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Van Sun says B.C. approves Pretium's Brucejack mine
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aPVG-2263879&symbol=PVG®ion=C
2015-03-30 05:07 ET - In the News
The Vancouver Sun reports in its Monday edition the B.C. government has approved Pretium's $450-million Brucejack gold mine, the first since the collapse of the Mount Polley mine tailings dam last year. The Sun's Gordon Hoekstra writes assuming federal approval, construction of the mine is expected to begin this summer and will be in commercial production by 2017. The project northwest of Smithers will create 500 jobs during the two-year construction period and 300 permanent jobs during its 16-year life. The Ministry of Energy and Mines said instead of building a storage facility with a dam, Pretium will backfill about half its mine waste in a paste mixed with cement in the underground mine. The other half will be stored in the 100-metre-deep Brucejack Lake which, according to the company, has no fish. The tailings will take up about 40 metres of the lake's depth. The tailings design, in the works before the Mount Polley failure, made sense for a small, underground mine, said Pretium chief executive officer Robert Quartermain, who added he was "very comfortable" the mine would also get federal approval, given first nation support and the low environmental impact. B.C. has put conditions on Brucejack's approval.
CRK.TO Crocodile Gold what am I missing?
http://finance.yahoo.com/news/crocodile-gold-achieves-record-gold-015113684.html
I seem to remember that there was a reason their market cap was so low - high debt, high costs... but that doesn't seem to be the case here anymore? I must be missing something?
Globe says Citigroup's Hacking keen on Pretium
2014-12-18 08:04 ET - In the News
The Globe and Mail reports in its Thursday, Dec. 18, edition that Citigroup analyst Alexander Hacking has resumed coverage on Pretium Resources ($6.21) with a "buy" rating. The Globe's Luke Kawa, Darcy Keith, Tim Shufelt and Jody White write in the Eye On Equities column that Mr. Hacking targets the shares at $7.50. Mr. Hacking says Pretium is sitting on a crown jewel of a gold deposit and makes for an attractive takeout target. Mr. Hacking is bullish on the company's flagship gold project, Brucejack, which is located in British Columbia. Mr. Hacking says, "Brucejack remains one of the most interesting and unique gold projects in the world given its low-risk geography, large size and high grade." The analyst cautions, however, that the weak state of equity and financing markets could lead to higher-than-anticipated dilution for current shareholders as the company seeks cash for full construction of this project. He also says that it may take time for a potential suitor to warm to the idea of purchasing the company, as gold miners remain skittish on acquisitions following mistakes made at the top of the market. CIBC rated Pretium "sector outperformer" in the Eye column on June 26. It was then worth $8.55.
© 2014 Canjex Publishing Ltd. All rights reserved.
Van Sun says Pretium, others show life in mining sector
2014-11-14 06:44 ET - In the News
Also In the News (C-AEM) Agnico Eagle Mines Ltd
Also In the News (C-CYD) Cayden Resources Inc
Also In the News (C-SEA) Seabridge Gold Inc
The Vancouver Sun reports in its Friday edition the EY Canadian Mining Eye index dropped 15 per cent in the third quarter, dragged lower by the fall in metal prices, particularly gold, which fell 8 per cent in the quarter. The Sun's Derrick Penner writes despite continuing weak metal prices that are expected to dog the industry into 2015, the light has not completely died out for prospective new projects. For example, Seabridge is looking for a well-financed partner to help build its proposed $5.3-billion KSM mine, which just won environmental approval, in far northwestern British Columbia. Pretium Resources is continuing to develop its Brucejack property farther south in the same region. Both companies have raised new money for exploration programs and EY's Bruce Sprague said the industry has an appetite for bigger investments, even while cost-cutting and rationalization are still the mantras within existing mining operations. Private capital is looking to strike partnerships with B.C. companies that have local expertise, but potential deals are not developing quickly because of weak metal prices. Agnico Eagle launched a $205-million acquisition of Cayden Resources, aiming for its concessions in Mexico.
© 2014 Canjex Publishing Ltd. All rights reserved.
http://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aPVG-2228473&symbol=PVG®ion=C
PVG +11.32% $5.90 after +6.51% yesterday. Best of breed outperforming? Takeover rumors?
Wow, PVG for less than $5! Surely this cannot last?
"Hole SU-632-W4 intersected 335.65 grams of gold per tonne over 2.10 meters, including 4,130 grams of gold uncut over 0.80 meters and 3,530 grams of gold uncut over 0.50 meters."
And the market yawns... about perhaps one of the best drill results ever reported by anyone, ever. But hey, I guess we all knew it was there already, right?
Pretium Resources Inc.: Deep Infill Drilling Continues to Confirm High-Grade Gold Mineralization
http://finance.yahoo.com/news/pretium-resources-inc-deep-infill-090000066.html
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 20, 2014) - Pretium Resources Inc. (PVG.TO)(PVG) ("Pretivm") is pleased to report the results from deep infill drilling underway in the Valley of the Kings, including the intersection of visible gold. (See Table 1 below for assays.)
Selected drill highlights include:
Hole SU-632-W4 intersected 335.65 grams of gold per tonne over 2.10 meters, including 4,130 grams of gold uncut over 0.80 meters and 3,530 grams of gold uncut over 0.50 meters.
The extreme gold grade noted above was intersected in hole SU-632-W4, which was wedged downhole off drillhole SU-632 at 272.5 meters. Drillhole SU-632 was collared in the western part of the Valley of the Kings. Directional drilling, which enables offset holes to be drilled downhole from a single surface drillhole, is underway as part of a deep infill drilling program in the Valley of the Kings in support of the mine plan for the Brucejack Project. Drilling is being conducted on a portion of Inferred and Indicated mineral resources from the December 2013 Valley of the Kings Mineral Resource estimate below the 1345 meter level. A second drill is currently dedicated to geotechnical drilling at site.
For plan and section views of drill holes SU-631 and SU-632 with wedge holes drilled to date please see the following link http://media3.marketwire.com/docs/963717.pdf.
Underground drilling in the Valley of the Kings is planned to commence in September after commissioning the new water treatment plant.
Table 1: Selected Valley of the Kings Drill Results, August 2014 (SU-631 and SU-632 with wedge holes)(1,2,3)
Hole
No. Dip/
Azimuth From
(meters) To
(meters) Interval (meters) Gold
(g/t) Silver
(g/t) Wedge hole collar
SU-631 -63/180 152.50 154.00 1.50 18.10 8.40
325.00 328.00 3.00 70.80 57.40
incl 325.00 326.50 1.50 127.50 88.90
490.30 491.80 1.50 15.25 10.10
SU-631-W1 -57/180 6.50 8.00 1.50 37.10 48.10 317m down SU-631
24.80 26.30 1.50 7.80 20.90
79.70 83.30 3.60 5.55 14.8
SU-631-W2 -58/185 38.00 39.00 1.00 8.85 10.70 303m down SU-631
61.00 62.50 1.50 8.87 6.30
SU-632 -70/180 87.00 88.00 1.00 9.67 14.20
310.55 311.71 1.16 7.62 351.86
521.88 522.38 0.50 35.20 47.70
SU-632-W1 -65/180 Wedge shifted. Hole stopped at 17 m. 299m down SU-632
SU-632-W2 -65/180 72.71 73.21 0.50 79.20 43.60 282m down SU-632
141.00 142.50 1.50 49.20 19.60
SU-632-W3 -61/178 116.00 117.5 1.50 4.71 3.7 28.5m down SU-632-W2
120.5 126.5 6.00 2.03 1.83
188.00 201.00 13.00 1.21 3.71
216.10 226.60 10.50 1.40 1.83
SU-632-W4(4) -61/178 78.76 80.86 2.10 335.65 353.43 272.5m down SU-632
Or(5) 78.76 80.86 2.10 2,415.17 353.43
Incl(5) 78.76 79.26 0.50 3,530 394.00
Incl(5) 80.06 80.86 0.80 4,130 678.00
206.30 207.80 1.50 6.68 4.90
265.42 265.92 0.50 9.31 5.50
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 540 g/t were cut to 540 g/t.
(3) 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 and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,500 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 half split core assayed at ALS Chemex in Vancouver, B.C.
(4) Two samples cut to 540 g/t gold
(5) Uncut
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 advancing its 100%-owned Brucejack Project in northern British Columbia to production as a high-grade gold underground mine. Based on the results of the June 2014 Feasibility Study, Brucejack is expected to produce an average of 504,000 ounces of gold a year over the first 8 years and 404,000 ounces of gold a year over the 18-year mine life. Brucejack's Valley of the Kings hosts Proven and Probable reserves totalling 6.9 million ounces of gold (13.6 million tonnes grading 15.7 grams of gold per tonne). Commercial production at Brucejack is targeted for 2017.
Forward Looking Statements
This News Release contains "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information may include, but is not limited to, information with respect to our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral reserves and resources including the 2013 Valley of the Kings Mineral Resource estimate, realization of mineral reserve and resource estimates and timing of development of Pretivm's Brucejack Project, costs and timing of future exploration, results of future exploration and drilling, production and processing estimates, capital and operating cost estimates, timelines and similar statements relating to the economic viability of the Brucejack Project, timing and receipt of approvals, consents and permits under applicable legislation, Pretivm's executive compensation approach and practice, and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning mineral reserve and 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 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 Annual Information Form dated March 31, 2014 filed on SEDAR at www.sedar.com and in the United States on Form 40-F through EDGAR at the SEC's website at www.sec.gov. 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. Neither the TSX nor the NYSE has approved or disapproved of the information contained herein.
Contact:
Pretium Resources Inc.
Robert Quartermain
President and Chief Executive Officer
(604)558-1784
Pretium Resources Inc.
Michelle Romero
Vice President, Corporate Relations
(604)558-1784
Pretium Resources Inc.
570 Granville Street, Suite 1600
Vancouver, BC V6C 3P1
(604)558-1784
invest@pretivm.com
(SEDAR filings: Pretium Resources Inc.)
