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Pretium stocks soar as it tops bulk sample target by 47%

Brucejack

Brucejack

Photo by Pretium Resources

13th December 2013

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

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TORONTO (miningweekly.com) – The TSX-listed stock of Vancouver-based explorer Pretium Resources on Friday jumped to C$0.68 apiece after the company announced that it had topped its target of producing 4 000 oz of gold from a bulk sampling programme at its Brucejack project, in British Columbia.

Through its Valley of the Kings bulk sample programme, Pretium reported it had recovered 5 865 oz of gold from 10 302 t of dry ore. The company also reported that it had recovered 4 950 oz of silver.

With processing of the bulk sample now completed, crews had started the cleanout of the ball mill, flotation tanks, concentrate tank and other process equipment to recover more gold trapped within the process equipment. Pretium noted that final weights were still to be confirmed and assays and settlement, including the gold recovered from the process equipment cleanout, could still change the totals of the precious metals recovered.

The company expected to publish an amended feasibility study for the Valley of the Kings, based on the updated mineral resource, in the first half of 2014. Pretium also expected to file its environmental assessment certificate application in the first quarter of the New Year.

Pretium's shares fell sharply early in October, when Strathcona Minerals Services resigned from their part of overseeing the bulk sample project, aimed at addressing grade continuity.

As at June, the Valley of the Kings zone at Brucejack had produced a 6.6-million ounce resource, averaging 13.6 g/t gold. The Brucejack project had a total compliant proven and probable resource estimate of 19-million tonnes grading 12 g/t gold and 58 g/t silver, for 7.3-million ounces of gold and 35.3-million ounces of silver.

By Friday noon, the company’s stock gave back some of the early morning gains to change hands at C$6.11 apiece.

Edited by Creamer Media Reporter

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