Corporate Presentation February 2011 Forward-Looking & Cautionary Statements

This presentation contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential for the expansion of the estimated resources at Livengood, the potential for any production at the Livengood project, the potential for higher grade mineralization to form the basis for a starter pit component in any production scenario, the potential low strip ratio of the Livengood deposit being amenable for low cost open pit that could support a high production rate and economies of scale, the potential for cost savings due to the high gravity concentration component of some of the Livengood mineralization, the completion of a pre-feasibility study at Livengood, the potential for a production decision to be made regarding Livengood, the potential commencement of any development of a mine at Livengood following a production decision, business and financing plans and business trends, are forward-looking statements. Information concerning mineral resource estimates and the preliminary economic analysis thereof also may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered, and the results of mining it, if a mineral deposit were developed and mined.

The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results are likely to differ, and may differ materially, from those expressed or implied by forward looking statements contained in this presentation. Such statements are based on a number of assumptions which may prove incorrect, including, but not limited to, assumptions about the level and volatility of the price of , the timing of the receipt of regulatory and governmental approvals, permits and authorizations necessary to implement and carry on the Company’s planned exploration and potential development program at Livengood; the Company’s ability to attract and retain key staff, particularly in connection with the carrying out of a feasibility study and the development of any mine at Livengood, the timing of the ability to commence and complete the planned work at Livengood, the ongoing relations of the Company with its underlying lessors and the applicable regulatory agencies, and the timetables for the completion of a pre-feasibility study at Livengood and for any feasibility study that may be commissioned.

Accordingly, the Company cautions that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ materially from those set out in the forward- looking statements as a result of, among other factors, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its activities, material adverse changes in economic and market conditions, changes in the regulatory environment and other government actions, fluctuations in commodity prices and exchange rates, the inability of the Company to raise the necessary capital for its ongoing operations, and business and operational risks normal in the mineral exploration, development and mining industries, as well as the risks and uncertainties disclosed in the Company’s most recent Annual Information Form filed with certain provincial securities commissions in Canada and in the Company’s most recent Form 40F filed with the United States Securities and Exchange Commission, available at www.sedar.com and www.sec.gov, respectively. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events except as required by law. All subsequent written or oral forward-looking statements attributable to the Company or any person acting on its behalf are qualified by the cautionary statements herein. Scientific or technical information contained herein is derived from the independent NI43-101 technical reports which include more detailed information with respect to the Company’s properties, including the dates of such reports and the estimates included therein, details of quality and grade of each resource, details of the key assumptions, methods and parameters used in the resource estimates, a general discussion of the extent to which the resource estimates and the other estimates and projections included in the reports may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing, or other relevant issues and you are urged to review such reports in their entirety. The Company’s preliminary economic assessment (PA) discussed herein is preliminary in nature, includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary assessment will be realized. Mineral resources that are not mineral reserves do not have any demonstrated economic viability.

The Company uses certain terms in this presentation, such as “resources,” “indicated” and “inferred” that the SEC’s guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. Accordingly, the Company’s disclosures regarding mineralization may not be comarable to similar information disclosed by US registered companies. You are urged to consider closely the disclosure in the Company’s latest Form 40-F annual report, which may be secured from the Company, or from the SEC’s website at www.sec.gov.

Note: All monetary values are USD unless otherwise stated.

2 Livengood: A New Super Deposit in Alaska

• 100% control of Livengood Gold Project • +10Moz resource among largest discoveries in past 20 years • Expanding resource and new district-wide discovery potential

• Located near Fairbanks, Alaska • Pro-development area with long mining history • Strong community support and highly skilled labor force

• Excellent Infrastructure Access • Proximity to Fort Knox Gold Mine (60 miles to southeast) with 15 years of bulk-tonnage production history • Paved all season highway from Fairbanks • 50 miles from grid power

• No Significant Permitting Issues • No native claims issues (resolved in 1970s) • No wildlife, migratory fish, cultural or community issues • MOU signed with Alaska State Large Mine Permitting Group

3 Located in World-Class Gold Belt

Livengood exploration camp (former Alaska Pipeline Camp) • Fort Knox Mine (): • In production for 15 years; 2009 Production of 263,260 oz Au • 2009 P&P Reserves: 3.6Moz @ 0.45 g/t • Pogo Mine (Sumitomo affiliates): • In production for 5 years; 2008 production of 347,000 oz Au Fort Knox • 2008 P&P Reserves of 2.9Moz @15.2 g/t

• Donlin Creek Project (Novagold): Donlin Creek Pogo Gold Mine 2009 P&P Reserves: 33.6Moz @ 2.2 g/t Project • Pebble Project (Northern Dynasty): 2009 M&I Resource: 66.9Moz @ 0.35 g/t (plus 0.76% copper)

*Fort Knox, Pogo, Donlin Creek & Pebble Production and reserve data taken from the Kinross ,Teck, Novagold & Northern Dynasty 2008-9 news Pebble Project releases, respectively, and has not been verified by the Company. This information is not indicative of the mineralization on the Livengood property or the potential production from or any future mining of the Livengood property.