Int'l Speculator says buy Pretium Resources
2014-08-19 18:23 ET - In the News
The International Speculator, in its Aug. 6, 2014, issue, says buy Robert Quartermain's Pretium Resources Inc. at $7.49, officially, "Best buy first tranche." The newsletter said buy on Feb. 7, 2011, at $6.42. It then said sell some -- perhaps half -- on March 4, 2011, at $12.33. Assuming a $1,000 investment, the half sell yielded a one-month profit of $439 and left shares, which cost $500, worth $949. It then said buy five more times between Sept. 5, 2011, and Jan. 6, 2014, at prices ranging from $5.49 to $16.69. Assuming five more $1,000 purchases, and taking into consideration the $500 investment remaining from the March 4, 2011, sell, the $5,500 position is worth $4,516. The writer begins by going over Pretium's big public dispute last year with contractor Strathcona Mineral Services. Strathcona challenged Pretium's resource estimate at the Brucejack project's Valley of the Kings zone in Northern British Columbia. Not surprisingly, the writer sides with Pretium and notes the official tally is 6.9 million ounces of gold, proven and probable. He believes Brucejack "may be the richest gold deposit in the world." The cost of developing the mine is $750-million, and he adds, "I am sure Bob will be able to raise the money."
Nice news and move today!
Pretium Resources discusses 2014 exploration program
http://www.theflyonthewall.com/permalinks/entry.php/PVGid2011439/PVG-Pretium-Resources-discusses--exploration-program
The 2014 exploration program at Brucejack has been planned with a focus on continued resource definition in the Valley of the Kings and includes 15,000 meters of underground infill and step-out drilling to the east and west. The design of an access ramp from the 1345-meter level access ramp to the 1260-meter level has been finalized and a drill has been mobilized to site. A total of 3,120 ounces of gold was produced from processing 1,000 tonnes of exploration ore excavated in 2013. An additional 1,000 tonnes of material from the Valley of the Kings is permitted to be excavated and processed in 2014, and we are currently evaluating the optimal high-grade target area for this program. With our current working capital, and pending gold sale receipts and successful completion of our private placement, we believe we will have sufficient funds for our current planned expenditures on our Projects, updating our feasibility study and funding our permitting activities as we advance the Brucejack Project to production.
Pretivm Reports First Quarter 2014 Results
http://finance.yahoo.com/news/pretivm-reports-first-quarter-2014-200500146.html
At high of day on more than two times normal volume. Expect more fun tomorrow!
If I remember correctly, F-15 is a moving average guy, and today's close puts us below both the 50dma and 200dma.
I myself am a fundamental guy and am not selling at this ripe stage.
Nasdaq down over 1% today. If this is a 3X tech bear, why is it up less than 1%?
GLDX closed up 0.83% $17.05. Curious with everything else gold and silver down.
Yowza!
Pretivm Announces Senior Management Appointments
http://finance.yahoo.com/news/pretivm-announces-senior-management-appointments-090647134.html
Pretium Resources Inc. (PVG.TO)(PVG) ("Pretivm") is pleased to announce the appointment of Mr. James A. Currie as Chief Operating Officer of Pretivm where he will lead the development of the high-grade gold Brucejack Project into production as an underground mine. Joseph J. Ovsenek, Chief Development Officer, has been promoted to Executive Vice President.
Mr. Currie led the construction and development of New Gold Inc.'s New Afton gold mine in B.C. which went into production ahead of schedule in 2012. During his tenure as Executive Vice President and Chief Operating Officer of New Gold Inc., Mr. Currie was responsible for three operating gold mines in the US, Australia, and Mexico with cumulative operating budgets of over $300 million and an operating profit of over $300 million. Over the course of his 34-year career in the mining industry he has held roles in senior management, engineering and operations, on a number of projects that have progressed through feasibility to successful operation on schedule and budget. Mr. Currie holds a Bachelor of Applied Science degree with honours in mining engineering from Queen's University and is a registered professional engineer.
"We welcome Jim to Pretivm's senior management team as we begin to transition the Brucejack Project from an exploration success to a gold producer," said President and CEO Robert Quartermain. "It's a critical period for any project, and he brings proven experience to manage that process effectively and efficiently, particularly with respect to both the operating environment in northern B.C. and our mining plans."
Mr. Ovsenek joined Pretivm in January 2011 as Chief Development Officer and Director, and oversees a broad scope of Pretivm's strategic corporate functions including financing and project permitting. Prior to joining Pretivm, he was Senior Vice President, Corporate Development at Silver Standard Resources Inc. Mr. Ovsenek holds a Bachelor of Applied Science degree from the University of British Columbia, a Bachelor of Laws degree from the University of Toronto and is a registered professional engineer.
About Pretivm
Pretivm is creating value through gold at its high-grade gold Brucejack Project, located in northern British Columbia. Permitting of a high-grade underground gold mine at Brucejack is underway, with commercial production targeted to commence in 2016.
Forward Looking Statements
This News Release contains "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information may include, but is not limited to, risks related to information with respect to our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral reserves and resources including the 2013 Valley of the Kings Mineral Resource estimate, realization of mineral reserve and resource estimates and timing of development of Pretivm's Brucejack Project, costs and timing of future exploration, results of future exploration and drilling, production and processing estimates, capital and operating cost estimates, timelines and similar statements relating to the economic viability of the Brucejack Project, timing and receipt of approvals, consents and permits under applicable legislation, Pretivm's executive compensation approach and practice, and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning mineral reserve and 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 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 Annual Information Form dated March 18, 2013 filed on SEDAR at www.sedar.com and in the United States on Form 40-F through EDGAR at the SEC's website at www.sec.gov. 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. Neither the TSX nor the NYSE has approved or disapproved of the information contained herein.
Contact:
Pretium Resources Inc.
Robert Quartermain
President and Chief Executive Officer
(604) 558-1784
invest@pretivm.com
Pretium Resources Inc.
Michelle Romero
Vice President, Corporate Relations
(604) 558-1784
invest@pretivm.com
www.pretivm.com
Not much in this, but a new article abot PVG out today - http://seekingalpha.com/article/2058213-pretium-resources-high-stakes-hide-and-seek?source=yahoo
Pretium Resources Inc.: Brucejack Project Technical Session Webcast on February 12th
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 28, 2014) - Pretium Resources Inc. (PVG.TO)(PVG) ("Pretivm") will webcast a Technical Session on Wednesday, February 12th to discuss the NI 43-101-compliant December 2013 Valley of the Kings Mineral Resource estimate, and the plans to advance a high-grade gold underground mine at the Brucejack Project. The Technical Session will feature Pretivm's senior management and an independent Qualified Person representing Snowden Mining Industry Consultants.
The conference call and webcast will be held on Wednesday, February 12th at 2:30 pm (ET).
Participants may join by accessing one of the following numbers or the webcast link below:
Canada & USA Toll Free: 1-800-319-4610
Toronto Local: 416-915-3239
Outside of Canada & USA: +1-604-638-5340
United Kingdom Toll Free: 0808 101 2791
The webcast will be available at http://services.choruscall.ca/links/pretium140212.html
A recorded playback of the call will be available until March 14, 2014 by dialing 1-800-319-6413 or 1-604-638-9010 for calls outside Canada and the US using conference ID number 2633#. The webcast will be archived on Pretivm's website www.pretivm.com.
The updated Valley of the Kings Mineral Resource estimate was announced in December (see news release dated December 19, 2013). High-grade gold resources in the Valley of the Kings (5.0 g/t gold-equivalent cut-off) total:
•8.7 million ounces of gold in the Measured and Indicated Resource categories (15.3 million tonnes grading 17.6 grams of gold per tonne); and
•4.9 million ounces of gold in the Inferred Mineral Resource category (5.9 million tonnes grading 25.6 grams of gold per tonne).
The NI 43-101-compliant Technical Report in support of the December 2013 Valley of the Kings Mineral Resource estimate will be filed by the first week of February. Work is underway to amend the June 2013 feasibility study for the Valley of the Kings based on the updated Mineral Resource, with the amended feasibility study expected in the first half of 2014. Additionally, Pretivm expects to file its Environmental Assessment Certificate application in the first quarter of 2014.
About Pretivm
Pretivm is creating value through gold at its high-grade gold Brucejack Project, located in northern British Columbia. Permitting of a high-grade underground gold mine at Brucejack is underway, with commercial production targeted to commence in 2016.
Forward-Looking Statements
This News Release contains "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information may include, but is not limited to, the preliminary mill results from processing the 426585E cross-cut, the preliminary mill results from the bulk sample program, the estimated gold to be produced from the bulk sample program, the estimated contained gold in the 426585E cross-cut from the sample tower, information with respect to our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral reserves and resources including the 2013 Valley of the Kings Mineral Resource estimate, realization of mineral reserve and resource estimates and timing of development of Pretivm's Brucejack Project, costs and timing of future exploration, results of future exploration and drilling, production and processing estimates, capital and operating cost estimates, timelines and similar statements relating to the economic viability of the Brucejack Project, timing and receipt of approvals, consents and permits under applicable legislation, Pretivm's executive compensation approach and practice, and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information.
Statements concerning mineral reserve and 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 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 Annual Information Form dated March 18, 2013 filed on SEDAR at www.sedar.com and in the United States on Form 40-F through EDGAR at the SEC's website at www.sec.gov. 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. Neither the TSX nor the NYSE has approved or disapproved of the information contained herein.
Contact:
Pretium Resources Inc.
Robert Quartermain
President and Chief Executive Officer
(604) 558-1784
Pretium Resources Inc.
