Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

April 18, 2016 05:34 ET

Pretium Resources Inc.: Brucejack Project Construction Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 18, 2016) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to report on the progress of site construction activities at its high-grade gold Brucejack Project located in northwestern British Columbia. Construction and development remains on-schedule and on-budget for commissioning of the underground mine in mid-2017.

Camp Installation

The foundation for the 330-person camp at Brucejack is substantially complete including the installation of structural steel over the cast concrete pedestals. The first prefabricated modules for the camp have been mobilized to site, and installation of services to the camp site is nearing completion. The permanent camp is expected to be operational early in the third quarter of this year.

Mill Facility and Portal Excavation

Excavation to level the site for the mill facility has been completed, and the concrete contractor has mobilized to site. The concrete and aggregate plants are operational and concrete works have commenced.

The structural steel installation for the mill building is scheduled to commence late in the second quarter, with full enclosure of the mill building expected in the third quarter. Installation of internal structural steel and mechanical equipment will commence prior to full enclosure. The SAG and ball mills are scheduled to arrive on site in the third quarter.

Additionally, surface excavation for the Valley of the Kings portal pad has commenced. The portal will serve as the primary access point to convey the gold ore from the underground crusher to the mill.

Underground Development

Underground development remains on schedule and crews are advancing at a rate of over 20 meters a day. Current underground activity at the Valley of the Kings includes excavation of the 1260-meter level ramp, development of the 1320-meter level, and installation of ladderways and platforms in the fresh air raise.

Underground work is also focused on the excavation of headings for infrastructure including the conveyor ramp, main sump, access to the second vent raise, explosive magazines, fuel bays, paste booster pump station, West Zone portal bypass, 1335-meter level crusher dump, 1300-meter level access pilot drift and pilot raise for the coarse ore bin.

Transmission Line

The transmission line contractor has mobilized to site and has commenced civil work preparation. The towers have begun arriving from the fabricator and installation will be ongoing throughout the spring and summer, with connection to the BC Hydro power grid expected in the fourth quarter.

To view updated photos of the construction progress please see the following link to the Brucejack construction photo gallery on our website: www.pretivm.com/photo.

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 constructing a high-grade underground gold mine at its Brucejack Project in northern British Columbia with commercial production targeted for 2017.

(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. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continues," "estimates," "expects," and "will" and words of similar import, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our planned exploration and development activities, the accuracy of our mineral resource estimates; capital and operating cost estimates; production and processing estimates; the results, the adequacy of Pretivm's financial resources, the estimation of mineral reserves and resources including the 2013 Valley of the Kings Mineral Resource estimate and the Brucejack Mineral Reserve estimate, realization of mineral reserve and resource estimates and 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", "targets" 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 reserve and 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 Annual Information Form dated March 28, 2016 filed on SEDAR at www.sedar.com and in the United States on Form 40-F 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. Neither the TSX nor the NYSE has approved or disapproved of the information contained herein.

Contact Information

  • Pretium Resources Inc.
    Joseph Ovsenek
    President

    Pretium Resources Inc.
    Troy Shultz
    Manager, Investor Relations & Corporate Communications
    (604) 558-1784
    (877) 558-1784
    invest@pretivm.com