Pretivm Reports Third Quarter 2012 Results

Pretivm Reports Third Quarter 2012 Results 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/08/12 -- Pretium
Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report
the following highlights from the third quarter of 2012 and updates
for its Brucejack Project in northern British Columbia. 
Third Quarter 2012 Highlights and Significant Events 


 
--  Announced on July 31, 2012 the bonanza-grade interval from hole SU-452
    which, from a downhole depth of 198.79 meters, encountered an average
    grade of 2,393 grams of gold and 1,605 grams of silver per tonne uncut
    over 10.71 meters (70.3 ounces gold and 46.8 ounces silver per ton over
    35.1 feet), including our highest-grade intercept to date on the
    Brucejack Project of 41,582 grams of gold and 27,725 grams of silver per
    tonne uncut over 0.5 meters (1.6 feet averaging 1,212.8 ounces gold and
    808.6 ounces silver per ton); 
--  Closed a private placement on August 24, 2012 with the issue of
    1,150,000 flow-through common shares, inclusive of the exercise of the
    underwriters' 150,000 flow-through shares overallotment option, for
    gross proceeds of $20,700,000; 
--  Announced on September 7, 2012 an updated interim high-grade Mineral
    Resource estimate for the Valley of the Kings; 
--  Ended the quarter with working capital of $59,776,218; 
--  Completed the 2012 Brucejack Exploration Program in mid-October with a
    total of 105,769 meters drilled in 306 holes, with the length of the
    Valley of the Kings nearly doubled to over 800 meters along strike; 
--  Announced on October 25, 2012 an operating rate of 2,700 tonnes per day
    for the Brucejack Project underground mine feasibility study now
    underway.

 
2012 Exploration 
Drilling over the course of the 2012 Exploration Program successfully
demonstrated the continuity and projection of high-grade gold
mineralization in Brucejack's Valley of the Kings. A total of 41
intervals with uncut grades over 1,000 grams per tonne gold were
intersected in 2012, as compared to 25 from the 2009, 2010 and 2011
programs combined. The Valley of the Kings now extends for over 800
meters along strike and remains open to the east and west along
strike and at depth. With our success in defining and extending the
strike length of
 the Valley of the Kings throughout the 2012 drill
program, it continued to be the center of our exploration efforts.
Other high-grade zones remain to be tested and will be the focus of
future exploration programs. 
Resource Estimate 
On September 7, 2012, we announced an interim high-grade Mineral
Resource estimate for the Brucejack Project (see Brucejack Project
Mineral Resources Update Technical Report dated September 18, 2012
and filed on SEDAR on September 18, 2012). The Resource estimate,
which incorporated drilling up to hole SU-466, was completed by
Snowden Mining Industry Consultants ("Snowden") as part of the
feasibility study now underway for the Brucejack Project. 
High-grade gold resources in the Valley of the Kings (5.0 g/t
gold-equivalent cut-off) now total:  


 
--  5.1 million ounces of gold in the Indicated Resource category (9.9
    million tonnes grading 16.2 grams of gold per tonne); and 
--  5.1 million ounces of gold in the Inferred Resource category (4.6
    million tonnes grading 35.0 grams of gold per tonne).

