Pretium Resources Inc.: Brucejack Project Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 16, 2014) -
Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased
to announce the following update on its activities underway and
planned for 2014 at its high-grade gold Brucejack Project.
Permitting
Pretivm expects to file its Environmental Assessment Certificate
application ("EAC application") this quarter once it receives the
final Application Information Requirements from the British
Columbia Environmental Assessment Office ("BCEAO"), which is
expected shortly. Once filed, the application will be evaluated for
completeness over a 30-day period by BCEAO with the involvement of
a working group including representatives of First Nations and
local governments and other government agencies. Once the
application has been accepted, the BCEAO has a maximum of 180 days
to complete its review and prepare an assessment report for a
decision by the Minister of Environment and the Minister of Energy
and Mines.
In coordination with the provincial permitting process, the
Canadian Environmental Assessment Agency will review the
Environmental Impact Statement ("EIS") which Pretivm will submit
concurrently with the provincial EAC application. Provincial and
federal approval of the EAC application and EIS, respectively,
allow for the issuance of the statutory permits and authorizations
to begin construction of a mine at Brucejack.
Feasibility Study
Work to update the Brucejack Project feasibility study has been
ongoing, with the mine plan and mining stopes now updated to
incorporate the revised economic parameters of $1,100/oz gold,
$17/oz silver and $0.92 CAD:US exchange rate. Based on this work,
the production rate of 2,700 tonnes per day has been confirmed.
Other updates include equipment and materials pricing to the second
quarter, and the update of labour rates, schedule and productivity.
The amended Brucejack Project feasibility study is on track for
completion in June.
On completion of the amended feasibility study, basic
engineering will commence in the third quarter, including the order
of long-lead items to facilitate the start of construction once
permits for the Project have been received.
Exploration
Subsequent to the bulk sample program, underground exploration
in the Valley of the Kings was undertaken to assess the geological
nature of the stockwork mineralization between the dominant
east-west system and the north-south Cleopatra structure in the
area of the 426615E cross-cut and 615 lateral. Non-selective
material, which featured visible gold to varying degrees, was
bagged from the blast rounds from benching (rounds of 3 meters by 2
meters and ranging in length from 10 to 15 meters), and from
raising (rounds of 1.5 meters by 1 meter by 2 meters). The gold
mineralization was hosted in variably-oriented parts of the system,
and not limited to a single structural feature.
In February 2014, 1,000 tonnes of the bagged material from the
2013 Valley of the Kings exploration was processed at the Contact
Mill in Montana. From the production of gravity and flotation
concentrates we have recovered approximately 3,120 ounces of gold.
The bulk of the assays have been received to date from Inspectorate
America Corporation, and final gold production remains subject to
remaining assays and final establishment of weights and assays and
settlement.
The Valley of Kings hosts Measured and Indicated gold resources
of 8.7 million ounces (15.3 million tonnes grading 17.6 grams per
tonne gold).
A portion of the proceeds from this one-time production will be
used to fund initiatives in northern British Columbia promoting
community development. Under British Columbia's Mineral Tenure Act
regulations, we are permitted to process up to 1,000 tonnes per
year per claim unit. We will evaluate the potential for the
production of 1,000 tonnes of selective high-grade material later
in the year.
Crews are mobilizing to site to commence the 2014 exploration
program at Brucejack which has been planned with a focus on
continued resource definition in the Valley of the Kings, and which
includes 15,000 meters of underground infill and step-out drilling
to the east and west. The design of an access ramp from the
1345-meter level access ramp to the 1260-meter level is now being
finalized.
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, risks related to
information with respect to our planned exploration and development
activities, the adequacy of Pretivm's financial resources, the
estimation of mineral reserves and resources including the 2013
Valley of the Kings Mineral Resource estimate, 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 31, 2014 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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