ITH Announces Initial Resource Estimate for Mayflower Deposit at North Bullfrog Project, Nevada

Market Wire, September, 2008

International Tower Hill Mines Ltd. ("ITH" or "the Company") (TSX VENTURE: ITH)(AMEX: THM)(FRANKFURT: IW9) is pleased to announce the results of its initial resource estimate for the Mayflower deposit at its North Bullfrog project near Beatty, Nevada. The independent study determined an initial Indicated gold resource of 57,086 contained ounces at an average grade of 0.88 g/t, plus an additional Inferred gold resource of 23,793 contained ounces at an average grade of 0.78 g/t, at a cutoff grade of 0.5 g/t (see Table 1).

Table 1: MAYFLOWER INDICATED & INFERRED RESOURCE
(using a 0.50 g/t gold cut-off grade)

------------------------------------------------------------------------
              Tonnes greater       Grade greater
Resource         than Cutoff        than Cutoff             Contained
------------------------------------------------------------------------
Category             (tonnes)    Au (g/t),  Ag (g/t)    Ozs Au    Ozs Ag
------------------------------------------------------------------------
INDICATED          2,020,000        0.88       0.45     57,086    29,160
------------------------------------------------------------------------
INFERRED             950,000        0.78       0.36     23,793    10,904
------------------------------------------------------------------------

This initial resource estimate covers part of the Mayflower gold system which remains open and indicates potential for a bulk tonnage deposit. The drilling density and continuity was sufficient to classify the bulk of the resource as indicated (Table 2 & 3). The study also summarizes initial metallurgical data from six ITH bottle tests completed at Hazen labs at a 10 mesh crush size which returned an average gold recovery of 76% after 16 hours. The Company is pleased with the results from this first 25 drill hole step in evaluating the economic potential of the North Bullfrog district, which hosts a number of attractive gold targets throughout the Company's 17 square kilometre land package. The Company's next phase of exploration on the North Bullfrog Project ("NBP") will be to focus on expansion of the Mayflower resource as well as testing other priority targets in the district (Figure 1).

Property Summary

The NBP area is located near Beatty, Nevada and has excellent access and infrastructure. It is 7 kilometres north of the historic Bullfrog mine operated by Barrick Gold Corporation until the mid 1990's (see NR07-05). The NBP is an option/joint venture with Redstar Gold Corporation (TSX VENTURE: RGC) in which ITH can earn up to a 70% interest. To date, the Company has completed approximately half of the work commitment required to earn its initial 60% interest.

The results from the 2008 drilling program and resource estimate have defined a moderately south dipping broad zone of gold mineralization which outcrops on the surface. The bulk tonnage ore zone which develops in favourable volcanoclastic units is cored by a high-grade quartz vein system. This high-grade mineralization is currently well exposed in the David Adit, where native gold was observed, and requires further exploration down dip to determine its significance and potential. The Mayflower mineralization is low-sulphide in character with deep pervasive oxidation in the favourable units.

Results of the Geological Review and Resource Estimate

Geological Review

On August 29, 2008 Roger Steininger, Ph.D., CPG, of Steininger Consulting and Mr. Gary Giroux, M.Sc., P.Eng. of Giroux Consultants Ltd. delivered their report, dated August 25, 2008, (available on SEDAR) on the NBP which includes information from the mineral resource estimate and surface exploration completed in 2007 and 2008, as well as prior exploration by others. The report concludes that three Tertiary units are important to the hydrothermal activity at NBP: a lower rhyolite tuff, debris-flow deposits, and an upper rhyolite tuff. Most of the known gold mineralization occurs in the debris-flow, with lesser amounts in the lower rhyolite tuff. The upper rhyolite and felsic plugs and dikes throughout the project area appear to have been deposited or intruded either late in the period of mineralization or are post-mineralization. Two regional north striking normal faults are the dominant structural features in the NBP area, but several oblique faults between them control most of the precious metal and hydrothermal alteration distribution.

Two styles of precious metal epithermal mineralization are common at NBP: veins and stockworks in structural zones, and disseminations in altered volcanic rocks. Historic drilling (pre-NI 43-101) outlines areas of important mineralization at NBP, the most significance of which appears to be in the Mayflower area. ITH drilling was used to develop a resource estimate at Mayflower, to better understand precious metal mineralization at Airtrack Hill, and as initial tests at Sierra Blanca, Pioneer, and Savage.

Resource Estimate

The mineral resource estimate for the Mayflower deposit (see Tables 2 and 3) is based on a geologic model developed by ITH geologists using geology logs from the drill holes along with alteration and geochemical data. This was used to define the "Mayflower Zone" which was the limiting factor for gold distribution for the resource estimation. The grade distributions for gold and silver were evaluated using lognormal cumulative frequency plots for samples within both the mineralized solid and the surrounding waste. Drill holes at Mayflower were compared to the mineralized solid and the points each hole entered and left the solid were recorded. Pairwise relative semivariograms were produced from composites within the mineralized solid for both gold and silver. Uniform down hole composites, 5 metres in length, were formed and made to honour the solid boundaries. For this resource estimate, the average of the specific gravities of three silicified and mineralized debris flow tuff samples taken from the Mayflower dump (S.G. 2.47) was used for the mineralized zone. A block model with blocks 10 x 10 x 5 metres in dimension was superimposed over the mineralized solid. The model was rotated 45 degrees to better fit the solid. Grades for gold and silver were interpolated into all blocks, with some percentage within the mineralized solid, by ordinary Kriging.