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<TD WIDTH=60%><FONT FACE="Times New Roman, Times, Serif" SIZE=1><B>As filed with the Securities and Exchange Commission on March 15, 2007</B> </FONT></TD>
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<FONT FACE="Times New Roman, Times, Serif" SIZE="1"><B>Registration No. _______________</B> </FONT> </TD>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><FONT SIZE="2"><B>UNITED STATES</B> </FONT></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Washington, D.C. 20549</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>____________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>FORM S-8</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>REGISTRATION STATEMENT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Under</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>THE </font></B><I><B><font SIZE=2>SECURITIES ACT OF 1933</font></B></I></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>____________________</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>INTERNATIONAL TOWER HILL MINES LTD.</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;border-bottom:solid 0.75pt;padding-bottom:1;padding-top:0;'><font size=2>
(Exact name of registrant as specified in its charter)</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>#1901</font></b><font size=2>&nbsp;</font><b><font size=2>&#150;</font></b><font size=2>&nbsp;</font><b><font size=2>1177 West Hastings Street</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Vancouver, British Columbia, V6E</font></b><font size=2>&nbsp;</font><b><font size=2>2K3</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Address, including zip code,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>of registrant&#146;s principal executive offices)</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>____________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>2006 Incentive Stock Option Plan</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Full title of the plan)</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>____________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>DL Services, Inc.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>1420 Fifth Avenue, Suite 3400</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Seattle, Washington 98101</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>(206) 903-8800</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Name, address and telephone number,</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>including area code, of agent for service of process)</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>____________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Copy to:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Kenneth Sam, Esq. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Dorsey &amp; Whitney LLP </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Republic Plaza Building, Suite&nbsp;4700</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>370&nbsp;Seventeenth Street</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Denver, CO 80202-5647</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(303)&nbsp;629-3445</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><font size=2>____________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>



<p style=' margin-bottom:18pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CALCULATION OF REGISTRATION FEE</font></B></p>


