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Pretivm Resources Inc.: Indicated Gold Resources Increase by

Pretivm Resources Inc.: Indicated Gold Resources Increase by 66% at
the Valley of the Kings 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/20/12 -- Pretium
Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report
the 2012 Valley of the Kings Mineral Resource estimate for its
wholly-owned Brucejack Project, completed by Snowden Mining Industry
Consultants ("Snowden") independent Qualified Persons. Indicated
Mineral Resources in the Valley of the Kings increased by 66% to 8.5
million ounces of gold at a cut-off grade of 5 grams of gold
equivalent per tonne since the interim September 7, 2012 Mineral
Resource estimate. 
Valley of the Kings High-Grade Gold Mineral Resources  
High-grade gold resources in the Valley of the Kings (5.0 g/t
gold-equivalent cut-off) total: 


 
--  8.5 million ounces of gold in the Indicated Mineral Resource category
    (16.1 million tonnes grading 16.4 grams of gold per tonne); and 
    
--  2.9 million ounces of gold in the Inferred Mineral Resource category
    (5.4 million tonnes grading 17.0 grams of gold per tonne). 

 
The Mineral Resource estimate incorporates data from all drilling to
date, including 2012 drilling comprising 99,632 meters in 270 drill
holes targeted at the Valley of the Kings. Recent geological
interpretation shows Galena Hill to be an extension of the Valley of
the Kings. Accordingly, Galena Hill drilling and Mineral Resources
have been incorporated into the Valley of the Kings. Galena Hill
comprises 6,284 meters in 14 holes of the total 2012 drilling noted
above (plus historical drilling), and contributes 574,000 ounces of
gold to the 2012 Valley of the Kings Indicated Mineral Resource. An
isometric view of the Valley of the Kings block model is available at
http://media3.marketwire.com/docs/pvg20-VOK.pdf.  
The Indicated Mineral Resource is defined over approximately 600
meters of the total strike length of the Valley of the Kings, which
now extends to over 1,000 meters. In addition to the potential of the
defined strike length not incorporated into the Indicated Mineral
Resource, the Valley of the Kings remains open to the east and west
along strike and at depth. A plan view of the Valley of the Kings
highlighting the Indicated Mineral Resource is available at
http://media3.marketwire.com/docs/pvg20-plan.pdf. 


 
Table 1: Valley of the Kings Mineral Resource estimate - November 2012(1)(4)
     (Based on a cut-off grade of 5.0 grams of gold-equivalent/tonne(5))    
                                                                            
----------------------------------------------------------------------------
                                                        Contained(3)        
                                                ----------------------------
                    Tonnes       Gold     Silver          Gold        Silver
Category        (millions)      (g/t)      (g/t)  (million oz)  (million oz)
----------------------------------------------------------------------------
Indicated             16.1       16.4       14.2           8.5           7.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Inferred(2)            5.4       17.0       15.7           2.9           2.7
----------------------------------------------------------------------------
(1) Mineral Resources which are not Mineral Reserves do not have            
 demonstrated economic viability. The estimate of Mineral Resources may be  
 materially affected by environmental, permitting, legal, marketing, or     
 other relevant issues. The Mineral Resources in this news release were     
 estimated using the Canadian Institute of Mining, Metallurgy and Petroleum 
 (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and    
 Guidelines prepared by the CIM Standing Committee on Reserve Definitions   
 and adopted by CIM Council.                                                
(2) The quantity and grade of reported Inferred resources in this estimation
 are uncertain in nature and there has been insufficient exploration to     
 define these Inferred Resources as an Indicated or Measured Mineral        
 Resource and it is uncertain if further exploration will result in         
 upgrading them to an Indicated or Measured Mineral Resource category.      
(3) Contained metal figures and totals may differ due to rounding of        
 figures.                                                                   
(4) The Mineral Resource estimate stated in Table 1 is defined using 10 m by
 10 m by 10 m blocks in the in Valley of the Kings.                         
(5) The gold equivalent value is defined as AuEq = Au + Ag/53.              

