Press release from Marketwire
Pretium Resources Inc.: Valley of the Kings Bulk Sample Update
Wednesday, June 19, 2013
Pretium Resources Inc.: Valley of the Kings Bulk Sample Update05:00 EDT Wednesday, June 19, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 19, 2013) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to provide an update on the progress of the Bulk Sample Program underway at the Brucejack Project's Valley of the Kings.
The Program's underground development advance is well underway, with all infrastructure now in place and the excavation of development drifts and cross-cuts on schedule. Visible gold has been encountered in areas of the wall rock along the 426600E cross-cut and the 6258015N drill drift.
For a current plan of the development advance of the Bulk Sample Program at the Valley of the Kings with a drill fan cross section please visit the following link: http://media3.marketwire.com/docs/pvg0619fig1.pdf.
The sample tower has been commissioned with material excavated from the development advance, and is prepared to receive material from the 10,000-tonne bulk sample excavation, which is scheduled to commence next week. The Bulk Sample Program excavation and sampling is expected to be completed in late July or early August.
Also underway is the 15,000-meter underground drill program, with two drills working and a third expected in a week. The drill program is expected to be completed by mid-August.
Strathcona Mineral Services Ltd. of Toronto has been engaged as the independent Qualified Person to oversee and report on the Valley of the Kings Bulk Sample Program.
Assay results from underground drilling will be reported as they are received. Strathcona's report on the Bulk Sample Program is expected later in the year after compilation of all 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. 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.
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, with Probable Mineral Reserves in the Valley of the Kings totalling 6.6 million ounces of gold (15.1 million tonnes grading 13.6 grams of gold per tonne). Brucejack is being advanced as a high-grade underground mine with an average of 426,000 ounces of gold produced annually for the first 10 years and an average of 321,500 million ounces of gold produced annually over the Project's 22-year mine life. Commercial production is targeted to commence in 2016.
(SEDAR filings: Pretium Resources Inc.)
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Pretium Resources Inc.
President and Chief Executive Officer
Pretium Resources Inc.
Corporate Relations Director