<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse'>
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        <td width="128" valign=top style='border-top:double black 2.25pt; border-left:none;border-bottom:double black 2.25pt;border-right:none;  padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in;  margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><font size=1>Title of securities  to be registered</font></p>  </td>
        <td width="152" valign=top style='border-top:double black 2.25pt;  border-left:none;border-bottom:double black 2.25pt;border-right:none;  padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in;  margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><font size=1>Amount to</font><br>  <font size=1>be  registered<sup>(1)</sup></font></p>  </td>
        <td width="128" valign=top style='border-top:double black 2.25pt;  border-left:none;border-bottom:double black 2.25pt;border-right:none;  padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in;  margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><font size=1>Proposed maximum</font><br>  <font size=1>offering  price per share</font></p>  </td>
        <td width="128" valign=top style='border-top:double black 2.25pt;  border-left:none;border-bottom:double black 2.25pt;border-right:none;  padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in;  margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><font size=1>Proposed maximum</font><br>  <font size=1>aggregate  offering price</font></p>  </td>
        <td width="103" valign=top style='border-top:double black 2.25pt;  border-left:none;border-bottom:double black 2.25pt;border-right:none;  padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in;  margin-bottom:3.0pt;margin-left:0in;text-align:center;page-break-after:avoid'><font size=1>Amount of</font><br>  <font size=1>registration  fee</font></p>  </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="128" valign=top style='border-bottom:double black 2.25pt; padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:left'><font size=1>Common Shares, no par value per share</font></p> </td>
        <td width="152" valign=top style='border-bottom:double black 2.25pt; padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:center'><font size=1>2,830,000 shares issuable</font><br> <font size=1>pursuant to options</font><br> <font size=1>outstanding under the 2006</font><br> <font size=1>Incentive Stock Option Plan</font></p> </td>
        <td width="128" style='border-bottom:double black 2.25pt; padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:center'><font SIZE=1>US$ 2.31<sup>(2)</sup></font></p> </td>
        <td width="128" style='border-bottom:double black 2.25pt; padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:center'><font SIZE=1>US$6,537,300</font></p> </td>
        <td width="103" style='border-bottom:double black 2.25pt; padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:center'><font SIZE=1>US$201</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="128" valign=top style='border-bottom:solid black 1.0pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:left'><font size=1>Common Shares, no par value per share</font></p> </td>
        <td width="152" valign=top style='border-bottom:solid black 1.0pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:center'><font size=1>221,182 shares issuable</font><br> <font size=1>pursuant to options available</font><br> <font size=1>for issuance under the 2006</font><br> <font size=1>Incentive Stock Option Plan</font></p> </td>
        <td width="128" style='border-bottom:solid black 1.0pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:center'><font SIZE=1>US$ 2.23<sup>(4)</sup></font></p> </td>
        <td width="128" style='border-bottom:solid black 1.0pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:center'><font SIZE=1>US$493,235.86</font></p> </td>
        <td width="103" style='border-bottom:solid black 1.0pt;  padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:center'><font SIZE=1>US$16</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="128" valign=top style='border-bottom:double black 2.25pt; padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:left'><font size=1>Total</font></p> </td>
        <td width="152" valign=top style='border-bottom:double black 2.25pt; padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:center'><font size=1>3,051,182 shares<sup>(3)</sup></font></p> </td>
        <td width="128" valign=top style='border-bottom:double black 2.25pt; padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="128" valign=top style='border-bottom:double black 2.25pt; padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:center'><font SIZE=1>US$7,030,535.86</font></p> </td>
        <td width="103" valign=top style='border-bottom:double black 2.25pt; padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='margin-top:3.0pt;margin-right:0in; margin-bottom:3.0pt;margin-left:0in;text-align:center'><font SIZE=1>US$217</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=1>(1)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=1>Pursuant to Rule&nbsp;416(a) of the </font><i><font size=2>Securities Act of 1933</font></i><font size=2>, as amended, this registration statement also covers any additional securities that may be offered or issued to prevent dilution resulting from stock splits, stock dividends or similar transactions provided for in the Plans in accordance with the provisions of the Plans.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=1>(2)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=1>Based on the weighted average exercise price of options granted under the 2006 Incentive Stock Option Plan outstanding as of the date of the filing of this registration statement. Actual exercise price is CDN$2.70, converted to US dollars using the noon trading rate as quoted by the Federal Bank of New York of US$1.00/CDN$1.1689 on March&nbsp;12, 2007.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=1>(3)</font></p> </td>
        <td  valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=1>The 2006 Incentive Stock Option Plan authorizes the issuance of 10% of the Registrant&#146;s issued and outstanding common shares, which on February&nbsp;6, 2007 was 30,511,824. </font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=1>(4)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=1>The proposed maximum offering price per share and the registration fee were calculated in accordance with Rule&nbsp;457(c) and (h) based on the average best bid and ask prices for the Registrant&#146;s Common Shares on March 12, 2007, as quoted on the Over-the-Counter Bulletin Board, which was US$2.23 per share.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>This registration statement on Form&nbsp;S-8 registers common shares, no par value per share (&#147;Common Shares&#148;), of International Tower Hill Mines Ltd. (the &#147;Registrant&#148;) issued pursuant to restricted stock awards or to be issued pursuant to restricted stock grants or the exercise of stock options or rights granted or to be granted under the Registrant&#146;s 2006 Incentive Stock Option Plan (the &#147;Plan&#148;).</font></p>

<p style=' margin-bottom:18pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>PART II.</font></B><font size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><B><font SIZE=2>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></B></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Item 3.</font></b></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Incorporation of Documents by Reference.</font></b></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The documents listed in (a) through (b) below are incorporated by reference in this registration statement.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(a)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>The Registrant&#146;s latest annual report on Form&nbsp;20-F for the fiscal year ended May&nbsp;31, 2006, filed pursuant to Section 13&nbsp;or 15(d) under the </font><i><font size=2>Exchange Act</font></i><font size=2> on December&nbsp;29, 2006.</font></p> </td> </tr></table>



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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>All of the Registrant&#146;s Current Reports on Form&nbsp;6-K furnished to the Commission since May&nbsp;31, 2006.</font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the </font><i><font size=2>Exchange Act</font></i><font size=2> after the date hereof and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Item 4.</font></b></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Description of Securities.</font></b></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><b><font size=2>Common Stock</font></b></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The Registrant is currently authorized to issue 500,000,000&nbsp;shares of common stock of the Company, without par value (&#147;Common Shares&#148;). As of February&nbsp;6, 2007 there were 30,511,824&nbsp;Common Shares issued and outstanding, with 2,830,000 reserved for issuance upon the exercise of granted Common Shares stock options under the Registrant&#146;s 2006 Incentive Stock Option Plan. </font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The Registrant&#146;s Common Shares entitle the holder thereof to one vote for each Common Share held if voting is conducted by polling, proxy or a show of hands. Subject to the </font><i><font size=2>Business Corporations Act</font></i><font size=2> (British Columbia), every motion put to a vote at a meeting of the shareholders will be decided on a show of hands unless a poll is directed by the chair of the meeting or demanded by at least one shareholder who is entitled to vote and who is present in person or by proxy. The Common Shares do not have cumulative voting rights. A majority of the votes cast on a resolution at a meeting of the shareholders at which quorum is present is sufficient to pass a resolution of the shareholders; provided however, that a special resolution of the shareholders requires a vote of two-thirds of the votes cast on the special resolution. Subject to the Articles of
Incorporation and the </font><i><font size=2>Business Corporations Act</font></i><font size=2> (British Columbia), the Registrant may by special resolution:</font></p>


