VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/10/13 -- Pretium Resources Inc. (TSX: PVG)(NYSE: PVG) ("Pretivm") is pleased to report the following highlights from the first quarter of 2013 and updates for the Brucejack Project in northern British Columbia.
First Quarter 2013 Highlights and Significant Events
-- Completed a private placement on February 15, 2013 with a syndicate of underwriters for 361,300 Investment Tax Credit flow-through common shares of Pretivm at a price of $13.84 per share and 1,287,250 Canadian Exploration Expense flow-through common shares of Pretivm at a price of $12.43 per share for aggregate gross proceeds of $21 million;-- On March 4, 2013, during the Prospectors & Developers Association of Canada (PDAC) convention in Toronto, we were awarded the Bill Dennis Award, which recognizes a Canadian discovery or prospecting success, by the PDAC for advancing the Valley of the Kings at our high-grade gold Brucejack Project;-- Ended the quarter with working capital of $22.5 million;-- Completed a private placement on April 26, 2013 with Liberty Metals & Mining Holdings, LLC, a subsidiary of Boston-based Liberty Mutual Insurance, for 5,780,346 common shares at a price per share of $6.92 for gross proceeds of approximately $40 million;-- Announced on May 8, 2013 the completion of the ramp accessing the Valley of the Kings underground from the historical West Zone underground workings;-- On May 8, 2013, we also announced the sample tower and related equipment, which will be used for the Bulk Sample Program, had been transported to site along our recently completed all-weather exploration road. The over 75 kilometer-long exploration road with bridges has adequate load capacity for 85 tonne class permit vehicles and is expected to be suitable, with minor upgrades, for development and production.
2013 Exploration Programs
We have completed the access ramp to the Valley of the Kings from the West Zone at the targeted 1345-meter level of the 426600 cross-section, and have outlined the Bulk Sample Program and associated drilling at the Valley of the Kings beginning later this month (see news release dated May 8, 2013). In addition to targeting an area of mineralization for the bulk sample, 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 15,000 meters of underground drilling will be completed, in support of the Bulk Sample Program, at 7.5-meter and 15-meter centres along 120 meters of strike length and at 15- meter centres vertically for 60 meters above and 60 meters below the 1345-meter level of the Valley of the Kings. We will develop and install supporting infrastructure, cross cut the Valley of the Kings along section 426600, develop the north drill drift and commence the underground drill program later this month. The drill program will commence prior to excavating the bulk sample and run concurrently with the excavation of the bulk sample.