 
Mineral Resource Modeling and Estimation  
The November 2012 Mineral Resource estimates for Valley of the Kings
were completed by Snowden on behalf of Pretivm. The Mineral Resources
are classified as Indicated and Inferred Resources in accordance with
the CIM Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve
Definitions and adopted by CIM Council.  
Classification is applied based on geological confidence, data
quality and grade variability. Areas classified as Indicated
Resources are informed by 20 meter by 20 meter to 20 meter by 40
meter drilling. With respect to some of the areas in the high grade
zones at the Valley of the Kings that have drill spacing nearing that
of the Measured Resource previously reported at West Zone, Snowden
has elected to retain the Indicated Resource classification until
underground sampling has demonstrated a high level of confidence in
these estimates. This is because of the high-grade nature of the
mineralization. The remainder of the Mineral Resource is classified
as an Inferred Resource where there is some drilling information and
the blocks lie within the mineralised interpretation. Areas where
there is no informing data and/or the lower grade material that is
outside of the mineralised interpretation are not classified as a
part of the Mineral Resource.  
The Mineral Resources are reported above a cut-off grade of 5.0 grams
of gold-equivalent/tonne (5.0 g/t AuEq). The gold-equivalent
calculation used is: Au + (Ag/53).  
The Brucejack Property comprises several gold-silver mineralised
areas. These areas include West Zone, Valley of the Kings, Galena
Hill, Bridge Zone, Gossan Hill and Shore Zone. The majority of the
Mineral Resource lies within Valley of the Kings and West Zone. West
Zone, Gossan Hill, Shore Zone and Bridge Zone were not updated for
this Mineral Resource as there has been little additional drilling in
these areas. The focus of the 2012 drilling has been on the high
grade Valley of the Kings and Galena Hill areas. Recent geological
interpretation shows that the area previously covered by Galena Hill
is actually an extension of Valley of the Kings, and this area has
now been incorporated into Valley of the Kings.  
The Valley of the Kings mineralisation is approximately 500 meters
south of West Zone. The Valley of the Kings mineralized zone trends
approximately west-northwest to east-southeast. Its orientation
mirrors that of Electrum Ridge, a pronounced topographic feature near
the southern margin of the zone, and drilling to date has extended
its strike to over 1,000 meters. The zone is up to 170 meters wide
and remains open to the west, beyond the Brucejack fault, at depth
and to the east. Surface mapping and Pretivm's extensive drilling
defined a number of lithologic contacts which outline a broad
syncline in which fragmental volcanic and clastic sedimentary rocks,
along with minor flows of Upper Triassic to Lower Jurassic age appear
to plunge moderately to the east.  
Pretivm used their interpretation of the lithological units at the
Valley of the Kings, together with a nominal 1 to 3 g/t Au grade
cut-off to update the mineralised domains for estimation at the
Valley of the Kings.   
The input data for the Valley of the Kings estimate comprises 490
drillholes for 174,182 meters including 9 historical surface
drillholes (579 meters) and 114 surface drillholes completed since
the previous September 2012 Mineral Resource (46,944 meters). These
figures exclude intervals with no gold values and drillholes outside
of the Valley of the King area.  
The Valley of the Kings exhibits extremely skewed grade populations
where the high grades and the majority of the metal are located in
less than 5% of the data, with individual raw gold grades of up to
around 41,500 g/t Au. Discussions with Pretivm and analysis of the
data indicated the mineralisation can be split into a pervasive
background mineralisation and a separate high-grade but discreet
mineralisation style. As a result of this population distribution,
standard estimation techniques have been found to significantly over
smooth the grades.  
In order to address the highly skewed nature of the data, Snowden
separated the lower grade 'background' population from the higher
grade population within these domains and estimated them
independently. All data was composited to the nominal sample length
of 1.5 meters prior to analysis and estimation. A threshold of 5 g/t
Au was selected to separate the two populations at the Valley of the
Kings. The silver data was treated using the same method with a
threshold of 50 g/t Ag for Valley of the Kings.  
The lower grade population was estimated using ordinary kriging into
10 meter by 10 meter by 10 meter parent blocks. This estimate
validates well against the input data.  
The higher grade populations were estimated using multiple indicator
kriging to control the skewness of the data. Indicator variograms
were modelled up to the 95th percentile of the data with a
mathematical model used to define the top end of the grade
distribution. The threshold for the 95th percentile of the higher
grade population is 421 g/t Au for the Valley of the Kings. The
result of this estimation method is that, while no top cut is used to
limit the higher grades, the higher grades are limited in their
