Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

June 09, 2015 05:30 ET

Pretium Resources Inc.: Brucejack Project Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 9, 2015) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to announce the following update on the activities underway and planned for 2015 to advance its Brucejack Project.

Brucejack Project Development and Engineering

Underground development in the Valley of the Kings has been progressing, and the first ventilation raise is under development. Detailed mine engineering has been ongoing, and final long lead equipment recommendations have been issued with bids received for a significant portion. Engineering for the transmission line is in the latter stages of completion, with a pole supplier selected and the pole engineering contract awarded. Construction power will be in place for site construction start-up, with bulk earthworks and transmission line construction planned to commence on receipt of permits anticipated this summer.

Valley of the Kings Underground Infill Drill Program

A 40,000-meter infill drill program is underway in the Valley of the Kings (see news release dated June 4, 2015 for initial results.) The program currently comprises 32 drill fans from three drill stations and has been planned to target stope areas in years 1 through 3 of the current mine plan (1,320-meter level to 1,200-meter level). The primary purpose of the drilling is grade control, with the additional benefit of the infill drilling of inferred and non-stope indicated resources in the same area. A second drill is being mobilized to site, with three drills planned in total for the program which is expected to be completed by year-end.

Grass-Roots Exploration Program

A grass-roots exploration program in an area east of the Brucejack Project has now commenced. Targets known as the Flow Dome Zone and Kitchenview Zone (see attached plan) have been selected based on extensive regional exploration conducted by Pretivm including airborne geophysics completed in 2014. The grass-roots exploration program will comprise additional airborne geophysical surveying and a surface drill program of 10,000 to 15,000 meters targeting porphyry/epithermal-style mineralization.

Pretivm's management will present an update of the activities planned and underway to advance the Brucejack Project today, June 9, 2015, at 12:00 pm ET/9:00 am PT with a live audio webcast available at http://services.choruscall.ca/links/pretivm150609.html. An archive of the session will be available at www.pretivm.com.

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. 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.

About Pretivm

Pretivm is advancing its 100%-owned Brucejack Project in northern British Columbia to production as a high-grade gold underground mine. Based on the results of the June 2014 Feasibility Study, Brucejack is expected to produce an average of 504,000 ounces of gold a year over the first 8 years and 404,000 ounces of gold a year over the 18-year mine life. Brucejack's Valley of the Kings hosts Proven and Probable reserves totalling 6.9 million ounces of gold (13.6 million tonnes grading 15.7 grams of gold per tonne). Commercial production at Brucejack is targeted for 2017.

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 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, the Company's anticipated use of the proceeds of the Offering and those risks identified in Pretivm's Annual Information Form dated March 31, 2015 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
    (604) 558-1784

    Pretium Resources Inc.
    Michelle Romero
    Vice President, Corporate
    (604) 558-1784
    invest@pretivm.com
    www.pretivm.com