Michelle Romero
Vice President, Corporate Relations
(604) 558-1784
invest@pretivm.com
www.pretivm.com
Van Sun says Imperial Metals, Pretium help confidence
2014-01-27 09:28 ET - In the News
See In the News (C-III) Imperial Metals Corp (2)
The Vancouver Sun reports in its Saturday edition Imperial Metals' plans to open its $500-million Red Chris copper/gold mine in Northern British Columbia in early June are one of the bigger reasons for optimism in the mining sector for 2014. The Sun's Derrick Penner writes there has also been a bounce in resource stocks since the start of the year and the continuing advance of high-profile development projects such as Pretium Resources' Brucejack gold deposit, make B.C.'s prospectors more hopeful the industry is making a turnaround. "I think it's a pretty bullish year," said mining lobbyist Gavin Dirom. "There's a sense that the worst is behind us. I mean, you couldn't get much worse than 2013, in terms of trying to attract venture capital." Located 80 kilometres south of Dease Lake, Red Chris will become the second new greenfield mine to open in as many years, following Thomson Creek Metals' Mount Milligan mine, which started commercial production last fall. "There's no better signal to somebody in London, New York, Tokyo or the Middle East or wherever (investment capital) is coming from," Mr. Dirom said, than showing them that B.C. can build mines and "they're doing what they said they would do."
© 2014 Canjex Publishing Ltd. All rights reserved.
Int'l Speculator says buy Pretium Resources
2014-01-22 17:57 ET - In the News
The International Speculator, in its Jan. 6, 2014, issue, says buy Pretium Resources Inc. at $5.49, officially, "Best buy first tranche." The newsletter said buy on Feb. 7, 2011, at $6.42. It then said sell some -- perhaps half -- on March 4, 2011, at $12.33. Assuming a $1,000 investment, the half sell yielded a one-month profit of $439 and left shares, which cost $500, worth $949. It then said buy four more times between Sept. 5, 2011, and June 6, 2013, at prices ranging from $8.67 to $16.69. Assuming four more $1,000 purchases, and taking into consideration the $500 investment remaining from the Feb. 7, 2011, sell, the $4,500 position is worth $2,322. The writer believes Pretium was hit by tax-loss selling at the end of the year. The selling came even though the company produced "a lot more gold than forecast" and released bonanza-grade drill results. Pretium at $5.49 is an opportunity, he adds.
© 2014 Canjex Publishing Ltd. All rights reserved.
TLR up almost 30% on big volume for them. Plenty of interesting moves today! Hopefully signs of a turnaround for the whole sector.
PVG up 5% back well above $6 too.
The link started working again for me late today. Hopefully it will continue to do so. If not I welcome any suggestions as backups.
Where do you get your mining news? I've always gone to http://biz.yahoo.com/n/y/y0023.html. That was Yahoo’s Mining/Metals News Wire that posted links to all press releases dispatched by all mining companies. Seems Yahoo no longer provides that service with their revamp. Does anyone know of a similar service that provides simple links to all press releases?
Pretium Resources Inc.: Mineral Resource Estimate Adds Measured Gold Resources, Increases Grade at Valley of the Kings
http://finance.yahoo.com/news/pretium-resources-inc-mineral-estimate-193845486.html
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 19, 2013) - Pretium Resources Inc. (PVG.TO)(PVG) ("Pretivm") is pleased to report the NI 43-101-compliant 2013 Valley of the Kings Mineral Resource estimate for its Brucejack Project, completed by Snowden Mining Industry Consultants ("Snowden"). Measured and Indicated Mineral Resources total 8.7 million ounces of gold at a grade of 17.6 grams of gold per tonne.
Valley of the Kings High-Grade Gold Mineral Resources
High-grade gold resources in the Valley of the Kings (5.0 g/t gold-equivalent cut-off) total:
•8.7 million ounces of gold in the Measured and Indicated Resource categories (15.3 million tonnes grading 17.6 grams of gold per tonne); and
•4.9 million ounces of gold in the Inferred Mineral Resource category (5.9 million tonnes grading 25.6 grams of gold per tonne).
The Mineral Resource estimate incorporates data from all exploration surface and underground drilling completed to date, as well as the drilling and processing results from 2013's Valley of the Kings Bulk Sample Program (the "Program"). Program drilling and underground exploration drilling has increased the confidence of the Mineral Resource in the Program area to the Measured Mineral Resource category. The Valley of the Kings remains open to the east and west along strike and at depth. (See Table 1 for a summary of the 2013 Valley of the Kings Mineral Resource estimate.)
An isometric view of the Valley of the Kings block model is available at http://media3.marketwire.com/docs/blockmodel.pdf.
Valley of the Kings Geological Confidence
The Mineral Resource estimate has been informed by extensive work focused on the geological interpretation of the Valley of the Kings. The high-grade mineralization in the Valley of the Kings is hosted in a broad deformed stockwork, and a key outcome from the Program was the underground confirmation of both lateral and vertical continuity of the vein systems comprising this stockwork and the location of high-grade corridors of mineralization.
A detailed view of the underground mapping of the veining in the bulk sample area is available at http://media3.marketwire.com/docs/undergroundmapping.pdf.
Drill data, in conjunction with underground mapping and surface mapping, has resulted in a robust geological model for the Valley of the Kings with well-defined mineralized domains.
Cleopatra Structure
The high-grade Cleopatra structure was first encountered during Program excavation targeting an area of high-grade mineralization predicted by the November 2012 Mineral Resource estimate (see news release dated July 23, 2013). The Cleopatra structure was subsequently defined for approximately 85 meters along strike and 50 meters above and below the 1345-meter level. Geological mapping, mineralogical characteristics, assay ratios of the different elements and underground observations have demonstrated that the Cleopatra structure is a northerly trending component of the deformed mineralized stockwork system. This interpretation has been developed and supported by geological mapping elsewhere underground.
A sensitivity for the mineralization interpreted to be from the Cleopatra structure contained within the 2013 Valley of the Kings Mineral Resource estimate is shown in Table 2 below. A separate resource model is being prepared for the entire Cleopatra structure based on all drilling and underground exploration of the Cleopatra structure, which is expected to be completed in the first quarter of next year.
Table 1: Valley of the Kings Mineral Resource estimate - December 2013(1),(4)
(Based on a cut-off grade of 5.0 grams of gold-equivalent/tonne(5))
Category
Tonnes
(millions)
Gold
(g/t)
Silver
(g/t)
Contained(3)
Gold
(million oz)
Silver
(million oz)
Measured
2.0
19.3
14.4
1.2
0.9
Indicated
13.4
17.4
14.3
7.5
6.1
M & I
15.3
17.6
14.3
8.7
7.0
Inferred(2)
5.9
25.6
20.6
4.9
3.9
(1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The Mineral Resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
(2) The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category.
(3) Contained metal figures and totals may differ due to rounding of figures.
(4) The Mineral Resource estimate stated in Table 1 is defined using 10 m by 10 m by 10 m blocks in the in Valley of the Kings.
(5) The gold equivalent value is defined as AuEq = Au + Ag/53.
Table 2: Cleopatra Structure Sensitivity - December 2013(1),(2),(4)
(Based on a cut-off grade of 5.0 grams of gold-equivalent/tonne(5))
Category
Tonnes
(millions)
Gold
(g/t)
Silver
(g/t)
Contained(3)
Gold
(million oz)
Silver
(million oz)
Measured
0.06
38.8
23.2
0.075
0.045
(1), (3), (4) and (5) see footnotes to Table 1.
(2)The above sensitivity is a subset of the Valley of the Kings Mineral Resource estimate and is not meant to supersede or replace the results of the Valley of the Kings Mineral Resource Estimate.
Mineral Resource Modeling and Estimation
The December 2013 Mineral Resource estimate for Valley of the Kings was completed by Snowden on behalf of Pretivm. The Mineral Resources are classified as Measured, Indicated and Inferred Resources in accordance with the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
Classification is applied based on geological confidence, data quality and grade variability. Areas classified as Measured are informed by 5 meter by 10 meter to 10 meter by 10 meter underground fan drilling in the vicinity of the Program. Areas classified as Indicated Resources are informed by 20 meter by 20 meter to 20 meter by 40 meter drilling. The remainder of the Mineral Resource is classified as an Inferred Resource where there is some drilling information and the blocks lie within the mineralized interpretation. Areas where there is no informing data and/or the lower grade material that is outside of the mineralized interpretation are not classified as a part of the Mineral Resource.
The Mineral Resources are reported above a cut-off grade of 5.0 grams of gold-equivalent/tonne (5.0 g/t AuEq). The gold-equivalent calculation used is: Au + (Ag/53).
The Brucejack Project comprises several gold-silver mineralized areas. These areas include West Zone, Valley of the Kings, Bridge Zone, Gossan Hill and Shore Zone. The majority of the Mineral Resource lies within Valley of the Kings and West Zone. West Zone, Gossan Hill, Shore Zone and Bridge Zone were not updated for this Mineral Resource as there has been no additional drilling in these areas. The focus of the 2013 drilling has been on the high-grade Valley of the Kings area.
The Valley of the Kings mineralization is approximately 500 meters south of West Zone. The Valley of the Kings mineralized zone trends approximately west-northwest to east-southeast. Its orientation mirrors that of Electrum Ridge, a pronounced topographic feature near the southern margin of the zone, and drilling to date has extended its strike to over 1000 meters. The zone is up to 170 meters wide and remains open to the west, beyond the Brucejack fault, at depth and to the east. Surface mapping and Pretivm's extensive drilling defined a number of lithologic contacts which outline a broad syncline in which fragmental volcanic and clastic sedimentary rocks, along with minor flows of Upper Triassic to Lower Jurassic age appear to plunge moderately to the east.
Pretivm and Snowden used Pretivm's interpretation of the lithological units at the Valley of the Kings, together with a nominal 1 to 3 g/t Au grade cut-off to update the mineralized domains for estimation at the Valley of the Kings.
The input data for the Valley of the Kings estimate comprises 922 drillholes for 218,127 meters including 9 historical surface drillholes (579 meters), 24 surface drillholes completed since the previous November 2012 Mineral Resource (5,100 meters) and 409 underground exploration drillholes completed since the previous November 2012 Mineral Resource (38,829 meters). These figures exclude intervals with no gold values and drillholes outside of the Valley of the King area.