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            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(1)</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;</font></p> </td> </tr></table>



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        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(2)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>increase, reduce or eliminate the maximum number of shares that the Registrant is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Registrant is authorized to issue out of any class or series of shares for which no maximum is established;</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(3)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>subdivide or consolidate all or any of its unissued, or fully paid issued, shares;</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(4)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>if the Registrant is authorized to issue shares of a class of shares with par value:</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(a)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>decrease the par value of those shares; or</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>II-2</B> </FONT> </P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<BR>

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<p style='page-break-before:always'></p>
<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(5)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value;</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(6)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>alter the identifying name of any of its shares; or</font></p> </td> </tr></table>



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    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(7)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>otherwise alter its shares or authorized share structure when required or permitted to do so by the </font><i><font size=2>Business Corporations Act</font></i><font size=2>.</font></p> </td> </tr></table>



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    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(8)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, whether or not any or all of those shares have been issued; or</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(9)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>vary or delete any special rights or restrictions attached to the shares of any class or series of shares, whether or not any or all of those shares have been issued.</font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The payment of dividends are subject to the rights, if any, of shareholders holding shares with special rights as to dividends. Currently, no securities of the Registrant have special rights to dividends. The Board of Directors may from time to time declare and authorize payment of such dividends as they may deem advisable. No dividend bears interest against the Registrant.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Holders of Common Stock are entitled to share ratably in the net assets of the Company upon liquidation after payment or provision of all liabilities and any preferential liquidation rights of any securities with special rights as to liquidation. Currently, no securities of the Registrant have special rights as to liquidation. </font></p>


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    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Item 5.</font></b></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Interests of Named Experts and Counsel.</font></b></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>None</font></p>


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    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Item 6.</font></b></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Indemnification of Directors and Officers. </font></b></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The articles of the Registrant provide that subject to the </font><i><font size=2>Business Corporations Act</font></i><font size=2> (British Columbia) (the &#147;Corporations Act&#148;), the Registrant must indemnify a director, former director, alternate director, of the Registrant and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Registrant must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Subject to the Corporations Act, the articles of the Registrant further provide that the Registrant may indemnify any person.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Under the Corporations Act, the Registrant may indemnify an individual who (a)&nbsp;is a past or present director or officer of the Registrant; (b)&nbsp;is or was a director or officer of another corporation (i) at a time when the corporation is or was an affiliate of the Registrant; or (ii) at the request of the Registrant; or (c)&nbsp;at the request of the Registrant, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated entity (each of the foregoing being an &#147;eligible party&#148;), against judgments, penalties and fines incurred in connection with and, amounts paid in settlement of, an &#147;eligible proceeding&#148;.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>An &#147;eligible proceeding&#148; is a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the Registrant or an associated corporation (a)&nbsp;is or may be joined as a party to, or (b)&nbsp;is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>II-3</B> </FONT> </P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<BR>

