VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/06/12 -- Pretium Resources Inc. (TSX: PVG)(NYSE: PVG) ("Pretivm") is pleased to report results from drilling at its high-grade gold Brucejack Project in northern British Columbia which continue to confirm the projection and continuity of high-grade mineralization in the Valley of the Kings, and include a significant number of assays grading over 1,000 grams per tonne gold. (See Table 1 below for assays).
Selected highlights from the Valley of the Kings include:
-- Hole SU-345 intersected:
-- 2,470 grams of gold per tonne uncut over 0.7 meters (72 ounces gold
per ton over 2.3 feet); and
-- 1,470 grams of gold per tonne uncut over 0.5 meters (43 ounces gold
per ton over 1.6 feet);
-- Hole SU-338 intersected 2,350 grams of gold per tonne uncut over 0.64
meters (68 ounces gold per ton over 2.0 feet);
-- Hole SU-341 intersected 1,840 grams of gold per tonne uncut over 0.5
meters (54 ounces gold per ton over 1.6 feet);
-- Hole SU-334 intersected 1,160 grams of gold per tonne uncut over 0.5
meters (34 ounces gold per ton over 1.6 feet).
All holes reported were drilled in the western half of the Valley of the Kings, and include 32 intervals grading over 30 grams per tonne gold. A number of reported intervals are outside of currently defined mineral resources.
A total of 26,230 meters of drilling in 60 holes has been completed in this first phase of the 2012 Brucejack Exploration Program, which has now concluded. An updated high-grade Mineral Resource estimate for Brucejack is expected in the third quarter and will be used as the basis for the mine plan for the feasibility study currently underway.
Phase two of the 2012 Brucejack Exploration Program is now underway and focused on high-grade definition drilling of the shallow high-grade resources at the Valley of the Kings and testing extensions of the Valley of the Kings and other high-grade zones.
Table 1: Selected Brucejack Project Drill Results, June 2012 (SU-326 to SU-
348)(1,3)
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Inter-
val
Hole Collar Dip/ From To (met- Gold Silver Capping
No. Coords. Azimuth (meters) (meters) ers) (g/t) (g/t) (2)
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VALLEY OF THE KINGS
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SU-326 6257975N -45/360
426451E 187.0 194.5 7.5 2.62 113.32
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SU-327 6257900N -55/360
426550E 20.74 25.79 5.05 39.71 56.45
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incl 20.74 21.24 0.5 388.00 255.00
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334.6 336.5 1.9 129.13 46.77
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377.33 377.92 0.59 149.00 52.60
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SU-328 6258068N -45/180
426327E 62.5 65.73 3.23 45.95 32.81
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incl 65.18 65.73 0.55 229.00 160.00
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88.69 89.19 0.5 434.00 338.00
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307.5 321.0 13.5 4.47 4.86
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incl 319.5 321.0 1.5 19.75 6.60
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SU-329 6257878N -68/360
426646E 173.2 174.0 0.8 42.90 44.90
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SU-330 6258089N -59/180
426613E 16.5 18.0 1.5 14.30 142.00
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SU-331 6258162N -45/180
426377E 7.0 8.5 1.5 17.20 28.60
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26.81 28.0 1.19 18.10 50.10
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142.5 144.0 1.5 16.85 35.30
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464.5 466.0 1.5 25.20 33.90
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SU-332 6258001N -45/180
426426E 126.78 131.0 4.22 3.47 25.33
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SU-333 6257755N -50/360
426329E 98.35 98.93 0.58 30.40 19.20
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207.5 208.18 0.68 17.50 38.50
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316.6 317.1 0.5 134.50 72.30
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453.5 464.0 10.5 24.80 21.17
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incl 453.5 455.0 1.5 157.00 124.00
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SU-334 6257900N -64/360
426550E 262.61 263.11 0.5 202.00 218.00
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305.78 306.28 0.5 41.10 38.60
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381.68 382.18 0.5 1,160 453.00 Uncut
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508.0 524.3 16.3 2.71 19.77
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543.41 543.91 0.5 432.00 289.00
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SU-335 6258102N -50/180
