Pretium Resources Inc.: Valley of the Kings 2012 Exploration Concludes With More High-Grade Gold

Marketwired

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct 18, 2012) - Pretium Resources Inc. (PVG.TO)(PVG) ("Pretivm") is pleased to report the final assays from its high-grade Brucejack Project in northern British Columbia. Results continue to confirm the projection and continuity of high-grade gold, including more intervals grading over 1 kilogram per tonne gold. (See Table 1 below for assays.)

Selected highlights from the Valley of the Kings include: 

  • Hole SU-557 intersected 7,947 grams of gold per tonne uncut over 0.60 meters (231.8 ounces of gold per ton over 1.97 feet);
  • Hole SU-578 intersected 1,175 grams of gold per tonne uncut over 0.50 meters (34.3 ounces of gold per ton over 1.64 feet) and
  • Hole SU-584 intersected 1,155 grams of gold per tonne uncut over 0.65 meters (33.7 ounces of gold per ton over 2.13 feet).

The bonanza-grade gold intercept noted above from hole SU-557, which was collared on section 426525E, was intersected 54 meters deeper and 54 meters north of the interval from the Valley of the Kings discovery hole SU-12 which graded 16,948 grams per tonne gold uncut over 1.5 meters, in the central area of the zone.

The interval noted above from hole SU-578, which was collared on section 426800E, was intersected 85 meters south and 40 meters east of the interval from hole SU-54 which intersected 2,490 grams of gold per tonne uncut over 1.59 meters, near the eastern margin of the Valley of the Kings. The interval from SU-584, which was collared on section 426262E, was intersected 12 meters above and 25 meters west of the interval from hole SU-493 which intersected 1,751 grams per tonne gold uncut over 1.2 meters, at the far western margin of the Valley of the Kings.

A plan of the Valley of the Kings highlighting the location of the holes noted above is located at http://media3.marketwire.com/docs/PVG1018m.pdf.

The assays for all holes after SU-466 will be incorporated in the 2012 Mineral Resource estimate for the Brucejack Project, which is expected later in the fourth quarter of 2012 or in the first quarter of 2013.

The recently completed 2012 Brucejack Exploration Program successfully confirmed the continuity of high-grade gold mineralization in the Valley of the Kings, and extended the zone to over 800 meters along strike. The Valley of the Kings remains open to the east, west, and at depth.

Table 1: Selected Brucejack Project Drill Results, October 2012 (SU-556 to SU-585)(1,3,4)
Hole
No.
Collar Coords. Dip/
Azimuth
  From
(meters)
To
(meters)
Interval
(meters)
Gold
(g/t)
Silver
(g/t)

