12:27:48 EDT Sun 25 Aug 2019
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Pretium Resources Inc
Symbol C : PVG
Shares Issued 184,188,091
Close 2019-04-03 C$ 10.86
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Pretium Resources' Brucejack drilling on schedule

2019-04-03 17:59 ET - News Release

Mr. Joseph Ovsenek reports


Pretium Resources Inc.'s planned ramp-up to 3,800-tonne-per-day production rate at its Brucejack mine, and its underground exploration drilling program, are both progressing on schedule. The company also reaffirms its 2019 production guidance.

"Our goal is to provide long-term cash generation and profitability at Brucejack," said Joseph Ovsenek, President & CEO of Pretivm. "Brucejack has proven itself as a low cost, highly profitable mine. Now with reserve expansion drilling underway, we are focused on demonstrating the potential for Brucejack to be a top-tier gold producer well into the future."

2019 Production Guidance Maintained

The Company expects to achieve its 2019 gold production guidance of 390,000 ounces to 420,000 ounces and the planned production ramp-up from 2,700 tonnes per day to 3,800 tonnes per day over the course of the year. During the first quarter, mining operations have prioritized increasing the development rate to 1,000 meters per month and opening up the deposit to allow access to a greater number of stopes to support a 3,800 tonnes per day mining rate by year end. As the mine continues to sequence through a lower grade area of the Valley of the Kings, all stopes above cut-off grade of approximately 5.0 grams per tonne gold are being mined as they become available for production. Accordingly, gold grade is expected to average approximately 10.4 grams per tonne over the course of 2019; both grade and tonnes are expected to be higher in the second half of the year.

Brucejack Ramp-up on Schedule

The modifications and upgrades required to sustainably process ore at the upgraded production rate of 3,800 tonnes per day are on schedule and will continue during regularly scheduled shut-downs. The most significant upgrade is the shift from concentrate bagging to a bulk loading system. The bulk loading system is currently installed in a temporary location within the mill, and is commissioned and operational. It is expected to be installed in its permanent location and completely integrated in the middle of the second quarter. Final modifications to the flotation circuit will be scheduled upon delivery of final components.

Underground development has been successfully accelerating from 700 to 1,000 meters per month throughout the quarter. Development is approaching 1,000 meters per month and is expected to maintain that rate throughout the year to ensure development remains ahead of production requirements to ensure steady mining rates of 3,800 tpd for the future.

2019 Reserve Definition and Expansion Drilling Ongoing

The 70,000-meter 2019 underground drill program commenced early in the first quarter. More than 24,000 meters of drilling in 183 drill holes have been completed to date. The program is expected to improve reserve definition ahead of mining and expand on the current Mineral Reserves at the Valley of the Kings. Opportunities for expansion are located at depth, to the west, to the east, and to the north-east of the currently defined Mineral Reserve. Exploration in the early part of the program focused westward towards the Brucejack fault and at depth below the 1200-meter level of the current development.

Drilling will continue through the year and is expected to include zones prospective for additional reserve expansion to the north-east of and at depth below the currently defined Mineral Reserves where previous drill programs have indicated the continuation of high-grade gold mineralization. A re-interpretation of previous drill results from the north-east indicates the presence of a repetition of the key stratigraphy that hosts high-grade gold mineralization in the Valley of the Kings.

Exploration drilling in 2015 intersected high-grade gold 1,000 meters to the east of the Valley of Kings below the Flow Dome Zone (see news release dated Oct 8, 2015). Resource expansion drilling to the east towards the Flow Dome Zone is planned for later in the year depending on development and permitting. Results will be released in due course.

Underground Exploration Drilling for Porphyry Source

In 2018, two 1,500-meter holes drilled east from the Valley of the Kings intersected Brucejack-style mineralization throughout demonstrating mineralization continuity between the Valley of the Kings and the Flow Dome Zone, an area approximately 1,000 meters east of the Brucejack Mine (see news release dated June 18, 2018). In addition, the drilling intersected anomalous mineralization to suggest proximity to porphyry-style mineralization at depth.

Based on the previous drill results and follow-up geophysical program and mineral chemistry evaluation, two deep holes were targeted to further test the porphyry potential below the Valley of the Kings and the Flow Dome Zone. The first of the two holes, VU-1785, drilled towards the south-east, was recently completed at 2,000 meters downhole. Multiple Valley of the Kings-style carbonate stockworks were visible in parts of the drill core. An update on intersections will be provided following the receipt of assay results and further evaluation. Drilling will commence on the second hole in early April.

Warwick Board, Ph.D., P.Geo, Pr.Sci.Nat., Vice President, Geology and Chief Geologist, Pretium Resources Inc. is the Qualified Person ("QP") responsible for the Brucejack Mine reserve definition and exploration drilling, and has reviewed and approved the scientific and technical information contained in this news release relating thereto.

Lyle Morgenthaler, B.A.Sc., P.Eng., Chief Mine Engineer, Pretium Resources Inc. is the QP responsible for Brucejack Mine development, and has reviewed and approved the scientific and technical information contained in this news release relating thereto.

Reserve and Resource Estimate Update Webcast and Conference Call

Updated Mineral Resource and Mineral Reserve estimates for the Valley of the Kings and an updated life of mine plan for the Brucejack Mine will be provided before market open on April 4, 2019.

A webcast investors day session to coincide with the release of these updates will also provide an overview of grade reconciliation, updated geological interpretation and mining initiatives, among other things.

Webcast and conference call details:

 Thursday, April 4, 2019 at 8:00 am EDT (5:00 am PDT)
 Webcast                         www.pretivm.com     
 Toll Free (North America)       1-800-319-4610      
 International and Vancouver     604-638-5340        

First Quarter 2019 Operational and Financial Results -- Webcast and Conference Call

The first quarter 2019 operational results and all production results going forward will be released with our quarterly financial statements.

Pretivm plans to release its first quarter 2019 operational and financial results after market close on Thursday, May 2nd, 2019. The webcast and conference call to discuss these results will take place Friday, May 3rd, 2019 at 8:00 am PT (11:00 am ET).

Webcast and conference call details:

 Friday, May 3, 2019 at 8:00 am PT (11:00 am ET)
 Webcast                       www.pretivm.com  
 Toll Free (North America)     1-800-319-4610   
 International and Vancouver   604-638-5340     

About Pretivm

Pretivm is a low-cost intermediate gold producer with the high-grade underground Brucejack Mine in northern British Columbia.

We seek Safe Harbor.

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