426297E 171.65 172.5 0.85 104.50 75.60
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221.98 226.5 4.52 45.43 33.83
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incl 225.5 226.5 1.0 130.50 71.20
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SU-337 6258085N -45/180
426350E 332.45 333.39 0.94 45.40 41.10
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SU-338 6258214N -50/180
426451E 141.0 147.0 6.0 5.82 51.35
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336.38 337.02 0.64 2,350 876.00 Uncut
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SU-339 6257935N -73/30
426480E 254 255.5 1.5 22.20 22.10
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278.39 278.89 0.5 19.35 6.10
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SU-340 6258102N -60/180
426297E 232.36 232.86 0.5 81.10 50.10
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258.16 259.19 1.03 150.27 68.97
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293.82 294.82 1.0 233.50 105.50
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311.5 316.0 4.5 4.58 9.17
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SU-341 6258121N -50/180 1 Gold
426453E sample
173.52 176.15 2.63 183.33 174.78 cut
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173.52 176.15 2.63 438.08 174.78 Uncut
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incl 173.52 174.02 0.5 462.00 175.00
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incl 175.65 176.15 0.5 1,840 730.00 Uncut
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SU-342 6257755N -61/360
426329E 78.93 79.43 0.5 15.20 11.80
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158.3 158.8 0.5 98.50 34.30
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323.5 325.0 1.5 24.20 16.50
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340.0 341.5 1.5 86.00 44.40
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SU-343 6258293N -50/180
426456E 171.0 177.0 6.0 2.48 55.90
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SU-344 6258099N -45/360
426298E 76.37 76.87 0.5 16.45 26.30
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92.24 92.74 0.5 51.20 20.00
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SU-345 6258085N -53/180
426350E 125 134.94 9.94 5.86 42.77
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1 Gold
sample
162.19 173 10.81 39.63 19.44 cut
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162.19 173 10.81 167.20 19.44 Uncut
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incl 162.19 162.89 0.7 2,470 84.10 Uncut
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1 Gold
sample
232.5 245.5 13.0 26.50 42.43 cut
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232.5 245.5 13.0 63.81 42.43 Uncut
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incl 232.5 233.55 1.05 59.80 142.00
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incl 233.55 234.05 0.5 1,470 621.00 Uncut
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393.5 397.5 4.0 9.36 6.83
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incl 395.49 395.99 0.5 46.80 26.10
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SU-346 6257880N -55/360
426351E 257.43 259 1.57 22.00 42.90
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399.18 399.83 0.65 75.40 98.10
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SU-348 6258277N -45/180
426524E 331.9 332.4 0.5 64.60 49.40
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(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 500 g/t were
cut to 500 g/t.
(3) All samples were submitted for preparation and analysis by ALS Chemex at
its facilities in Terrace, B.C. All samples were analyzed using multi-
digestion with ICP finish. Samples over 100 ppm silver were reanalyzed using
four acid digestion with an ore grade AA finish. Samples over 1,000 ppm
silver were fire assayed with a gravimetric finish. Samples with over 10 ppm
gold were fire assayed with a gravimetric finish. One in 10 samples was
blank, one in 20 was a standard sample, and differing one in 20 samples was
a field duplicate one-quarter split core assayed at ALS Chemex in Vancouver,
B.C. Assay results for completed drilling will be reported as they are
received over the course of the 2012 drilling season. 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 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.
(SEDAR filings: Pretium Resources Inc.)
Forward-Looking Statements
This Press 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 unsatisfactory results of due diligence, the ability to satisfy the conditions of closing of Offering and general economic conditions, 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.
Neither the TSX nor the NYSE has approved or 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)558-1784
invest@pretivm.com
www.pretivm.com
