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Royal Gold and Seabridge Close Private Placement/Royalty Partnership in KSM
TORONTO, CANADA--(Marketwire - 06/30/11) - Seabridge Gold Inc. (TSX:SEA - News)(AMEX:SA - News) announced today that it has closed its previously announced private placement with Royal Gold Inc. whereby Royal Gold has purchased 1,019,000 common shares of Seabridge at C$29.44 per share (US$30.39), totaling C$30 million in cash. The purchase price for the shares is equal to a 15% premium over the volume weighted average trading price of Seabridge shares on the TSX for the five day trading period ending June 14, 2011.
In connection with the private placement, Seabridge granted Royal Gold an option to acquire a 1.25% Net Smelter Royalty ("NSR") on all gold and silver production from KSM for C$100 million. The option is exercisable for a period of 60 days following the announcement of receipt of all material approvals and permits, full project financing and certain other conditions.
Seabridge has also granted Royal Gold an 18 month option to acquire an additional C$18 million in Seabridge common shares that would be priced at a 15% premium over the market price at the time of subscription. If exercised, this additional investment in Seabridge shares would provide Royal Gold an option to acquire a further 0.75% NSR on all gold and silver production from KSM for an additional C$60 million on the same conditions as the 1.25% NSR.
Seabridge President and CEO Rudi Fronk welcomed Royal Gold as a partner in the KSM project noting that "our interests going forward are aligned...both want to find the right partner or purchaser to build and operate a mine at KSM when the time is right. The C$30 million private placement provides the funding needed to pursue the substantial upside opportunities, such as expansion of throughput, which are now under study to optimize the KSM project over the next several quarters."
Royal Gold President and CEO Tony Jensen said that his firm has completed due diligence on the KSM project using independent consultants. "This transaction offers Royal Gold an excellent entry point into one of the largest undeveloped gold deposits in the world. Once built, the economies of scale are expected to provide for low production costs and a robust production schedule, over a projected 50+ year mine life. These features, and the advantages of being located in British Columbia, Canada, fit well into our development portfolio as we layer in our next generation of growth. Our private placement in Seabridge supports the project advancement towards a final feasibility study and represents an attractive investment opportunity for Royal Gold as the project progresses."
Seabridge holds a 100% interest in several North American gold projects. The Company's principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral reserves and resources by project and resource category please visit the Company's website at http://www.seabridgegold.net/resources.php.
Forward-Looking Statements
We are making statements and providing information in this news release about our expectations for the future which are considered to be forward-looking information or forward-looking statements under Canadian and United States securities laws. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events including statements regarding the prospects that Royal Gold may exercise its option to acquire additional shares of Seabridge, that it may exercise its options to fund the construction of the KSM project by purchasing a royalty on its production and that the KSM project may attract a purchaser or joint venture partner able to take the project forward to production. All forward-looking statements are based on Seabridge's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward-looking statements. We are presenting this information to help you understand management's current views of our future prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws. This information is based on a number of material assumptions, and is subject to a number of material risks, which are contained in a comprehensive discussion of forward-looking information in our Annual Information Form filed on SEDAR at www.sedar.com and our Annual Report on Form 40-F filed on EDGAR at www.sec.gov/edgar.shtml.
ON BEHALF OF THE BOARD
Rudi Fronk, President & C.E.O.
PVG.TO UNCH $9.20
PXZRF.PK $9.50 bid
Pretium's underwriters exercise $15.08-million option
2011-06-30 10:05 ET - News Release
This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Here is a sample of this item:
Mr. Robert Quartermain reports
PRETIVM ANNOUNCES EXERCISE OF UNDERWRITERS' OPTION ON PREVIOUSLY ANNOUNCED BOUGHT PRIVATE PLACEMENT OF FLOW-THROUGH SHARES
Pretium Resources Inc.'s syndicate of underwriters, led by CIBC, and including BMO Capital Markets and GMP Securities L.P., have exercised the option to purchase an additional 460,000 flow-through shares, pursuant to its previously announced, bought deal financing. Pretivm has agreed to issue, by way of private placement, a total of 1.39 million flow-through common shares of Pretivm, at a price of $10.85 per flow-through share, for total gross proceeds of $15,081,500. The offering is scheduled to close on or about July 15, 2011, subject to regulatory approvals.
The gross proceeds of the offering will be used to accelerate exploration at Brucejack, so that a feasibility study on the high-grade opportunity at Brucejack can commence on completion of this year's exploration program. The gross proceeds of the offering will be used during the 2011 exploration program to incur eligible Canadian exploration expenses, that will qualify as flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada), and British Columbia flow-through mining expenditures, as defined in the Income Tax Act (British Columbia), which will be renounced to the subscribers, with an effective date no later than Dec. 31, 2011. In the event the company is unable to renounce qualifying expenditures, effective on or prior to Dec. 31, 2011, to the initial purchasers of flow-through shares, in a total amount not less than the gross proceeds raised from the issue of the flow-through shares, or such expenditures are reduced by the Canada Revenue Agency, the company will indemnify each flow-through share subscriber for the additional taxes payable by such subscriber, as a result of the company's failure to renounce the qualifying expenditures as agreed.
The remainder is available to Stockwatch subscribers.
Pretium arranges $10-million bought-deal financing
2011-06-29 16:51 ET - News Release
Mr. Robert Quartermain reports
PRETIVM ANNOUNCES BOUGHT PRIVATE PLACEMENT OF FLOW-THROUGH SHARES
Pretium Resources Inc. has entered into a bought-deal agreement with a syndicate of underwriters led by CIBC to issue by way of private placement 930,000 flow-through common shares of Pretivm at a price of $10.85 per flow-through share for aggregate gross proceeds of approximately $10-million. The offering is scheduled to close on or about July 15, 2011, subject to regulatory approvals.
The gross proceeds of the offering will be used to accelerate exploration at Brucejack, so that a feasibility study on the high-grade opportunity at Brucejack can commence on completion of this year's exploration program. The gross proceeds of the offering will be used during the 2011 exploration program to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada), and B.C. flow-through mining expenditures, as defined in the Income Tax Act (British Columbia), which will be renounced to the subscribers with an effective date no later than Dec. 31, 2011. In the event the company is unable to renounce qualifying expenditures effective on or prior to Dec. 31, 2011, to the initial purchasers of flow-through shares in an aggregate amount not less than the gross proceeds raised from the issue of the flow-through shares or such expenditures are reduced by the Canada Revenue Agency, the company will indemnify each subscriber for the additional taxes payable by such subscriber as a result of the company's failure to renounce the qualifying expenditures as agreed.
The underwriters have been granted the option to purchase up to an additional 460,000 flow-through shares at the issue price at any point up until 48 hours prior to closing of the offering.
The flow-through shares will be offered to accredited investors in all provinces of Canada pursuant to applicable securities laws. Subscribers under the offering will not be permitted to trade the flow-through shares for a period of four months plus one day from the closing of the offering.
The flow-through shares offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act of 1933.
We seek Safe Harbor.
Given their proximity to our projects, any further success that Seabridge has will be beneficial to us as well.
At a certain level of development I gotta think a major will come in and buy all three properties. Much value to be realized before then though. And if it works out that Pretivm/Seabridge can do it on their own all they way to production... then that is just fine with me - give all the value to the shareholders, not to the major
2011 Drill Program Underway at Seabridge Gold's KSM Project
http://finance.yahoo.com/news/2011-Drill-Program-Underway-iw-1976202235.html?x=0&.v=1
TORONTO, CANADA--(Marketwire - 06/09/11) - Seabridge Gold (TSX:SEA - News)(AMEX:SA - News) announced today that a $5.1 million exploration program is now underway at its 100% owned KSM project targeting higher grade material favorably located for early production, which could enhance the project's already robust economics.
The program is designed to upgrade approximately three million ounces of higher grade inferred gold resources at the Sulphurets and Kerr zones to proven and probable reserves. These resources are currently classified as waste in the 2011 Preliminary Feasibility Study. Drilling will also test the down-dip extension of the higher grade breccia zone at Mitchell. This material could potentially be exploited cost-effectively in an underground panel caving operation which is now under study. Panel caving deeper portions of the Mitchell deposit could improve production grades and substantially reduce stripping ratios and waste rock storage.
In May 2011, Seabridge announced the results of an updated Preliminary Feasibility Study ("PFS") for KSM (see news release at http://www.seabridgegold.net/readmore.php?newsid=322 dated May 2, 2011 for details). The PFS incorporated proven and probable reserves from four distinct deposits - Mitchell, Sulphurets, Kerr and Iron Cap. The study highlighted that: (1) significant additional inferred mineral resources exist within, and adjacent to, the projected pit limits; and (2) some of the inferred is above average project grade and is well located for early production. The primary objective of the 2011 exploration program will be to move the earlier production, higher grade inferred (approximately three million ounces) to proven and probable reserves. Approximately 12,000 meters of core drilling ($3.7 million) will be devoted to this objective
The second objective of the 2011 program is to test the down dip plunge projection of the Mitchell high-grade zone at an estimated cost of $1.4 million, utilizing both direct and indirect tools. The program includes a deep penetrating geophysical survey (audio-magneto telluric survey) and 3,000 meters of core drilling. These activities will focus on the northwest plunge of the Mitchell deposit under the north high wall of the designed pit that could potentially be exploited by adit in an underground panel caving operation.
The 100% owned KSM project, located near Stewart, British Columbia, Canada, is one of the world's largest undeveloped gold/copper projects. Proven and probable reserves for the KSM project are as follows (see news release at http://www.seabridgegold.net/readmore.php?newsid=322 dated May 2, 2011 for details):
KSM Proven and Probable Reserves-------------------------------------------------------------------------------------------------------------------------------------------------------- Average Grades ------------------------------------ Reserve Tonnes Gold Copper Silver MolybdenumZone Category (millions) (gpt) (%) (gpt) (ppm)--------------------------------------------------------------------------------------------------------------------------------------------------------Mitchell Proven 617.9 0.64 0.17 3.06 60.2 ---------------------------------------------------------------- Probable 848.6 0.59 0.16 3.02 61.8 ---------------------------------------------------------------- Total 1,466.5 0.61 0.16 3.04 61.2----------------------------------------------------------------------------Iron Cap Probable 334.1 0.42 0.20 5.46 48.4----------------------------------------------------------------------------Sulphurets Probable 179.1 0.62 0.26 0.61 59.8----------------------------------------------------------------------------Kerr Probable 212.7 0.25 0.46 1.28 Nil--------------------------------------------------------------------------------------------------------------------------------------------------------Totals Proven 617.9 0.64 0.17 3.06 60.2 ---------------------------------------------------------------- Probable 1,574.5 0.51 0.22 3.03 50.4 ---------------------------------------------------------------- Total 2,192.4 0.55 0.21 3.04 53.2---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Contained Metal ------------------------------------ Gold Copper Silver Moly Reserve Tonnes (million (million (million (millionZone Category (millions) ounces) pounds) ounces) pounds)--------------------------------------------------------------------------------------------------------------------------------------------------------Mitchell Proven 617.9 12.6 2,279 61 82 ---------------------------------------------------------------- Probable 848.6 16.0 3,040 82 116 ---------------------------------------------------------------- Total 1,466.5 28.7 5,320 143 198----------------------------------------------------------------------------Iron Cap Probable 334.1 4.5 1,490 59 36----------------------------------------------------------------------------Sulphurets Probable 179.1 3.6 1,021 4 24----------------------------------------------------------------------------Kerr Probable 212.7 1.7 2,155 9 Nil--------------------------------------------------------------------------------------------------------------------------------------------------------Totals Proven 617.9 12.6 2,279 61 82 ---------------------------------------------------------------- Probable 1,574.5 25.8 7,706 153 175 ---------------------------------------------------------------- Total 2,192.4 38.5 9,985 214 257--------------------------------------------------------------------------------------------------------------------------------------------------------
National Instrument 43-101 Disclosure
The KSM PFS was prepared by Wardrop, a Tetra Tech Company, under the direction of John Huang, and included the work of other consultants (see news release at http://www.seabridgegold.net/readmore.php?newsid=322 of May 2, 2011). The 2011 KSM exploration program will be under the direction of William E. Threlkeld, Senior Vice President of Seabridge. These individuals are Qualified Persons under National Instrument 43-101 and have approved this news release.
