US$1,300-per-ounce gold price, according to the results of a feasibility study published July 23 by International Tower Hill Mines Ltd. In fact, the 100,000-ton-per-day mine outlined in the study does not break even until the gold price approaches US$1,500/oz. International Tower Hill management, though, remains optimistic that developing the multimillion-ounce gold...
