Pretium Resources Inc.
TSX : PVG
NYSE : PVG

Pretium Resources Inc.

May 08, 2013 05:00 ET

Pretium Resources Inc.: Underground Ramp Reaches Valley of the Kings

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2013) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to announce that the underground access ramp has reached the Valley of the Kings at the targeted 1,345-meter level of the 426600 cross-section. With the access ramp from the West Zone portal now completed, the development and installation of supporting infrastructure for the planned Bulk Sample Program and associated underground drilling at the Valley of the Kings will begin.

Underground Drilling

Approximately 15,000 meters of underground drilling will be completed as part of the Bulk Sample Program. After the initial cross-cut along section 426600, the north drill drift will be developed, and drilling will be conducted at 7.5-meter and 15-meter centres along 120 meters of strike length, and at 15-meter centres vertically for 60 meters above and 60 meters below the 1,345-meter level of the Valley of the Kings. Drilling is planned to commence later this month, prior to excavating the bulk sample, and will run concurrently with the excavation of the bulk sample. Results from drilling will be reported as they are received.

Bulk Sample Program

The sample tower and related equipment for the Bulk Sample Program in the Valley of the Kings has been transported over the recently-completed all-weather access road into Brucejack camp and is now on site. Strathcona Mineral Services Ltd. of Toronto has been engaged as the independent Qualified Person to oversee and report on the 10,000-tonne bulk sample.

The 1,345-meter level at the 426600 cross-section of the Valley of the Kings was selected as the bulk sample location based on Strathcona's 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 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. Excavation of the bulk sample is scheduled to begin in early June, with the final report expected later in the year after compilation of all bulk sample data.

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. Brucejack hosts a major undeveloped high-grade gold resource and mineralization remains open along strike and at depth. A feasibility study for a high-grade underground mine in Brucejack's Valley of the Kings is underway and expected this quarter.

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 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.

The TSX has neither approved nor 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