Seabridge holds a 100% interest in several North American gold projects. The Company's principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral reserves and resources by project and category please visit the Company's website at http://www.seabridgegold.net/resources.php.
All reserve and resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
This document contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of mineral reserves and mineral resources; (ii) any potential for the increase of mineral reserves and mineral resources, whether in existing zones or new zones; (iii) the amount of future production; (iv) further optimization of the PFS including capacity expansion; (v) completion of, and submission of, the Environmental Assessment Application; and (vi) potential for engineering improvements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "envisages", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
All forward-looking statements are based on Seabridge's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. These assumptions include: (i) the presence of and continuity of metals at the Project at modeled grades; (ii) the capacities of various machinery and equipment; (iii) the availability of personnel, machinery and equipment at estimated prices; (iv) exchange rates; (v) metals sales prices; (vi) appropriate discount rates; (vii) tax rates and royalty rates applicable to the proposed mining operation; (viii) financing structure and costs; (ix) anticipated mining losses and dilution; (x) metallurgical performance; (xi) reasonable contingency requirements; (xii) success in realizing further optimizations and potential in exploration programs and proposed operations; (xiii) receipt of regulatory approvals on acceptable terms, including the necessary right of way for the proposed tunnels; and (xiv) the negotiation of satisfactory terms with impacted First Nations groups. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Many forward-looking statements are made assuming the correctness of other forward looking statements, such as statements of net present value and internal rates of return, which are based on most of the other forward-looking statements and assumptions herein. The cost information is also prepared using current values, but the time for incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur, but specifically include, without limitation: risks relating to variations in the mineral content within the material identified as mineral reserves or mineral resources from that predicted; variations in rates of recovery and extraction; developments in world metals markets; risks relating to fluctuations in the Canadian dollar relative to the US dollar; increases in the estimated capital and operating costs or unanticipated costs; difficulties attracting the necessary work force; increases in financing costs or adverse changes to the terms of available financing, if any; tax rates or royalties being greater than assumed; changes in development or mining plans due to changes in logistical, technical or other factors; changes in project parameters as plans continue to be refined; risks relating to receipt of regulatory approvals or settlement of an agreement with impacted First Nations groups; the effects of competition in the markets in which Seabridge operates; operational and infrastructure risks and the additional risks described in Seabridge's Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2010 and in the Corporation's Annual Report Form 40-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml). Seabridge cautions that the foregoing list of factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions with respect to Seabridge, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Seabridge does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Seabridge or on our behalf, except as required by law.
ON BEHALF OF THE BOARD "Rudi Fronk" President & C.E.O.
Contact:
Contacts:Seabridge Gold Inc.Rudi P. FronkPresident and C.E.O.(416) 367-9292(416) 367-2711 (FAX)info@seabridgegold.netwww.seabridgegold.net
Pretivm Infrastructure
See slide 10 at http://www.pretivm.com/i/pdf/CorporatePresentation.pdf
Snowfield and Brucejack are about 30km away from the highway and a proposed power line and there seems to be plenty of water around.
Also see 1.12 at http://www.pretivm.com/i/pdf/2011-06-03_Brucejack_43-101.pdf
“The mine site is located west of the leach plant and will be accessible by an upgraded exploration road which will provide a year-round access to the mine site for the transport of the materials and workers.
The Brucejack leach plant site will be accessible by a planned permanent road constructed between a junction with Highway 37 and the leach plant site.
Highway 37, a major road access to northern BC, passes approximately 8 km from the Brucejack leach plant site (Figure 1.3).
At the mine site, a crushing facility will be designed to crush the mineralized material from the proposed mine. The mill will produce bulk gold-silver concentrate.”
Also 1 . 1 3 POWE R SU P P L Y A N D DI S T R I B U T ION
“At the production rate of 1,500 t/d, the operation load is estimated to be approximately 4 MW±10%. The load will be divided between the mine site located near Brucejack Lake and the leach plant site located near Highway 37.
Power for the mine site will be provided by four diesel generators, each rated 1.5 MW. Two diesel generators, each rated 1.5 MW will provide power for the leach plant. This will provide N-1 reliability. Power will be generated and distributed at 4.16 kV. Large loads, above 200 kW, will be fed directly at 4.16 kV. Smaller loads will be fed at 600 V. A heat recovery system will be installed to recover the heat generated from the diesel generators for building heating at both the sites.”
More details can be found in that PEA of course.
Also: “In May 2011, Pretivm announced the signing of a Mutual Confidentiality and Cooperation Agreement and a Mutual Access Agreement with Seabridge Gold Inc., whose KSM project shares a common boundary with Snowfield. The Mutual Confidentiality and Cooperation Agreement provides for, amongst other things, the completion of an engineering study examining the economics of combining Pretivm's Snowfield project and Seabridge's KSM project into one operation. The study is expected to be completed in the fourth quarter of 2011.”
More details to come for sure.
Eskay Creek mine is also not all that far away and that operated until 2008.
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-2403641250.html?x=0&.v=1
Pretium Resources Inc.: Brucejack's Valley of the Kings Drilling Intersects 18,755 Grams per Tonne Gold
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 06/08/11) - Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report that one of the first holes drilled in the 2011 Brucejack Project exploration program has encountered the highest-grading gold intersection to date on the property. Selected intercepts from the first 85 meters drilled of hole SU-115, in the Valley of the Kings Zone, include:
-- 0.6 meters with uncut grades of 18,755 grams of gold and 9,312 grams of silver per tonne (2.0 feet averaging 547.1 ounces gold and 271.6 ounces of silver per ton);-- 1.3 meters with uncut grades of 1,005 grams of gold and 577 grams of silver per tonne (4.2 feet averaging 29.3 ounces gold and 16.8 ounces of silver per ton);-- 0.5 meters with uncut grades of 4,209 grams of gold and 2,040 grams of silver per tonne (1.6 feet averaging 122.8 ounces gold and 59.5 ounces of silver per ton).
Hole SU-115, which was drilled to a total depth of 306 meters, was collared 60 meters west of previously-reported hole SU-12, which had intersected 1.5 meters grading 16,949 grams per tonne gold and 8,696 grams per tonne silver. The Valley of the Kings Zone is 50 to 100 meters in width, extends 400 meters along strike, and has been drill tested to a depth of 600 meters below surface. High-grade gold bearing veins have been identified within this mineral corridor, and Valley of the Kings is the main focus of the +50,000-meter drill program currently underway on the Brucejack Project.
The Preliminary Economic Assessment (PEA) recently completed on a high-grade underground operation at Brucejack has been filed on SEDAR and is now available on Pretivm's website. An update to the PEA incorporating the results from the 2011 program will commence following completion of the 2011 program.
All eight drills are now turning on the Brucejack property, and work has begun on the access road connecting to Highway 37.
Table 1: Selected Intercepts from Drill Hole SU-115 - June 2011(1,2,3)---------------------------------------------------------------------------- From To Interval Gold Silver CappingHole Number (meters) (meters) (meters) (g/t) (g/t) (ppm)----------------------------------------------------------------------------SU-115 58.5 79.5 21 16.9 152.1 3 samples cut to 130 Au, 1 cut to 2,100 Ag----------------------------------------------------------------------------Inc. 60.6 61.2 0.6 18,755 9,312 uncut----------------------------------------------------------------------------Inc. 61.2 62.48 1.28 1,005 577 uncut----------------------------------------------------------------------------Inc. 76.1 76.61 0.51 4,209 2,040 uncut----------------------------------------------------------------------------(1)True thickness to be determined.(2)All gold samples over 130 g/t were cut to 130 g/t.(3)Assays pending for remaining 221 meters of SU-115
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.
Only partial assay results for drillhole SU-115 are reported in this release. Full assay results for completed drilling will be reported as they are received over the course of the 2011 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 and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. 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.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604) 558-1784Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604) 558-1784invest@pretivm.comwww.pretivm.com
Pretivm PXZRF.PK PVG.TO +0.55 $9.22 +6.3%
Seabridge has the nearby KSM project and a market cap of 1.17 billion
Pretivm has Brucejack AND Snowfield and a market cap 788 million
Mining WILL be done here!
Pretium eyes high grade underground gold-silver mine in BC
http://www.mineweb.com/mineweb/view/mineweb/en/page103118?oid=128613&sn=Detail
While it continues to advance its massive Snowfield project, Pretium Resources has outlined an underground mine at the adjacent Brucejack deposit in BC with some truly bonanza gold/silver intercepts.
HALIFAX -
As promised earlier in the year Pretium Resources (TSX: PVG) has delivered a scoping study of a 135,000-ounce, gold-silver underground mine at its Brucejack deposit near Stewart, northern BC.
It is a second track for Pretium, which has also outlined a hefty, capital intensive open-pit mine comprising the lower grade resources at Brucejack and the adjacent Snowfield deposit. The relatively lithe, but high grade, underground option gives Pretium a path to production that could be much closer at hand in comparison to the time needed to develop the giant Snowfield sibling.
In its scoping study Pretium sees building a standalone, diesel-powered mine and mill at Brucejack with capital costs of $282 million and a 16-year mine life. The first 10 years would be the richest in terms of precious metal production with Pretium churning out 173,000 ounces gold and 1.1 million ounces silver a year.
By the end of its final year the mine would have produced some 2.2 million ounces gold and 15 million ounces silver. Pretium would pull 8.42 million tonnes of rock from the ground with mill feed grades estimated at 8.58 g/t gold and 73.47 g/t silver.
In a base case scenario, assuming a $1,100 price of gold and $21 price of silver, net present value is $662 million, discounted at five percent. Accordingly payback would come after about four years.
The underground project outline is in stark contrast to the bulk tonnage Snowfield-Brucejack project, where last year Silver Standard, which previously owned the project, sketched out a 120,000-tonne-per-day mine, that would cost about $3.5 billion to build, but also produce nearly 700,000 ounces of gold a year, along with significant amounts of silver, copper, molybdenum and rhenium, over a 27-year mine life.