4 Management Team

Track record of Exploration, Development & Permitting Success

Jeff Pontius +30 year career with mining companies in senior management positions at AngloGold CEO Ashanti and NERCO Mineral Co. Discoveries include Elder Creek and Yankee mines in Nevada; Cripple Creek in Colorado; and Livengood in Alaska.

Carl Brechtel +30 years mining industry experience in the design and development of new mining President & COO projects. Most recently held the position of Pre-feasibility Manager for AngloGold’s La Colosa open-pit development project in Colombia.

Karl Hanneman 30 years in the Alaska mining industry. Served as Alaska Regional Manager with Teck Alaska Livengood Project during exploration, development, and permitting of the Pogo Gold Mine. Also provided Manager strategic guidance on issues related to the as the senior corporate representative in Alaska for Teck.

Keith Malone 28 years experience most recently as the Mine Superintendent with Sumitomo Group Manager of Technical overseeing planning, construction and operations at the Pogo Mine. Previously the Mill Services Superintendent for Teck Resource at the Red Dog Mine in western Alaska.

Denise Herzog 20 years experience in mining and environmental engineering in Alaska. Experience Manager of includes developing the environmental baseline monitoring program at the Teck-Pogo Environmental Affairs Project; and wetland delineator for the Donlin Creek and Pebble projects.

5 Board of Directors

Steven Aaker Over 30 years experience in the mining industry. He has been associated with the acquisitions of the majority of the US acquisitions made by Franco-Nevada, Euro-Nevada and Redstone Resources Inc.

Timothy Haddon President of International Natural Resource Management Co. Former CEO of Amax Gold from 1989-93 which owned the Fort Knox mine before its sale to Kinross. Currently serves as Chairman of Anatolia Minerals and lead director for Thompson Creek Metals.

Daniel Carriere Has been instrumental in the development and financing of small to medium capitalized companies, both private and public in Canada and the USA. A founding partner of Corriente Resources and director of ID Biomedical Corporation.

Ronald Sheardown Over 50 years experience in Alaskan and Canadian exploration and associated with discoveries such as the Mary River Iron Ore Deposit. Holds key positions within the State of Alaska and various mining-related organizations.

Anton Drescher President of Westpoint Management Consultants which provides tax and accounting consulting services for business reorganizations since 1979. He is a director on multiple boards including Dorato Resources and Trevali Resources.

Hendrik Van Alphen 25 years in the mining industry, first as President of Pacific Rim Mining Corp. Since 1999, Chairman he has been a director and President of Cardero Resources Corp. and a director of Wealth Minerals, Ethos Capital and Balmoral Resources.

6 Livengood Project Overview

Livengood Property Package • Large, Bulk Tonnage Resource (in Yellow) Resource Gold Tonnes Grade Million Classification Cutoff (millions) (g/t) Ounces • Disseminated gold and gold in veinlets (g/t) Gold hosted in sedimentary and volcanic rocks Indicated 0.30 789 0.62 15.7

• Infill and step-out drilling ongoing to Inferred 0.30 229 0.55 4.9 expand and upgrade current resource Indicated 0.50 409 0.83 10.9 Current Gold • Resource update report expected in Resource Area Inferred 0.50 94 0.79 2.4 Q1/2011 Indicated 0.70 202 1.07 6.9

• Prefeasibility Underway Inferred 0.70 40 1.05 1.4 • Expected completion by Q4/2011

• Geotechnical drilling underway; multiple surface facility locations available Aerial view looking South at Money Knob Deposit (colored area shows current extent of open ended, drill defined deposit) • District-wide Discovery Potential • Current +10Moz resource covers 2.5 km2 of 145 km2 land package

• 98% of 600 holes drilled on project to date is within the currently defined resource pit 1 km

• Mineralization extends along 10km 2.5 km unexplored trend

7 Livengood Heap & Mill Resource

>0.3 g/t Au (heap cutoff) & oxide pit (260 Mt @ 0.62 g/t Au for 5.2 Moz gold contained) Resource Block Models

