Pretium Resources Inc.: Valley of the Kings Intersects 9,110 g/t Gold as Drilling Resumes

Marketwired

VANCOUVER, BRITISH COLUMBIA--(Marketwire -04/30/12)- Pretium Resources Inc. (PVG.TO - News)(PVG - News) ("Pretivm") is pleased to report initial results from the 2012 drill program at its high-grade gold Brucejack Project in northern British Columbia (see Table 1 below for assays).

Selected highlights from the Valley of the Kings include:

 

-- Hole SU-316 intersected 9,110 grams of gold per tonne over 0.5 meters
(266 ounces gold per ton over 1.6 feet) and 1,035 grams of gold per
tonne over 0.8 meters (30 ounces gold per ton over 2.6 feet);


-- Hole SU-318 intersected 1,490 grams of gold per tonne over 0.7 meters
(43 ounces gold per ton over 2.3 feet).

2012 Drill Program

An initial 25,000-meter in-fill drill program is underway with seven drills turning and numerous intersections of electrum encountered to date. The first drill holes of the 2012 drill program continue to build on the success of the 2011 drill program with a focus on delineating the eastern end of the Valley of the Kings and testing for extension of the zone to the east. The primary objective of the 2012 drill program is to increase drill density at the Valley of the Kings to upgrade Inferred gold resources to the Indicated resource category in support of the feasibility study underway.

An updated high-grade resource estimate based on the initial 2012 drill program is anticipated in the third quarter. Planning is underway for an expanded drill program anticipated to commence this summer on completion of the in-fill drill program to test extensions of the Valley of the Kings along strike and at depth as well as test the six other high-grade gold zones identified to date, but not included in the high-grade resource estimate.

 

Table 1: Selected Brucejack Project Drill Results, April 2012 (SU-289 to SU-
310, 316, 318 and 320)(1,4)
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Hole Collar Dip/ From To Interval Gold Silver Capping
No.

Coords. Azimuth (meters) (meters) (meters) (g/t) (g/t) (2)
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VALLEY OF THE KINGS ZONE
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6258061N
SU-289 426645E -75/180 297.5 309.5 12.0 5.28 10.04
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incl 308.0 309.5 1.5 38.20 39.90
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6258061N
SU-291 426645E -65/180 25.72 26.42 0.7 10.85 141.00
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199.5 202.0 2.5 7.30 29.59
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235.0 238.0 3.0 6.40 15.05
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280.5 282.0 1.5 9.31 4.10
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338.0 339.5 1.5 12.55 14.20
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6257945N
SU-293 426797E -65/284 126.25 127.5 1.25 15.65 10.80
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210.5 212.0 1.5 24.70 25.90
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294.5 305.88 11.38 6.66 9.36
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incl 296.0 297.5 1.5 24.20 12.60
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381.0 387.5 6.5 9.66 407.64
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incl 383.43 386.24 2.81 17.60 323.58
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6258061N
SU-294 426645E -55/180 166.5 171.0 4.5 4.09 14.63
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6257945N
SU-296 426797E -75/284 250.0 253.0 3.0 13.04 16.50
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6258100N
SU-297 426537E -45/180 104.5 106.0 1.5 53.00 62.80
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203.5 218.5 15.0 6.94 10.56
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incl 217.0 218.5 1.5 58.90 44.90
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374.5 376.0 1.5 26.00 68.50
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6257830N
SU-299 426535E -45/360 66.67 67.17 0.5 4.00 1,180
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219.5 221.0 1.5 29.50 50.80
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286.88 288.11 1.23 14.05 5.70
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6258100N
SU-301 426537E -65/180 269.0 273.5 4.5 13.49 11.47
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347.66 348.16 0.5 146.50 96.00
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6257955N
SU-302 426595E -60/284 298.0 305.0 7.0 6.93 12.99
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incl 298.78 299.28 0.5 22.50 14.20
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6258100N
SU-303 426587E -45/180 144.86 145.36 0.5 74.10 91.10
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174.5 182.0 7.5 23.02 42.90
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incl 180.5 182.0 1.5 106.50 182.00
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6258223N
SU-304 426406E -75/145 302.5 303.66 1.16 120.00 97.00
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6258100N
SU-305 426562E -45/180 368.0 369.5 1.5 2.48 791.00
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6257761N
SU-306 426267E -50/30 138.09 138.59 0.5 35.60 18.80
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216.44 218.0 1.56 19.75 20.90
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6257833N
SU-307 426525E -65/360 56.5 59.5 3.0 7.84 70.70
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88.87 89.41 0.54 234.00 745.00
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155.5 157.0 1.5 43.90 29.50
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6258100N
SU-310 426562E -55/180 162.0 167.5 5.5 26.06 18.23
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incl 164.4 164.9 0.5 102.00 75.7
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191.66 196.67 5.01 12.28 8.92
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incl 196.17 196.67 0.5 84.00 39.70
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SU- 2 Gold
316 6257930N samples
(3) 426473E -75/30 302.62 326.75 24.13 29.71 119.66 cut
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302.62 326.75 24.13 225.85 119.66 Uncut
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incl 302.62 303.12 0.5 9,110 4,030 Uncut
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325.95 326.75 0.8 1,035 781 Uncut
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SU-
318 6257857N
(3) 426500E -70/270 29.5 36.75 7.25 3.06 45.14
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1 Gold
sample
61.41 71.0 9.59 42.38 68.58 cut
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61.41 71.0 9.59 114.64 68.58 Uncut
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61.41 62.11 0.7 1,490 856 Uncut
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SU- 1 Gold
320 6257900N sample
(3) 426550E -45/0 9.56 20.82 11.26 14.88 32.87 cut
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9.56 10.06 0.5 305.00 239.00 Uncut
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135.5 137 1.5 29.60 8.80 Uncut
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WEST ZONE
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6258831N
SU-290 426566E -75/135 186.5 202.0 15.5 1.13 75.76
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224.53 255.5 30.97 6.82 205.33
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incl 224.53 234.0 9.47 8.93 506.72
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291.0 308.27 17.27 1.45 4.67
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6258608N
SU-295 426553E -75/225 123.35 144.44 21.09 6.46 16.76
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incl 143.94 144.44 0.5 203.00 63.10
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6258852N
SU-309 426621E -75/135 274.0 283.0 9.0 1.88 87.42
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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) Partial drill results.
(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. 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.

Forward-Looking Statement

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, information with respect to timing and completion of possible offerings or secondary offerings under the Prospectus, our planned exploration and development activities, the adequacy of the Company's financial resources, the estimation of mineral resources, realization of mineral resource estimates, timing of development of the Company'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, the Company'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 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.

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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