Though Pretium has lately focused its efforts, especially in the field, on the Brucejack underground scenario, with that astronomical level of potential production centered around Snowfield, Pretium has clearly not lost its appetite to go after the mega deposit.
In fact the project could get bigger. Recently Pretium announced it had signed a cooperation agreement with Seabridge Gold to consider, among other things, the economics of combining Pretium's Snowfield with Seabridge's KSM project next door.
While to date KSM and Snowfield have been considered as separate projects, they are a contiguous deposit. Recognizing this, both companies want to know the possible upside of mining KSM and Snowfield together in a single super-pit.
The agreement also give Pretium an important access-way to its Brucejack project over Seabridge's KSM property.
Snowfield aside, in terms of exploration Brucejack remains Pretium's focus for now. Pretium says a 50,000 metre drill program there is underway, the thrust of which is to better delineate and further expand the deposit. Initial drilling showed some really remarkable high grade gold/silver intersections in six holes and part of the programme is being designed to show what continuations there may be of this particularly rich area.
Pretivm Resources Inc.: Positive PEA for Brucejack Gold Project
http://finance.yahoo.com/news/Pretivm-Resources-Inc-iw-445148779.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 06/02/11) - Pretium Resources Inc. ("Pretivm") (TSX:PVG - News) is pleased to report 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 its Brucejack Project in northern British Columbia. The PEA was prepared by Wardrop, a Tetra Tech Company (Wardrop).
-- PEA Highlights -- Base case estimated pre-tax Net Present Value (5% discount) of US$662 million and internal rate of return of 27.1%, using US$1,100/oz gold and US$21/oz silver; -- Mine life of 16 years, with an average processing rate of 1,500 tonnes/day; -- Annual average production for first ten years of 173,200 ounces of gold and 1.12 million ounces of silver; -- Estimated capital cost, including contingencies, of US$281.7 million.
Economic Evaluation
A summary of pre-tax financial outcomes using three metal price scenarios, including recent spot metals prices, is presented below:
Table 1: Summary of Brucejack High-Grade Pre-Tax Economic Results--------------------------------------------------------------------------- Alternate Base Spot Prices at Case Case (1) May 27, 2011---------------------------------------------------------------------------Gold price (US$/ounce) $878 $1,100 $1,536.30---------------------------------------------------------------------------Silver Price (US$/ounce) $14.50 $21.00 $37.86---------------------------------------------------------------------------Net Cash Flow $512 million $1.079 billion $2.133 billion---------------------------------------------------------------------------Net Present Value (5.0% discount rate) $255 million $662 million $1.416 billion---------------------------------------------------------------------------Internal Rate of Return 14.3% 27.1% 48.3%---------------------------------------------------------------------------Payback 6.6 years 4.2 years 2.5 years---------------------------------------------------------------------------Exchange Rate (US$:C$) $0.93 $0.93 $1.02---------------------------------------------------------------------------(1) Wardrop-adopted consensus forecast metal prices from the Energy MetalsConsensus Forecast (EMCF).
Production and Processing
The Brucejack high-grade project is planned to commence as an underground mining operation, with small-scale open pit mining commencing near the depletion of the underground mining inventory. The estimated underground mining inventory is comprised of 6.16 million tonnes of mineralized material with an average mill feed grade of 10.5 grams per tonne gold and 87.26 grams per tonne silver. The remaining inventory is comprised of 2.26 million tonnes of mineralized material from the open pits with an average mill feed grade of 3.35 grams per tonne gold and 35.95 grams per tonne silver.
The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the PEA will be realized.
Gold-silver dore will be produced using a combination of conventional bulk sulphide flotation, gravity concentration and cyanidation, with gold and silver recovery by the Merrill-Crowe process. A total of 2.16 million ounces of gold and 14.72 million ounces of silver will be produced over the life of mine. The following table summarizes the production and processing parameters:
Table 2: Projected Production and Processing Summary--------------------------------------------------------------------------Mine Type Underground (1)--------------------------------------------------------------------------Total Production 8.42 million tonnes (2)--------------------------------------------------------------------------Processing Rate 1,500 tonnes per day-------------------------------------------------------------------------- Gold Silver--------------------------------------------------------------------------Average Mill Feed Grade 8.58 grams per tonne 73.47 grams per tonne--------------------------------------------------------------------------Average Metal Recoveries 93% 74%--------------------------------------------------------------------------Average Annual Production (ounces):-------------------------------------------------------------------------- Years 1-10 173,200 1.12 million-------------------------------------------------------------------------- LOM (16 years) 135,000 918,000--------------------------------------------------------------------------Total Production (ounces):-------------------------------------------------------------------------- Years 1-10 1.73 million 11.15 million-------------------------------------------------------------------------- LOM (16 years) 2.16 million 14.72 million--------------------------------------------------------------------------(1) Underground mining for first 13 years followed by small-scale open pitmining.(2) Includes underground and open pit production.
Capital and Operating Costs
The total estimated capital cost for the Brucejack high-grade project is US$281.7 million and the estimated operating costs are C$158.36 per tonne milled for underground mining and C$68.77 per tonne milled for open pit operation. The following tables summarize the cost components:
Table 3: Capital Costs Summary Table 4: Operating Costs Summary--------------------------- --------------------------------------- Capital Costs Operating Costs Under- Open (US$ million) (C$/t milled) ground Pit--------------------------- ---------------------------------------Direct Costs 198.2 Mining 103.78 15.29--------------------------- ---------------------------------------Indirect Costs 46.4 Processing 34.56 34.56--------------------------- ---------------------------------------Owner's Costs 7.9 General & 14.87 13.78 Administrative--------------------------- ---------------------------------------Contingencies 29.2 Plant Services 5.14 5.14--------------------------- ---------------------------------------Total Capital Cost 281.7 Total Operating Cost 158.36 68.77--------------------------- ---------------------------------------
Independent Qualified Persons
The following Qualified Persons as defined by National Instrument 43-101 are independent of Pretivm and responsible for the Brucejack Gold and Silver Project PEA:
----------------------------------------------------------------------------Qualified Person Scope of Responsibility----------------------------------------------------------------------------Hassan Ghaffari, P.Eng. Capital cost estimate, projectWardrop Engineering Inc. execution plan, financial analysis----------------------------------------------------------------------------John Huang, P.Eng. Mineral processing and metallurgicalWardrop Engineering Inc. testing, infrastructure, process operating cost estimate----------------------------------------------------------------------------Pierre Pelletier, P.Eng. Environmental considerationsRescan Environmental Services Ltd----------------------------------------------------------------------------Tracy Armstrong, P.Geo. Geology, property: description,P&E Mining Consultants Inc. history, geological setting, deposit types, mineralization, exploration, physiography, drilling, sampling and data verification. Adjacent properties----------------------------------------------------------------------------Fred H. Brown, CPG, Pr.Sci.Nat. Mineral resource estimateP&E Mining Consultants Inc.----------------------------------------------------------------------------H. Warren Newcomen, P.Eng. Preliminary geotechnical designBGC Engineering Inc.----------------------------------------------------------------------------Hamish Weatherly, P. Geo. Water managementBGC Engineering Inc.----------------------------------------------------------------------------Clint Logue, P.Eng., P.Geo. Waste management and leach plantBGC Engineering Inc. tailings storage facility design----------------------------------------------------------------------------Peter Mokos, MAusIMM (CP) Mining, including capital andAMC Mining Consultants (Canada) Ltd. operating costs estimates----------------------------------------------------------------------------
Brucejack Project Update
Upon completion of the 2011 drill program now underway at Brucejack, a new mineral resource estimate for the project's high-grade gold and silver resources will be prepared which will form the basis for an updated Preliminary Economic Assessment. Concurrent with the preparation of an updated PEA, which is planned to commence in Q4 2011, Pretivm will either proceed with a pre-feasibility study or advance directly to a full feasibility study for the Brucejack Project high-grade development opportunity.
Ian I Chang, M.A.Sc., P.Eng., Vice President, Project Development, Pretium Resources Inc. is the Qualified Person (QP) responsible for Brucejack Project development.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in north-western British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. 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.
The TSX has neither approved nor disapproved of the information contained herein.
Pretium Resources Inc.: Brucejack Project High-Grade Gold Drilling Underway
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-3003993675.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/30/11) - Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report that the 2011 exploration program is now underway at its Brucejack Project in northern British Columbia. Five out of eight drills with crews have been mobilized to the project and drilling has commenced. Drill pad construction is progressing ahead of schedule and the first 30 drill pads have been completed. The remaining drills and crews are scheduled to arrive within a week.
Over 50,000 meters of drilling is planned this season, with the majority concentrated on the known areas of high-grade gold mineralization. Definition drilling of the Valley of the Kings Zone, where previous drilling has encountered multi-kilogram gold intersections in parallel zones, is the first area of focus for the 2011 program. Other priorities include testing for extensions of the West Zone footwall, a new area of mineralization defined in 2010, as well as testing for high-grade structures located within the Bridge and Gossan Hill zones.
Additional targets to be tested on the Brucejack property include numerous potential high-grade structures which have had limited or no drilling.
A map of the Brucejack 2011 drill program, as well as a table of selected high-grade intervals from the 2009/2010 drill programs, is available on Pretivm's web site http://www.pretivm.com/s/Brucejack.asp. 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 north-western British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. 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.
The TSX has neither approved nor disapproved of the information contained herein.
Pretivm Reports First Quarter 2011 Results
http://finance.yahoo.com/news/Pretivm-Reports-First-Quarter-iw-2205277377.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/13/11) - Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report the following highlights from the first quarter of 2011 and updates for its Brucejack and Snowfield projects in northern British Columbia.
First Quarter 2011 Highlights:
-- High-grade resource outlined at Brucejack using a cut-off grade of 5.0 grams of gold-equivalent per tonne;-- A Preliminary Economic Assessment (PEA) of the Brucejack high-grade resource, now expected in June 2011;-- A 134% increase in total gold and silver resources at the Brucejack project;-- Following completion of the quarter, the announcement of cooperation agreements with Seabridge Gold Inc. including the preparation of an engineering study examining the economics of combining Pretivm's Snowfield Project and Seabridge's KSM Project as a single operation;-- Secondary offering by principal shareholder Silver Standard Resources Inc. which reduced its equity interest in Pretivm to approximately 28% (22% assuming the exercise of all warrants); and-- Working capital of $44.6 million at the end of the quarter.
Brucejack Project
In February, Pretivm announced a 134% increase in bulk tonnage gold and silver resources at Brucejack from 2010 to 2011 with Measured and Indicated gold resources of 8.18 million ounces of gold and 116.2 million ounces of silver (297 million tonnes grading 0.86 grams of gold and 12.17 grams of silver per tonne) and Inferred resources of 12.56 million ounces of gold and 151.2 million ounces of silver (542.5 million tonnes grading 0.72 grams of gold and 8.67 grams of silver per tonne) at a cut-off grade of 0.30 grams of gold-equivalent per tonne.