As part of the Bulk Sample Program, Snowden ran a series of test estimates in the local area surrounding the bulk sample excavation. As part of the Program, this test area was drilled on an approximately 5 meter by 10 meter grid using underground exploration fan drilling with a dominantly north-south orientation (parallel to, but not in, the Cleopatra structure). Initial estimates were run in the local test area using the same parameters as those used for the November 2012 Mineral Resource. The addition of the close spaced fan drilling was used to prepare local estimates which indicated the estimates needed to be more selective (less tonnes and more grade for similar ounces) than the original Mineral Resource. In addition, Snowden ran a series of test estimates using varying parameters and domain boundary conditions and compared these estimates to the results returned from the mill within the bulk samples cuts. This test work was used to determine the criteria which best locally reproduced the grade distribution.
The result of these tests indicated that using a hard boundary constraint on the north-south Cleopatra structure caused overestimation of the local metal content around the bulk sample excavation, while removing this constraint underestimated the local metal in the north-south structure. The underestimation is partly due to the underground drilling being orientated north-south, which does not fully sample the north-south structures.
As a result of the test work and comparisons with fan drilling and analysis of the Program results noted above, Snowden adjusted the estimation parameters being used for the December 2013 Mineral Resource to create a more selective resource estimate, in line with the results seen in the local test area.
Based on the outcomes of the test work and bulk sample analyses, Snowden and Pretivm agreed that the more conservative approach of not using the north-south constraints should be applied. The estimation methodology was kept the same as that used for the November 2012 Mineral Resource, with parameters revised to provide a more locally accurate estimate, as summarized below.
The Valley of the Kings exhibits extremely skewed grade populations where the high grades and the majority of the metal are located in less than 5% of the data, with individual raw gold grades of up to around 41,500 g/t Au. Discussions with Pretivm and analysis of the data indicated the mineralization can be split into a pervasive background mineralization and a separate high-grade but discreet mineralization style. As a result of this population distribution, standard estimation techniques have been found to significantly over smooth the grades.
In order to address the highly skewed nature of the data, Snowden separated the lower grade 'background' population from the higher grade population within these domains and estimated them independently. All data was composited to the nominal sample length of 1.5 meters prior to analysis and estimation. A threshold of 5 g/t Au was selected to separate the two populations at the Valley of the Kings. The silver data was treated using the same method with a threshold of 50 g/t Ag for Valley of the Kings.
The lower grade population was estimated using ordinary kriging into 10 meter by 10 meter by 10 meter parent blocks. This estimate validates well against the input data.
The higher grade populations were estimated using multiple indicator kriging to control the skewness of the data. Indicator variograms were modelled up to the 95th percentile of the data with a mathematical model used to define the top end of the grade distribution. The threshold for the 95th percentile of the higher grade population is 503 g/t Au for the Valley of the Kings. The result of this estimation method is that, while no top cut is used to limit the higher grades, the higher grades are limited in their influence using a mathematical model based on the higher grade data rather than the individual extreme grades in the dataset. The higher grade populations were estimated into small scale discretized blocks and then reblocked into parent blocks the size of those used for the lower grades. Previously the higher grade population grades were reblocked into larger blocks than the size of those used for the lower grades to try and limit the very high grades having an undue influence on the grade estimate.
Subsequently, the proportion of the higher-grade mineralization was estimated into each block and used to combine the two estimates (the low grade portion and the high grade portion) in the determination of the overall block grade. For example, if a block had a probability of 5% high grade then the final block grade would combine 95% of the low grade estimate with 5% of the high grade estimate. The influence of the high-grade population above the 95th percentile is therefore greatly restricted.
The numbers of samples used for estimation of the high grade populations and the proportion of the higher-grade mineralization were reduced compared to the previous estimate, and the reblocking of the high grade was adjusted to provide a more selective estimate.
The background (non-mineralized) material was estimated using ordinary kriging with a top cut.
The database used to estimate density is based on pulp specific gravity measurements. As part of the 2012 and 2013 drilling programs, Pretivm's QP selected a portion of the samples (207 samples) to undergo core density measurements as well as pulp specific gravity measurements in order to determine whether there is any impact on the density as a result of porosity. The results of the comparison indicate that the core density is similar to the pulp specific gravity within the siliceous zone and 3% lower on average in all other rock types. Tonnages were estimated on a dry basis with specific gravity values estimated into the models using simple kriging where sufficient data was available. Outside of these areas, the average specific gravity of 2.80 t/m3 was applied. Subsequently, density was calculated in the block model by factoring down the specific gravity estimates by 0% (siliceous zone) or 3% (other rock types). There is little variation in density between the different rock types.
The updated Mineral Resource estimate for the Valley of the Kings is significantly higher in confidence than the previous November 2012 estimate as a result of the increase in drilling density and the test work carried out in the Program. The additional drilling has resulted in higher confidence in the geological interpretation used in the estimation, while the Program has confirmed the local grade tenor and geological model. The additional confidence has allowed the conversion of some Indicated Resources to Measured Resources in the vicinity of the Program.
Next Steps
The NI 43-101-compliant Technical Report in support of the 2013 Valley of the Kings Mineral Resource estimate is expected to be filed by the end of January 2014. The Technical Report will include, among other things, the total number of ounces processed from the Program on an individual cross-cut basis reconciled to the local resource model prepared using the 2013 underground drilling. An amended feasibility study for the Valley of the Kings based on the updated Mineral Resource is expected in the first half of 2014. Additionally, Pretivm expects to file its Environmental Assessment Certificate application in the first quarter of 2014.
Ivor W.O. Jones, MSc, FAusIMM, CPgeo, Executive Consultant, Snowden Mining Industry Consultants Pty Ltd., is the independent Qualified Person (QP) responsible for the Mineral Resource for the Brucejack Project. 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. 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 high-grade gold Brucejack Project, located in northern British Columbia. Permitting of a high-grade underground gold mine at Brucejack is underway, with commercial production targeted to commence in 2016.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statements
This News Release contains "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information may include, but is not limited to, the preliminary mill results from processing the 426585E cross-cut, the preliminary mill results from the bulk sample program, the estimated gold to be produced from the bulk sample program, the estimated contained gold in the 426585E cross-cut from the sample tower, information with respect to our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral reserves and resources including the 2013 Valley of the Kings Mineral Resource estimate, realization of mineral reserve and resource estimates and timing of development of Pretivm's Brucejack Project, costs and timing of future exploration, results of future exploration and drilling, production and processing estimates, capital and operating cost estimates, timelines and similar statements relating to the economic viability of the Brucejack Project, timing and receipt of approvals, consents and permits under applicable legislation, Pretivm's executive compensation approach and practice, and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends", "targets" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information. Statements concerning mineral reserve and 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 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 Annual Information Form dated March 18, 2013 filed on SEDAR at www.sedar.com and in the United States on Form 40-F through EDGAR at the SEC's website at www.sec.gov. 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. Neither the TSX nor the NYSE has approved or disapproved of the information contained herein.
Contact:
Pretium Resources Inc.
Robert Quartermain
President and Chief Executive Officer
(604) 558-1784
Pretium Resources Inc.
Michelle Romero
Vice President, Corporate Relations
(604) 558-1784
invest@pretivm.com
www.pretivm.com
Pretium bulk sample gold grades even better
http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=221864&sn=Detail
The processing of the full 10,302 tonne bulk sample from Pretium’s Valley of the Kings section has now been completed suggesting an overall gold grade of close to 18 g/tonne gold.
Author: Lawrence Williams
Posted: Monday , 16 Dec 2013
LONDON (Mineweb) -
After the furore over the disagreement in methodology over the treatment of the Pretium Resources’ underground bulk sample from its Valley of the Kings section at its Brucejack project in British Columbia, between the company’s two consultants – Strathcona Mineral Services and Snowden Mining Industry Consultants – which led to the withdrawal of the former, now the full 10,302 tonne bulk sample has been processed it appears that the amount of contained gold in it is even higher than initially hoped for by Pretium.
Preliminary figures suggest the sample contained fully 5,865 ounces of gold – equivalent to a gold grade of 17.7 g/tonne. The company’s own original estimate from its drilling and grab sampling had been only for 4,000 ounces of contained gold. In fact, once the ball mill and flotation cell clean-up has been completed at the mill in the U.S.A. where the bulk sample has been processed it is expected that a few more ounces of gold will be recovered which could bring the overall sample grade up to around 18 g/tonne. A high grade result by any standards.
While the above results are preliminary and as provided by the mill operator Strategic Minerals LLC under the supervision of Snowden, it is not expected final results will vary much from those announced by Pretium on Friday. The company’s consultants will now work on producing an updated NI 43-101 Valley of the Kings resource estimate expected later this month with the NI 43-101 compliant Technical Report to follow.
The initial disagreement over sampling the bulk sample between Strathcona and Snowden highlighted some of the problems in evaluating the kind of deposit Pretium has found – with some very high grade stringers within a matrix of far lower grade material. Strathcona utilised a tower sampling method which must have managed to miss the high grades altogether suggesting that there was not a potentially mineable resource. With Snowden and Pretium confident that the gold was there and the initial sample results by Strathcona had to give a misleading picture of the true resource value, it was decided that the best result would be achieved by processing the whole sample – which is indeed what has since taken place. Strathcona disagreed and withdrew from the project amidst some perhaps intemperate statements – one of which that there were ."no valid gold mineral resources" there will likely come back to haunt it.
A bit of history here – Strathcona was the consultant responsible for exposing the Bre-X fraud in 1997 in Indonesia – a fraud which lingers long in the minds of many Canadian junior resource investors who may have lost fortunes when the scam was exposed. The Strathcona withdrawal from the Pretium program, coupled with its stated reasoning behind it, raised reminders of Bre-X – was this another mining scam exposed? This was not withstanding the very strong reputations of the Pretium Board and CEO, Bob Quartermain, nor of the other major consultants working on the program, Snowden, despite which Pretium shares plunged dramatically within a tottering junior gold resource sector before making at least a decent recovery once the next set of bulk sample process results came out.