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<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>In addition, the Registrant may after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an eligible party in respect of that proceeding. Expenses include costs, charges and expenses, including legal and other fees, but do not include judgments, penalties, fines or amounts paid in settlement of a proceeding</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Payment of expenses actually and reasonably incurred by an eligible party in respect of an eligible proceeding is mandatory under the Corporations Act if, after the final disposition of that proceeding, the eligible party (a)&nbsp;has not been reimbursed for those expenses; and (b)&nbsp;is wholly successful, on the merits or otherwise, in the outcome of the proceeding or is substantially successful on the merits in the outcome of the proceeding The Registrant may also pay the expenses actually and reasonably incurred by an eligible party in respect of an eligible proceeding as they are incurred, in advance of the final disposition of that proceeding; however, the eligible party must first provide a written undertaking that he or she will repay the amounts advanced if it is ultimately determined that he or she did not fulfill the conditions set out in (a) through (d) of the paragraph which follows.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The Registrant must not indemnify an eligible party or pay the expenses of an eligible party if (a)&nbsp;the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses was made, the Registrant was prohibited from giving the indemnity or paying the expenses by its memorandum or articles; (b)&nbsp;if the indemnity or payment is made otherwise than under an earlier. agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, the Registrant is prohibited from giving the indemnity or paying the expenses by its memorandum or articles; (c)&nbsp;if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view to the best interests of the Registrant or the associated corporation, as the case may be; (d)&nbsp;in the case
of an eligible proceeding other than a civil proceeding, if the eligible party did not have reasonable grounds for believing that the eligible party&#146;s conduct in respect of which the proceeding was brought was lawful; or (e)&nbsp;the eligible proceeding is brought against the eligible party by or on behalf of the Registrant or by or on behalf of an associated corporation.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>However, the articles of the Registrant provide that the failure of a director, alternate director or officer of the Registrant to comply with the Corporations Act or the articles will not invalidate any indemnity to which he or she is entitled under the articles.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Notwithstanding the above limitations of the Corporations Act and whether or not payment of expenses or indemnification has been sought, authorized or declined, the Registrant or an eligible party may apply to the Supreme Court of British Columbia for (a)&nbsp;an order requiring the Registrant to indemnify an eligible party against any liability incurred by the eligible party in respect of an eligible proceeding; (b)&nbsp;an order requiring the Registrant to pay some or all of the expenses incurred by an eligible party in respect of an eligible proceeding; (c)&nbsp;an order for the enforcement of, or any payment under, an agreement of indemnification entered into by the Registrant; (d)&nbsp;an order requiring the Registrant to pay some or all of the expenses actually and reasonably incurred by any person in obtaining an such an order; or (e)&nbsp;any other order the court considers appropriate.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The Corporations Act allows the Registrant to purchase and maintain insurance for the benefit of an eligible party or the heirs and personal or other legal representatives of the eligible party against any liability that may be incurred by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the Registrant or an associated corporation.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The articles of the Registrant further provide that the Registrant may also purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who (a)&nbsp;is or was a director, alternate director, officer, employee or agent of the Registrant; (b)&nbsp;is or was a director, alternate director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Registrant; (c)&nbsp;at the request of the Registrant, is or was a director, alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity; or (d)&nbsp;at the request of the Registrant, holds or held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity against any liability incurred by him or her as
such a director, alternate director, officer, employee or agent or person who holds or held such equivalent position.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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<P align=center><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>II-4</B> </FONT> </P>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
<BR>


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<pAGE>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Item 7.</font></b></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Exemption from Registration Claimed.</font></b></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Not Applicable</font></p>


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    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Item 8.</font></b></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Exhibits.</font></b></p> </td> </tr></table>



<table width="100%" border="0" cellspacing=0 cellpadding=0 style='border-collapse:collapse'>
    <tr style='page-break-inside:avoid'>
        <td width="112" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='text-align:left;page-break-after:  avoid'><u><b><font  size=2>Exhibit Number</font></b></u><u></u></p>  </td>
        <td width="527" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='text-align:center'><u><b><font  size=2>Exhibit</font></b></u><u></u></p>  </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="112" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='text-align:center'><font size=2>4.1</font></p> </td>
        <td width="527" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='text-align:left'><font size=2>2006 Incentive Stock Option Plan (Incorporated by reference to Exhibit&nbsp;99.7 of the Registrant&#146;s Annual Report filed December&nbsp;29, 2006)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="112" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='text-align:center'><font size=2>5.1</font></p> </td>
        <td width="527" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='text-align:left'><font size=2>Opinion of Gowling Lafleur Henderson LLP</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="112" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='text-align:center'><font size=2>23.1</font></p> </td>
        <td width="527" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='text-align:left'><font size=2>Consent of MacKay LLP, Chartered Accountants</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="112" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='text-align:center'><font size=2>23.2</font></p> </td>
        <td width="527" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='text-align:left'><font size=2>Consent of Gowling Lafleur Henderson LLP (Included in Exhibit&nbsp;5.1)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="112" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='text-align:center'><font size=2>24.1</font></p> </td>
        <td width="527" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='text-align:left'><font size=2>Power of Attorney </font></p> </td> </tr></table>
<BR>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Item 9.</font></b></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><b><font size=2>Undertakings.</font></b></p> </td> </tr></table>



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        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(a)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>The undersigned Registrant hereby undertakes:</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
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            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(1)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</font></p> </td> </tr></table>



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        <td width="96" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(i)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>To include any prospectus required by Section&nbsp;10(a)(3) of the </font><i><font size=2>Securities Act of 1933</font></i><font size=2>;</font></p> </td> </tr></table>



<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse'>
    <tr >
        <td width="96" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(ii)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high and of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the change in volume and price represents no more than 20% change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration
Fee&#148; table in the effective registration statement;</font></p> </td> </tr></table>



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        <td width="96" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(iii)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;</font></p> </td> </tr></table>


