Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

September 07, 2012 05:00 ET

Pretium Resources Inc.: 4,195 Grams Per Tonne Gold Over 1.16 Meters Extends Valley of the Kings to the East

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2012) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report that step-out drilling has extended the zone of high-grade gold mineralization in the Valley of the Kings to the east by over 100 meters.

The bonanza-grade intercept from a downhole depth of 400.71 meters in hole SU-526 includes:

  • 1.16 meters with uncut grades of 4,195 grams of gold per tonne (3.8 feet averaging 122.4 ounces gold per ton).

Additional high-grade intercepts from a downhole depth of 320.5 meters in hole SU-526 include:

  • 0.5 meters with uncut grades of 150 grams of gold per tonne (1.6 feet averaging 4.4 ounces gold per ton); and
  • 0.5 meters with uncut grades of 752 grams of gold per tonne (1.6 feet averaging 21.9 ounces gold per ton).

Assays for a 440 meter section of hole SU-526 have been received. Assays for the remaining 92 meters of hole SU-526 will be reported as they are received.

Hole SU-526 was collared on section 427000E along strike of the Valley of the Kings. The bonanza-grade gold interval from Hole SU-526 was collared approximately 400 meters southeast of the bonanza-grade gold interval from hole SU-452, which intersected 41,582 grams per tonne gold uncut over 0.5 meters.

The Valley of the Kings now extends over 800 meters in strike length and is open to the east, west, and at depth. An updated plan showing the current extent of the Valley of the Kings from hole SU-498 in the west to hole SU-526 in the east will be posted on our web site, www.pretivm.com. You can also view the plan at the following link: http://media3.marketwire.com/docs/pvg907p.pdf.

Nine drills continue turning at Brucejack, with the 2012 Brucejack Exploration Program expected to be completed early in the fourth quarter.

Table 1: Selected Intercepts from Drill Hole SU-526, September 2012(1,3,4)
Hole
No.
Collar
Coords.
Dip/
Azimuth
From
(meters)
To
(meters)
Interval
(meters)
Gold
(g/t)
Silver
(g/t)
Capping
(2)
SU-526 6258096N
427000E
-57/178 320.5 339.5 19.0 18.3 11.7 1 Au sample cut
or 320.5 339.5 19.0 24.9 11.7 uncut
incl 320.5 321.0 0.5 150.0 90.0
incl 332.86 333.36 0.5 752.0 290.0
400.71 401.87 1.16 4,195 2405 uncut
(1)True thickness to be determined.
(2)Unless otherwise indicated as uncut, all gold assays over 500 g/t were cut to 500 g/t.
(3)Assays pending for the remaining 92 meters of SU-526.
(4)All samples were submitted for preparation and analysis by ALS Chemex at its facilities in Terrace, B.C. All samples were analyzed using multi-digestion with ICP finish and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 samples was blank, one in 20 was a standard sample, and differing one in 20 samples was a field duplicate one-quarter split core assayed at ALS Chemex in Vancouver, B.C.

Assay results for completed drilling will be reported as they are received over the course of the 2012 drilling season.

Feasibility Study and Underground Program Update

Feasibility Study

The February 2012 preliminary economic assessment examining the economics of the high-grade gold and silver resources at the Brucejack Project (see news release dated February 22, 2012) contemplated the production of gravity and flotation concentrates, which were then refined to produce gold-silver doré. In advancing the feasibility study, a trade-off study has been completed examining the benefits of selling the flotation concentrate to third parties rather than refining the concentrate to produce doré on site. Based on the results of the trade-off study, the decision has been made to advance the feasibility study on the basis that the flotation concentrate will be sold to third parties rather than refined to produce doré on site. With the completion of the September 2012 Brucejack interim high-grade Mineral Resource estimate, the feasibility study is now expected to be completed in the second quarter of 2013.

Underground Program

The underground program is designed, amongst other things, to access the Valley of the Kings deposit on the 1270 meter elevation and demonstrate continuity of the high-grade gold mineralization. The first phase of the underground program, now well underway, will be to slash out the existing West Zone underground workings to five-by-five meters down to the 1330 meter level, a distance of approximately 500 meters. The next phase will be to advance the decline from the 1314 meter level of the West Zone to the 1270 meter level in the Valley of the Kings, a distance of approximately 450 meters. A 10,000 tonne underground bulk sample is expected to be excavated from the 1270 meter level of the Valley of the Kings in the first half of 2013.

Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Brucejack Project exploration program. Ian I Chang, M.A.Sc., P.Eng., Vice President, Project Development, Pretium Resources Inc. is the Qualified Person (QP) responsible for Brucejack Project development.

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.

(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 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.

The TSX has neither approved nor disapproved of the information contained herein.

Contact Information

  • 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