A May 2011 drilling survey indicating millions of ounces of gold at the Livengood Gold Project has been confirmed, according to a press release from International Tower Hill (ITH), the British Columbia-based mining company which owns the project, located on the road system about 70 miles north of Fairbanks.
In August 2011, the company announced preliminary results from a drilling survey that revealed an estimated 16.5 million ounces of gold in the 90-square-mile holding.
"Our 2011 close-spaced drill programs have firmly verified the data used to calculate our latest resource estimate and substantiated Livengood as one of the largest gold resources in North America," said ITH president and chief executive James Komadina.
"The significant size of the project now warrants a shift in the company's focus from resource growth to development activities that will advance the Livengood project towards a production decision and potentially becoming a new, large-scale gold mine in North America."
Read much, much more from the press release, including survey methodology and result tables, here, via MarketWatch. And get the short version from ProactiveInvestors.com, here.