Pretium Resources Inc. (TSX:PVG) (NYSE:PVG) (“Pretivm” or the
“Company”) is pleased to report second quarter gold production
results and provide guidance for the second half of 2018 for the
Brucejack Mine.
Second Quarter 2018 Production
Summary
- 111,340 ounces of gold produced
- 14.9 grams per tonne gold mill feed grade
- 97.7% gold recovery rate
- 236,990 tonnes of ore milled
- 2,604 tonnes per day ore milled
“With more than 187,000 ounces produced in the
first half of 2018, we have delivered on our first half 2018
guidance of 150,000 to 200,000 ounces of gold,” said Pretivm
President & CEO Joseph Ovsenek. “The successful integration of
our grade control program into our mining process has resulted in
increased grade to the mill with production exceeding grade control
estimates for the quarter. Brucejack has now achieved steady-state
production, and we expect to deliver 200,000 to 220,000 ounces of
gold for the second half of 2018.”
Second Quarter 2018 Monthly
Production
|
GoldProduction(oz) |
GoldGrade(g/t) |
Recovery(%) |
OreMilled (t) |
April |
35,891 |
16.6 |
97.8 |
73,222 |
May |
36,978 |
14.2 |
97.4 |
81,611 |
June |
38,471 |
14.1 |
97.9 |
82,157 |
Q2 2018 |
111,340 |
14.9 |
97.7 |
236,990 |
Grade control integration and steady state gold
production
Gold production from March throughout the second
quarter has reflected the full integration of the operational grade
control program which comprises drilling, sampling and local
modelling. Grade control is critical for grade prediction and the
refinement of stope shapes, which results in reduced dilution and
optimized grade to the mill.
Operational grade control: Infill drilling
A reverse circulation (“RC”) drill was
introduced as part of a trial program to improve the efficiency and
productivity of infill drilling. The RC drill has now been
demobilized as it did not deliver the expected cost savings or
productivity gains. Going forward, the infill drill program will be
carried out with diamond drills.
Mining
To improve access and build stope inventory, the
rate of underground development was increased to 700 meters per
month, up from the 420 meters contemplated in the 2014 Brucejack
Feasibility Study. The development rate increase began in January
and is expected to remain at an average of 700 meters per month
during the duration of stope inventory build-up in 2018.
With the results of the infill drill program now
available for the benefit of short-term stope design, the stope
inventory build-up is expected to increase to 10 to 12 stopes
during the third quarter. The increased stope inventory will
improve the management of production grades.
Steady State Production – Second Half
2018 Guidance
Production Guidance
Gold production at Brucejack for the second half
of 2018 is expected in the range of 200,000 ounces to 220,000
ounces, for total 2018 gold production of 387,000 ounces to 407,000
ounces.
Financial Guidance
All in sustaining costs1 for the second half of
2018 are expected to range from US$710 per ounce gold sold to
US$770 per ounce gold sold. As production has now reached steady
state at the Brucejack Mine, an increased focus will be placed on
operational efficiency to reduce costs.
Lyle Morgenthaler, B.A.Sc., P.Eng., Chief Mine
Engineer, Pretium Resources Inc. is the Qualified Person (“QP”)
responsible for Brucejack Mine development. Warwick Board, Ph.D.,
P.Geo, Pr.Sci.Nat., Vice President, Geology and Chief Geologist,
Pretium Resources Inc. is the QP responsible for the Brucejack Mine
grade control program.
Second Quarter 2018 Production Results –
Webcast and Conference Call
Pretivm is hosting a webcast and conference call
today, July 9, 2018 at 8:00 am PT (11:00 am ET).
Webcast and conference call details:
|
Monday,
July 9, 2018 at 8:00 am PT (11:00 am ET) |
|
Webcast |
www.pretivm.com |
|
Toll Free (North
America) |
1-800-319-4610 |
|
International and
Vancouver |
604-638-5340 |
Second Quarter 2018 Operational and
Financial Results – Webcast and Conference Call
Pretivm plans to release its second quarter 2018
operational and financial results after market close on Thursday,
August 9, 2018. The webcast and conference call to discuss these
results will take place Friday, August 10, 2018 at 8:00 am PT
(11:00 am ET).
Webcast and conference call details:
|
Friday,
August 10, 2018 at 8:00 am PT (11:00 am ET) |
|
Webcast |
www.pretivm.com |
|
Toll Free (North
America) |
1-800-319-4610 |
|
International and
Vancouver |
604-638-5340 |
About Pretivm
Pretivm is emerging as the premier low-cost
intermediate gold producer with production at the high-grade
underground Brucejack Mine in northern British Columbia now at
steady state.
For further information contact:
Joseph OvsenekPresident
& CEO |
Troy ShultzManager,
Investor Relations & Corporate Communications |
Pretium Resources Inc. Suite 2300, Four Bentall Centre, 1055
Dunsmuir Street PO Box 49334 Vancouver, BC V7X 1L4 (604) 558-1784
invest@pretivm.com (SEDAR filings: Pretium Resources Inc.)
(1) All-In Sustaining Costs
All-in sustaining cost (“AISC”) is a non-IFRS
performance measure calculated as the sum of total cash costs,
sustaining capital expenditures, accretion on decommissioning and
restoration provision, treatment and refinery charges netted
against revenue, site share-based compensation, and corporate
administrative costs, all divided by the gold ounces sold to arrive
at a per ounce amount. The Company believes that this measure, in
addition to measures prepared in accordance with IFRS, provide
investors an improved ability to evaluate the underlying
performance of the Company and to compare it to information
reported by other companies. The non-IFRS measures are intended to
provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS. These measures do not have any
standardized meaning prescribed under IFRS, and therefore may not
be comparable to other issuers.
Forward-Looking StatementsThis News Release
contains “forward-looking information” and “forward looking
statements” within the meaning of applicable Canadian and United
States securities legislation. Statements contained herein that are
not based on historical or current fact, including without
limitation statements containing the words “anticipates,”
“believes,” “may,” “continues,” “estimates,” “expects,” and “will”
and words of similar import, constitute “forward-looking
statements” within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking information may
include, but is not limited to, information with respect to:
production and cost guidance; our planned mining, exploration and
development activities; capital and operating cost estimates;
production and processing estimates; the future price of gold and
silver; the adequacy of our financial resources; the estimation of
mineral reserves and resources including the 2016 Valley of the
Kings Mineral Resource estimate and the Brucejack Mineral Reserve
estimate; realization of mineral reserve and resource estimates and
timing of development of Pretivm's Brucejack Mine; costs and timing
of future exploration and development; results of future
exploration and drilling; capital and operating cost estimates;
timelines and similar statements relating to the economic viability
of the Brucejack Mine, including mine life, total tonnes mined and
processed and mining operations; completion of ramp-up to steady
state production and positive cash flow; timing and receipt of
approvals, consents and permits under applicable legislation; our
relationship with community stakeholders; litigation matters;
environmental matters; and statements regarding USD cash flows
currency fluctuations and the recurrence of foreign currency
translation adjustments. Wherever possible, words such as “plans”,
“expects”, “guidance”, “projects”, “assumes”, “budget”, “strategy”,
“scheduled”, “estimates”, “forecasts”, “anticipates”, “believes”,
“intends”, “modeled’, “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 statements. Forward-looking
statements are 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
28, 2018 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 statements are 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.
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