Mr. Robert Quartermain reports

PRETIUM REPORTS FIRST QUARTER 2012 RESULTS

Pretium Resources Inc. is releasing highlights from the first quarter of 2012, and updates for its Brucejack project in Northern British Columbia.

First quarter 2012 highlights and significant events:

• Began trading on the New York Stock Exchange on Jan. 12, 2012, under the symbol PVG and commemorated the listing by ringing the opening bell that day;
• Completed a private placement of flow-through common shares for total gross proceeds of $23,125,000;
• Announced positive results from a National Instrument 43-101-compliant preliminary economic assessment (PEA) for the high-grade gold and silver resources identified to date at Brucejack;
• Advanced a feasibility study on the high-grade opportunity at Brucejack, and an underground resource model for the high-grade gold and silver resources in the Valley of the Kings and West zone;
• Filed a final short form base shelf prospectus that will enable the company to make offerings of up to a total principal amount of $180-million of securities;
• Ended the quarter with working capital of $22,573,811;
• Announced on April 2, 2012, the adoption of a shareholder rights plan;
• Announced on April 3, 2012, a high-grade mineral resource estimate for Brucejack's Valley of the Kings and West zone;
• Completed a marketed offering of its common shares on May 9, 2012, for gross proceeds of $80,540,250.

2012 exploration

In late February, 2012, the company began mobilizing seven drills to its Brucejack project to commence the initial phase of the 2012 Brucejack exploration program, which consists of 25,000 metres of drilling focused on upgrading inferred gold resources to the indicated resource category. Highlights from the first results (see news release dated April 30, 2012) include:

• Hole SU-316 intersected 9,110 grams of gold per tonne over 0.5 metre (266 ounces gold per ton over 1.6 feet) and 1,035 grams of gold per tonne over 0.8 metre (30 ounces gold per ton over 2.6 feet);
• Hole SU-318 intersected 1,490 grams of gold per tonne over 0.7 metre (43 ounces gold per ton over 2.3 feet).

Planning is under way for the second phase of the 2012 Brucejack exploration program to test extensions of the Valley of the Kings along strike and at depth, and to test the six other high-grade gold zones identified to date on the property.

A permit application has been filed to access the Valley of the Kings underground by driving an exploration decline from the 1,330-metre level of the existing West zone underground workings. During the quarter, the West zone was dewatered past the 1,330-metre level, and a surveying and geotechnical mapping program was completed. A geotechnical surface drill program to confirm ground conditions between the Valley of the Kings and the West zone has also been completed. In addition, the company is in discussions with a mining contractor to carry out the underground exploration program.

Resource estimate

On April 3, 2012, the company announced a high-grade mineral resource estimate for the Brucejack project, which was completed by Snowden Mining Industry Consultants (see the Brucejack project mineral resources update technical report dated April 3, 2012, and filed on SEDAR on April 30, 2012). High-grade gold resources in the Valley of the Kings (cut-off of 5.0 g/t gold equivalent) now total:

• 4.9 million ounces of gold in the indicated resource category (8.9 million tonnes grading 17.3 grams of gold per tonne);
• 10.4 million ounces of gold in the inferred resource category (12.7 million tonnes grading 25.5 grams of gold per tonne).

An updated high-grade mineral resource estimate based on the initial phase of 2012 drilling is anticipated in the third quarter in support of the feasibility study now under way for the Brucejack project, which is expected to be completed in the first quarter of 2013.

Other developments

During the first quarter, the company completed a private placement of 1.25 million flow-through common shares at a price of $18.50 per share for total gross proceeds of $23,125,000. The gross proceeds of the offering will be used to accelerate exploration of the Valley of the Kings zone at the Brucejack project with infill and expansion drilling.

Pretium's working capital as at March 31, 2012, was $22,573,811. Subsequent to the end of the quarter, the company completed a marketed offering, through a syndicate of underwriters, of 5,554,500 of its common shares at a price of $14.50 per share for gross proceeds of $80,540,250.

The company believes it has sufficient working capital to maintain the tempo of activities as it advances the Valley of the Kings and West zone to production.

Pretium's unaudited consolidated financial statements, and management discussion and analysis, for the three months ended March 31, 2012, will be available on SEDAR and Pretium's website.

We seek Safe Harbor.