Strathcona Mineral Services Ltd. of Toronto has been engaged as the independent Qualified Person to oversee and report on the 10,000-tonne bulk sample from the Valley of the Kings. Excavation of the bulk sample is scheduled to begin in early June. Planning is continuing with Strathcona Mineral Services on the work required to be completed prior to excavating the bulk sample, the procedures for excavating the bulk sample and the sampling protocols. The final report on the bulk sample is expected later in the year after the compilation of all data.
A feasibility study on the high-grade gold opportunity at Brucejack is ongoing, and mine planning is now well underway based on the November 20, 2012 Mineral Resource estimate (see news release dated November 20, 2012.) The Brucejack feasibility study is being advanced with an operating rate of 2,700 tonnes per day, with long-hole stoping and cemented paste backfill chosen for the mining method. Stopes will be mined using a combination of longitudinal and transverse mining, depending on zone width and orientation. Cemented paste tailings will be prepared in a paste plant located on surface and then pumped underground for distribution to the stopes.
As part of the feasibility study, we have completed locked cycle metallurgical testwork. The average locked cycle recoveries for combined gravity and flotation for the Valley of the Kings composites were 98.3% for gold and 92.5% for silver.
The feasibility study for the Brucejack Project is expected to be completed in the second quarter of 2013.
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.
During the quarter, we completed a private placement of flow-through shares for gross proceeds of $21,000,910 (see news release dated February 15, 2013). Pretivm's working capital as at March 31, 2013 was $22.5 million.
Subsequent to the end of the quarter, we announced a strategic investment by Liberty Metals & Mining Holdings LLC, a subsidiary of Boston-based Liberty Mutual Insurance, and completed a private placement of 5,780,346 common shares at a price of $6.92 per common share for gross proceeds of approximately $40,000,000 (see news release dated April 26, 2013).
We believe Pretivm is well-funded to complete the planned 10,000-tonne bulk sample and underground drilling program at the Valley of the Kings, continue ongoing permitting activities, and accelerate other activities which will advance the high-grade gold Valley of the Kings into development.
Pretivm's unaudited interim consolidated financial statements and Management Discussion and Analysis for the three months ended March 31, 2013 will be available on SEDAR and Pretivm's website www.pretivm.com.
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 and mineralization remains open along strike and at depth. A feasibility study for a high-grade underground mine in Brucejack's Valley of the Kings is underway and expected this quarter.
Most Popular Stories
- Hispanics Seek to Grow School Board Members
- Slow Week Ahead of December FOMC Meeting
- 'Knockout Game': Myth or Menace?
- U.S. Companies Eager for Iranian Business
- Questions Remain in Jenni Rivera's Death
- GM Bailout Saved 1.2 Million U.S. Jobs, Report Says
- Banks Fret as Volcker Vote Approaches
- Bitcoin Used to Buy Tesla Car
- Paul Walker Fans Pay Respects
- Yellen Set to Become One of World's Most Powerful Women