See: Pretium vindicated – over 4,000 gold ounces in first bulk sample result
The initial sharp drop in the Pretium share price at the Strathcona withdrawal raised talk of class action law suits against the company, but these seem to have fallen away and perhaps been replaced by the lawyers now going after Strathcona instead – one of the less pleasant attributes of today’s litigation prone business environment.
But now there is confirmation that there will be a resource at the Valley of the Kings section of Pretium’s Brucejack deposit, the company can proceed with the next step of the revised resource assessments and Technical Report – the next steps on the way to a mining decision.
Pretium Resources Inc.: Underground Exploration Concludes With More High-Grade Gold Intersections and Expansion of the Valley of the Kings
http://finance.yahoo.com/news/pretium-resources-inc-underground-exploration-110000265.html
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 2, 2013) - Pretium Resources Inc. (PVG.TO)(PVG) ("Pretivm") is pleased to report the remaining assay results from underground exploration drilling in the Valley of the Kings. These results include 8 intersections grading greater than 1,000 grams per tonne gold uncut from 6,164 meters of drilling in 46 holes. (See Table 1 below for assays.)
Selected drill highlights include:
•Hole VU-365 intersected 328.91 grams of gold per tonne uncut over 20.50 meters, including 13,400 grams of gold per tonne uncut over 0.50 meters;
•Hole VU-369 intersected 96.71 grams of gold per tonne uncut over 44.95 meters, including 7,700 grams of gold per tonne uncut over 0.50 meters;
•Hole VU-384 intersected 331.99 grams of gold per tonne uncut over 8.00 meters, including 5,210 grams of gold per tonne uncut over 0.50 meters;
•Hole VU-390 intersected 179.14 grams of gold per tonne uncut over 13.50 meters, including 4,780 grams of gold per tonne uncut over 0.50 meters;
•Hole VU-397 intersected 175.44 grams of gold per tonne uncut over 10.78 meters, including 3,770 grams of gold per tonne uncut over 0.50 meters;
•Hole VU-385 intersected 1,200 grams of gold per tonne uncut over 0.50 meters;
•Hole VU-383 intersected 1,095 grams of gold per tonne uncut over 0.50 meters;
•Hole VU-391 intersected 1,040 grams of gold per tonne uncut over 0.50 meters.
The bonanza-grade gold intercepts noted above were encountered in drilling to the east and west, as well as above and below the area of the Valley of the Kings Bulk Sample Program (the "Program").
Underground exploration drilling has expanded the defined Valley of the Kings high-grade gold mineralization to the east, and mineralization remains open in all directions.
For plan views of the reported drilling please visit the following link http://media3.marketwire.com/docs/pretfig21202.pdf.
In 2013 a total of 38,830 meters of underground drilling was completed in the Valley of the Kings, comprising 16,789 meters of Program drilling and 22,041 meters of exploration drilling. Assay results from 2013 drilling include a total of 69 intercepts grading over 1,000 grams per tonne gold uncut (of which 15 were in the Cleopatra Vein).
For a summary table of Valley of the Kings assay results by grade interval please visit the following link http://media3.marketwire.com/docs/pretfig11202.pdf.
Processing of the approximately 1,500 wet tonnes of bulk sample material remaining from the Program is expected to be completed this week, with final results reported after the completion of assaying.
The results both from the 38,830 meters of underground drilling and from milling will be incorporated into the updated Mineral Resource estimate for the Valley of the Kings expected later this month.
Table 1: Valley of the Kings Drill Results, December 2013 (VU-363 to VU-408)(1,2,3,4)
Hole
No.
Dip/
Azimuth
From
(meters)
To
(meters)
Interval (meters)
Gold
(g/t)
Silver
(g/t)
Capping
Exploration Drilling from Drill Bay Section 426700E (180 Azimuth)
VU-363
-44/180
55.50
62.95
7.45
7.05
6.47
incl
62.35
62.95
0.60
79.00
17.30
74.50
80.05
5.55
13.05
11.56
incl
76.26
76.76
0.50
35.30
8.80
incl
78.50
79.00
0.50
30.70
13.00
incl
79.55
80.05
0.50
23.90
15.40
104.50
113.60
9.10
11.91
12.56
105.25
105.75
0.50
207.00
160.00
VU-364
-33/180
3.00
19.50
16.50
21.80
52.67
1 Au sample cut
or
3.00
19.50
16.50
31.52
52.67
Uncut
incl
9.00
10.50
1.50
75.40
156.00
15.10
15.60
0.50
751.00
456.00
Uncut
59.50
63.50
4.00
3.97
6.40
83.55
84.05
0.50
162.00
32.80
VU-365
-18/180
1.00
12.67
11.67
9.37
12.53
incl
1.82
2.32
0.50
78.70
58.90
incl
8.06
8.86
0.80
27.30
24.50
incl
12.17
12.67
0.50
77.80
17.60
21.46
30.03
8.57
5.51
12.13
incl
26.43
26.93
0.50
67.80
47.10
50.50
71.00
20.50
12.57
118.78
1 Au sample cut
or
50.50
71.00
20.50
328.91
118.78
Uncut
incl
69.18
69.68
0.50
13,400
4,690
Uncut
69.68
71.00
1.32
23.10
6.90
VU-366
1/180
0.00
24.00
24.00
3.57
9.67
1.00
2.00
1.00
48.60
42.20
45.00
62.96
17.96
25.39
9.58
incl
48.00
49.50
1.50
283.00
88.50
incl
62.41
62.96
0.55
46.60
24.80
VU-367
24/180
18.00
30.00
12.00
2.64
5.73
VU-368
42/180
55.75
77.60
21.85
11.44
19.87
1 Au sample cut
or
55.75
77.60
21.85
17.89
19.87
Uncut
incl
55.75
56.25
0.50
712.00
577.00
Uncut
77.10
77.60
0.50
49.30
60.90
Exploration Drilling from Drill Bay Section 426700E (165 Azimuth)
VU-369
-35/165
3.55
48.50
44.95
14.10
61.96
2 Au samples cut
or
3.55
48.50
44.95
96.71
61.35
Uncut
incl
4.05
4.50
0.45
24.20
32.90
incl
7.85
8.36
0.51
251.00
90.30
incl
34.47
34.97
0.50
7,770
3,880
Uncut
incl
47.54
48.04
0.50
516.00
352.00
Uncut
68.00
76.00
8.00
29.38
46.17
1 Au sample cut
or
68.00
76.00
8.00
57.88
46.17
Uncut
incl
72.99
73.49
0.50
886.00
624.00
Uncut
VU-370
-20/165
13.50
25.25
11.75
14.63
14.15
incl
17.70
18.30
0.60
266.00
133.00
39.00
47.00
8.00
8.06
31.49
incl
41.53
42.03
0.50
88.70
56.30
VU-371
1/165
28.50
56.00
27.50
7.22
9.65
incl
52.15
52.65
0.50
344.00
280.00
VU-372
30/165
42.00
51.00
9.00
1.38
7.23
VU-373
-45/165
31.00
44.41
13.41
2.25
8.73
57.90
64.20
6.30
19.88
16.79
incl
63.70
64.20
0.50
238.00
163.00
84.40
96.94
12.54
14.10
20.21
incl
93.00
93.50
0.50
300.00
319.00
Exploration Drilling from Drill Bay Section 426700E (150 Azimuth)
VU-374
-40/150
9.00
13.74
4.74
9.10
42.69
incl
11.90
12.50
0.60
64.10
49.00
24.60
34.50
9.90
10.36
35.33
incl
26.20
26.65
0.45
22.30
6.10
incl
28.35
28.95
0.60
96.60
68.20
incl
30.37
30.87
0.50
40.20
289.00
42.77
43.27
0.50
17.05
5.80
64.50
75.50
11.00
10.31
13.94
incl
64.50
65.00
0.50
186.50
131.00
104.50
122.50
18.00
12.26
12.53
incl
112.23
112.73
0.50
175.00
79.00
incl
121.00
122.50
1.50
68.10
29.00
VU-375
-29/150
10.45
26.15
15.70
12.66
25.98
incl
10.45
11.00
0.55
26.00
68.10
incl
17.68
18.18
0.50
275.00
176.00
incl
22.00
22.50
0.50
16.30
62.90
48.70
51.25
2.55
16.02
10.65
incl
48.70
49.20
0.50
73.30
28.00
VU-377
-16/150
22.80
43.43
20.63
11.78
24.04
incl
24.77
25.27
0.50
54.00
24.77
incl
31.25
31.75
0.50
285.00
197.00
incl
42.43
42.93
0.50
103.00
333.00
VU-379
1/150
36.00
65.50
29.50
0.91
5.20
VU-380
16/150
51.50
61.00
9.50
2.59
15.90
VU-382
40/150
21.00
39.00
18.00
1.25
3.54
112.00
113.50
1.50
40.50
25.70
Exploration Drilling from Drill Bay Section 426652E (80 Azimuth)
VU-384
1/80
4.07
15.50
11.43
25.46
28.34
1 Au sample cut
or
4.07
15.50
11.43
41.47
28.34
Uncut
incl
4.07
4.57
0.50
796.00
547.00
incl
14.00
15.50
1.50
48.70
19.00
57.50
72.48
14.98
8.12
13.01
incl
68.25
68.75
0.50
202.00
294.00
136.50
144.50
8.00
33.24
256.74
1 Au sample cut
or
136.50
144.50
8.00
331.99
256.74
Uncut
incl
137.00
137.50
0.50
5,210
2,570
Uncut
137.50
138.00
0.50
48.90
37.90
VU-386
-23/80
100.50
108.00
7.50
1.85
28.13
VU-388
-40/80
3.29
7.50
4.21
7.19
12.21
incl
3.29
3.79
0.50
55.00
84.50
97.50
127.50
30.00
1.47
18.79
VU-390
-52/80
20.14
32.50
12.36
1.82
1.85
94.50
108.00
13.50
18.03
114.47
1 Au sample cut
or
94.50
108.00
13.50
179.14
114.47
Uncut
incl
97.77
98.27
0.50
4,780
1,775
Uncut
VU-392
24/80
68.35
112.00
43.65
6.18
15.04
incl
68.35
68.85
0.50
411.00
99.40
Exploration Drilling from Drill Bay Section 426652E (95 Azimuth)
VU-395
-64/95
20.35
20.85
0.50
68.50
20.10
96.00
137.97
41.97
10.66
15.71
incl
105.38
105.88
0.50
403.00
543.00
incl
113.23
113.73
0.50
47.50
39.90
incl
113.73
114.23
0.50
153.50
97.10
incl
125.67
126.17
0.50
96.10
39.00
incl
133.47
133.97
0.50
21.50
