Welcome!

News Feed Item

Pretivm Reports Third Quarter 2012 Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/09/12 -- Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report the following highlights from the third quarter of 2012 and updates for its Brucejack Project in northern British Columbia.

Third Quarter 2012 Highlights and Significant Events

--  Announced on July 31, 2012 the bonanza-grade interval from hole SU-452
    which, from a downhole depth of 198.79 meters, encountered 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), including our highest-grade intercept to date on the
    Brucejack Project of 41,582 grams of gold and 27,725 grams of silver per
    tonne uncut over 0.5 meters (1.6 feet averaging 1,212.8 ounces gold and
    808.6 ounces silver per ton); 
--  Closed a private placement on August 24, 2012 with the issue of
    1,150,000 flow-through common shares, inclusive of the exercise of the
    underwriters' 150,000 flow-through shares overallotment option, for
    gross proceeds of $20,700,000; 
--  Announced on September 7, 2012 an updated interim high-grade Mineral
    Resource estimate for the Valley of the Kings; 
--  Ended the quarter with working capital of $59,776,218; 
--  Completed the 2012 Brucejack Exploration Program in mid-October with a
    total of 105,769 meters drilled in 306 holes, with the length of the
    Valley of the Kings nearly doubled to over 800 meters along strike; 
--  Announced on October 25, 2012 an operating rate of 2,700 tonnes per day
    for the Brucejack Project underground mine feasibility study now
    underway.

2012 Exploration

Drilling over the course of the 2012 Exploration Program successfully demonstrated the continuity and projection of high-grade gold mineralization in Brucejack's Valley of the Kings. A total of 41 intervals with uncut grades over 1,000 grams per tonne gold were intersected in 2012, as compared to 25 from the 2009, 2010 and 2011 programs combined. The Valley of the Kings now extends for over 800 meters along strike and remains open to the east and west along strike and at depth. With our success in defining and extending the strike length of the Valley of the Kings throughout the 2012 drill program, it continued to be the center of our exploration efforts. Other high-grade zones remain to be tested and will be the focus of future exploration programs.

Resource Estimate

On September 7, 2012, we announced an interim high-grade Mineral Resource estimate for the Brucejack Project (see Brucejack Project Mineral Resources Update Technical Report dated September 18, 2012 and filed on SEDAR on September 18, 2012). The Resource estimate, which incorporated drilling up to hole SU-466, was completed by Snowden Mining Industry Consultants ("Snowden") as part of the feasibility study now underway for the Brucejack Project.

High-grade gold resources in the Valley of the Kings (5.0 g/t gold-equivalent cut-off) now total:

--  5.1 million ounces of gold in the Indicated Resource category (9.9
    million tonnes grading 16.2 grams of gold per tonne); and 
--  5.1 million ounces of gold in the Inferred Resource category (4.6
    million tonnes grading 35.0 grams of gold per tonne).

The 2012 Mineral Resource estimate for the Brucejack Project, which will incorporate all assays from the 2012 Brucejack Exploration Program, is expected later in the fourth quarter of 2012 or in the first quarter of 2013.

Feasibility Study

Based on the results of a trade-off study completed during the quarter, we decided to advance the Brucejack Project feasibility study on the basis that the gold-silver flotation concentrate will be sold to third parties rather than refined to produce dore on site.

We have also decided to advance the feasibility study with an operating rate of 2,700 tonnes per day, with long-hole stoping and cemented paste backfill chosen for the mining method. Stopes will be mined using a combination of longitudinal and transverse mining, depending on zone width and orientation. Cemented paste tailings will be prepared in a paste plant located on surface near the mill and then pumped underground for distribution to the stopes.

The feasibility study for the Brucejack Project is expected to be completed in the second quarter of 2013.

Underground

During the quarter we commenced an underground exploration program designed, amongst other things, to access the Valley of the Kings deposit underground and demonstrate continuity of the high-grade gold mineralization. The first phase of the underground program, now well underway, is to slash out the existing West Zone underground workings to five-by-five meters then excavate a decline from the West Zone to the Valley of the Kings, a distance of approximately 450 meters. We are currently planning the sampling and mining plans for the 10,000 tonne underground bulk sample, which we expect to excavate from the Valley of the Kings in the first half of 2013.

Other Developments

During the third quarter, we completed a private placement of 1,150,000 flow-through common shares at a price of $18.00 per share for aggregate gross proceeds of $20.7 million. The gross proceeds of the offering were used to accelerate exploration of the Valley of the Kings at the Brucejack Project with infill and expansion drilling.

Pretivm's working capital as at September 30, 2012 was $59,776,218.

Pretivm's unaudited consolidated financial statements and Management Discussion and Analysis for the three months ended September 30, 2012 will be available on SEDAR and Pretivm's website www.pretivm.com.

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 in the second quarter of 2013.

(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 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.

Contacts:
Pretium Resources Inc.
Robert Quartermain
President and Chief Executive Officer
(604) 558-1784

Pretium Resources Inc.
Michelle Romero
Corporate Relations Director
(604) 558-1784
[email protected]
www.pretivm.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
"Since we launched LinuxONE we learned a lot from our customers. More than anything what they responded to were some very unique security capabilities that we have," explained Mark Figley, Director of LinuxONE Offerings at IBM, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...