International Tower Hill Mines Hails 2014 with Layoffs and New CEO

International Tower Hill Mines Ltd (ITHM) announced just prior to Christmas that it will reduce its work force and also reorganize senior management and its Board of Directors.

Total ITHM staff will be reduced by approximately 30% effective January 1, 2014, affecting both the Denver and Fairbanks offices. ITHM officials said that the changes are being made to focus its efforts on project optimization opportunities, maintenance of environmental baseline activities required for permitting, advancing discussions with companies holding confidentiality agreements and conserving cash. ITHM will retain the strong development and permitting team for moving its project forward, while maintaining ITHM's significant gold asset.

The company also announced that Thomas Irwin was appointed President and Chief Executive Officer also effective January 1, 2014. Irwin was the Vice President, supporting corporate strategic initiatives as well as being responsible for technical matters for the Company's Livengood Gold Project.

Irwin succeeds Don Ewigleben, who became CEO in September 2012, after having previously served as the Chairman of the Board. Ewigleben informed the Board of his resignation and his desire to seek an orderly transition now that the ITHM is properly organized for its present activities in conserving cash and in view of the current market conditions. Mr. Ewigleben has agreed to assist the Company in this transition as a consultant and counsel.

"I am very pleased to take on the role of Chief Executive Officer of ITHM as our team continues to advance the Livengood Gold Project," Irwin said. "With the benefit of my long history in Alaska, I am confident the region remains one of the best mining jurisdictions in the world and I believe in Livengood as a world- class multi-million ounce gold project. With Tom Yip, as CFO and Karl Hanneman, as Alaska General Manager, along with our strong development and environmental team, we are uniquely positioned to move Livengood forward with a joint venture partner."

Irwin has over 40 years’ experience in the natural resource industry including construction, operations, optimization, and permitting major mining projects. Prior to joining ITHM, Mr. Irwin served as the Commissioner of the Alaska Department of Natural Resources where his responsibilities included close communication and negotiation with major companies and management of Alaska oil, gas and mining resources, which annually produce several billion dollars of revenue for the State.

Prior to his role with the Alaska Department of Natural Resources, Mr. Irwin held senior positions at the Fort Knox mine located 45 miles southeast of the Livengood project. From 1992 to 1996 Mr. Irwin was Vice- President of Fairbanks Gold Mining, Inc., a subsidiary of AMAX Gold Inc., responsible for engineering at Fort Knox during project design and permitting. From 1996 to 1999 he was Operations Manager responsible for mine start-up and operation and General Manager of the mine from 1999 to 2001. Following these positions he became the Vice President, Business Development for Fairbanks Gold Mining Inc., then a subsidiary of Kinross Gold Corp. Prior to his work in Alaska, Mr. Irwin was General Manager of AMAX Gold's Sleeper Mine in Nevada and manager of AMAX's Climax mine in Colorado. Mr. Irwin has a degree in Mineral Engineering-Chemistry from the Colorado School of Mines.

Also as part of the reorganization, effective January 1, 2014, Ewigleben will step down from the Board along with Dan Carriere, Tim Haddon and Roger Taplin; Anton Drescher, Mark Hamilton and Mr. Thomas Weng will remain on the Board and Weng will be the Lead Independent Director of the Board.

International Tower Hill Mines Ltd. controls a 100% interest in the world-class Livengood Gold Project, accessible by paved highway 70 miles north of Fairbanks, Alaska, which contains a mineral resource of 731 million measured tonnes at an average grade of 0.61 g/tonne (14.4 million ounces at 0.3 g/tonne cut-off), 71 million Indicated tonnes at an average grade of 0.56 g/tonne (1.3 million ounces at 0.3 g/tonne cut-off) and 266 million Inferred tonnes at an average grade of 0.52 g/tonne (4.4 million ounces at 0.3 g/tonne cut-off).

For more information please contact:

International Tower Hill Mines Ltd.
Rick Solie
Manager, Community & Government Relations
Toll Free: 855-428-2825
rsolie@ithmines.com

TMX Equicom, for ITHM
Michael Moore
Investor Relations
858-886-7813
mmoore@tmxequicom.com