Within the bulk tonnage resource a higher-grade resource was defined using a cut-off grade of 5.0 grams of gold-equivalent per tonne. This higher-grade resource comprises Measured and Indicated resources of 903,000 ounces of gold and 21.92 million ounces of silver (3.67 million tonnes grading 7.66 grams per tonne gold and 185.84 grams per tonne silver) and Inferred resources of 1.90 million ounces of gold and 7.45 million ounces of silver (4.71 million tonnes grading 12.54 grams per tonne gold and 49.24 grams per tonne silver). (See news release dated February 22, 2011 for Brucejack resource estimates.)
A PEA examining the economics of an underground mining operation at Brucejack commenced in the first quarter and is expected to be completed in June.
The Brucejack property was the subject of extensive historical exploration with a particular focus on the West Zone, which included 49,800 meters of drilling and over five kilometers of underground development. A feasibility study for the West Zone was completed in 1990 and a Mine Approval Certificate was granted for a 350 tonne/day operation. The Brucejack project to date comprises nine modeled deposits, with new mineralized areas identified in the 2009 and 2010 exploration programs. The mineralization at Brucejack remains open in all directions, demonstrating the potential to further expand resources.
A drill program of over 50,000 meters primarily focused on the known areas of high-grade mineralization at Brucejack, particularly the recently-discovered Valley of the Kings Zone, will commence this month with crews now mobilizing to site.
Snowfield Project
An updated mineral resource estimate for Snowfield was announced in February, with Measured and Indicated gold resources totalling 25.92 million ounces (1,370.1 million tonnes grading 0.59 grams per tonne) and Inferred gold resources totalling 9.03 million ounces (833.2 million tonnes grading 0.34 grams per tonne) at a cut-off grade of 0.30 grams of gold-equivalent per tonne. Snowfield is a gold-enriched porphyry deposit which also hosts significant silver, copper, molybdenum and rhenium resources. (See news release dated February 23, 2011 for Snowfield resource estimates.)
Subsequent to the end of the quarter, Pretivm announced the signing of a Mutual Confidentiality and Cooperation Agreement and a Mutual Access Agreement with Seabridge Gold Inc., whose KSM project shares a common boundary with Snowfield. The Mutual Confidentiality and Cooperation Agreement provides for, amongst other things, the completion of an engineering study examining the economics of combining Pretivm's Snowfield project and Seabridge's KSM project into one operation. The study is expected to be completed in the fourth quarter of 2011. On completion of the study, Pretivm will determine how to best advance the Snowfield project.
Other Developments
At the end of the first quarter, Pretivm announced a secondary offering by its principal shareholder, Silver Standard Resources Inc. The secondary offering consisted of an aggregate of 11,500,000 units at a price of $10.00 per unit, with each unit consisting of one common share owned by Silver Standard and one-half of one common share purchase warrant of Pretivm. Each whole warrant is exercisable to purchase one common share of Pretivm owned by Silver Standard at a price of $12.50 per share for a period of 12 months following the closing on April 8, 2011. With the closing of the secondary offering, Silver Standard reduced its share position from 42.3% to 28.9%. Assuming all the warrants are exercised, its share position will be reduced to 22.1%.
Pretivm's working capital as at March 31, 2011 was $44,639,808 which is sufficient to fund its currently planned exploration programs.
Pretivm's unaudited consolidated financial statements and Management Discussion and Analysis for the three months ended March 31, 2011 will be available on SEDAR.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in north-western British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. 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.
The TSX has neither approved nor disapproved of the information contained herein.
Pretivm Reports Positive Metallurgical Results at Brucejack
http://finance.yahoo.com/news/Pretivm-Reports-Positive-iw-4028288628.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/12/11) - Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report positive preliminary metallurgical results for its wholly-owned Brucejack Project located 65 kilometers north of Stewart, British Columbia.
Based on a combination of gravity concentration and conventional leaching of a bulk flotation concentrate producing dore, precious metal recoveries from the higher-grade Brucejack mineralization are estimated as follows:
-- Gold recoveries range from 92% to 95%, with recoveries increasing with grade for sample grades ranging from 6 grams per tonne gold to 14 grams per tonne gold.-- Silver recoveries range from 73% to 76%, with recoveries increasing with grade for sample grades ranging from 20 grams per tonne silver to 120 grams per tonne silver.
A high-grade West Zone composite sample with a head grade of 77 grams per tonne gold achieved recoveries of 99% gold. The test results demonstrate the potential for excellent recoveries from the high-grade mineralization at Brucejack.
The testwork was conducted at Inspectorate Exploration and Mining Services Ltd., located in Richmond BC, under the supervision of independent consultant Frank Wright, P.Eng. The data is preliminary and subject to confirmation and further variability testing.
Preliminary Economic Assessment
A preliminary economic assessment (PEA) is underway based on the high-grade Brucejack resource which comprises Measured and Indicated resources of 903,000 ounces of gold and 21.92 million ounces of silver (3.67 million tonnes grading 7.66 grams per tonne gold and 185.84 grams per tonne silver) and Inferred resources of 1.90 million ounces of gold and 7.45 million ounces of silver (4.71 million tonnes grading 12.54 grams per tonne gold and 49.24 grams per tonne silver) at a 5.0 gram per tonne gold-equivalent cut-off. The high-grade resource is a subset of the bulk-tonnage Brucejack resource which increased by 134% from 2010 to 2011. (For Brucejack resource estimates see news release dated February 22, 2011). The study has progressed ahead of schedule and is now expected to be completed in June, 2011.
Exploration 2011
Over 50,000 meters of drilling is planned at Brucejack this season, with four drills scheduled to arrive in late May and a second group of four drills arriving in early June. A majority of the drilling will be concentrated on the known areas of high-grade mineralization with the intention of (a) tightening the drill spacing to increase the level of confidence to move Inferred mineral resources to Measured and Indicated mineral resource categories and to improve knowledge of the continuity of the high-grade mineralization for the Valley of the Kings and other high-grade zones (b) testing the high-grade mineralization to depths greater than the current 650 metres and (c) following up on a number of high-grade intercepts encountered in the 2009 and 2010 drill programs that are not sufficiently defined to be included in the high-grade resource.
The camp at site has been opened, and an expansion is underway to accommodate up to 120 people.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in north-western British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. 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.
The TSX has neither approved nor disapproved of the information contained herein.
Pretivm Inks Agreements on Cooperation with Seabridge
http://finance.yahoo.com/news/Pretivm-Inks-Agreements-on-iw-4102208896.html?x=0&.v=1
Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report that it has signed agreements with Seabridge Gold Inc. ("Seabridge") to cooperate in advancing Pretivm's Brucejack and Snowfield projects and Seabridge's KSM project, which together represent the largest undeveloped gold resource in North America.
Mutual Cooperation and Confidentiality Agreement
A Mutual Cooperation and Confidentiality Agreement has been signed that provides for, amongst standard provisions, the preparation of an engineering study examining the economics of combining Pretivm's Snowfield project and Seabridge's KSM project as a single operation. The study is expected to be completed in the fourth quarter of this year.
Snowfield contains 25.9 million ounces of Measured and Indicated gold resources (1,370.1 million tonnes grading 0.59 grams per tonne) and 9.0 million ounces of Inferred gold resources (833.2 million tonnes grading 0.34 grams per tonne) at a cut-off grade of 0.30 grams of gold-equivalent per tonne, with additional silver, copper, molybdenum and rhenium resources.
Ian Chang, Vice President, Project Development, will direct Pretivm's work with Seabridge on the engineering study. Mr. Chang was recently Project Director and Head of Project Management for Fluor Canada Limited, with responsibility for the management of mining and metal EPCM projects. Seabridge will have primary responsibility for the preparation of the study under the direction of Jay Layman, Executive Vice President and Chief Operating Officer.
Mutual Access Agreement
The KSM and Snowfield projects have a common boundary and neither can be mined to its maximum extent without encroaching on the other's land position. A Mutual Access Agreement has therefore been signed that provides for, amongst other things:
-- mutual access for stripping of overburden, which will provide: -- Seabridge with access to conduct stripping activities on Pretivm's Snowfield project to extract ore from Seabridge's KSM project, with Pretivm having the right to require Seabridge to process Snowfield project ore accessed by Seabridge's stripping activities on Pretivm's Snowfield project and to receive the value of the contained metal less a processing fee; and -- Pretivm with access to conduct stripping activities on Seabridge's KSM project to extract ore from Pretivm's Snowfield project, with Seabridge having the right to require Pretivm to process KSM project ore accessed by Pretivm's stripping activities on Seabridge's KSM project and to receive the value of the contained metal less a processing fee; and-- Pretivm access to its Snowfield and Brucejack projects over Seabridge's KSM project lands.
With the Mutual Access Agreement in hand, each of Seabridge and Pretivm can continue with plans to maximize the benefits and mining of each of their respective projects.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in north-western British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. 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.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604) 566-8782Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604) 566-8782invest@pretivm.comwww.pretivm.com
April 14, 2011 Pretium Resources is pleased to announce the appointment of Ian I Chang, M.A.Sc, P.Eng. as Vice President, Project Development. With over 25 years of experience in project and engineering management ranging from smaller high-grade underground gold mines to large-scale projects, Mr. Chang will take the lead engineering role in the advance of Pretivm's high-grade underground gold-silver Brucejack Project and bulk minable copper-gold Snowfield Project.
Mr. Chang was recently Project Director and Head of Project Management for Fluor Canada Limited, with responsibility for the management of EPCM for mining and metal projects, including the EPCM contract for Vale's $3 billion Long Harbour nickel-copper-cobalt refinery in Newfoundland. Over the course of his career he has held management, engineering and commissioning roles on a number of projects that have progressed through feasibility to successful operation. His roles have included: project manager for the Engineering and Procurement portion of the $650 million mine expansion of Minera El Abra in Chile; pre-feasibility study manager for a 2,000 tpd mine at Meadowbank in Nunavut; project manager for the design of the 3,300 tpd Musselwhite gold mill; project engineer on the engineering, construction and commissioning of the copper and zinc autoclave system of Hudson Bay's Flin Flon operations; mechanical engineer involved in the design for the column flotation cells at the Campbell Red Lake mine and for the design of the 450 tpd gold-silver concentrator at the Mineral Hill mine in Montana. Mr. Chang holds Bachelor and Master of Applied Science degrees in mechanical engineering from the University of British Columbia and is a registered professional engineer.
Mr. Chang's experience brings the relevant engineering skills to Pretivm's senior management group to advance the Brucejack and Snowfield projects.
Mr. Robert Quartermain reports
PRETIVM ANNOUNCES CLOSING OF SECONDARY OFFERING
The previously announced secondary offering by Pretium Resources Inc.'s principal shareholder, Silver Standard Resources Inc., has completed and included the exercise in full of the overallotment option granted to the syndicate of underwriters. The secondary offering consisted of an aggregate of 11.5 million units at a price of $10 per unit for gross proceeds to Silver Standard of $115-million. Each unit consists of one common share of Pretium owned by Silver Standard and one-half of one common share purchase warrant of Pretium, with each whole warrant exercisable to purchase one common share of Pretium owned by Silver Standard at a price of $12.50 per share for a period of 12 months following closing of the secondary offering.
