Pretium Resources Inc.: Brucejack Project Update; Valley of the Kings Ramp Advance
January 09 2013 - 5:00AM
Marketwired
Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased
to provide the following update on the progress of activities at
its Brucejack Project in northern British Columbia.
Valley of the Kings Access Ramp
Excavation of the access ramp to the Valley of the Kings from
the West Zone historical workings is now underway, with the
widening of the West Zone historical workings completed. The access
ramp to the Valley of the Kings from the West Zone is planned to
total 546 meters in length, and is targeting the 1345 meter level
at the 426600 cross-section of the Valley of the Kings. A total of
71 meters of the access ramp has been excavated since the turn
towards the Valley of the Kings from the West Zone was initiated
late last year. The ramp is expected to access the Valley of the
Kings in April.
In addition to targeting an area of mineralization for the bulk
sample, the current ramp alignment will allow acceleration of
production development as it will be used to provide multiple
headings for excavation of the planned production declines. A
channel sampling program along the ramp will be conducted as work
progresses, as the area is untested. Further underground sampling
and drilling is planned after Valley of the Kings has been
reached.
Bulk Sample
Strathcona Mineral Services Ltd. of Toronto has been engaged as
the independent Qualified Person to oversee and report on the
10,000-tonne bulk sample from the Valley of the Kings. Excavation
of the bulk sample is scheduled to begin in the second quarter.
Planning is underway with Strathcona on the work required to be
completed prior to excavating the bulk sample, the procedures for
excavating the bulk sample and the sampling protocols.
Project Permitting
In late December, Pretivm submitted the project description for
Brucejack to the British Columbia Environmental Assessment Office.
The filing initiates the permitting process for the proposed 2,700
tonnes per day high-grade underground gold mine at the Valley of
the Kings.
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 Statement
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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