Dahlman Rose Reiterates Buy Rating on International Tower Hill Mines (THM)

Dahlman Rose is out with a research report this morning, where it reiterates its Buy rating on International Tower Hill Mines Ltd. THM; it has a $26.46 price target on the stock. The DR analysts cited the company's recent update from its Summer 2010 Livengood Exploration Program, where the latest 30 holes drilled indicated significant zones of higher-grade mineralization in the top 150 meters of the deposit. Infill drilling continues to expand and add greater definition of near surface, higher-grade areas in the Core and Sunshine zones. Infill drilling below the floor of prior drilling in the Core Zone continues to expand that dimension of the deposit. The analysts said, “We remain conservative in our modeling and are using lower ore grades and recoveries than those indicated in recent drilling, as well as higher strip ratios. We continue to model a heap leach scenario starting in 2016, followed by a mill added in 2020. Based on exploration and surface sampling, we continue to believe that the known resource (13.3MM oz) will grow.”