Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

October 03, 2013 05:00 ET

Pretium Resources Inc.: Processing Underway for Bulk Sample Material

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 3, 2013) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report that processing is underway for the 10,000-tonne bulk sample from the Valley of the Kings Bulk Sample Program (the "Program").

Bulk Sample Processing

All of the excavated material from the Program has been sampled with a sample tower at Brucejack. The material not designated for assaying (comprising approximately 10,000 tonnes) is being shipped to a custom mill in Montana, where processing is now underway. It is planned that approximately 1,000 tonnes of material will be processed per week at a minimum rate of 220 tonnes per day to produce gold/silver gravity and flotation concentrates. Gold recoveries are expected to average approximately 90%. Total processing is expected to take approximately 10 weeks and be completed in the fourth quarter. The amount of gold and silver produced by the mill will be reported over this period.

Snowden Mining Industry Consultants' independent Qualified Persons are responsible for the review and sign-off of the milling and processing component of the Program.

Sample Tower Assaying and Program Drilling

Metallic screen assaying is in progress for samples from the sample tower. The 16,789 meters of underground drilling in 201 holes for the Program has been completed. Assay results have now been reported for 15 of the 17 planned drill fans, and the results from the final two fans are expected to be received and reported in mid-October. Strathcona's report on the Program is now expected early in 2014 after compilation of all data.

Strathcona Mineral Services Ltd. ("Strathcona") has been engaged as the independent Qualified Person to oversee and report on the 10,000-tonne bulk sample for the Program.

Cleopatra Vein; Additional Underground and Surface Exploration

Excavation of a drift along the recently-discovered high-grade Cleopatra Vein in the Valley of the Kings has been completed, with two raises on Cleopatra underway. Cleopatra has been defined for approximately 85 meters along strike, 50 meters above the 1345-meter level, 50 meters below the 1345-level and remains open in all directions. A third raise is now underway on the 615L Vein between the 426615E and 426645E cross-cuts and a drift from the 426555E cross-cut to the 426585E cross-cut will commence shortly.

Underground exploration drilling is currently testing high-grade mineralization to the east of the bulk sample location. A total of approximately 16,500 meters of underground exploration drilling is expected to be completed, with approximately 14,000 meters of underground exploration drilling completed to date.

The surface drill program totaling approximately 5,000 meters of drilling at the Valley of the Kings has now been completed with assays to be reported on receipt.

Feasibility Study Update

The Brucejack Project Feasibility Study (see news release dated June 11, 2013), and associated mine plan and Mineral Reserves, will be updated following the completion of an updated Mineral Resource estimate for the Valley of the Kings. The updated Mineral Resource estimate for the Valley of the Kings will incorporate all 2013 underground and surface drilling and will be prepared following receipt of all assays for the 2013 drill program.

Ian I Chang, M.A.Sc., P.Eng., Vice President, Project Development, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Bulk Sample Program processing. 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 creating value through gold at its high-grade gold Brucejack Project, located in northern British Columbia. Processing of the 10,000-tonne Valley of the Kings bulk sample is expected to be completed this quarter. Permitting of a high-grade underground gold mine at Brucejack is underway, with commercial production targeted to commence in 2016.

(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 reserves and resources, realization of mineral reserve and 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 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 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