Breaking News : Numerous drills and several helicopters on the property and drilling will begin in the next 4 to 8 weeks.
The amount of gold they found in one of the initial drill holes is INCREDIBLE!! I'm sure more information will be disclosed about these unbelievable results shortly.
Pretivm has near $70 Million in Cash!!
Pretium made an announcement
that was misunderstood by the street.
Price target is being lifted to over $40 / share and the big investment banks are now in on this deal.
I'm loading up more on this stock when the market opens on Monday.
Pretium receives approval for early adoption of IFRS
2011-03-18 05:08 ET - News Release
Mr. Robert Quartermain reports
PRETIUM RESOURCES INC.: EARLY ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
Pretium Resources Inc.'s application for the early adoption of international financial reporting standards (IFRS) has been accepted by applicable Canadian securities regulatory authorities.
In February, 2008, the Canadian Accounting Standards Board confirmed that IFRS would be replacing the Canadian generally accepted accounting principles (GAAP) for all publicly accountable enterprises for financial periods beginning on and after Jan. 1, 2011, but indicated companies may adopt IFRS prior to this date with approval from the applicable Canadian securities regulatory authorities. Based on the exemptive relief granted to Pretium, Pretium's annual consolidated financial statements and MD&A (management's discussion and analysis) for the year ended Dec. 31, 2010, have been prepared in accordance with IFRS. Pretium expects to file these financial statements and MD&A with applicable Canadian securities regulatory authorities shortly.
IFRS conversion
Pretium has considered the implications of adopting IFRS with respect to its obligations under applicable securities legislation. Pretium's management has established a comprehensive conversion plan and timeline including addressing changes to its accounting policy, information system and disclosure and its internal controls with its auditors PricewaterhouseCoopers LLP. It has prepared a protocol for addressing audit related matters and adoption items with PricewaterhouseCoopers LLP for the conversion from GAAP to IFRS. The audit committee of Pretium has been overseeing the implementation of the conversion plan and has received regular updates on its status and effectiveness. The readiness of Pretium's staff, board of directors, audit committee, auditors, investors and other market participants for the adoption of IFRS has been assessed by Pretium, and Pretium has concluded that they are adequately prepared.
Transition to IFRS
Pretium's first financial statements under IFRS will be the consolidated financial statements for the year ended Dec. 31, 2010. IFRS 1 -- First-time adoption of international financial reporting standards -- sets forth guidance for the initial adoption of IFRS and generally requires all IFRS standards and interpretations be accounted for on a retrospective basis, but provides for certain optional exemptions to this general principal.
Impact of IFRS
Pretium has identified key areas where changes in accounting policy are required to transition from GAAP to IFRS as follows:
Income taxes
There are a number of GAAP differences related to income taxes, the most significant being the calculation of temporary differences on non-monetary items and the initial recognition exemption on an asset acquisition.
IFRS provides an initial recognition exemption such that a deferred tax asset or liability is not recognized in the event it arises from initial recognition of an asset or liability acquired outside of a business combination. This exemption does not exist in GAAP.
Asset impairment
Both GAAP and IFRS require an entity to undertake impairment testing where there is an indication of impairment. Annual impairment tests are required for goodwill and indefinite lived intangible assets.
GAAP provides a two-step approach to testing a long-lived asset for impairment if an indication of impairment exists. The first step is a test for recoverability whereby the carrying value is compared with the undiscounted cash flows that the asset is expected to generate. If the undiscounted cash flows exceed the carrying amount, then no impairment charge is necessary. If the undiscounted cash flows are lower than the carrying amount of the asset, then the asset is written down to the estimated fair value, determined based on the discounted cash flows.
Under IFRS, if there is an indication of impairment the entity must compare the carrying value of the asset or cash generating unit (CGU) with the recoverable amount. Recoverable amount is defined as the higher of an asset or CGU's fair value less costs to sell and its value in use. Value in use is the present value of the future cash flows expected to be derived from an asset or CGU. An impairment loss is recognized to the extent that the carrying value exceeds the recoverable amount. Unlike GAAP, IFRS requires impairment charges to be reversed if the circumstances leading to the impairment no longer exist.
The company has assessed impairment indicators under IFRS and concluded that there were no such indicators, which was consistent with GAAP.
Provision for reclamation and rehabilitation
The primary differences between IFRS and GAAP for reclamation and rehabilitation provisions include the basis of estimation for undiscounted cash flows, the discount rate used, the frequency of liability remeasurement and recognition of a liability when a constructive obligation exists.
GAAP requires the estimate of undiscounted cash flows to be based on the amount that a third party would demand to assume the obligation, whereas IFRS focuses on the use of management's best estimate of the expenditures required to settle the obligation. The recognition principle is also broadened with the implementation of IFRS, which requires that a liability be recorded if there is a legal or constructive obligation, where GAAP requires a liability to be recognized when there is a legal obligation. These differences have not had a significant impact on the company's estimates.
The discount rate used to determine the present value of the expenditures for GAAP is the credit adjusted risk free rate for the entity. IFRS requires the use of a discount rate that reflects the risks specific to the liability.
In accordance with GAAP, the company's provision for reclamation and rehabilitation is remeasured when there is a change in the amount or timing of cash flows required to settle the obligation. IFRS requires the remeasurement of the liability at each reporting date. Although this calculation will occur more frequently, it will result in a simplification of the process due to the removal of the layering effect under GAAP.
Share-based payments
IFRS requires Pretium to measure share-based compensation related to share purchase options granted to employees at the fair value of the options on the date of grant and to recognize such expense over the vesting period of the options, similar to GAAP. However, under IFRS, the recognition of such expense must be done with a graded vesting methodology as opposed to the straight-line vesting method allowed under GAAP. In addition, under IFRS, forfeitures estimates are recognized in the period they are estimated and are revised for actual forfeitures in subsequent periods; while under GAAP, forfeitures of awards are recognized as they occur.
We seek Safe Harbor
thank you for the vid
silver100, thanks! Enjoyed the clip. Have you looked at CMCXF?
Bob Quartermain of Pretium Resources says that as mining for silver dwindles and scrap supply declines the price for silver has nowhere to go but up.
The Constraints on Silver Supply
At the Casey Research Gold and Resource Summit, Bob Quartermain spoke about the constraints facing silver supply today, “Mine supply doesn’t meet demand and in many of the new applications silver isn’t being recycled, so it’s not going to come back into the scrap supply chain... We’ll have to go out and find new mines or new sources for silver; and that can only speak to higher prices.” We’ve got the highlights of his speech in the video below.
http://www.caseyresearch.com/articles/constraints-silver-supply
that is okay, i got my info from international forecaster before this baby took off!
It was a headline copied directly from stockwatch- subscribe there for full story
Well, buy more? If it is targeted to be worth 30-36 a share, then it is a no brainer?
Forecaster or Spec?
Pretium Resources Inc.: Snowfield Resources Increase
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-1284700966.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 02/23/11) - Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report mineral resources at its wholly-owned Snowfield Project of 25.9 million ounces of Measured and Indicated gold resources and 9.0 million ounces of Inferred gold resources at a cut-off grade of 0.30 grams of gold-equivalent per tonne. The Snowfield Project is located 65 kilometers north of the town of Stewart, British Columbia.
Silver, copper, molybdenum and rhenium mineral resources at the Snowfield Project now total:
-- Silver resources of 75.8 million ounces of Measured and Indicated resources and 51.0 million ounces of Inferred resources;-- Copper resources of 2.98 billion pounds of Measured and Indicated resources and 1.10 billion pounds of Inferred resources;-- Molybdenum resources of 258.3 million pounds of Measured and Indicated resources and 127.7 million pounds of Inferred resources; and-- Rhenium resources of 22.5 million ounces of Measured and Indicated resources and 11.5 million ounces of Inferred resources.
Snowfield and Brucejack
With the mineral resource estimate for Snowfield (summarized in Table 1) and the recently announced mineral resource estimate for the Brucejack Project (see news release dated February 22, 2011), bulk-tonnage gold and silver mineral resources have increased by 33% and 64%, respectively, at the combined project. Measured and Indicated resources increased to 34.1 million ounces of gold and 191.9 million ounces of silver and Inferred resources increased to 21.7 million ounces of gold and 202.2 million ounces of silver (at a cutoff grade of 0.30 grams of gold-equivalent per tonne).
Exploration expenditures at the Snowfield and Brucejack Projects during 2010 totaled approximately $21.5 million. This translates to finding costs of $1.26 per ounce of gold-equivalent or $0.028 per ounce of silver-equivalent (equivalent based on gold and silver only and a gold/silver ratio of 45).
Table 1: Snowfield Mineral Resource Summary - February 2011(1)(Based on a cut-off grade of 0.30 grams of gold-equivalent/tonne)--------------------------------------------------------------------------- Contained (3) -------------------------------- Moly Rhen Copper (3) (3) Tonnes Sil- Cop- Gold Silver (bil- (mil- (mil-Cate- (mill- Gold ver per Moly Rhen ('000 ('000 lion lion liongory ions) (g/t) (g/t) (%) (ppm) (ppm) oz) oz) lbs) lbs) oz)---------------------------------------------------------------------------Meas-ured 189.8 0.82 1.69 0.09 97.4 0.57 4,983 10,332 0.38 40.8 3.5---------------------------------------------------------------------------Indi-cated 1,180.3 0.55 1.73 0.10 83.6 0.50 20,934 65,444 2.60 217.5 19.0------------------------------------------------------------------------------------------------------------------------------------------------------M+I 1,370.1 0.59 1.72 0.10 85.5 0.51 25,917 75,776 2.98 258.3 22.5------------------------------------------------------------------------------------------------------------------------------------------------------Infe-rred(2) 833.2 0.34 1.90 0.06 69.5 0.43 9,029 50,964 1.10 127.7 11.5---------------------------------------------------------------------------(1) Mineral resources for the February 2011 estimate are defined within aWhittle optimized pit shell that incorporates project metal recoveries,estimated operating costs and metals price assumptions. Parameters used inthe estimate include metals prices (and respective recoveries) ofUS$1,025/oz. gold (71%), US$16.60/oz. silver (70%), US$3/lb. copper (70%),US$19/lb. molybdenum (60%) and rhenium US$145/oz (60%). The pitoptimization utilized the following cost parameters: Mining US$1.75/tonne,Processing US$6.10/tonne and G&A US$0.90/tonne along with pit slopes of 45degrees. Mineral resources which are not mineral reserves do not havedemonstrated economic viability. The estimate of mineral resources may bematerially affected by environmental, permitting, legal, marketing, orother relevant issues. The mineral resources in this news release wereestimated using the Canadian Institute of Mining, Metallurgy and Petroleum(CIM), CIM Standards on Mineral Resources and Reserves, Definitions andGuidelines prepared by the CIM Standing Committee on Reserve Definitionsand adopted by CIM Council.(2) The quantity and grade of reported Inferred resources in thisestimation are uncertain in nature and there has been insufficientexploration to define these inferred resources as an Indicated or Measuredmineral resource and it is uncertain if further exploration will result inupgrading them to an Indicated or Measured mineral resource category.(3) Contained metal may differ due to rounding. "Moly" refers tomolybdenum. "Rhen" refers to rhenium.