<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><i><font size=2>Provided, however, That:</font></i><font size=2>  Paragraphs&nbsp;(a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form&nbsp;S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section&nbsp;13 or section 15(d) of the </font><i><font size=2>Securities Exchange Act of 1934</font></i><font size=2> (15&nbsp;U.S.C.&nbsp;78m or 78o(d)) that are incorporated by reference in the registration statement.</font></p>


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            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(2)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>That for the purpose of determining any liability under the </font><i><font size=2>Securities Act of 1933</font></i><font size=2>, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><i><font size=2>bona fide</font></i><font size=2> offering thereof.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

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<BR>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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    <tr >
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p  style='margin-left:0in;text-indent:0in; '><font size=1>&nbsp;</font></p> </td>
        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(3)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font></p> </td> </tr></table>



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        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(b)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the </font><i><font size=2>Securities Act of 1933</font></i><font size=2>, each filing of the Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the </font><i><font size=2>Securities Exchange Act of 1934</font></i><font size=2>, (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to section&nbsp;15(d) of the </font><i><font size=2>Securities Exchange Act of 1934</font></i><font size=2>) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </font><i><font size=2>bona
fide</font></i><font size=2> offering thereof.</font></p> </td> </tr></table>



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        <td width="48" valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>(h)</font></p> </td>
        <td  valign=top style='padding:0in 0in 12.0pt 0in'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0in'><font size=2>Insofar as indemnification for liabilities arising under the </font><i><font size=2>Securities Act of 1933</font></i><font size=2> may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the </font><i><font size=2>Securities Act</font></i><font size=2> and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:18pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Pursuant to the requirements of the </font><i><font size=2>Securities Act of 1933</font></i><font size=2>, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, British Columbia, on this 15<sup>th</sup> day of March, 2007</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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            <p  align=left style='text-align:left'><font size=1>&nbsp;</font></p> </td>
        <td width="56" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='text-align:left'><font size=1>&nbsp;</font></p> </td>
        <td width="287" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='margin-bottom:24.0pt;text-align:left; '><font size=2>International Tower Hill Mines Ltd.</font></p>
<p  align=left style='margin-left:36.25pt;text-align:left; text-indent:-36.25pt'><font size=2>By:</font><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Jeffrey A. Pontius &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></u><br> <font size=2>Jeffrey A. Pontius</font><br> <font size=2>Chief Executive Officer</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>Pursuant to the requirements of the </font><i><font size=2>Securities Act of 1933</font></i><font size=2>, this registration statement has been signed by the following persons in the capacities indicated on March&nbsp;15, 2007.</font></p>


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/s/  Jeffrey A. Pontius<BR>
_______________________________<BR>
Jeffrey A. Pontius</FONT></TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Chief Executive Officer and President  </FONT></TD>
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/s/  Michael W. Kinley<BR>
_______________________________<BR>
Michael W. Kinley</FONT></TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Chief Financial Officer </FONT></TD>
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/s/ Hendrik Van Alphen<BR>
_______________________________<BR>
Hendrik Van Alphen</FONT></TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Chairman of the Board and Director </FONT></TD>
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/s/ Anton J. Drescher<BR>
_______________________________<BR>
Anton J. Drescher</FONT></TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Director </FONT></TD>
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/s/ Rowland Perkins<BR>
_______________________________<BR>
Rowland Perkins </FONT></TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Director</FONT></TD>
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/s/  Gerhard J. Drescher<BR>
_______________________________<BR>
Gerhard J. Drescher</FONT></TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Director </FONT></TD>
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/s/  Benjamin Wayne Guenther<BR>
_______________________________<BR>
Benjamin Wayne Guenther</FONT></TD>
<TD WIDTH=55%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Director </FONT></TD>
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<BR>
<BR>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:18pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>EXHIBIT INDEX</font></B></p>


