Mr. Robert Quartermain reports

PRETIUM RESOURCES INC.: BRUCEJACK PROJECT UPDATE

Pretium Resources Inc. has provided an update on its activities under way and planned for 2014 at its high-grade gold Brucejack project.

Permitting

Pretium expects to file its environmental assessment certificate application this quarter once it receives the final application information requirements from the British Columbia Environmental Assessment Office, which is expected shortly. Once filed, the application will be evaluated for completeness over a 30-day period by BCEAO with the involvement of a working group including representatives of first nations and local governments and other government agencies. Once the application has been accepted, the BCEAO has a maximum of 180 days to complete its review and prepare an assessment report for a decision by the Minister of Environment and the Minister of Energy and Mines.

In co-ordination with the provincial permitting process, the Canadian Environmental Assessment Agency will review the environmental impact statement which Pretium will submit concurrently with the provincial EAC application. Provincial and federal approval of the EAC application and EIS, respectively, allow for the issuance of the statutory permits and authorizations to begin construction of a mine at Brucejack.

Feasibility study

Work to update the Brucejack project feasibility study has been continuing, with the mine plan and mining stopes now updated to incorporate the revised economic parameters of $1,100 per ounce gold, $17 per ounce silver and an exchange rate of 92 U.S. cents to $1. Based on this work, the production rate of 2,700 tonnes per day has been confirmed. Other updates include equipment and materials pricing to the second quarter, and the update of labour rates, schedule and productivity. The amended Brucejack project feasibility study is on track for completion in June.

On completion of the amended feasibility study, basic engineering will commence in the third quarter, including the order of long-lead items to facilitate the start of construction once permits for the project have been received.

Exploration

Subsequent to the bulk sample program, underground exploration in the Valley of the Kings was undertaken to assess the geological nature of the stockwork mineralization between the dominant east-west system and the north-south Cleopatra structure in the area of the 426615E crosscut and 615 lateral. Non-selective material, which featured visible gold to varying degrees, was bagged from the blast rounds from benching (rounds of three metres by two metres and ranging in length from 10 to 15 metres), and from raising (rounds of 1.5 metres by one metre by two metres). The gold mineralization was hosted in variably oriented parts of the system, and not limited to a single structural feature.

In February, 2014, 1,000 tonnes of the bagged material from the 2013 Valley of the Kings exploration was processed at the Contact mill in Montana. From the production of gravity and flotation concentrates the company has recovered approximately 3,120 ounces of gold. The bulk of the assays have been received to date from Inspectorate America Corp., and final gold production remains subject to remaining assays and final establishment of weights and assays and settlement.

The Valley of Kings hosts measured and indicated gold resources of 8.7 million ounces (15.3 million tonnes grading 17.6 grams per tonne gold).

A portion of the proceeds from this one-time production will be used to finance initiatives in Northern British Columbia promoting community development. Under British Columbia's Mineral Tenure Act regulations, the company is permitted to process up to 1,000 tonnes per year per claim unit. The company will evaluate the potential for the production of 1,000 tonnes of selective high-grade material later in the year.

Crews are mobilizing to site to commence the 2014 exploration program at Brucejack which has been planned with a focus on continued resource definition in the Valley of the Kings, and which includes 15,000 metres of underground infill and step-out drilling to the east and west. The design of an access ramp from the 1,345-metre level access ramp to the 1,260-metre level is now being finalized.

Ian I. Chang, MASc, PEng, vice-president, project development, Pretium Resources, is the qualified person responsible for Brucejack project development. Kenneth C. McNaughton, MASc, PEng, chief exploration officer, Pretium Resources, is the qualified person responsible for the Brucejack project exploration program.

We seek Safe Harbor.