Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

July 31, 2012 05:00 ET

Pretium Resources Inc.: Record High-Grade Gold Interval Extended; Additional High-Grade Results in Valley of the Kings

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2012) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report the remaining assays for hole SU-452, which includes the highest-grading gold intersection encountered to date at the Brucejack project, and additional bonanza-grade results from drilling in Valley of the Kings. (See Table 1 below for assays.)

The bonanza-grade interval from hole SU-452 now extends over 10 meters, from a downhole depth of 198.79 meters, with an average grade of:

  • 2,393 grams of gold and 1,605 grams of silver per tonne uncut over 10.71 meters (70.3 ounces gold and 46.8 ounces silver per ton over 35.1 feet).

The high-grade interval noted above includes the previously-reported record intercept of 41,582 grams of gold and 27,725 grams of silver per tonne uncut over 0.5 meters (see news release dated July 25, 2012). Hole SU-452 also intersected 1,130 grams of gold per tonne uncut over 0.65 meters from a downhole depth of 150.79 meters.

A total of seven separate intervals grading over 20 grams of gold per tonne were intersected in hole SU-452. To view hole SU-452 on the updated cross section through the Valley of the Kings at section 426625E please visit the following link: http://media3.marketwire.com/docs/pvg731-F1.pdf.

Other results from the Valley of the Kings include:

  • Hole SU-445 intersected 5,242 grams of gold per tonne uncut over 0.57 meters (152.9 ounces of gold per ton over 1.9 feet); and
  • Hole SU-447 intersected 3,660 grams of gold per tonne uncut over 0.54 meters (106.7 ounces of gold per ton over 1.8 feet); and
  • Hole SU-434 intersected 2,400 grams of gold per tonne uncut over 0.50 meters (70.0 ounces of gold per ton over 1.6 feet); and
  • Hole SU-440 intersected 1,140 grams of gold per tonne uncut over 0.50 meters (33.3 ounces of gold per ton over 1.6 feet).

The holes noted above were collared from the far western margin of the Valley of the Kings to the far eastern margin, respectively, with holes SU-434 and SU-440 drilled from the same pad. Also of note is hole SU-458, a 50-meter eastern step-out hole which intersected 433 grams of gold per tonne over 0.5 meters. The Valley of the Kings now extends over 550 meters in length, and remains open along strike and at depth.

Table 1: Selected Brucejack Project Drill Results, July 2012 (SU-431 to SU-460) (1,4)
Hole
No.
Collar
Coords.
Dip/
Azimuth
From
(meters)
To
(meters)
Interval
(meters)
Gold
(g/t)
Silver
(g/t)