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            <p  align=center style='text-align:center'><u><b><font size=2>Exhibit Number</font></b></u><u></u></p> </td>
        <td width="472" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='text-align:center'><u><b><font size=2>Exhibit</font></b></u><u></u></p> </td> </tr>
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            <p  align=center style='text-align:center'><font size=2>4.1</font></p> </td>
        <td width="472" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='text-align:left'><font size=2>2006 Incentive Stock Option Plan (Incorporated by reference to Exhibit&nbsp;99.7 of the Registrant&#146;s Annual Report filed December&nbsp;29, 2006)</font></p> </td> </tr>
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        <td width="112" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='text-align:center'><font size=2>5.1</font></p> </td>
        <td width="472" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='text-align:left'><font size=2>Opinion of Gowling Lafleur Henderson LLP</font></p> </td> </tr>
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        <td width="112" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='text-align:center'><font size=2>23.1</font></p> </td>
        <td width="472" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='text-align:left'><font size=2>Consent of MacKay LLP, Chartered Accountants</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="112" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='text-align:center'><font size=2>23.2</font></p> </td>
        <td width="472" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='text-align:left'><font size=2>Consent of Gowling Lafleur Henderson LLP (Included in Exhibit&nbsp;5.1)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>
        <td width="112" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=center style='text-align:center'><font size=2>24.1</font></p> </td>
        <td width="472" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
            <p  align=left style='text-align:left'><font size=2>Power of Attorney </font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
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{"company-data": {"conformed-name": "INTERNATIONAL TOWER HILL MINES LTD", "cik": "0001134115", "assigned-sic": "1000", "irs-number": "000000000", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-141353", "film-number": "07699374"}, "business-address": {"street1": "#507 837 WEST HASTINGS ST", "street2": "VANCOUVER BC V6C 3N6", "city": "BC", "state": "A1", "zip": "V6E 3N6", "phone": "6046851017"}}
As filed with the Securities and Exchange Commission on March 15, 2007
Registration No. _______________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM S-8
REGISTRATION STATEMENT
Under
THE
SECURITIES ACT OF 1933
____________________
INTERNATIONAL TOWER HILL MINES LTD.
(Exact name of registrant as specified in its charter)
#1901
–
1177 West Hastings Street
Vancouver, British Columbia, V6E
2K3
(Address, including zip code,
of registrant's principal executive offices)
____________________
2006 Incentive Stock Option Plan
(Full title of the plan)
____________________
DL Services, Inc.
1420 Fifth Avenue, Suite 3400
Seattle, Washington 98101
(206) 903-8800
(Name, address and telephone number,
including area code, of agent for service of process)
____________________
Copy to:
Kenneth Sam, Esq.
Dorsey & Whitney LLP
Republic Plaza Building, Suite 4700
370 Seventeenth Street
Denver, CO 80202-5647
(303) 629-3445
____________________
CALCULATION OF REGISTRATION FEE
Title of securities  to be registered
Amount to
be  registered
(1)
Proposed maximum
offering  price per share
Proposed maximum
aggregate  offering price
Amount of
registration  fee
Common Shares, no par value per share
2,830,000 shares issuable
pursuant to options
outstanding under the 2006
Incentive Stock Option Plan
US$ 2.31
(2)
US$6,537,300
US$201
Common Shares, no par value per share
221,182 shares issuable
pursuant to options available
for issuance under the 2006
Incentive Stock Option Plan
US$ 2.23
(4)
US$493,235.86
US$16
Total
3,051,182 shares
(3)
US$7,030,535.86
US$217
(1)
Pursuant to Rule 416(a) of the
Securities Act of 1933
, as amended, this registration statement also covers any additional securities that may be offered or issued to prevent dilution resulting from stock splits, stock dividends or similar transactions provided for in the Plans in accordance with the provisions of the Plans.
(2)
Based on the weighted average exercise price of options granted under the 2006 Incentive Stock Option Plan outstanding as of the date of the filing of this registration statement. Actual exercise price is CDN$2.70, converted to US dollars using the noon trading rate as quoted by the Federal Bank of New York of US$1.00/CDN$1.1689 on March 12, 2007.
(3)
The 2006 Incentive Stock Option Plan authorizes the issuance of 10% of the Registrant's issued and outstanding common shares, which on February 6, 2007 was 30,511,824.
(4)
The proposed maximum offering price per share and the registration fee were calculated in accordance with Rule 457(c) and (h) based on the average best bid and ask prices for the Registrant's Common Shares on March 12, 2007, as quoted on the Over-the-Counter Bulletin Board, which was US$2.23 per share.
This registration statement on Form S-8 registers common shares, no par value per share ("Common Shares"), of International Tower Hill Mines Ltd. (the "Registrant") issued pursuant to restricted stock awards or to be issued pursuant to restricted stock grants or the exercise of stock options or rights granted or to be granted under the Registrant's 2006 Incentive Stock Option Plan (the "Plan").
PART II.
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
The documents listed in (a) through (b) below are incorporated by reference in this registration statement.
(a)
The Registrant's latest annual report on Form 20-F for the fiscal year ended May 31, 2006, filed pursuant to Section 13 or 15(d) under the
Exchange Act
on December 29, 2006.
(b)
All of the Registrant's Current Reports on Form 6-K furnished to the Commission since May 31, 2006.
All documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
Exchange Act
after the date hereof and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.
Item 4.
Description of Securities.
Common Stock