Grade and tonnage estimates within the 0.3 grams of gold equivalent per tonne optimized pit shell at a cut-off grade of 0.5 grams of gold-equivalent per tonne contain 25.2 million ounces of Measured and Indicated gold resources and 6.8 million ounces of Inferred gold resources:
Table 2: Snowfield Grade & Tonnage 0.5 g/t gold-equivalentMineral Resource Summary - February 2011 (1)(Based on a cut-off grade of 0.5 grams of gold-equivalent/tonne within the 0.3 grams of gold-equivalent/tonne optimized pit shell)--------------------------------------------------------------------------- Contained (3) -------------------------------- Moly Rhen Copper (3) (3) Tonnes Sil- Cop- Gold Silver (bil- (mil- (mil-Cate- (mill- Gold ver per Moly Rhen ('000 ('000 lion lion liongory ions) (g/t) (g/t) (%) (ppm) (ppm) oz) oz) lbs) lbs) oz)---------------------------------------------------------------------------Meas-ured 184.2 0.83 1.71 0.09 98.6 0.58 4,940 10,109 0.37 40.0 3.4---------------------------------------------------------------------------Indi-cated 1,087.4 0.58 1.78 0.11 86.4 0.50 20,271 62,049 2.64 207.1 17.5------------------------------------------------------------------------------------------------------------------------------------------------------M+I 1,271.6 0.62 1.77 0.11 88.2 0.51 25,211 72,158 3.01 247.1 20.9------------------------------------------------------------------------------------------------------------------------------------------------------Infe-rred(2) 510.5 0.41 2.26 0.07 86.9 0.48 6,802 37,089 0.79 97.8 7.9---------------------------------------------------------------------------(1), (2) and (3), See footnotes to Table 1.
Grade and tonnage estimates within the 0.3 grams of gold equivalent per tonne optimized pit shell at a cut-off grade of 1.5 grams of gold-equivalent per tonne contain 4.4 million ounces of Measured and Indicated gold resources and 275 thousand ounces of Inferred gold resources:
Table 3: Snowfield Grade & Tonnage 1.5 g/t gold-equivalentMineral Resource Summary - February 2011(1)(Based on a cut-off grade of 1.5 grams of gold-equivalent/tonne within the 0.3 grams of gold-equivalent/tonne optimized pit shell)--------------------------------------------------------------------------- Contained (3) -------------------------------- Moly Rhen Copper (3) (3) Tonnes Sil- Cop- Gold Silver (bil- (mil- (mil-Cate- (mill- Gold ver per Moly Rhen ('000 ('000 lion lion liongory ions) (g/t) (g/t) (%) (ppm) (ppm) oz) oz) lbs) lbs) oz)---------------------------------------------------------------------------Meas-ured 38.8 1.62 1.77 0.08 126.6 0.84 2,022 2,209 0.07 10.8 1.0---------------------------------------------------------------------------Indi-cated 65.7 1.14 2.31 0.20 86.0 0.55 2,411 4,887 0.29 12.5 1.2------------------------------------------------------------------------------------------------------------------------------------------------------M+I 104.5 1.32 2.11 0.16 101.1 0.66 4,433 7,096 0.36 23.3 2.2------------------------------------------------------------------------------------------------------------------------------------------------------Infe-rred(2) 7.1 1.21 5.72 0.29 50.9 0.51 275 1,306 0.05 0.8 0.1---------------------------------------------------------------------------(1), (2) and (3), See footnotes to Table 1.
The above mineral resource estimates were prepared by Eugene Puritch, P.Eng., F.H. Brown, M.Sc. (Eng.), CPG Pr.Sci.Nat., and Antoine Yassa, P.Geo., of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, independent qualified persons, as defined by National Instrument 43-101. Mr. Puritch and Brown have reviewed and approved the contents of this news release.
The Snowfield Project resources were estimated from 192 drill holes completed by Silver Standard Resources Inc. totaling 76.4 km in length. Grade capping levels were derived for each resource domain from examination of probability and capping graphs. Bulk density values were derived from a total of 601 measurements and applied per lithological unit. The Snowfield Project mineral resource estimate is contained within a volume of 15,520 million m3.
Engineering Studies
With the significant increase in bulk-tonnage resources and the definition of a high-grade resource at the Brucejack Project, Pretivm is assessing various alternatives for advancing the combined projects to pre-feasibility. Pretivm has initiated a preliminary economic assessment examining the economics of a higher grade mining operation at the Brucejack Project, which is expected to be completed in the third quarter of this year. Concurrently, engineering studies will be advanced to optimize economics of the Snowfield Project.
About Pretivm
Pretivm is a start-up company that intends to acquire, explore and develop gold and precious metals resource properties, initially in the Americas. Pretivm has 100% interest in the Snowfield and Brucejack Projects in northern British Columbia; combined they represent one of the largest underdeveloped gold resources in North America. Pretivm's near term objectives are to focus on the high-grade gold opportunity at Brucejack, to advance the Projects to pre-feasibility and to explore for and acquire other precious metal resource properties.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement: This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final prospectus (Pretium Resources Inc.) filed on SEDAR at www.sedar.com. 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.
Qualified Person
Kenneth C. McNaughton, M.A.Sc., P.Eng., is the Qualified Person (QP) for Pretium Resources Inc. and is responsible for the Snowfield and Brucejack Project exploration programs and has verified and supervised the preparation of the exploration data. 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 20 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.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Robert QuartermainChief Executive Officer and President604.558.1784Pretium Resources Inc.Joe OvsenekChief Development Officer & Vice President604.558.1784604.558.4784 (FAX)invest@pretivm.comwww.pretivm.com
Pretium Resources Inc.: Brucejack Bulk-Tonnage Resource Increases By 134%; Brucejack High-Grade Resource Outlined
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-3485328544.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 02/22/11) - Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report a 134 percent increase in the bulk-tonnage gold resource at its wholly-owned Brucejack Project located in northern British Columbia. Measured and Indicated resources increased to 8.2 million ounces of gold and 116.1 million ounces of silver and Inferred resources increased to 12.6 million ounces of gold and 151.2 million ounces of silver at a cut-off grade of 0.30 grams of gold-equivalent per tonne.
In addition, grade and tonnage estimates within the 0.30 grams of gold-equivalent per tonne optimized pit shell at a cut-off grade of 5.00 grams of gold-equivalent per tonne, contain gold resources of:
-- 903,000 ounces of gold and 21.9 million ounces of silver in the Measured and Indicated resource categories (3.7 million tonnes grading 7.66 grams of gold and 185.84 grams of silver per tonne); and-- 1.9 million ounces of gold and 7.5 million ounces of silver in the Inferred resource category (4.7 million tonnes grading 12.5 grams of gold and 49.2 grams of silver per tonne).
Grade and tonnage estimates within the 0.30 grams of gold-equivalent per tonne optimized pit shell at a cut-off grade of 3.00 grams of gold-equivalent per tonne, contain gold resources of:
-- 1.34 million ounces of gold and 31 million ounces of silver in the Measured and Indicated resource categories (8.4 million tonnes grading 4.96 grams of gold and 114.4 grams of silver per tonne); and-- 2.42 million ounces of gold and 12.6 million ounces of silver in the Inferred resource category (9.6 million tonnes grading 7.80 grams of gold and 40.74 grams of silver per tonne).
The Brucejack Project to date comprises nine modeled deposits. Grade capping levels were derived for each resource domain from examination of probability and capping graphs. For the Valley of the Kings (VOK) Zone, the zone discovered in 2009 that provided intersections of up to 16.95 kg per tonne of gold over 1.5 metres, estimation was done using Median Indicator Kriging, and all high-grade intersections above 130 grams per tonne gold were capped at 130 grams of gold per tonne, including the 16.95 kg of gold per tonne intersection.
Table 1: Brucejack Project Bulk-Tonnage Resource Summary - February 2011(1) (Based on a cut-off grade of 0.30 grams of gold- equivalent/tonne)--------------------------------------------------------------- Contained(3) ---------------------- Tonnes Gold Silver Gold SilverCategory (millions) (g/t) ( g/t) ('000 oz) ('000 oz)---------------------------------------------------------------Measured 11.7 2.25 75.56 846 28,423---------------------------------------------------------------Indicated 285.3 0.80 9.57 7,338 87,782------------------------------------------------------------------------------------------------------------------------------M+I 297.0 0.86 12.17 8,184 116,205------------------------------------------------------------------------------------------------------------------------------Inferred(2) 542.5 0.72 8.67 12,558 151,220---------------------------------------------------------------1) Mineral resources for the February 2011 estimate are defined within aWhittle optimized pit shell that incorporates project metal recoveries,estimated operating costs and metals price assumptions. Parameters used inthe estimate include metals prices (and respective recoveries) ofUS$1,025/oz. gold (71%) and US$16.60/oz. silver (70%). The pit optimizationutilized the following cost parameters: Mining US$1.75/tonne, ProcessingUS$6.10/tonne and G&A US$0.90/tonne along with pit slopes of 45 degrees.Mineral resources which are not mineral reserves do not have demonstratedeconomic viability. The estimate of mineral resources may be materiallyaffected by environmental, permitting, legal, marketing, or other relevantissues. The mineral resources in this news release were estimated using theCanadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standardson Mineral Resources and Reserves, Definitions and Guidelines prepared bythe CIM Standing Committee on Reserve Definitions and adopted by CIMCouncil.(2) The quantity and grade of reported Inferred resources in thisestimation are uncertain in nature and there has been insufficientexploration to define these inferred resources as an Indicated or Measuredmineral resource and it is uncertain if further exploration will result inupgrading them to an Indicated or Measured mineral resource category.(3) Contained metal may differ due to rounding. Table 2: Brucejack Project 5.00g/t Grade & Tonnage Resource Summary - February 2011(1)(4)(Based on a cut-off grade of 5.0 grams of gold-equivalent/tonne within the 0.30 grams of gold-equivalent/tonne optimized pit shell)--------------------------------------------------------------- Contained(3) ---------------------- Tonnes Gold Silver Gold SilverCategory (millions) (g/t) ( g/t) ('000 oz) ('000 oz)---------------------------------------------------------------Measured 1.947 7.95 241.25 498 15,102---------------------------------------------------------------Indicated 1.722 7.33 123.19 406 6,820------------------------------------------------------------------------------------------------------------------------------M+I 3.669 7.66 185.84 903 21,922------------------------------------------------------------------------------------------------------------------------------Inferred(2) 4.707 12.54 49.24 1,898 7,452---------------------------------------------------------------(1), (2) and (3), See footnotes to Table 1.(4) The 5.0 g/t Grade & Tonnage Resource Summary is a subset of the bulk-tonnage resource estimate and as such is included within the bulk-tonnageresource estimate and is not in addition to the bulk-tonnage resourceestimate. Table 3: Brucejack Project 3.00g/t Grade & Tonnage Resource Summary - February 2011(1)(4)(Based on a cut-off grade of 3.0 grams of gold-equivalent/tonne within the 0.30 grams of gold-equivalent/tonne optimized pit shell)--------------------------------------------------------------- Contained(3) ---------------------- Tonnes Gold Silver Gold SilverCategory (millions) (g/t) ( g/t) ('000 oz) ('000 oz)---------------------------------------------------------------Measured 3.495 5.43 177.98 610 19,999---------------------------------------------------------------Indicated 4.940 4.62 69.33 734 11,011------------------------------------------------------------------------------------------------------------------------------M+I 8.435 4.96 114.35 1,344 31,010------------------------------------------------------------------------------------------------------------------------------Inferred(2) 9.637 7.80 40.74 2,417 12,623---------------------------------------------------------------(1), (2) and (3), See footnotes to Table 1.(4) The 3.0 g/t Grade & Tonnage Resource Summary is a subset of the bulk-tonnage resource estimate and as such is included within the bulk-tonnageresource estimate and is not in addition to the bulk-tonnage resourceestimate.