67.30
VU-396
-45/95
100.95
109.00
8.05
13.44
13.50
100.95
101.45
0.50
206.00
140.00
123.40
148.40
25.00
11.09
13.49
1 Au sample cut
or
123.40
148.40
25.00
11.59
13.49
Uncut
incl
123.40
123.90
0.50
455.00
242.00
Uncut
142.02
142.52
0.50
64.40
84.40
VU-400
-23/95
3.73
4.23
0.50
44.80
27.40
27.27
28.27
1.00
92.50
28.80
Exploration Drilling from Drill Bay Section 426652E (110 Azimuth)
VU-403
-62/110
86.90
101.40
14.50
0.69
5.39
VU-404
-50/110
88.30
96.90
8.60
8.55
12.17
incl
91.40
91.90
0.50
69.40
76.40
incl
91.90
92.40
0.50
21.50
20.20
VU-406
-35/110
94.97
95.47
0.50
35.70
13.80
Exploration Drilling from Drill Bay Section 426482E (244 Azimuth)
VU-376
1/244
16.50
18.00
1.50
20.50
15.70
70.46
80.32
9.86
4.17
3.88
incl
70.46
70.96
0.50
66.20
27.70
VU-378
22/244
12.00
37.50
25.50
0.71
6.28
VU-381
40/244
65.00
78.50
13.50
1.30
22.98
VU-383
52/244
46.95
73.50
26.55
1.17
6.74
85.50
106.50
21.00
11.20
25.51
1 Au sample cut
or
85.50
106.50
21.00
27.04
25.51
Uncut
incl
102.97
103.47
0.50
1,095
786.00
Uncut
132.50
142.00
9.50
4.32
8.35
138.62
139.12
0.50
46.90
12.50
VU-385
-22/244
8.77
39.90
31.13
8.77
26.43
1 Au sample cut
or
8.77
39.90
31.13
21.14
26.43
Uncut
incl
8.77
9.27
0.50
1,200
913.00
Uncut
67.00
84.50
17.50
12.81
14.59
1 Au sample cut
or
67.00
84.50
17.50
23.27
14.59
Uncut
incl
76.79
77.29
0.50
796.00
369.00
Uncut
51.00
66.00
15.00
4.69
8.10
incl
63.15
64.85
1.70
23.46
45.94
VU-387
-38/244
13.44
13.94
0.50
18.50
14.30
Exploration Drilling from Drill Bay Section 426482E (231 Azimuth)
VU-389
1/231
23.12
41.50
18.38
8.01
9.38
23.12
23.62
0.50
271.00
152.00
77.50
79.00
1.50
33.40
30.00
VU-391
28/231
50.80
72.50
21.70
13.23
19.74
1 Au sample cut
or
50.80
72.50
21.70
27.29
19.74
Uncut
incl
65.44
65.94
0.50
31.60
20.10
incl
67.44
67.84
0.40
33.30
36.00
incl
67.84
68.34
0.50
1,040
609.00
Uncut
111.50
130.50
19.00
1.86
5.77
VU-393
45/231
37.50
50.15
12.65
8.28
19.24
40.50
42.00
1.50
56.30
37.00
VU-394
-26/231
41.44
77.50
36.06
0.91
2.96
106.10
106.60
0.50
18.50
13.40
VU-397
13.5/231
73.51
84.29
10.78
20.52
111.85
1 Au sample cut
or
73.51
84.29
10.78
175.44
111.85
Uncut
incl
83.29
83.79
0.50
3,770
2,340
Exploration Drilling from Drill Bay Section 426482E (155 Azimuth)
VU-398
23/155
38.72
48.88
10.16
1.39
15.42
VU-399
1/155
39.50
68.00
28.50
1.06
6.19
VU-401(4)
-23/155
83.92
101.50
17.58
10.57
6.25
incl
85.74
86.24
0.50
339.00
92.40
VU-402
-44/155
21.00
26.13
5.13
6.31
21.10
incl
25.50
26.13
0.63
36.40
9.20
105.33
144.00
38.67
1.33
9.28
Exploration Drilling from Drill Bay Section 426616E (100 Azimuth)
VU-405
19/100
34.90
37.90
3.00
1.40
34.20
66.20
110.00
43.80
0.96
11.11
incl
115.00
138.55
23.55
2.40
21.72
incl
120.63
121.13
0.50
40.70
20.00
incl
185.00
186.50
1.50
32.90
33.40
VU-407
43/100
98.10
110.41
12.31
7.92
61.22
incl
102.80
103.39
0.59
32.20
327.00
incl
103.39
103.89
0.50
24.80
259.00
incl
109.91
110.41
0.50
56.40
146.00
135.50
140.65
5.15
7.81
144.76
incl
137.50
138.00
0.50
13.50
197.00
incl
138.00
138.50
0.50
19.05
542.00
154.71
163.20
8.49
8.64
41.65
incl
162.70
163.20
0.50
129.50
206.00
VU-408
63/100
91.33
95.83
4.50
9.12
90.00
92.33
92.83
0.50
34.40
296.00
92.83
93.34
0.51
21.80
191.00
(1)
True thickness to be determined.
(2)
Unless otherwise indicated as uncut, all gold assays over 430 g/t were cut to 430 g/t.
(3)
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 and fire assay with AA finish for gold. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,500 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.
(4)
Hole ended in mineralization.
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 high-grade gold Brucejack Project, located in northern British Columbia. Permitting of a high-grade underground gold mine at Brucejack is underway, with commercial production targeted to commence in 2016.
Forward Looking Statements
This News Release contains "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information may include, but is not limited to, the estimated gold to be produced from the bulk sample program, risks related to our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral reserves and resources, realization of mineral reserve and resource estimates and timing of development of Pretivm's Brucejack Project, costs and timing of future exploration, results of future exploration and drilling, production and processing estimates, capital and operating cost estimates, timelines and similar statements relating to the economic viability of the Brucejack Project, timing and receipt of approvals, consents and permits under applicable legislation, Pretivm's executive compensation approach and practice, and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information.
Statements concerning mineral reserve and 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 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 Annual Information Form dated March 18, 2013 filed on SEDAR at www.sedar.com and in the United States on Form 40-F through EDGAR at the SEC's website at www.sec.gov. 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.
Neither the TSX nor the NYSE has approved or disapproved of the information contained herein.
Contact:
Pretium Resources Inc.
Robert Quartermain
President and Chief Executive Officer
Pretium Resources Inc.
Michelle Romero
Vice President, Corporate Relations
(604)558-1784
invest@pretivm.com
www.pretivm.com
+4% $5.53 ending at high of day on 2.5x normal volume
Nice follow through, more to come!
First bulk sample result produces over 4,000 gold ounces - Pretium
Initial results from the processing of around 80% of the bulk sample from Pretium’s Valley of the Kings section at Brucejack has come up with more gold than anticipated as likely to be contained in the full sample.
http://www.mineweb.com/mineweb/content/en//mineweb-gold-news?oid=219222&sn=Detail
Readers may recall the recent furore over the bulk sampling programme initiated by Pretium Resources on its Valley of the Kings section of its Brucejack gold/silver project. There was a dispute between consultants Strathcona and Snowden over sampling methodology, leading to the withdrawal of Strathcona, and a collapse in the Pretium stock price, with Pretium effectively saying that in an orebody of this type, with ultra high grade stringers in amongst a low grade matrix, the Strathcona tower sampling procedure was inappropriate and one should await the results of assays from the full 10,000 tonne bulk sample before building that into a resource calculation.
On Pretium’s own understanding of the potential orebody, the company was expecting to see the full 10,000 tonne sample containing around 4,000 ounces of gold. Now the company has come up with a preliminary announcement that the first 8,090 tonnes processed by independent company, Strategic Minerals LLC has come up with 4,215 ounces of contained gold, with a further 1,910 tonnes of the bulk sample still to be processed. This is equivalent to a gold grade of 16.2 g/tonne. There is also a small amount of contained silver in the sample but not enough to raise the overall gold equivalent grade by more than another 0.2 g/tonne.
Now, because of the distribution of the high-grade stringers, the remaining 1,910 tonnes still to be processed may not add significantly to total gold ounces. However, even if there is zero gold in the remaining tonnage to be processed, which is highly unlikely, this would leave the overall grade from the 10,000 tonne bulk sample at over 13 g/tonne – high grade by any modern standard and certainly the basis for calculating an ore reserve for final studies.
The results to date thus surpass the target of 4,000 ounces of gold projected to be produced from the entire 10,000 tonnes of material excavated. Processing is continuing on track and is expected to be completed by the first week of December. The gold content is partly in a gravity concentrate (2,542 ounces) and partly in a flotation concentrate (1,588 ounces) with around 85 ounces lost in tailings. Shipment and sale of the gravity concentrate has commenced, with shipment of the flotation concentrate to begin on completion of processing. The final amount of gold produced will be announced at the end of processing and assaying, which is expected by mid-December.
