Pretium Resources Inc.: Bulk Sample Processing Totals 5,865 Ounces
of Gold
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)
Tonnes Milled (Dry) |
Gold Ounces Gravity Concentrate |
Gold Ounces Flotation Concentrate |
Gold Ounces Tailings |
Total Contained Gold Ounces |
Total Contained Silver Ounces |
10,302 |
3,645 |
2,096 |
124 |
5,865 |
4,950 |
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.
Program Outcomes
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.
Next Steps
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.
About Pretivm
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.
Pretium Resources Inc.Robert QuartermainPresident and Chief
Executive Officer(604) 558-1784Pretium Resources Inc.Michelle
RomeroVice President, Corporate Relations(604)
558-1784invest@pretivm.comwww.pretivm.com
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