American Mining Corporation Signs LOI With International Tower Hill Mines
Ltd. to Form Production Joint Venture on Terra Gold Project, Alaska
American Mining Corporation, an exploration and development company that explores and
develops advanced stage properties - has just signed a binding letter of intent to enter into a joint
venture with International Tower Hill Mines Ltd (TSX:ITH; NYSE-A:THM; Frankfurt: IW9) in
respect of ITH's high grade Terra Gold Project in Alaska.
Vancouver, B.C. (PRWEB) -- American Mining Corporation (“AMC” or the “Company”) is pleased to announce
that it has signed a binding letter of intent to enter into a joint venture with International Tower Hill Mines Ltd.
(“ITH”) - (TSX: ITH; NYSE-A: THM; Frankfurt: IW9), in respect of ITH’s high grade Terra Gold Project in
Pursuant to the letter of intent, Terra Gold Corp. (“Terra”), an Alaskan subsidiary of AMC and Raven Gold
Alaska Inc. (“Raven”), a subsidiary of ITH, will form a joint venture (the “JV”) with the aim of bringing the Terra
Project into production. It is anticipated that AMC, as operator, will commence a project development program in
Terra Project - Background
The Terra Gold Project is located in the Hartman Mining District of Western Alaska and consists of 235 State of
Alaska unpatented lode mining claims currently held 100% by ITH plus an additional 5 unpatented lode mining
claims held by ITH under lease (subject to an NSR royalty in favour of the lessor ranging from 0.5% and 5%,
dependent upon the price of gold).
The property is centered on an 8 kilometre long trend of high-grade vein occurrences which have returned
numerous surface rock samples and drill intersections in excess of 50 g/t gold. The bulk of ITH’s past drilling has
focused exclusively on a 400 metre long section of one of the vein systems (Ben’s Vein) discovered to date. An
inferred resource estimate, based on 20 HQ diamond drill holes, is published in a National Instrument 43-101
technical report entitled “Summary Report