November 22, 2011 / 3:29 PM / 7 years ago

UPDATE 1-International Tower Hill delays mine study

* Delays Livengood prefeasibility until H1 2012

* Shares up 3.55 percent at C$4.96 on TSX

Nov 22 (Reuters) - International Tower Hill Mines (ITH.TO) said on Tuesday that it has delayed the release of a preliminary feasibility study for its Livengood gold project in Alaska until next year.

The company said the study, which was originally expected by the end of 2011, is being extended in order to complete additional laboratory testing and optimization work.

International Tower Hill said the prefeasibility study will now be released in the first half of 2012.

Shares of the Vancouver-based company rose 3.55 percent to C$4.96 on the Toronto Stock Exchange on Tuesday morning, buoyed in part by stronger gold prices.

International Tower Hill plans to produce an average of 562,000 ounces of gold a year at Livengood over its 23-year life. The project, located below the Arctic Circle, about 115 km (70 miles) northwest of Fairbanks, has a measured and indicated resource of 16.5 million ounces of gold.

$1=$1.04 Reporting by Julie Gordon; editing by Rob Wilson

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