influence using a mathematical model based on the higher grade data
rather than the individual extreme grades in the dataset. The higher
grade populations were estimated into small scale discretized blocks
and then reblocked into parent blocks twice the size of those used
for the lower grades to further limit the influence of the highest
grades in the highest grade areas.   
Subsequently, the proportion of the higher-grade mineralisation was
estimated into each block and used to combine the two estimates (the
low grade portion and the high grade portion) in the determination of
the overall block grade. For example, if a block had a probability of
5% high grade then the final block grade would combine 95% of the low
grade estimate with 5% of the high grade estimate. The influence of
the high-grade population above the 95th percentile is therefore
greatly restricted.  
The background (non-mineralised) material was estimated using
ordinary kriging with a top cut.  
The database used to estimate density is based on pulp specific
gravity measurements. As part of the 2012 drilling program, Pretivm's
QP selected a portion of the samples (207 samples) to undergo core
density measurements as well as pulp specific gravity measurements in
order to determine whether there is any impact on the density as a
result of porosity. The results of the comparison indicate that the
core density is on average 6% lower than the pulp specific gravity
within the siliceous zone and 9% lower on average in all other rock
types. As a result the pulp specific gravity measurements, which are
used to estimate density in the model, were factored by 6% (siliceous
zone) or 9% (other rock types) prior to estimation. Tonnages were
estimated on a dry basis with density values estimated into the
models using simple kriging where sufficient data was available.
Outside of these areas, the average density of 2.54 t/m3 was applied.
There is little variation in density between the different rock
types.  
The updated Mineral Resource estimate for the Valley of the Kings is
significantly higher in confidence than the previous September 2012
estimate as a result of almost twice the amount of drillhole
composites within the mineralised corridors. This additional data has
resulted in higher confidence in the geological interpretation used
in the estimation. The additional drilling confirms the location of
the high-grade corridors and has allowed a better estimate of the
boundaries of these corridors in areas where there was insufficient
data to confirm the location of boundaries previously. The additional
confidence has allowed an increase in the amount of material
classified as Indicated, with much of the higher grade material
previously classified as Inferred, now incorporated into the
Indicated Resource. In addition the additional drilling to the east
and west of the previously defined mineralised corridors, has allowed
an expansion of the Inferred Resource into these areas. 
Bulk Sample; Feasibility Study 
Pretivm has commenced an underground exploration program designed,
amongst other things, to access the Valley of the Kings underground
and demonstrate continuity of the high-grade gold mineralization. The
first phase, 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 a 10,000 tonne underground bulk sample, which we
expect to excavate from the Valley of the Kings in the second quarter
of 2013.  
Also underway is a feasibility study for an underground mine with an
operating rate of 2,700 tonnes per day using a mining method of
long-hole stoping and cemented paste backfill. 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.  
With the 66% increase in the Indicated Mineral Resource at the Valley
of the Kings, Pretivm plans to incorporate the updated Mineral
Resource in the feasibility study. The feasibility study is currently
expected to be completed in the second quarter of 2013, and we will
advise in due course on the impact to the schedule. 
Independent Qualified Persons  
The above table summarizes the high-grade Mineral Resource estimate
totals for the Valley of the Kings zone of the Brucejack Project. The
Mineral Resource estimate contained in this news release was prepared
by Ivor Jones (FAusIMM(CP)) and Lynn Olssen (MAusIMM(CP)) of Snowden,
both of whom are independent Qualified Perso
ns, as defined by
National Instrument 43-101. Mr. Jones and Ms. Olssen have reviewed
and approved the contents of this news release. 
Snowden delivers a comprehensive range of technical consulting
services, independent advice and technology solutions to the mining
sector. Snowden's areas of expertise cover both open pit and
underground mining operations, for the majority of mineral
commodities, with projects ranging from exploration and resource
evaluation to mine planning, metallurgy, and mine optimisation.
Snowden was established 25 years ago in Perth, Australia, and has
eight offices located in the world's major mining regions. 
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 in all directions. 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.   
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 forward-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.  
(SEDAR filings: Pretium Resources Inc.) 
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