VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 13, 2013) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report that 5,865 ounces of gold have been produced from the 10,302 dry tonnes of excavated material from the Valley of the Kings Bulk Sample Program (the "Program"). The preliminary mill results for the 10,302 dry tonnes are shown in Table 1 below.
Table 1: Preliminary Mill Results from Processing (at December 12, 2013)
|Total Contained Gold Ounces
||Total Contained Silver Ounces
Notes: Preliminary mill results are provided by Strategic Minerals LLC, operator of the mill, and are subject to final establishment of weights and assays and settlement, including the gold recovered from the cleanout of the process equipment.
With processing of the bulk sample now completed, crews have commenced the cleanout of the ball mill, flotation tanks, concentrate tank and other process equipment to recover any gold trapped within the process equipment.
The results in Table 1 surpass the target of 4,000 ounces of gold which had been estimated to be produced from the 10,000 tonnes of material excavated for the Program. The total number of ounces processed on an individual cross-cut basis will be reconciled to the local resource model prepared using the Program's underground drilling component and documented as part of an updated NI 43-101-compliant Valley of the Kings Mineral Resource estimate to be completed by Snowden Industry Mining Consultants ("Snowden"). The updated Mineral Resource estimate for the Valley of the Kings is expected later this month, with the NI 43-101-compliant Technical Report to follow.
The results from the Program's underground drilling component (comprising 16,789 meters) and the results from the additional underground exploration drilling from Program drill bays (comprising 22,041 meters) are correlating well with the results from surface drilling conducted in the same area in 2011 and 2012. Preliminary analysis of the Program results from both processing and drilling has been highly encouraging of the reliability of the geological model for the Valley of the Kings and the resource modelling for the November 2012 Mineral Resource estimate for the Valley of the Kings.
The area for the Program was selected as the bulk sample location based on the requirements that the bulk sample be excavated from an area representative of the (a) drillhole density that informs the Indicated Mineral Resource, (b) average grade of the Indicated Mineral Resource and the global resource for the Valley of the Kings, (c) proportion of low-grade, high-grade and extreme grade populations in the overall Indicated Mineral Resource and (d) style of stockwork gold mineralization characteristic of the Valley of the Kings.
An amended feasibility study for the Valley of the Kings based on the updated Mineral Resource is expected in the first half of 2014. Additionally, Pretivm expects to file its Environmental Assessment Certificate application in the first quarter of 2014.
Independent Qualified Persons from Snowden are responsible for the review and sign-off of the milling and processing component of the Program, and will issue a final report on its completion.
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.
Pretivm is creating value through gold at its high-grade gold Brucejack Project, located in northern British Columbia. Permitting of a high-grade underground gold mine at Brucejack is underway, with commercial production targeted to commence in 2016.
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, the preliminary mill results from processing the 426585E cross-cut, the preliminary mill results from the bulk sample program, the estimated gold to be produced from the bulk sample program, the estimated contained gold in the 426585E cross-cut from the sample tower, information with respect to our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral reserves and resources, 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 18, 2013 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.