The Registrant is currently authorized to issue 500,000,000 shares of common stock of the Company, without par value ("Common Shares"). As of February 6, 2007 there were 30,511,824 Common Shares issued and outstanding, with 2,830,000 reserved for issuance upon the exercise of granted Common Shares stock options under the Registrant's 2006 Incentive Stock Option Plan.
The Registrant's Common Shares entitle the holder thereof to one vote for each Common Share held if voting is conducted by polling, proxy or a show of hands. Subject to the
Business Corporations Act
(British Columbia), every motion put to a vote at a meeting of the shareholders will be decided on a show of hands unless a poll is directed by the chair of the meeting or demanded by at least one shareholder who is entitled to vote and who is present in person or by proxy. The Common Shares do not have cumulative voting rights. A majority of the votes cast on a resolution at a meeting of the shareholders at which quorum is present is sufficient to pass a resolution of the shareholders; provided however, that a special resolution of the shareholders requires a vote of two-thirds of the votes cast on the special resolution. Subject to the Articles of
Incorporation and the
Business Corporations Act
(British Columbia), the Registrant may by special resolution:
(1)
create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;
(2)
increase, reduce or eliminate the maximum number of shares that the Registrant is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Registrant is authorized to issue out of any class or series of shares for which no maximum is established;
(3)
subdivide or consolidate all or any of its unissued, or fully paid issued, shares;
(4)
if the Registrant is authorized to issue shares of a class of shares with par value:
(a)
decrease the par value of those shares; or
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(b)
if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;
(5)
change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value;
(6)
alter the identifying name of any of its shares; or
(7)
otherwise alter its shares or authorized share structure when required or permitted to do so by the
Business Corporations Act
.
(8)
create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, whether or not any or all of those shares have been issued; or
(9)
vary or delete any special rights or restrictions attached to the shares of any class or series of shares, whether or not any or all of those shares have been issued.
The payment of dividends are subject to the rights, if any, of shareholders holding shares with special rights as to dividends. Currently, no securities of the Registrant have special rights to dividends. The Board of Directors may from time to time declare and authorize payment of such dividends as they may deem advisable. No dividend bears interest against the Registrant.
If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.
Holders of Common Stock are entitled to share ratably in the net assets of the Company upon liquidation after payment or provision of all liabilities and any preferential liquidation rights of any securities with special rights as to liquidation. Currently, no securities of the Registrant have special rights as to liquidation.
Item 5.
Interests of Named Experts and Counsel.
None
Item 6.
Indemnification of Directors and Officers.
The articles of the Registrant provide that subject to the
Business Corporations Act
(British Columbia) (the "Corporations Act"), the Registrant must indemnify a director, former director, alternate director, of the Registrant and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Registrant must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Subject to the Corporations Act, the articles of the Registrant further provide that the Registrant may indemnify any person.
Under the Corporations Act, the Registrant may indemnify an individual who (a) is a past or present director or officer of the Registrant; (b) is or was a director or officer of another corporation (i) at a time when the corporation is or was an affiliate of the Registrant; or (ii) at the request of the Registrant; or (c) at the request of the Registrant, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated entity (each of the foregoing being an "eligible party"), against judgments, penalties and fines incurred in connection with and, amounts paid in settlement of, an "eligible proceeding".
An "eligible proceeding" is a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the Registrant or an associated corporation (a) is or may be joined as a party to, or (b) is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding.
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In addition, the Registrant may after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an eligible party in respect of that proceeding. Expenses include costs, charges and expenses, including legal and other fees, but do not include judgments, penalties, fines or amounts paid in settlement of a proceeding
Payment of expenses actually and reasonably incurred by an eligible party in respect of an eligible proceeding is mandatory under the Corporations Act if, after the final disposition of that proceeding, the eligible party (a) has not been reimbursed for those expenses; and (b) is wholly successful, on the merits or otherwise, in the outcome of the proceeding or is substantially successful on the merits in the outcome of the proceeding The Registrant may also pay the expenses actually and reasonably incurred by an eligible party in respect of an eligible proceeding as they are incurred, in advance of the final disposition of that proceeding; however, the eligible party must first provide a written undertaking that he or she will repay the amounts advanced if it is ultimately determined that he or she did not fulfill the conditions set out in (a) through (d) of the paragraph which follows.
The Registrant must not indemnify an eligible party or pay the expenses of an eligible party if (a) the indemnity or payment is made under an earlier agreement to indemnify or pay expenses and, at the time that the agreement to indemnify or pay expenses was made, the Registrant was prohibited from giving the indemnity or paying the expenses by its memorandum or articles; (b) if the indemnity or payment is made otherwise than under an earlier. agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, the Registrant is prohibited from giving the indemnity or paying the expenses by its memorandum or articles; (c) if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view to the best interests of the Registrant or the associated corporation, as the case may be; (d) in the case
