Pretium Resources Inc.: Brucejack Project Update
February 23 2012 - 5:00AM
Marketwired
Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased
to provide the following update on the progress of activities now
underway at its Brucejack high-grade gold Project in northern
British Columbia.
Feasibility Study and Resource Model
Pretivm has retained Wardrop, a Tetra Tech Company to prepare a
feasibility study on the high-grade gold opportunity at Brucejack.
As part of the feasibility study, Pretivm has retained Snowden
Mining Industry Consultants to provide an underground resource
model using Multiple-Indicator Kriging (MIK) estimation for the
high-grade gold and silver resources identified to date in the
Valley of the Kings and West zones. The feasibility study is
expected to be completed by year-end.
Exploration
An initial program of 24,000 meters of surface infill drilling
is planned to commence by the end of February in the Valley of the
Kings Zone. The drilling will be focused on the mineralization to
be mined in the first 12 years as contemplated in the February 20,
2012 Updated Preliminary Economic Assessment, and tightening the
drill spacing with the intent to increase the level of confidence
to move Inferred mineral resources to Measured and Indicated
mineral resource categories. Inferred mineral resources at the
Valley of the Kings currently total 3.23 million ounces of gold at
an average grade of 26.89 g/t (see the Technical Report and Updated
Preliminary Economic Assessment of the Brucejack Project dated
February 20, 2012 filed on SEDAR).
Engineering
A permit application has been filed to access the Valley of the
Kings underground by driving an exploration decline from the 1330
meter level of the existing West Zone underground workings. The
West Zone has been dewatered past the 1330 meter level and a
surveying and geotechnical mapping program has been completed. A
3,500-meter geotechnical surface drill program is now underway to
confirm ground conditions between the Valley of the Kings and the
West Zone. An isometric of the proposed exploration decline is
posted on our web site www.pretivm.com.
Road crews continue to work from both ends of the planned access
road extending from the Brucejack Project to Highway 37. The access
road is expected to be completed in late 2012.
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 advanced-staged
exploration projects Brucejack and Snowfield, located in northern
British Columbia. Pretivm is advancing the high-grade, underground
gold opportunity at Brucejack, which hosts a significant
undeveloped high-grade gold resource.
Forward Looking Statement
This Press Release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Forward-looking information may include, but is not limited to,
information with respect to our plans, costs and timing for future
exploration (including updated resource estimates) and development
activities, results of future exploration, timing and receipt of
approvals, consents and permits under applicable legislation,
production and developments in our operations in future periods and
adequacy of financial resources. Wherever possible, words such as
"plans", "expects" or "does not expect", "budget", "scheduled",
"estimates", "forecasts", "anticipate" or "does not anticipate",
"believe", "intend" and similar expressions or statements that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, have been used to
identify forward-looking 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 (often, but
not always, using words or phrases such as "expects",
"anticipates", "plans", "projects", "estimates", "assumes",
"intends", "strategy", "goals", "objectives", "potential" or
variations thereof, or stating that certain actions, events or
results "may", "could", "would", "might" or "will" be taken, occur
or be achieved, or the negative of any of these terms and similar
expressions) 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
final short-form prospectus dated April 4, 2011 filed on SEDAR at
www.sedar.com. 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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