Pretium founder and CEO, Robert Quartermain, and his company had come in for some pretty vitriolic criticism in the Canadian media over the Strathcona withdrawal with all kinds of doubts raised on the earlier statements about likely gold content in the bulk sample. While the figures announced in the Pretium release on this first contained gold figure are noted as subject to final establishment of weights and assays and settlement, one can be pretty sure the announcement would not have been made if there was any likelihood of significant change. This would seem to fully vindicate the company, and its main independent consultants, Snowden, in their positions and will likely have done no favours for Strathcona and its preliminary findings.
Terrific news!
CRK.TO $0.11 $45M market cap
Been a while since we've talked abuot this one, but this looks to be a good quarter?
•Operating cash costs have decreased to $924 per ounce(1), down from $1,101
Produciton up, and even a net income in the third quarter of 2013 of $3,319,678 or $0.01
They must have a heck of a lot of debt or hedges or something that I'm not seeing at first glance?
http://finance.yahoo.com/news/crocodile-gold-reports-operating-cash-224824353.html
Crocodile Gold Reports Operating Cash Flow of $18.3 Million on Increased Production and Decreased Cash Costs
TORONTO, ONTARIO--(Marketwired - Nov 12, 2013) - Crocodile Gold Corp. (CRK.TO)(TSX:CRK.DB)(CROCF)(XGC.F) ("Crocodile Gold" or the "Company") is releasing its financial and operating results for the three and nine months ended September 30, 2013. All figures are in U.S. dollars, unless stated otherwise.
Third Quarter 2013 Financial Highlights
•Crocodile Gold produced 55,206 ounces of gold from its three operating mines in the third quarter of 2013, a 14% increase over the 48,261 ounces from the second quarter, resulting in revenues of $78,201,622.
•Operating cash costs have decreased to $924 per ounce(1), down from $1,101 in the second quarter of 2013 as a result of higher and sustainable ounce production at Cosmo, productivity gains at Fosterville and a continued focus on cost reduction across all operations.
•The Company generated $18,341,776 in cash flow from operations during the quarter, up significantly from Q2, despite a lower realized gold price, due to strong production and lower cash costs.
•As a result of its strong financial position and confidence in its mine plans, the Company made its first interest payment of C$1.58 million on its convertible unsecured debentures in cash on October 31, 2013.
•Based on consistent and sustainable production rates at all three of the Company's mines, Crocodile Gold increased its production guidance for 2013 to 200,000 - 205,000 ounces from previous guidance of 170,000 - 180,000 ounces gold.
Commenting on these results, Rodney D. Lamond, President and CEO of Crocodile Gold, said: "I am very pleased with the dedication and commitment of our management teams, employees and support groups during the quarter. These efforts are demonstrated in the decrease in our overall cash costs and, more specifically, the positive results we're experiencing at Cosmo and Fosterville. The Company continues to make value-driven decision to reduce operating expenditures which allows Crocodile Gold to continue strategic investment back into our operations to support our sustainability."
Third Quarter 2013 Financial Results
Q3 2013
YTD 2013
Q3 2012
YTD 2012(2)
Revenue ($)
78,201,622
227,547,959
78,721,463
154,160,170
Cost of sales
69,616,330
225,607,737
71,693,055
146,953,017
Mine operating earnings (loss)($)
8,585,292
1,940,222
7,028,408
7,207,153
Net income (loss)($)
3,319,678
(69,461,540
)
(55,998,228
)
(83,513,209
)
Net income (loss) per share ($/share)
0.01
(0.17
)
(0.14
)
(0.22
)
Cash from operating activities ($)
18,341,776
46,930,178
32,511,747
19,496,746
Gold ounces produced
55,206
152,318
45,963
93,376
Gold ounces sold
58,890
155,221
47,121
93,686
Average realized gold price ($)
1,325
1,456
1,664
1,651
Average quoted gold price ($)
1,328
1,457
1,655
1652
Cash cost per ounce sold ($)(1)
924
1,050
1,176
1,457
(1)
Refer to non-IFRS measures below
(2)
Crocodile Gold acquired, and accounted for, the Fosterville and Stawell Gold Mines with effect from May 5, 2012
Financial Discussion
Crocodile Gold produced 55,206 ounces of gold from its three operating mines in the third quarter of 2013, a 14% increase over the 48,261 ounces from the second quarter. Production is up significantly over the corresponding three and nine months of 2012, which only included Fosterville and Stawell from May 4, 2012 and where ounces had yet to be realized from Cosmo. Increasing gold production in 2013 from the Cosmo Mine is offsetting the reduced ounces from Stawell as it winds down its underground operations.
Operating cash costs continued to improve, down to $924 per ounce in the most recent quarter. Consequently, while the Company's realized gold price decreased to $1,325 per ounce, Crocodile Gold generated $18,341,776 of cash from operations for the three months ended September 30, 2013, up significantly from $11,028,760 in the second quarter.
Crocodile Gold is focused on sustainable capital expenditures, investing $14,885,305 during the third quarter into underground development and mineral resource definition at the Cosmo and Fosterville Gold Mines, and $1,556,437 to advance the Big Hill Project. A further $1,335,929 was also spent on property, plant and equipment, with each site continuing to optimize its current equipment fleet and fixed assets. In addition, equipment that has become available due to the wind-down of Stawell's underground operations has been relocated to Fosterville and Cosmo where possible.
The Company posted net income in the third quarter of 2013 of $3,319,678 or $0.01 per share compared to a net loss in the corresponding period of 2012 of $55,998,228 or $0.14 per share, and up significantly from the Q2 2013 net loss of $90,402,788 or $0.22 per share. The previous quarter was impacted by a significant impairment charge of $151,626,275 recognized as at June 30, 2013, which in turn impacted the third quarter through lower depreciation expense. The corresponding period in 2012 was impacted by losses relating to the revaluation of the derivative liabilities and contingent liability in light of significantly higher gold prices.
Financial Position
Crocodile Gold ended the quarter with a cash balance of $27,920,278 and working capital of $13,464,193. The Company continues to pay down its credit facility with Credit Suisse of which $6,250,000 remains outstanding (net of the related debt service reserve account). With the significant reduction in debt as a result of unwinding the gold swap contracts earlier this year, the Company has significantly strengthened its balance sheet and its ability to react to challenging market conditions.
Third Quarter 2013 Operational Highlights
Q3 2013
YTD 2013
Q3 2012
YTD 2012*
Northern Territory
Ore Milled (Tonnes)
188,758
516,594
99,135
692,147
Average Grade (g/t Au)
3.83
3.51
2.51
1.63
Recovery (%)
91.8
89.4
92.0
92.0
Gold Produced (Ounces)
21,316
52,089
7,356
27,902
Gold Sold (Ounces)
22,527
52,320
8,182
28,032
Fosterville Gold Mine
Ore Milled (Tonnes)
204,231
592,026
183,854
578,733
Average Grade (g/t Au)
4.44
4.50
4.68
4.17
Recovery
86.7
84.6
83.0
81.0
Gold Produced (Ounces)
25,359
72,385
22,857
63,790
Gold Sold (Ounces)
26,345
73,851
24,158
65,930
Stawell Gold Mine
Ore Milled (Tonnes)
222,322
673,798
225,666
631,532
Average Grade (g/t Au)
1.62
1.61
2.54
2.94
Recovery (%)
73.4
78.7
85.0
85.0
Gold Produced (Oz)
8,531
27,844
15,750
49,933
Gold Sold (Oz)
10,019
29,050
14,781
51,349
Consolidated Gold Produced (Oz)
55,206
152,318
45,963
141,625
Consolidated Gold Sold (Oz)
58,890
155,221
47,121
145,311
* Crocodile Gold acquired, and accounted for, the Fosterville and Stawell Gold Mines with effect from May 5, 2012. Information presented prior to this date is for comparative purposes only.
Operational Discussion
Cosmo Gold Mine
The third quarter for the Cosmo Gold Mine saw record physical result in all areas, transitioning into a sustainable operation under a revised mine plan focused on quality tonnes and higher cut-off grades. The updated mine plan also incorporates resource development and exploration to ensure sustainable production in the future.
Cosmo produced 201,897 tonnes of ore at a grade of 3.71 g/t Au and averaged 477 meters of development per month, reducing capital development costs while supporting operational requirements. The Union Reefs mill processed 188,758 tonnes during the quarter at an average grade of 3.83 g/t Au and at a recovery rate of 91.8%. Cosmo produced 21,316 ounces gold in the third quarter, a 20% increase over the second quarter of 2013, in part due to improvements in recovery rates, currently in the range of 90-92%.
Fosterville Gold Mine (FGM)
During the third quarter of 2013, Fosterville produced 210,360 tonnes at an average grade of 4.61 g/t Au as a result of continued productivity improvements. Mine development continued at an average advance rate of 604 metres per month during the quarter, with 65% relating to sustainable capital development.
FGM processed 204,231 tonnes of ore at a grade of 4.44 g/t Au with a recovery rate of 86.7%, resulting in gold production of 25,359 ounces gold compared to 23,470 ounces in the second quarter. The continued improvement in recovery since 2012 has been the result of improved blending practices as a strategy to deal with carbonaceous ore, physical improvements to the leaching circuit and optimization of the neutralization circuit.
Mineral resource conversion and exploration drilling undertaken in the first half of 2013 was incorporated into updated resource models during the third quarter and was used as the basis for budget planning for 2014. These programs were successful in replacing the tonnes mined over this period, particularly in the Phoenix ore body.
Stawell Gold Mine (SGM)
The Stawell Gold Mine is now focused on the mid and upper level zones in the mine while reviewing the upper level mineral resources for remnant ounces with the aim of further extending the underground mine life. As a consequence, Stawell has been able to extend its underground mining schedule into 2014, with other opportunities being investigated through focused diamond drill programs.
During the third quarter, 147,345 tonnes of underground ore were mined at SGM at a grade of 2.27 g/t Au, which were supplemented with surface oxide material for a total of 222,322 tonnes processed at an average grade of 1.62 g/t Au. SGM achieved a recovery rate of 73.4%, which resulted in gold production of 8,531 ounces. Recoveries continue to be lower as a result of mining lower-recovery underground ore and the impact of processing some preg-robbing material during the period.