of an eligible proceeding other than a civil proceeding, if the eligible party did not have reasonable grounds for believing that the eligible party's conduct in respect of which the proceeding was brought was lawful; or (e) the eligible proceeding is brought against the eligible party by or on behalf of the Registrant or by or on behalf of an associated corporation.
However, the articles of the Registrant provide that the failure of a director, alternate director or officer of the Registrant to comply with the Corporations Act or the articles will not invalidate any indemnity to which he or she is entitled under the articles.
Notwithstanding the above limitations of the Corporations Act and whether or not payment of expenses or indemnification has been sought, authorized or declined, the Registrant or an eligible party may apply to the Supreme Court of British Columbia for (a) an order requiring the Registrant to indemnify an eligible party against any liability incurred by the eligible party in respect of an eligible proceeding; (b) an order requiring the Registrant to pay some or all of the expenses incurred by an eligible party in respect of an eligible proceeding; (c) an order for the enforcement of, or any payment under, an agreement of indemnification entered into by the Registrant; (d) an order requiring the Registrant to pay some or all of the expenses actually and reasonably incurred by any person in obtaining an such an order; or (e) any other order the court considers appropriate.
The Corporations Act allows the Registrant to purchase and maintain insurance for the benefit of an eligible party or the heirs and personal or other legal representatives of the eligible party against any liability that may be incurred by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent to that of a director or officer of, the Registrant or an associated corporation.
The articles of the Registrant further provide that the Registrant may also purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who (a) is or was a director, alternate director, officer, employee or agent of the Registrant; (b) is or was a director, alternate director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Registrant; (c) at the request of the Registrant, is or was a director, alternate director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity; or (d) at the request of the Registrant, holds or held a position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated entity against any liability incurred by him or her as
such a director, alternate director, officer, employee or agent or person who holds or held such equivalent position.
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Item 7.
Exemption from Registration Claimed.
Not Applicable
Item 8.
Exhibits.
Exhibit Number
Exhibit
4.1
2006 Incentive Stock Option Plan (Incorporated by reference to Exhibit 99.7 of the Registrant's Annual Report filed December 29, 2006)
5.1
Opinion of Gowling Lafleur Henderson LLP
23.1
Consent of MacKay LLP, Chartered Accountants
23.2
Consent of Gowling Lafleur Henderson LLP (Included in Exhibit 5.1)
24.1
Power of Attorney
Item 9.
Undertakings.
(a)
The undersigned Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the
Securities Act of 1933
;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high and of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the change in volume and price represents no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration
Fee" table in the effective registration statement;
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
Provided, however, That:
Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the
Securities Exchange Act of 1934
(15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration statement.
(2)
That for the purpose of determining any liability under the
Securities Act of 1933
, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
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(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b)
The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933
, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934
, (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934
) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(h)
Insofar as indemnification for liabilities arising under the
Securities Act of 1933
may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Securities Act
and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
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SIGNATURES
Pursuant to the requirements of the
Securities Act of 1933
, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Vancouver, British Columbia, on this 15
th
day of March, 2007
International Tower Hill Mines Ltd.
By:
/s/ Jeffrey A. Pontius
Jeffrey A. Pontius
Chief Executive Officer
Pursuant to the requirements of the
Securities Act of 1933
, this registration statement has been signed by the following persons in the capacities indicated on March 15, 2007.
/s/  Jeffrey A. Pontius
_______________________________
Jeffrey A. Pontius
Chief Executive Officer and President
/s/  Michael W. Kinley
_______________________________
Michael W. Kinley
Chief Financial Officer
/s/ Hendrik Van Alphen
_______________________________
Hendrik Van Alphen
Chairman of the Board and Director
/s/ Anton J. Drescher
_______________________________
Anton J. Drescher
Director
/s/ Rowland Perkins
_______________________________
Rowland Perkins
Director
/s/  Gerhard J. Drescher
_______________________________
Gerhard J. Drescher
Director
/s/  Benjamin Wayne Guenther
_______________________________
Benjamin Wayne Guenther
Director
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EXHIBIT INDEX
Exhibit Number
Exhibit
4.1
2006 Incentive Stock Option Plan (Incorporated by reference to Exhibit 99.7 of the Registrant's Annual Report filed December 29, 2006)
5.1
Opinion of Gowling Lafleur Henderson LLP
23.1
Consent of MacKay LLP, Chartered Accountants
23.2
Consent of Gowling Lafleur Henderson LLP (Included in Exhibit 5.1)
24.1
Power of Attorney
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