Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased
to report that processing is underway for the 10,000-tonne bulk
sample from the Valley of the Kings Bulk Sample Program (the
"Program").
Bulk Sample Processing
All of the excavated material from the Program has been sampled
with a sample tower at Brucejack. The material not designated for
assaying (comprising approximately 10,000 tonnes) is being shipped
to a custom mill in Montana, where processing is now underway. It
is planned that approximately 1,000 tonnes of material will be
processed per week at a minimum rate of 220 tonnes per day to
produce gold/silver gravity and flotation concentrates. Gold
recoveries are expected to average approximately 90%. Total
processing is expected to take approximately 10 weeks and be
completed in the fourth quarter. The amount of gold and silver
produced by the mill will be reported over this period.
Snowden Mining Industry Consultants' independent Qualified
Persons are responsible for the review and sign-off of the milling
and processing component of the Program.
Sample Tower Assaying and Program Drilling
Metallic screen assaying is in progress for samples from the
sample tower. The 16,789 meters of underground drilling in 201
holes for the Program has been completed. Assay results have now
been reported for 15 of the 17 planned drill fans, and the results
from the final two fans are expected to be received and reported in
mid-October. Strathcona's report on the Program is now expected
early in 2014 after compilation of all data.
Strathcona Mineral Services Ltd. ("Strathcona") has been engaged
as the independent Qualified Person to oversee and report on the
10,000-tonne bulk sample for the Program.
Cleopatra Vein; Additional Underground and Surface
Exploration
Excavation of a drift along the recently-discovered high-grade
Cleopatra Vein in the Valley of the Kings has been completed, with
two raises on Cleopatra underway. Cleopatra has been defined for
approximately 85 meters along strike, 50 meters above the
1345-meter level, 50 meters below the 1345-level and remains open
in all directions. A third raise is now underway on the 615L Vein
between the 426615E and 426645E cross-cuts and a drift from the
426555E cross-cut to the 426585E cross-cut will commence
shortly.
Underground exploration drilling is currently testing high-grade
mineralization to the east of the bulk sample location. A total of
approximately 16,500 meters of underground exploration drilling is
expected to be completed, with approximately 14,000 meters of
underground exploration drilling completed to date.
The surface drill program totaling approximately 5,000 meters of
drilling at the Valley of the Kings has now been completed with
assays to be reported on receipt.
Feasibility Study Update
The Brucejack Project Feasibility Study (see news release dated
June 11, 2013), and associated mine plan and Mineral Reserves, will
be updated following the completion of an updated Mineral Resource
estimate for the Valley of the Kings. The updated Mineral Resource
estimate for the Valley of the Kings will incorporate all 2013
underground and surface drilling and will be prepared following
receipt of all assays for the 2013 drill program.
Ian I Chang, M.A.Sc., P.Eng., Vice President, Project
Development, Pretium Resources Inc. is the Qualified Person (QP)
responsible for the Bulk Sample Program processing. 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. Processing
of the 10,000-tonne Valley of the Kings bulk sample is expected to
be completed this quarter. Permitting of a high-grade underground
gold mine at Brucejack is underway, with commercial production
targeted to commence in 2016.
(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 reserves
and resources, realization of mineral reserve and 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 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
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) 558-1784invest@pretivm.com
www.pretivm.com Pretium Resources Inc. Michelle Romero Vice
President, Corporate Relations (604) 558-1784invest@pretivm.com
www.pretivm.com
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