Capping
(2)
VALLEY OF THE KINGS
SU-556 6258067N
427052E
-56/178   203.00 206.00 Low-grade Au, Ag quartz stockwork
        305.50 323.00 Low-grade Au, Ag quartz stockwork
SU-557 6258317N
426527E
-47/178   333.58 334.08 0.50 20.40 29.90  
        358.67 359.27 0.60 7,947 3,770 Uncut
        401.87 402.37 0.50 18.55 54.20  
        432.24 432.74 0.50 94.20 45.20  
        496.85 499.00 2.15 43.88 37.33  
      incl 497.35 499.00 1.65 52.50 44.10  
        523.00 524.50 1.50 16.55 15.10  
SU-558 6258239N
426527E
-47/178   319.20 323.50 4.30 20.82 13.97  
      incl 319.20 319.62 0.42 135.50 81.10  
      incl 321.81 323.50 1.69 18.60 10.80  
SU-559 6257973N
426225E
-45/358   14.84 16.40 1.56 4.42 125.51  
SU-560 6258291N
426480E
-53/178   100.61 101.11 0.50 50.10 28.20  
        330.50 332.00 1.50 42.00 51.30  
        434.12 437.85 3.73 66.80 73.18 1 Au sample cut
      or 434.12 437.85 3.73 111.20 73.18 Uncut
      incl 434.12 434.72 0.60 656.00 427.00  
      incl 437.35 437.85 0.50 38.50 19.00  
        460.86 461.36 0.50 98.20 42.90  
        518.27 518.77 0.50 300.00 143.00  
SU-562 6258207N
426703E
-51/178   2.00 4.61 2.61 10.95 14.42  
      incl 4.11 4.61 0.50 25.40 12.70  
        367.00 372.46 5.46 15.27 11.77  
      incl 371.90 372.46 0.56 124.50 83.60  
        416.50 417.00 0.50 421.00 207.00  
SU-563 6258121N
426951E
-56/178   377.00 378.50 1.50 107.00 45.90  
        439.5 464 Low-grade Au, Ag quartz stockwork
SU-564 6258299N
426227E
-50/175   86.00 87.50 1.50 54.60 24.30  
        287.86 288.36 0.50 317.00 181.00  
SU-565 6258121N
426302E
-64/177   98.21 98.71 0.50 287.00 48.00  
        168.50 171.50 3.00 9.42 18.35  
SU-567 6258106N
427184E
-57/177   254.00 257.00 Low-grade Au, Ag quartz stockwork
SU-568 6258156N
427000E
-52/177   28.05 28.55 0.50 8.38 540.00  
        109.60 110.10 0.50 5.93 691.00  
        328.50 330.00 1.50 116.50 40.90  
        443.00 460.50 17.50 20.59 19.26 1 Au sample cut
      or 443.00 460.50 17.50 30.62 19.26 Uncut
      incl 443.00 443.50 0.50 138.50 70.50  
      incl 443.50 444.00 0.50 731.00 314.00 Uncut
      incl 459.00 460.50 1.50 63.40 41.70  
SU-570 6258155N
426853E
-47/177   77.50 79.00 1.50 130.01 63.40 1 Au sample cut
      or 77.50 79.00 1.50 152.67 63.40 Uncut
      incl 78.50 79.00 0.50 448.00 187.00 Uncut
        95.50 99.56 4.06 9.11 139.11  
      incl 97.85 98.82 0.97 20.20 94.80  
        441.05 441.78 0.73 73.40 73.40  
SU-571 6257844N
426265E
-60/358   122.53 123.03 0.50 31.50 39.80  
        183.73 192.69 8.96 12.92 7.64  
        183.73 184.39 0.66 123.5 48.1  
        192.19 192.69 0.5 16.40 10.90  
        273.50 275.00 1.50 19.95 52.90  
        372.77 373.42 0.65 16.20 16.7  
SU-572 6258206N
426849E
-53/177   6.57 8.13 1.56 21.60 335.00  
        484.5 486 1.5 46.5 8.8  
        499.5 501 1.5 244 229  
SU-573 6258177N
426801E
-50/358   247.5 250.5 3 19.925 10.50  
        321.2 321.7 0.5 26.60 19.30  
SU-574 6258099N
426826E
-50/358   88.04 88.54 0.50 25.00 24.40  
        148.50 157.50 9.00 9.398 36.00  
        148.50 150.00 1.50 25.30 65.00  
        154.50 156.00 1.50 21.10 85.90  
        191.38 193.00 1.62 27.9 77.80  
SU-575 6258317N
426527E
-51/178   418.27 418.77 0.50 12.80 11.40  
        501.27 514.21 12.94 17.23 10.17  
      incl 501.27 501.87 0.60 292.00 113.00  
      incl 508.55 509.3 0.75 44.3 33.3  
      incl 513.71 514.21 0.5 19.00 11.70  
SU-577 6258067N
426451E
-50/178   26.66 27.16 0.50 41.50 141.00  
        75.09 80.99 5.90 9.95 12.63  
      incl 75.09 75.59 0.50 30.20 29.3  
      incl 80.49 80.99 0.50 79.00 49.5  
        127.38 127.88 0.50 42.40 32.60  
SU-578 6258076N
426803E
-50/358   14.32 14.82 0.50 1,175 87.20 Uncut
        189.60 192.10 2.50 7.49 16.70  
        253.60 254.10 0.50 105.50 73.80  
SU-579 6258151N
426852E
-46/357   13.00 14.50 1.50 20.70 177.00  
SU-580 6258151N
426853E
-46/357   69.50 71.00 1.50 8.96 145.00  
        101.00 111.50 10.50 4.69 64.66  
        208.06 209.50 1.44 15.70 37.60  
        320.88 321.38 0.50 18.40 45.30  
SU-582 6258108N
427185E
-45/358   236.50 238.00 1.50 6.10 440.00  
        245.50 247.00 1.50 7.86 256.00  
        419.00 420.50 1.50 12.65 19.50  
        443.79 444.29 0.50 20.30 888.00  
SU-584 6257883N
426264E
-50/358   32.15 36.05 3.90 26.89 38.02  
      incl 32.15 32.65 0.50 181.50 232.00  
      incl 35.55 36.05 0.50 20.10 46.20  
        49.50 50.25 0.75 44.80 25.70  
        135.77 140.45 4.68 79.19 89.78 1 Au sample cut
      or 135.77 140.45 4.68 186.83 89.78 Uncut
      incl 135.77 136.42 0.65 1,155 542.00 Uncut
      incl 136.42 138.00 1.58 48.70 24.60  
      incl 139.93 140.45 0.52 87.90 48.00  
        160.18 160.68 0.50 40.50 4.90  
SU-585 6258157N
426903E
-52/177   121.50 123.11 1.61 8.54 396.00  
        352.05 352.55 0.50 10.85 10.20  
        452.35 452.85 0.50 5.72 170.00  
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 380 g/t were cut to 380 g/t.
(3) Where low-grade quartz stockwork is noted, grades range between 0.4 to 2.0 grams per tonne gold and 20 to 200 grams per tonne silver.
(4) 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 and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,500 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 20 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.

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 high-grade gold Brucejack Project, located in northern British Columbia. Brucejack hosts a major undeveloped high-grade gold resource and mineralization remains open in all directions. A feasibility study for a high-grade underground mine in Brucejack''s Valley of the Kings is underway and expected in the second quarter of 2013.

(SEDAR filings: Pretium Resources Inc.)

Forward Looking Statements

This News 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 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.

Contact:
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

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