• Illustrates thickness, size and distribution of 1.5 km gold at heap leach and mill cutoff grades

• Deposit configuration and characteristics supports high volume mining at a low strip ratio

>0.5 g/t Au (mill cutoff) & large sulfide pit (373 Mt @ 0.85 g/t Au for 10.1 Moz contained) >0.5 g/t Au (mill cutoff) & oxide pit (145 Mt @ 0.82 g/t Au for 3.8Moz contained)

2 km 1.5 km

8 Livengood Proposed Mining & Processing

Mining: • Open pit with potential mining rate of 100,000-135,000 tpd • Low strip ratio of 1:1.1 Processing (review ongoing): • Upper most oxidized units (surface to 150 m depth) sent to heap leach pad • Heap average recovery of 73% at a 1/2” crush size • Sulfide ore at depth (150-300 m) processed by mill circuit using gravity-flotation recovery circuit • Mill average recoveries of 81% • Test work indicates all mineralization types produce Main gold in soil anomaly excellent flotation concentrates with gold extraction via CIL Note: The Company has not yet demonstrated the economic viability of the Livengood deposit, has not completed a feasibility study and has not made a production decision, and there is a risk it may not be able to do so.

9 Livengood PA: 2-Stage Development

STAGE 1: HEAP OXIDE STAGE 2: BIG MILL Indicated Resource: 251 Mt @ 0.62 g/t Au for 5.03 Moz Indicated Resource: 600 Mt @ 0.65 g/t Au for 12.6 Au (3.54 Moz Recoverable) Moz Au (9.81 Moz Recoverable) Inferred Resource: 9 Mt @ 0.54 g/t Au for 0.15 Moz Au Inferred Resource: 48 Mt @ 0.64 g/t Au for 1.0 Moz Au Overall Strip Ratio: 1:1.1 (ore to waste) Overall Strip Ratio: 1:1.07 (ore to waste) Gold Production: 514,000 oz/yr Gold Production: 833,000 oz/yr Mine Life: 7.1 years Mine Life: 12.6 years Project CAPEX: US$529M (w/o contingency) Project CAPEX: Additional ~$809 M (w/o contingency) Sustaining CAPEX: US$154M Sustaining CAPEX: US$579M Production Cost: US$486/oz Production Cost: US$534/oz Tremendous Leverage to Gold Price Gold Price NPV(5%) IRR(%) Gold Price NPV(5%) IRR(%) $950/oz $579 26.9% $950/oz $1,113 18.5% $1,000/oz $715.3 31.3% $1,000/oz $1,457.7 22.2% $1,100/oz $987.6 39.6% $1,100/oz $2,147.3 29.3% $1,200/oz $1,259.9 47.4% $1,200/oz $2,836.9 35.9% $1,500/oz $2,077.0 68.4% $1,500/oz $4,905.8 54.4%

10 Preliminary Assessment CAPEX Estimates

Increment to Combined Oxide Capital Cost Oxide Plan Oxide Plan Sulfide Plan

Mining Fleet $ 135 M - $ 135 M

Facilities & $168 M $ 57 M $ 225 M Infrastructure Processing $92 M $ 556 M $ 648 m (Pad & Plant)

Other Directs $ 134 M $ 197 M $ 331 M

Estimated $ 529 M $ 809 M $ 1,338 M CAPEX

Contingency $109 M $ 209 M $ 314 M

11 Conceptual Mine Development Timeline

2010 2011 2012 2013 2014 2015 2016 2017

Exploration Optimization & Prefeasibility & Permitting Construction Production

Key Milestones Key State Permits Construction Production

• Resource Updates in Q1 & Mining Reclamation Permit Main milling/process facilities Production to begin in Q3/2011 Waste Management Permit Tailings Pond 2016 at rate of ~100 Kt/d • Prefeasibility by Q4/2011 Water Discharge Permit Waste Dumps • Project Design Fish Habitat Permit Power Line & Substations Optimization Air Quality Plan Pre-production Mining • Project cash flow Shops, Offices & Warehouse Key Federal Permits Optimization Roads 404 Wetlands Permit • CAPEX Refinement Pipelines Environmental Impact Study • Metallurgy Optimization Studies

The Company cautions that it has not demonstrated that it will be economically viable to build and operate a mine at Livengood and that it is not in a position at this time to make, nor has it made, a production decision. Accordingly, there is a significant risk that the Company will not be able to economically build or operate a mine at Livengood, and that it will not, therefore, make a decision to commence the building of a mine at Livengood. Even if a production decision is made, there can be no assurance that the Company would be able to build a mine at Livengood within the projected timeframe, or at all.

