Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased
to report that step-out drilling has extended the zone of
high-grade gold mineralization in the Valley of the Kings to the
east by over 100 meters.
The bonanza-grade intercept from a downhole depth of 400.71
meters in hole SU-526 includes:
-- 1.16 meters with uncut grades of 4,195 grams of gold per tonne (3.8 feet
averaging 122.4 ounces gold per ton).
Additional high-grade intercepts from a downhole depth of 320.5
meters in hole SU-526 include:
-- 0.5 meters with uncut grades of 150 grams of gold per tonne (1.6 feet
averaging 4.4 ounces gold per ton); and
-- 0.5 meters with uncut grades of 752 grams of gold per tonne (1.6 feet
averaging 21.9 ounces gold per ton).
Assays for a 440 meter section of hole SU-526 have been
received. Assays for the remaining 92 meters of hole SU-526 will be
reported as they are received.
Hole SU-526 was collared on section 427000E along strike of the
Valley of the Kings. The bonanza-grade gold interval from Hole
SU-526 was collared approximately 400 meters southeast of the
bonanza-grade gold interval from hole SU-452, which intersected
41,582 grams per tonne gold uncut over 0.5 meters.
The Valley of the Kings now extends over 800 meters in strike
length and is open to the east, west, and at depth. An updated plan
showing the current extent of the Valley of the Kings from hole
SU-498 in the west to hole SU-526 in the east will be posted on our
web site, www.pretivm.com. You can also view the plan at the
following link: http://media3.marketwire.com/docs/pvg907p.pdf.
Nine drills continue turning at Brucejack, with the 2012
Brucejack Exploration Program expected to be completed early in the
fourth quarter.
Table 1: Selected Intercepts from Drill Hole SU-526, September 2012(1,3,4)
----------------------------------------------------------------------------
Hole Collar Dip/ From To Interval Gold Silver Capping
No. Coords. Azimuth (meters) (meters) (meters) (g/t) (g/t) (2)
----------------------------------------------------------------------------
SU-526 6258096N -57/178 320.5 339.5 19.0 18.3 11.7 1 Au
427000E sample
cut
----------------------------------------------------------------------------
or 320.5 339.5 19.0 24.9 11.7 uncut
----------------------------------------------------------------------------
incl 320.5 321.0 0.5 150.0 90.0
----------------------------------------------------------------------------
incl 332.86 333.36 0.5 752.0 290.0
----------------------------------------------------------------------------
400.71 401.87 1.16 4,195 2405 uncut
----------------------------------------------------------------------------
(1)True thickness to be determined.
(2)Unless otherwise indicated as uncut, all gold assays over 500 g/t were
cut to 500 g/t.
(3)Assays pending for the remaining 92 meters of SU-526.
(4)All samples were submitted for preparation and analysis by ALS Chemex at
its facilities in Terrace, B.C. All samples were analyzed using multi-
digestion with ICP finish and fire assay with AA finish for gold. Samples
over 100 ppm silver were reanalyzed using four acid digestion with an ore
grade AA finish. Samples over 1,500 ppm silver were fire assayed with a
gravimetric finish. Samples with over 10 ppm gold were fire assayed with a
gravimetric finish. One in 20 samples was blank, one in 20 was a standard
sample, and differing one in 20 samples was a field duplicate one-quarter
split core assayed at ALS Chemex in Vancouver, B.C.
Assay results for completed drilling will be reported as they
are received over the course of the 2012 drilling season.
Feasibility Study and Underground Program Update
Feasibility Study
The February 2012 preliminary economic assessment examining the
economics of the high-grade gold and silver resources at the
Brucejack Project (see news release dated February 22, 2012)
contemplated the production of gravity and flotation concentrates,
which were then refined to produce gold-silver dore. In advancing
the feasibility study, a trade-off study has been completed
examining the benefits of selling the flotation concentrate to
third parties rather than refining the concentrate to produce dore
on site. Based on the results of the trade-off study, the decision
has been made to advance the feasibility study on the basis that
the flotation concentrate will be sold to third parties rather than
refined to produce dore on site. With the completion of the
September 2012 Brucejack interim high-grade Mineral Resource
estimate, the feasibility study is now expected to be completed in
the second quarter of 2013.
Underground Program
The underground program is designed, amongst other things, to
access the Valley of the Kings deposit on the 1270 meter elevation
and demonstrate continuity of the high-grade gold mineralization.
The first phase of the underground program, now well underway, will
be to slash out the existing West Zone underground workings to
five-by-five meters down to the 1330 meter level, a distance of
approximately 500 meters. The next phase will be to advance the
decline from the 1314 meter level of the West Zone to the 1270
meter level in the Valley of the Kings, a distance of approximately
450 meters. A 10,000 tonne underground bulk sample is expected to
be excavated from the 1270 meter level of the Valley of the Kings
in the first half of 2013.
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. 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.
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 in all directions. 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)558-1784invest@pretivm.com www.pretivm.com
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