Pretium Resources Inc.: Underground Ramp Reaches Valley of the Kings
May 08 2013 - 5:00AM
Marketwired
Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased
to announce that the underground access ramp has reached the Valley
of the Kings at the targeted 1,345-meter level of the 426600
cross-section. With the access ramp from the West Zone portal now
completed, the development and installation of supporting
infrastructure for the planned Bulk Sample Program and associated
underground drilling at the Valley of the Kings will begin.
Underground Drilling
Approximately 15,000 meters of underground drilling will be
completed as part of the Bulk Sample Program. After the initial
cross-cut along section 426600, the north drill drift will be
developed, and drilling will be conducted at 7.5-meter and 15-meter
centres along 120 meters of strike length, and at 15-meter centres
vertically for 60 meters above and 60 meters below the 1,345-meter
level of the Valley of the Kings. Drilling is planned to commence
later this month, prior to excavating the bulk sample, and will run
concurrently with the excavation of the bulk sample. Results from
drilling will be reported as they are received.
Bulk Sample Program
The sample tower and related equipment for the Bulk Sample
Program in the Valley of the Kings has been transported over the
recently-completed all-weather access road into Brucejack camp and
is now on site. 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.
The 1,345-meter level at the 426600 cross-section of the Valley
of the Kings was selected as the bulk sample location based on
Strathcona's requirements that the bulk sample be excavated from an
area representative of the (a) drillhole density that informs the
Indicated Mineral Resource, (b) average grade of the Indicated
Mineral Resource and the global resource for Valley of the Kings,
(c) proportion of low-grade, high-grade and extreme grade
populations in the overall Indicated Mineral Resource and (d) style
of stockwork gold mineralization characteristic of the Valley of
the Kings. Excavation of the bulk sample is scheduled to begin in
early June, with the final report expected later in the year after
compilation of all bulk sample data.
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. Brucejack
hosts a major undeveloped high-grade gold resource and
mineralization remains open along strike and at depth. A
feasibility study for a high-grade underground mine in Brucejack's
Valley of the Kings is underway and expected this quarter.
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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