 
The 2012 Mineral Resource estimate for the Brucejack Project, which
will incorporate all assays from the 2012 Brucejack Exploration
Program, is expected later in the fourth quarter of 2012 or in the
first quarter of 2013. 
Feasibility Study 
Based on the results of a trade-off study completed during the
quarter, we decided to advance the Brucejack Project feasibility
study on the basis that the gold-silver flotation concentrate will be
sold to third parties rather than refined to produce dore on site.  
We have also decided to advance the feasibility study with an
operating rate of 2,700 tonnes per day, with long-hole stoping and
cemented paste backfill chosen for the mining method. Stopes will be
mined using a combination of longitudinal and transverse mining,
depending on zone width and orientation. Cemented paste tailings will
be prepared in a paste plant located on surface near the mill and
then pumped underground for distribution to the stopes. 
The feasibility study for the Brucejack Project is expected to be
completed in the second quarter of 2013.  
Underground 
During the quarter we commenced an underground exploration program
designed, amongst other things, to access the Valley of the Kings
deposit underground and demonstrate continuity of the high-grade gold
mineralization. The first phase of the underground program, now well
underway, is to slash out the existing West Zone underground workings
to five-by-five meters then excavate a decline from the West Zone to
the Valley of the Kings, a distance of approximately 450 meters. We
are currently planning the sampling and mining plans for the 10,000
tonne underground bulk sample, which we expect to excavate from the
Valley of the Kings in the first half of 2013.  
Other Developments 
During the third quarter, we completed a private placement of
1,150,000 flow-through common shares at a price of $18.00 per share
for aggregate gross proceeds of $20.7 million. The gross proceeds of
the offering were used to accelerate exploration of the Valley of the
Kings at the Brucejack Project with infill and expansion drilling.  
Pretivm's working capital as at September 30, 2012 was $59,776,218.  
Pretivm's unaudited consolidated financial statements and Management
Discussion and Analysis for the three months ended September 30, 2012
will be available on SEDAR and Pretivm's website www.pretivm.com.  
About Pretivm 
Pretivm is creating value through gold at its high-grade gold
Brucejack Project, located in northern British Columbia. Brucejack
hosts a major undeveloped high-grade gold resource and mineralization
remains open along strike and at depth. A feasibility study for a
high-grade underground mine in Brucejack's Valley of the Kings is
underway and expected in the second quarter of 2013. 
(SEDAR filings: Pretium Resources Inc.) 
Forward-Looking Statements 
This News Release contains "forward-looking information" and "forward
looking statements" within the meaning of applicable Canadian and
United States securities legislation. Forward-looking information may
include, but is not limited to, risks related to our planned
exploration and development activities, the adequacy of Pretivm's
financial resources, the estimation of mineral resources, realization
of mineral resource estimates, timing of development of Pretivm's
Brucejack Project, costs and timing of future exploration, results of
future exploration and drilling, production and processing estimates,
capital and operating cost estimates, timelines and similar
statements relating to the economic viability of the Brucejack
Project, timing and receipt of approvals, consents and permits under
applicable legislation, Pretivm's executive compensation approach and
practice, and adequacy of financial resources. Wherever possible,
words such as "plans", "expects", "projects", "assumes", "budget",
"strategy", "scheduled", "estimates", "forecasts", "anticipates",
"believes", "intends" and similar expressions or statements that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, or the negative forms of
any of these terms and similar expressions, have been used to
identify forwar
d-looking statements and information. Statements
concerning mineral resource estimates may also be deemed to
constitute forward-looking information to the extent that they
involve estimates of the mineralization that will be encountered if
the property is developed. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance are not statements of historical fact and may be
forward-looking information. Forward-looking information is subject
to a variety of known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ from
those expressed or implied by the forward-looking information,
including, without limitation, those risks identified in Pretivm's
prospectus supplement to the short form base shelf prospectus dated
March 19, 2012 filed on SEDAR at www.sedar.com and in the United
States through EDGAR at the SEC's website at www.sec.gov.
Forward-looking information is based on the expectations and opinions
of Pretivm's management on the date the statements are made. The
assumptions used in the preparation of such statements, although
considered reasonable at the time of preparation, may prove to be
imprecise. We do not assume any obligation to update forward-looking
information, whether as a result of new information, future events or
otherwise, other than as required by applicable law. For the reasons
set forth above, prospective investors should not place undue
reliance on forward-looking information. 
The TSX has neither approved nor disapproved of the information
contained herein. 
Contacts:
Pretium Resources Inc.
Robert Quartermain
President and Chief Executive Officer
(604) 558-1784 
Pretium Resources Inc.
Michelle Romero
Corporate Relations Director
(604) 558-1784
invest@pretivm.com
www.pretivm.com
 
 
Press spacebar to pause and continue. Press esc to stop.