The above tables summarize the high-grade and bulk-tonnage Brucejack Project mineral resource totals. The mineral resource estimates contained in this news release were prepared by Eugene Puritch, P.Eng., F.H. Brown, M.Sc. (Eng.), CPG Pr.Sci.Nat., and Antoine Yassa, P.Geo., of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, independent qualified persons, as defined by National Instrument 43-101. Mr. Puritch and Brown have reviewed and approved the contents of this news release.
The Brucejack Project mineral resources were estimated from 362 historical surface drill holes, 439 historical underground drill holes, and 107 drill holes completed by Silver Standard Resources Inc., for a total length of 146 km. A bulk density value for mineral resource estimation of 2.80 t/m(3) was derived from historical records and 318 measurements taken by Silver Standard. The Brucejack Project mineral resource estimate is contained within a volume of 9,800 million m(3).
Preliminary Economic Assessment
Pretivm has initiated a preliminary economic assessment (PEA) examining the economics of a higher grade mining operation at the Brucejack Project. The high-grade resource occurs largely in the West Zone and the recently discovered VOK Zone. The West Zone was previously the focus of an extensive exploration program between 1986 and 1990 including 49,800 metres of drilling and over five kilometers of underground development. A feasibility study contemplating a 350 tonne/day operation at the West Zone was completed in 1990 and a Mine Approval Certificate was granted for the operation. The PEA will use the historical data as well as results of the 2009 and 2010 drill programs and is expected to be completed in the third quarter of this year.
Exploration 2011
Planning is well underway for the 2011 exploration program at Snowfield and Brucejack. Approximately 60,000 metres of drilling is planned, with eight drills reserved and drilling expected to commence in May. The 2011 exploration drilling will focus on further delineating the known high-grade mineralization and expanding the high-grade and bulk-tonnage mineralization. Results of the 2011 drill program will be released through the third and fourth quarters of this year.
Known High-Grade Mineralization
A majority of the 60,000 metres of drilling planned for 2011 will be concentrated on the known areas of high-grade mineralization with the intention of (a) tightening the drill spacing to increase the level of confidence to move Inferred mineral resources to Measured and Indicated mineral resource categories and to improve knowledge of the continuity of the high-grade mineralization for the VOK and other high-grade zones (b) testing the high-grade mineralization to depths greater than the current 650 metres and (c) following up on a number of high-grade intercepts encountered in the 2009 and 2010 drill programs that are not sufficiently defined to be included in the high-grade resource.
High-Grade and Bulk-Tonnage Mineralization Expansion
The bulk-tonnage Brucejack mineral resource has been outlined along a 2.4 kilometer north-south strike-length adjacent to the regional Brucejack Fault, up to 400 metres east of the Brucejack Fault and to depths of 650 metres below surface. The mineralization remains open in all directions. Of particular exploration interest is the six kilometers of ground along the Brucejack Fault between the defined Brucejack mineralization and the Snowfield Project to the north.
Pretivm looks forward to expanding the Brucejack Project and further delineating the high-grade opportunity as it continues to focus on value creation for its shareholders.
About Pretivm
Pretivm is a start-up company that intends to acquire, explore and develop gold and precious metals resource properties, initially in the Americas. Pretivm has 100% interest in the Snowfield and Brucejack Projects in northern British Columbia; combined they represent one of the largest underdeveloped gold resources in North America. Pretivm's near term objectives are to focus on the high-grade gold opportunity at Brucejack, to advance the Projects to pre-feasibility and to explore for and acquire other precious metal resource properties.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement: This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final prospectus (Pretium Resources Inc.) filed on SEDAR at www.sedar.com. 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.
Qualified Person
Kenneth C. McNaughton, M.A.Sc., P.Eng., is the Qualified Person (QP) for Pretium Resources Inc. and is responsible for the Snowfield and Brucejack Project exploration programs and has verified and supervised the preparation of the exploration data. 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 20 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.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Robert QuartermainChief Executive Officer and President604.558.1784Pretium Resources Inc.Joe OvsenekChief Development Officer & Vice President604.558.1784604.558.4784 (FAX)invest@pretivm.comwww.pretivm.com
are you quoting Bob Chapman?
Pretivm Appoints Director
http://finance.yahoo.com/news/Pretivm-Appoints-iw-1287847173.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 02/15/11) - Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") reports that Tom S.Q. Yip, Vice President, Finance and Chief Financial Officer of Silver Standard Resources Inc., has been appointed to its Board of Directors.
Mr. Yip has over 25 years experience in the mining industry, including 20 years with Echo Bay Mines Ltd. where he held finance roles of increasing responsibility, including Vice-President, Finance and Chief Financial Officer, before the company merged with Kinross Gold Corporation in 2003. Prior to his current role with Silver Standard, he was Chief Financial Officer for Asarco, LLC. With the appointment of Mr. Yip as a director, Silver Standard maintains its representation on Pretivm's Board with two nominees.
About Pretivm
Pretivm is a start-up company that intends to acquire, explore and develop gold and precious metals resource properties, initially in the Americas. Pretivm has 100% interest in the Snowfield and Brucejack Projects in northern British Columbia; combined they represent one of the largest underdeveloped gold resources in North America. Pretivm's near term objectives are to focus on the high-grade gold opportunity at Brucejack, to advance the Projects to pre-feasibility and to explore for and acquire other precious metal resource properties.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement: This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final prospectus (Pretium Resources Inc.) filed on SEDAR at www.sedar.com. 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.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Joe OvsenekChief Development Officer & Vice President604.558.1784604.558.4784 (FAX)Pretium Resources Inc.Investor Relations604.637.6823invest@pretivm.comwww.pretivm.com
Pretivm Reports on Market Activity
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 02/15/11) - Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") reports, at the request of Market Surveillance, on behalf of the Toronto Stock Exchange, it is not aware of any material undisclosed development that would cause the upward movement in Pretivm's share price.
Since the acquisition of the Snowfield and Brucejack Projects (the "Projects") in December 2010, Pretivm has been focused on advancing resource estimates for the Projects incorporating the 51,100 meters of drilling that was completed on the Projects during the third quarter of 2010. An update of the September 2010 Snowfield resource estimate is underway incorporating the approximately 18,000 meters of drilling in 44 drill holes completed in 2010. For Brucejack, two resource estimates are underway incorporating the 33,100 meters of drilling in 73 drill holes completed in 2010: a higher-grade resource estimate focusing on gold mineralization grading greater than three grams of gold per tonne; and an update of the December 2009 bulk tonnage resource estimate. All three of these resource estimates will be completed this quarter and continue to be Pretivm's current priority.
About Pretivm
Pretivm is a start-up company that intends to acquire, explore and develop gold and precious metals resource properties, initially in the Americas. Pretivm has 100% interest in the Snowfield and Brucejack Projects in northern British Columbia; combined they represent one of the largest underdeveloped gold resources in North America. Pretivm's near term objectives are to focus on the high-grade gold opportunity at Brucejack, to advance the Projects to pre-feasibility and to explore for and acquire other precious metal resource properties.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement: This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final prospectus (Pretium Resources Inc.) filed on SEDAR at www.sedar.com. 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.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Joe OvsenekChief Development Officer & Vice President604.558.1784604.558.4784 (FAX)Pretium Resources Inc.Investor Relations604.637.6823invest@pretivm.comwww.pretivm.com
Pretivm Resources Inc. (TSX:PVG) is advancing its Snowfield and Brucejack gold projects in northern British Columbia, Canada. These adjacent projects host a combined total gold resource which ranks among the five largest gold-copper mineral systems in North America.
PVG.TO nice late day move to finish up $0.51 to $8.00. Closed at the high of the day on larger than normal volume for second day in a row!
Stock has great valuation compared to industry standards. Pretivm should go skywards and just glad I already bought in... I'm just wondering if I should buy more before it pops again!
Pretivm is being closely followed by the International Forecaster.
This stock (Pretivm Resources)along with Hellix Ventures is being followed by this newsletter. Also, they like Sprott Asset Management which recently took physical delivery of 15 million ounces of silver.
Both of these junior mining stocks are well researched along with the management running the outfits.
Pretivm Establishes Head Office and Converts Note
http://finance.yahoo.com/news/Pretivm-Establishes-Head-iw-3218054430.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 02/01/11) - Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report that Robert Quartermain, CEO and President, along with Joseph Ovsenek, Chief Development Officer and Vice President, Kenneth McNaughton, Chief Exploration Officer and Vice President, and Kenneth Konkin, Snowfield and Brucejack Project Manager, continue to expand the management and project teams with experienced industry professionals focused on creating shareholder value as they advance the Snowfield Project and the Brucejack Project (the "Projects"). In order to accommodate the continued expansion of its management and project teams, Pretivm has established its head office at 1600, 570 Granville Street, Vancouver, BC V6C 3P1, with Nicola Fairweather as office manager.
Since the acquisition of the Snowfield Project and the Brucejack Project in December 2010, Pretivm has been focused on advancing resource estimates for the Projects incorporating the 51,100 meters of drilling that was completed on the Projects during the third quarter of 2010. An update of the September 2010 Snowfield resource estimate is underway incorporating the approximately 18,000 meters of drilling in 44 drill holes completed in 2010. For Brucejack, two resource estimates are underway incorporating the 33,100 meters of drilling in 73 drill holes completed in 2010: a higher-grade resource estimate focusing on gold mineralization grading greater than three grams of gold per tonne; and an update of the December 2009 bulk tonnage resource estimate. All three of these resource estimates will now be completed in the first quarter of 2011 and continue to be Pretivm's current priority.
Pretium also reports that it has issued an additional 3,625,500 common shares to Silver Standard Resources Inc. ("Silver Standard") in final settlement of the convertible promissory note issued to Silver Standard in connection with the acquisition of the Projects. With this issuance, Silver Standard's ownership interest in Pretivm is 42.31% of the total issued common shares of Pretivm.