About Crocodile Gold
Crocodile Gold is a Canadian gold mining and exploration company with three operating mines in the Northern Territory and the State of Victoria, Australia. The Company has a combined land package in excess of 4,000 sq. km. The objective of Crocodile Gold is to continue production from its three operating mines, Cosmo, Stawell and Fosterville, while also exploring and developing the Company's resources to ensure sustainable production in the future.
For additional information, please visit our website www.crocgold.com or follow us on Twitter @crocgold_crk or on Facebook at CrocodileGoldCorp.
Qualified Person
F. W. Nielsen P.Geo, V.P. Exploration of Crocodile Gold Corp. is a "qualified person" as such term is defined in National Instrument 43-101 and has reviewed and approved the technical information and data included in this press release.
Cautionary Notes
Non-IFRS Measures
Crocodile Gold believes that investors use certain indicators to assess gold mining companies. The indicators are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards.
"Cash cost per ounce" is a non-IFRS performance measure that could provide an indication of the mining and processing efficiency and effectiveness at the operations. It is determined by dividing the operating expenses, excluding stock-based compensation allocated to operating expenses and net of silver revenue, by the number of ounces of gold sold. There are variations in the method of computation of "cash cost per ounce" as determined by the Company compared with other mining companies. The following is a reconciliation of the cash cost per ounce of gold sold, to the reported operating expenses for the following periods:
Q3 2013
YTD 2013
Q3 2012
YTD 2012
Operating expense per the consolidated statement of operations and comprehensive income (loss)
54,544,555
163,244,741
55,557,277
119,683,524
By-product silver sales credit
(104,532
)
(313,800
)
(126,723
)
(296,731
)
Non-cash stock option expense charged to operations
-
-
-
(240,861
)
Cash operating Costs
54,440,023
162,930,941
55,430,554
119,145,932
Divided by the ounces of gold sold
58,890
155,221
47,121
93,686
Cash cost per ounce ($ per ounce)
924
1,050
1,176
1,272
Forward Looking Information
Certain information set forth in this press release contains "forward-looking statements", and "forward-looking information under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include the Company's expectations for future performance based on current drill results and past production, expected gold prices, and mineral resource estimates, and are based on Crocodile Gold's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Crocodile Gold's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production; geological, mining and processing technical problems; Crocodile Gold's inability to obtain required mine licences, mine permits and regulatory approvals required in connection with mining and mineral processing operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events that could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of rail, port and other transportation services; the ability to secure adequate financing and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Crocodile Gold undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Contact:
Crocodile Gold Corp.
Rob Hopkins
Manager, Investor Relations
416-861-5899
info@crocgold.com
www.crocgold.com
This story doesn't really add anything, but it's new today.
http://www.bloomberg.com/news/2013-11-11/pretium-declining-amid-doubts-on-gold-project.html
Pretium Declining Amid Doubts on Gold Project
Pretium Resources Inc. (PVG) has plunged 50 percent in Toronto in the past month after a dispute over how much gold is at a property in British Columbia fuels speculation the deposit is less promising than previously estimated.
Strathcona Mineral Services Ltd., a contractor hired by Vancouver-based Pretium, resigned Oct. 8 after finding “no valid” gold resources. Strathcona disagreed with Pretium about how much data should be disclosed, said Henrik Thalenhorst, a Strathcona geologist. Pretium says it has published all the drilling results from the site.
“It’s not the role or domain of an engineering consultant I think to decide what is material,” Pretium Chief Executive Officer Robert Quartermain said in an Oct. 30 phone interview. More evaluation is needed before conclusions can be drawn about the viability of the deposit, he said.
While there’s no suggestion of any wrongdoing by Pretium, John Stephenson, a fund manager with First Asset Investment Management Inc. in Toronto said some people are wondering if there are similarities with Bre-X Minerals Ltd. Calgary-based gold explorer Bre-X’s shares slumped to zero in 1997, erasing C$6.17 billion ($5.89 billion) of market value, after its Indonesian project was shown to be a hoax. A Strathcona report, on which Thalenhorst worked, proved the Bre-X deposit was worthless.
Bre-X Comparison?
“Because Strathcona was on the right side of the Bre-X scandal back in ’97, everybody thinks, well, if they’re pulling out there must be something wrong,” said Adam Graf, a New York-based analyst with Cowen and Co LLC, in an Oct. 29 phone interview. Graf has a buy rating on the stock, one of six buys and four holds, according to ratings compiled by Bloomberg. There are no sell recommendations, the data show.
“I think we’re actually past” any comparison to Bre-X, Michelle Romero, a spokeswoman for Pretium said in a Nov. 7 phone interview from Vancouver. “People have been able to see from the results that we’ve published even subsequent to that, as well as any number of other ways, that you can see that frankly the gold is there.”
There’s “no real similarity between Bre-X and Pretium,” Strathcona’s Thalenhorst said. Bre-X’s project “was a non-deposit” while Pretium’s “may very well turn out to be a mineable deposit, just much different from what it has been made to look like.”
Shorts Rise
Pretium slumped 28 percent on Oct. 22 after it said Toronto-based Strathcona found “no valid gold mineral resources” at the Valley of the Kings deposit. The shares rose 1.7 percent to C$3.57 in Toronto today, giving the company a market value of C$378.2 million. The largest shareholder is U.S. miner Silver Standard Resources Inc. with an 18 percent stake, according to data compiled by Bloomberg.
Pretium has seen the biggest increase in short interest on the Toronto Stock Exchange in the past month, according to data compiled by Bloomberg.
Gold explorers are under pressure this year after a 23 percent decline in the price of the metal. A 63-member index of such companies including Pretium that was compiled by Bloomberg has declined 44 percent in 2013.
“The risk, given the complication of the geology, the decision by Strathcona and the process that lies ahead of the company, has been priced into” Pretium’s stock, Joseph Reagor, a Newport Beach-based analyst with Roth Capital Partners LLC, said in an Oct. 29 phone interview. “But it’s also in a depressed sector.”
Ore Sampling
Valley of the Kings is part of Pretium’s Brucejack project, located about 65 kilometers (40 miles) north of the town of Stewart in British Columbia. Pretium said Jan. 9 it hired Strathcona to vet a November 2012 resource estimate carried out by Perth, Australia-based Snowden Mining Industry Consultants Ltd.
Strathcona started digging a 10,000-metric ton ore sample. It started checking some of the rock at the site using a sample tower, a machine that mixes up batches of ore and separates a small amount for testing on site. The entire sample was then taken away for testing at a processing mill in Montana, Strathcona’s Thalenhorst said.
Minerals can sometimes be distributed unevenly in a geological formation. Explorers such as Pretium face the challenge of drilling from the surface and taking samples of ore to build a model of what a deposit below looks like.
Vertical Mineralization
The gold in Valley of the Kings is tricky to measure by drilling down into the rock because the mineralization runs almost vertically, said Thalenhorst, who worked at the site.
“Either you totally miss the damn thing or you drill right through it,” he said. Pretium’s answer to the problem was for Strathcona to cut horizontally into the deposit, Thalenhorst said. After a while “it became fairly clear” that Strathcona’s work wasn’t backing up the Snowden estimate, he said.
Snowden estimated Valley of the Kings had a so-called indicated resource of 16.1 million tons of ore containing an average of 16.4 grams of gold per ton. Thalenhorst said that when Strathcona made the horizontal cuts, it saw the Snowden estimate had been extrapolated from drill results that hit high-grade sections of the deposit.
Snowden doesn’t comment on its work without the client’s permission, Ivor Jones, a Snowden spokesman, said in an Oct. 30 e-mail. Snowden maintains the November 2012 estimate is valid and continues to support it, Pretium’s Quartermain said.
More data
Strathcona told Pretium three times over the summer that it should disclose the tower-sample results, which it considered material, according to Thalenhorst.
In response, Quartermain said in the Oct. 30 phone interview that he questions the tower-sample methodology because it “appears to significantly understate” the amount of gold found in the ore tested at the Montana mill. The whole 10,000-ton ore sample needs to be run through a mill before it can be concluded how much gold there is, he said. Snowden will issue a final report on the milling when it’s complete, Pretium said Nov. 7.
“All the drill results that we have to date have been released totally to the market,” Quartermain said. Pretium rose 21 percent on Oct. 24 after it published a set of drill results from the property, although it lost those gains in the following two weeks.
“The stock’s going to be under pressure until there’s a lot more data points, a lot more clarity on what they really have,” said Stephenson at First Asset Investment.
To contact the reporter on this story: Gerrit De Vynck in Toronto at gdevynck@bloomberg.net
To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net
Pretvim Resources Inc. Joseph Ovsenek, Chief Development Officer (TSX: PVG) presentation today from Precious Metals Summit in Zurich - http://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2013/11/05/pretivm-resources-inc/play/stream/9057
PVG $3.42 really a steal here. Strathcona really screwed up. Can't imagine this hit to market cap will last long. Tremendous opportunity to get in late at a discount.
Interview: Pretium's Quartermain on the Strathcona fallout, and the road ahead - See more at: http://www.northernminer.com/news/interview-pretiums-quartermain-on-the-strathcona-fallout-and-the-road-ahead/1002687365/#sthash.Hi95lKnX.dpuf
Q&A - http://pretivm.com/files/doc_downloads/Bulk%20Sample%20Q&A_Oct%2030%202013_web.pdf
Pretium Resources Inc.: More High-Grade Gold Encountered in Underground Exploration Drilling; Bulk Sample Update
http://finance.yahoo.com/news/pretium-resources-inc-more-high-120000114.html
Interview: Pretium's Quartermain on the Strathcona fallout, and the road ahead - See more at: http://www.northernminer.com/news/interview-pretiums-quartermain-on-the-strathcona-fallout-and-the-road-ahead/1002687365/#sthash.Hi95lKnX.dpuf