12 Continued Livengood Resource Expansion

Deposit remains open laterally and at Depth

• Drilling continues to expand higher grade areas in the Core and Sunshine zones

• Major resource expansion to the SW of the deposit and at depth

• Current resource may grow in both size and grade

Gold Resource Growth Chart: 2007 - 2010 14.0 Indicated Resources 12.0 Inferred Resources 10.0 Drilled since June 2010 New holes 8.1 2010 drilling, assays 8.0 10.9 pending

(Millions) 6.0

Gold Ounces Gold 3.6 3.35 4.0 1.8 2.0 3.9 4.4 3.3 2.4 Livengood Project Plan Map showing resource concentrations. 1.9 2.1 Dashed red lines represent new zones of mineralization being drilled. 0.0 2007 2008 2008 2009 2009 2010

13 District-wide Discovery Potential

• 2011 Livengood District-wide Exploration Program:

• $7.5 Million, 45,000-metre deposit focused infill/resource expansion drill program to test lateral and depth expansion potential

• $2.4 Million, 10,000-metre new discovery drill program with major district-wide target generation geophysical program

• 5 drill rigs dedicated to exploration drilling in 2011

14 Share Structure

TSX: ITH - NYSE-A: THM - Frankfurt: IW9 (as of January 28, 2011) Issued & Outstanding Shares 84,503,155 Shares Fully Diluted 90,753,155 Cash C$120 Million Market Capitalization C$800 Million

Major Shareholders Shares Held % Tocqueville Asset Management LP 11,501,787 13.5 AngloGold Ashanti 8,812,794 10.3 Paulson & Co. 5,000,000 6.0 ITH Management 2,901,917 3.6 Institutional Ownership 23,508,595 27.8

15 Market Valuation Comparison

Per ounce industry valuation commonly reflects project advancement toward production and de-risking of the production plan

Junior Gold Explorers and Developers EV/oz of M+I+I Resources ($US)

: Feasibility/Permitting in 2011 Mine construction underway; Construction in 2012 fully financed and permitted; Production 2013 Expected production in 2011

Feasibility Completed; In Permitting Phase; Production planned for 2013

Total Au 15.02 M 16.65 M 13.30 M 21.10 M 28.24 M 5.03 M 25.82 M 12.64 M 4.20 M 2.30 M Resources: Average Au ~1.12 g/t ~0.67 g/t ~0.82 g/t ~1.03 g/t ~1.56 g/t ~1.25 g/t ~0.98 g/t ~1.29 g/t ~1.70 g/t ~2.00 g/t Grade:

Source: RBC Capital Markets Junior – Explorers and Developers AMC/oz Valuations, Jan. 27, 2011

16 2-Year Market Performance

ITH Added to Close of Financing S&P TSX Global Gold Index

Mill/Heap PEA

Resource Update

Heap Only PEA Corvus Spinoff Resource Updates

Resource Update

17 Analyst Coverage

FIRM ANALYST DATE INITIATED

Credit Suisse Alex Terentiew 29-Sept-10

Dahlman Rose & Co. Adam Graf 22-June-10

BMO Capital Markets John Hayes 23-Apr-10

RBC Capital Markets Michael Curran 10-Sep-09

GMP Securities Craig West 27-Apr-09

Canaccord Genuity Wendell Zerb 10-Feb-09

18 Investment Highlights

 Experienced Management and Growing Operations Team Moving the Project Forward through Feasibility and Permitting.

 100% Control of One of the Largest New Gold Discoveries made Globally in the Past 20 years.

 Alaska is a low-risk, natural resource focused jurisdiction with strong community support for the project.

 Excellent existing infrastructure, deposit configuration and mineralization characteristics which should support low-cost bulk tonnage mining and processing.

 Strong Project Economics based on Preliminary Assessment (see Caution on Slides 2,9 & 12).

 Expanding resource base & significant district-wide new discovery potential.

19 Contact Information

Vancouver Office: U.S. Office: Suite 1920 - 1188 West Georgia St Suite 250 - 9137 S. Ridgeline Blvd. Vancouver, British Columbia Highlands Ranch, CO Canada V6E 4A2 USA 80129 Telephone: 604-683-6332 Telephone: 303-470-8700

Investor Relations: Shirley Zhou VP Corporate Communications Email: [email protected] Phone: 604-638-3247 Toll-Free: 1-888-770-7488

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