About Pretivm
Pretivm is a start-up company that intends to acquire, explore and develop gold and precious metals resource properties, initially in the Americas. Pretivm has 100% interest in the Snowfield and Brucejack Projects in northern British Columbia; combined they represent one of the largest underdeveloped gold resources in North America. Pretivm's near term objectives are to focus on the high-grade gold opportunity at Brucejack, to advance the Projects to pre-feasibility and to explore for and acquire other precious metal resource properties.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement: This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final prospectus (Pretium Resources Inc.) filed on SEDAR at www.sedar.com. 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.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Robert QuartermainPresident604.558.1784604.558.4784 (FAX)Pretium Resources Inc.Investor Relations604.637.6823invest@pretivm.comwww.pretivm.com
Pretivm Expands Management Team
http://finance.yahoo.com/news/Pretivm-Expands-Management-ccn-3402742385.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2011) - Pretium Resources Inc. (TSX:PVG - News; "Pretivm") is pleased to announce the appointment of key members of the management team as it advances the wholly-owned Snowfield and Brucejack Projects in northern British Columbia.
Kenneth C. McNaughton has been appointed Vice President and Chief Exploration Officer. Mr. McNaughton was most recently Senior Vice President, Exploration for Silver Standard Resources Inc. He had been responsible for developing and leading all exploration programs since 1991, and played a major role in the growth of Silver Standard. Mr. McNaughton holds a Bachelor of Applied Science degree and a Master of Applied Science degree in geological engineering from the University of Windsor and is a registered professional engineer.
Joseph J. Ovsenek has been appointed Vice President and Chief Development Officer. Mr. Ovsenek was most recently Senior Vice President, Corporate Development for Silver Standard, where his responsibilities included strategic development, as well as negotiating and structuring financings and transactions. Mr Ovsenek initially joined Silver Standard in 1996, and also played a major role in Silver Standard's growth. Mr. Ovsenek holds a Bachelor of Law degree from the University of Toronto. He is a registered professional engineer, and holds a Bachelor of Applied Science degree from the University of British Columbia.
Kenneth J. Konkin has been appointed Project Manager, Snowfield and Brucejack Projects. Mr. Konkin managed Silver Standard's exploration programs at the Snowfield and Brucejack Projects since exploration started in 2006, and was instrumental in their success. He started working with Silver Standard in 1993, and has 30 years of exploration experience in the region. He is a registered professional geologist, and holds a Bachelor of Science degree from the University of British Columbia.
About Pretivm
Pretivm is a start-up company that intends to acquire, explore and develop gold and precious metals resource properties, initially in the Americas. Pretivm has 100% interest in the Snowfield and Brucejack Projects in northern British Columbia; combined they represent one of the largest underdeveloped gold resources in North America. Pretivm's near term objectives are to focus on the high-grade gold opportunity at Brucejack, to advance the Projects to pre-feasibility and to explore for and acquire other precious metal resource properties.
www.pretivm.com
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement: This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final prospectus (Pretium Resources Inc.) filed on SEDAR at www.sedar.com. 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.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Robert QuartermainPretium Resources Inc.President604.558.1784604.558.4784 (FAX)Investor RelationsPretium Resources Inc.604.637.6823invest@pretivm.comwww.pretivm.com
Silver Standard Announces Senior Management Changes
http://finance.yahoo.com/news/Silver-Standard-Announces-iw-557745801.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 01/27/11) - Silver Standard Resources Inc. ("Silver Standard" or the "Company") (TSX:SSO - News)(NASDAQ:SSRI - News) announces changes to its senior management team. Kenneth McNaughton, Senior Vice President Exploration and Joseph Ovsenek, Senior Vice President Corporate Development are leaving the Company as of February 15, 2011 to pursue other interests in mineral exploration with Pretium Resources Inc.
"Ken and Joe have been instrumental in Silver Standard's growth and in positioning the Company for the future. We thank them for their contributions, and wish them well in their future endeavours," said John Smith, President and CEO of the Company.
Ron Burk, Chief Geologist, will assume responsibility for Silver Standard's exploration programs. Mr. Burk joined Silver Standard in 2004 and has over 20 years of experience in the development and supervision of exploration programs in North and South America.
John DeCooman, Vice President Business Development, will continue to provide leadership and direction for the Company's corporate development. Mr. DeCooman joined Silver Standard in 2009 and has over 15 years of experience in mining finance and business development.
Silver Standard is a silver mining company that seeks growth through discovery, the development of its project pipeline, and accretive acquisition opportunities.
To receive Silver Standard's news releases by e-mail, contact Michelle Romero, Communications Director at invest@silverstandard.com or call (888) 338-0046.
Cautionary Statements on Forward Looking Information: Statements in this news release relating to the estimated production of silver and all relating to the Pirquitas Mine are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and forward looking information within Canadian securities laws (collectively "forward looking statements"). Forward-looking statements are statements that are not historical facts and that are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. Such risks and uncertainties include, but are not limited to Silver Standard's ability to raise sufficient capital to fund development; changes in economic conditions or financial markets; changes in prices for the company's mineral products or increases in input costs; uncertainty of production and cost estimates for the Pirquitas Mine; risks and uncertainties associated with new mining operations including start-up delays and operational issues; risks relating to the interpretation of drill results and the geology, grade and continuity of our mineral deposits; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Argentina, Australia, Canada, Chile, Mexico, Peru, the United States and other jurisdictions in which Silver Standard may carry on business; technological and operational difficulties or the delay, non-compliance or inability to obtain permits encountered in connection with exploration and development activities; labour relations matters; and changing foreign exchange rates, all of which are described more fully in the company's most recent Form 20-F, and in the Management Discussion and Analysis under the heading "Risks and Uncertainties" and in other filings with the Securities and Exchange Commission and Canadian regulatory authorities. The Company does not intend, and does not assume any obligation, to update any forward-looking statements, other than as required by applicable law. (Source: Silver Standard Resources Inc.)
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Silver Standard Resources Inc.Michelle RomeroCommunications Director(604) 484-8216 or N.A. Toll Free: (888) 338-0046invest@silverstandard.comwww.silverstandard.com
IPO was on Dec. 21 2010
http://tmx.quotemedia.com/quote.php?qm_symbol=pvg&locale=EN
News Headlines for Pretium Resources Inc.
8:01 AM EST January 24, 2011
Pretivm Exercises Option to Acquire Property Interests - Marketwire Canada
9:54 AM EST January 10, 2011
Snowfield And Brucejack Drill Data And Planned Resource Estimates - Market News Publishing (Canada)
8:00 AM EST January 10, 2011
Pretium Resources Inc.: Snowfield and Brucejack Drill Data and Planned Resource Estimates - Marketwire Canada
10:45 AM EST January 06, 2011
PRETIUM RESOURCES INC. - UNDERWRITERS EXERCISE OVER-ALLOTMENT OPTION - Canada Newswire
10:39 AM EST December 21, 2010
Investment Industry Regulatory Organization of Canada Trade Resumption Re Pretium Resources Inc. - Market News Publishing (Canada)
Pretivm translates to: price, value, reward, worth, etc.
They have two BIG projects from Silver Standard as well as the distinguished Mr. Quartermain. Brucejack AND Snowfield.
“For Snowfield, an update of the September 2010 resource estimate is being prepared incorporating the approximately 18,000 meters of drilling in 44 drill holes completed in 2010.
For Brucejack, two resource estimates are being prepared incorporating the 33,100 meters of drilling in 73 drill holes completed in 2010: a higher-grade resource estimate focusing on gold mineralization grading greater than three grams of gold per tonne; and an update of the December 2009 bulk tonnage resource estimate.
All three of these resource estimates are expected to be completed in the first half of 2011 and are Pretivm's current priority.”
Previous estimates from 2009 put Brucejack and Snowfield at over 40Moz already (inferred +measured & indicated) – 51,000 meters of drilling in 2010 will add to that. And that completely ignores the Copper, silver, molybdenum and rhenium mineralization at Snowfield.
Even if you ignore last year’s drilling and all metals besides gold, and the tremendous exploration potential for more and the great management - just take into account the 26 Moz (M&I only) already there in terms of Total Enterprise value/resources – they are valued below any other similar project currently. Look at slide 21 at http://www.pretivm.com/i/pdf/CorporatePresentation.pdf
This calculation is a favorite of the funds/big money etc. But Pretivm is so new that other players have not yet had time to examine Pretivm on its own yet. Their analyst reports will come out soon enough and I expect a big move once that happens. Not to mention when new resource estimates and also new drill results come out.
I don’t ever really go for resource plays – prefer the near term production/ramping up production plays, but I could not resist this one.
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PRETIVM’S BRUCEJACK IS THE HIGHEST-GRADING UNDEVELOPED LARGE-SCALE GOLD PROJECT. LOCATED IN NORTHERN BRITISH COLUMBIA, IT IS BEING ADVANCED AS AN UNDERGROUND GOLD MINE WITH COMMERCIAL PRODUCTION TARGETED FOR 2017.
Pretium Resources Inc. TSX/NYSE:PVG
BRUCEJACK PROJECT
High-Grade Gold Reserves
Proven and Probable Mineral Reserves for Valley of the Kings (at June 2014): • 6.9 Million ounces gold (13.6 Mt @ 15.7 g/t gold)
Brucejack Project Milestones
2014: Plans: Advance permitting; plan and implement underground exploration program; planning excavation of 1,000 tonnes of high-grade ore.
2014: Filed Environmental Assessment Certificate application and updated Feasibility Study (June 2014).
2013: Updated Valley of the Kings Mineral Resource estimate (December); completed Valley of the Kings 10,000-tonne bulk sample program and underground exploration drilling; completed Feasibility Study (June);
initiated permitting for an 2,700 tonnes per day underground mine.
2012: Updated high-grade Mineral Resource estimate; initiated Feasibility Study; initiated exploration decline from West Zone historic workings to Valley of the Kings; filed Project Description and completed access to Highway 37.
2011: Completed first Mineral Resource estimate for Brucejack and conducted a 72,144-meter drill program focused on the Valley of the Kings.
2010 Dec: Pretium Resources Inc. acquired Brucejack Project and Snowfield Project from Silver Standard Resources Inc. for C$450 million; Pretium IPO on TSX.
2009-2010: Exploration resumed, discovery of the Valley of the Kings.
1999-2000: Acquisition by Silver Standard Resources Inc.
1993: Mine Development Certificate issued.
1990: Feasibility Study completed for West Zone.
1986-1989: Underground development of West Zone (5,276 meters).
1980-1985: West Zone discovery by Newhawk/Granduc.
HIGHLIGHTS
Issued and Outstanding Shares: | 115,307,377 |
Options: | 10,351,950 |
Fully diluted | 125,659,327 |
Silver Standard Resources Inc. | 18.07% |
Royce & Associates | 6.71% |
Liberty Metals & Mining Holdings | 6.52% |
Sun Valley Gold, LLC | 4.29% |
Aristeia Capital, LLC | 3.45% |
Robert Quartermain | 2.72% |
Franklin Advisers, Inc. | 2.53% |
Norges Bank Investment | 2.34% |
TD Asset Management | 1.88% |
Sprott Asset Management | 1.69% |
Fidelity Management & Research Company | 1.35% |
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