VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/05/13 -- Pretium Resources Inc. (TSX: PVG)(NYSE: PVG) ("Pretivm") is pleased to report the following highlights from the fourth quarter of 2012 and updates for the Brucejack Project in northern British Columbia.
Fourth Quarter 2012 Highlights and Significant Events
-- Announced on November 20, 2012 an updated Valley of the Kings Mineral Resource estimate for Brucejack. High-grade gold resources in the Valley of the Kings (5.0 g/t gold-equivalent cut-off) now total: -- 8.5 million ounces of gold in the Indicated Mineral Resource category (16.1 million tonnes grading 16.4 grams of gold per tonne); and -- 2.9 million ounces of gold in the Inferred Mineral Resource category (5.4 million tonnes grading 17.0 grams of gold per tonne);-- Announced on December 11, 2012 that Pretivm was selected to receive the 2013 Bill Dennis Award from the Prospectors & Developers Association of Canada ("PDAC") for advancing the Valley of the Kings;-- Completed the widening of a portion of the historical West Zone underground workings to five-by-five meters and commenced excavation of the ramp to access the Valley of the Kings underground from the historical West Zone underground workings;-- Completed metallurgical testwork for the Brucejack feasibility study which demonstrated recoveries of 98.3% for gold and 92.5% for silver;-- Ended the year with working capital at December 31, 2012 of $30.1 million;-- Completed a private placement on February 15, 2013 of 1,648,550 flow- through common shares, inclusive of the exercise of the underwriters' 80,450 flow-through share overallotment option for aggregate gross proceeds of $21 million.
The 2012 Brucejack surface exploration program was completed in mid-October with a total of 105,769 meters drilled in 306 holes. Drilling over the course of 2012 successfully demonstrated the continuity and projection of high-grade gold mineralization in Brucejack's Valley of the Kings. The Valley of the Kings now extends for over 1,000 meters along strike and remains open to the east and west along strike and at depth.
In late December, the widening of the historical West Zone underground workings was completed and excavation of the access ramp from the West Zone workings to the Valley of the Kings commenced. The widening of a portion of the existing underground workings to five-by-five meters was completed so that the historical West Zone portal and underground workings can be used for access to the Valley of the Kings with production-sized mining equipment. The current ramp alignment will allow acceleration of production development as it will be used to provide initial access to the Valley of the Kings and multiple headings for excavation of the planned production declines.
Approximately 250 meters out of the total planned length of 546 meters of the access ramp have been excavated since the turn towards the Valley of the Kings from the West Zone was initiated in December. A channel sampling program along the ramp will be conducted as work progresses, as the area is untested. Further underground sampling and drilling is planned after Valley of the Kings has been reached, which is expected in the second quarter of 2013.