Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased
to report the following highlights from the first quarter of 2012
and updates for its Brucejack Project in northern British
Columbia.
First Quarter 2012 Highlights and Significant Events
-- Began trading on the NYSE on January 12, 2012 under the symbol "PVG",
and commemorated the listing by ringing the opening bell that day;
-- Completed a private placement of flow-through common shares for
aggregate gross proceeds of $23,125,000;
-- Announced positive results from a National Instrument 43-101 compliant
Preliminary Economic Assessment ("PEA") for the high-grade gold and
silver resources identified to date at Brucejack;
-- Advanced a feasibility study on the high-grade opportunity at Brucejack,
and an underground resource model for the high-grade gold and silver
resources in the Valley of the Kings and West Zone;
-- Filed a final short form base shelf prospectus that will enable us to
make offerings of up to an aggregate principal amount of $180 million of
securities;
-- Ended the quarter with working capital of $22,573,811;
-- Announced on April 2, 2012 the adoption of a shareholder rights plan;
-- Announced on April 3, 2012 a high-grade Mineral Resource estimate for
Brucejack's Valley of the Kings and West Zone;
-- Completed a marketed offering of our common shares on May 9, 2012, for
gross proceeds of $80,540,250.
2012 Exploration
In late February 2012 we began mobilizing seven drills to our
Brucejack Project to commence the initial phase of the 2012
Brucejack Exploration Program, which consists of 25,000 meters of
drilling focused on upgrading Inferred gold resources to the
Indicated resource category. Highlights from the first results (see
news release dated April 30, 2012) include:
-- Hole SU-316 intersected 9,110 grams of gold per tonne over 0.5 meters
(266 ounces gold per ton over 1.6 feet) and 1,035 grams of gold per
tonne over 0.8 meters (30 ounces gold per ton over 2.6 feet); and
-- Hole SU-318 intersected 1,490 grams of gold per tonne over 0.7 meters
(43 ounces gold per ton over 2.3 feet).
Planning is underway for the second phase of the 2012 Brucejack
Exploration Program to test extensions of the Valley of the Kings
along strike and at depth, and to test the six other high-grade
gold zones identified to date on the property.
A permit application has been filed to access the Valley of the
Kings underground by driving an exploration decline from the 1330
meter level of the existing West Zone underground workings. During
the quarter, the West Zone was dewatered past the 1330 meter level
and a surveying and geotechnical mapping program was completed. A
geotechnical surface drill program to confirm ground conditions
between the Valley of the Kings and the West Zone has also been
completed. In addition, we are in discussions with a mining
contractor to carry out the underground exploration program.
Resource Estimate
On April 3, 2012, we announced a high-grade Mineral Resource
estimate for the Brucejack Project which was completed by Snowden
Mining Industry Consultants (see Brucejack Project Mineral
Resources Update Technical Report dated April 3, 2012 and filed on
SEDAR on April 30, 2012). High-grade gold resources in the Valley
of the Kings (5.0 g/t gold-equivalent cut-off) now total:
-- 4.9 million ounces of gold in the Indicated Resource category (8.9
million tonnes grading 17.3 grams of gold per tonne); and
-- 10.4 million ounces of gold in the Inferred Resource category (12.7
million tonnes grading 25.5 grams of gold per tonne).
An updated high-grade Mineral Resource estimate based on the
initial phase of 2012 drilling is anticipated in the third quarter
in support of the feasibility study now underway for the Brucejack
Project which is expected to be completed in the first quarter of
2013.
Other Developments
During the first quarter, we completed a private placement of
1,250,000 flow-through common shares at a price of $18.50 per share
for aggregate gross proceeds of $23,125,000. The gross proceeds of
the offering will be used to accelerate exploration of the Valley
of the Kings Zone at the Brucejack Project with infill and
expansion drilling.
Pretivm's working capital as at March 31, 2012 was $22,573,811.
Subsequent to the end of the quarter, we completed a marketed
offering, through a syndicate of underwriters, of 5,554,500 of our
common shares at a price of $14.50 per share for gross proceeds of
$80,540,250.
We believe we have sufficient working capital to maintain the
tempo of activities as we advance the Valley of the Kings and West
Zone to production.
Pretivm's unaudited consolidated financial statements and
Management Discussion and Analysis for the three months ended March
31, 2012 will be available on SEDAR and Pretivm's website
www.pretivm.com.
About Pretivm
Pretivm is creating value through gold at its advanced-staged
exploration projects Brucejack and Snowfield, located in northern
British Columbia. Pretivm is advancing the high-grade, underground
gold opportunity at Brucejack, which hosts a significant
undeveloped high-grade gold resource.
Forward-Looking Statements
This Press 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
unsatisfactory results of due diligence, the ability to satisfy the
conditions of closing of Offering and general economic conditions,
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.
Neither the TSX nor the NYSE has approved or 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)558-1784invest@pretivm.com www.pretivm.com
Pretium Resources (TSX:PVG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pretium Resources (TSX:PVG)
Historical Stock Chart
From Jul 2023 to Jul 2024