Capping
(2)
VALLEY OF THE KINGS
SU-431 6257996N
426438E
-45/178 29.60 30.10 0.50 180.50 79.60
SU-432 6257870N
426625E
-50/358 180.97 182.13 1.16 41.00 78.70
284.59 285.09 0.50 128.50 77.70
SU-433 6257920N
426325E
-65/358 178.00 179.50 1.50 19.65 23.40
SU-434 6257850N
426663E
-70/178 97.00 98.50 1.50 49.6 46.6
203.80 205.59 1.79 37.30 2,600
290.83 291.33 0.50 2,400 1,610
335.77 336.77 1.00 244.50 157.00
SU-435 6258015N
426388E
-50/178 280.00 281.00 1.00 85.70 36.80
SU-438 6257995N
426338E
-60/358 261.00 262.50 1.50 22.00 18.40
SU-440 6257850N
426663E
-55/178 222.28 222.78 0.50 1,140 665.00
275.50 277.39 1.89 32.53 16.69
incl 276.89 277.39 0.50 64.60 21.10
SU-441 6258040N
426475E
-50/178 205.07 205.57 0.50 64.70 33.10
SU-445 6257965N
426337E
-60/358 66.26 79.00 12.74 28.49 108.72 1 Gold sample cut
66.26 79.00 12.74 240.66 108.72 Uncut
incl 66.26 66.83 0.57 5,242 2,120
incl 77.50 79.00 1.50 42.30 48.90
SU-446 6257935N
426338E
-60/358 162.50 165.50 3.00 7.96 18.55
SU-447 6258020N
426450E
-50/178 109.74 112.00 2.26 125.73 427.12 1 Gold sample cut
109.74 112.00 2.26 880.78 427.12 Uncut
incl 109.74 110.28 0.54 3,660 1,750
SU-448 6257850N
426663E
-60/178 175.69 176.19 0.50 21.70 11.60
SU-451 6257950N
426338E
-60/358 99.79 100.29 0.50 536.00 112.00
SU-452(3) 6257869N
426624E
-55/358 26.14 26.64 0.50 22.30 47.70
57.50 59.00 1.50 142.00 127.00
131.10 132.00 0.90 63.70 38.20
150.79 151.44 0.65 1,130 480.00
198.79 209.50 10.71 161.69 390.54 5 samples cut to 500 ppm Au/2 samples cut to 2,500 ppm Ag
or 198.79 209.50 10.71 2,393 1,605 Uncut
incl 198.79 199.29 0.50 733 273.00
incl 200.97 201.47 0.50 412.42 313
incl 201.47 201.97 0.50 41,582 27,725
incl 201.97 202.47 0.50 2,251 1,770
incl 202.47 202.97 0.50 9.97 12.00
incl 202.97 203.47 0.50 4,902 3,290
incl 203.47 203.97 0.50 820.00 660.00
incl 203.97 204.97 1.00 121 45.30
incl 208.00 209.50 1.50 79.30 46.40
292.00 293.50 1.50 20.10 280.00
307.00 308.44 1.44 30.20 35.00
SU-454 6257920N
426338E
-60/358 175.06 186.00 10.94 26.31 30.70 1 Gold sample cut
or 175.06 186.00 10.94 43.36 30.70 Uncut
incl 175.06 175.56 0.50 873.00 474.00
286.23 286.73 0.50 90.1 22.00
SU-455 6258130N
426525E
-45/178 227.37 227.87 0.50 232.00 48.00
SU-456 6258083N
426475E
-50/178 156.90 157.41 0.51 529 277.00
321.91 322.41 0.50 34.80 13.40
SU-457 6257938N
426575E
-45/178 142.47 142.97 0.50 100.50 46.20
SU-458 6257899N
426800E
-70/358 243.63 244.13 0.50 433.00 223.00
SU-459 6257870N
426625E
-60/358 240.45 248.5 8.05 8.33 18.88
incl 245.50 247.00 1.50 28.70 51.80
282.94 291.00 8.06 14.89 14.04
incl 282.94 283.54 0.60 134.50 72.60
incl 289.50 291.00 1.50 20.70 17.50
SU-460 6258051N
426375E
-55/358 111.66 126.00 14.34 17.84 29.25
incl 111.66 112.23 0.57 68.40 19.30
incl 120.79 121.29 0.50 276.00 338.00
incl 123.84 124.34 0.50 46.70 19.30
incl 124.34 126.00 1.66 25.20 54.80
GOSSAN HILL
SU-442 6258818N
426600E
-47/360 166.53 167.03 0.50 15.95 10.2
228.50 230.00 1.50 14.40 102.00
SU-450 6258818N
426600E
-62/360 251.00 259.00 8.00 24.06 102.82
incl 255.42 256.00 0.58 243.00 475.00
incl 256.64 257.15 0.51 31.10 340.00
(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)SU-452 intervals previously reported: 200.97 to 203.97.
(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. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,000 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 10 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.

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 advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack, which hosts a significant undeveloped high-grade gold resource.

Forward-Looking Statements

This Press 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 unsatisfactory results of due diligence, the ability to satisfy the conditions of closing of Offering and general economic conditions, 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.

Neither the TSX nor the NYSE has approved or 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