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Timberline Resources Signs Letter of Intent to Sell Its Contract Drilling Subsidiary
http://finance.yahoo.com/news/Timberline-Resources-Signs-iw-966205413.html?x=0
My first take on this news:
TDI had revenues of $8.62 million in the last quarter alone, so a sale of it for just $13 million seems pretty low to me, but who knows what TDI's debt is, and who cares now I guess since its gone (assuming the deal closes).
In the end I guess I just have to trust management on this one, and assume they made a good deal.
All one can really do is look to the future now.
As I look back, the market never really liked or understood the whole dual business model, but it got us through some tough years, and its time to move on.
So, what do we have now?
-A clear, simple business model of gold exploration, development,
and production.
-No debt AND a good share structure (61.1M out, 79.1 FD)
-Cash flow from gold production at Butte Highlands early next year, subject to permits etc. (50-percent carried-to-production interest)
-Great potential at South Eureka, and several other projects.
-A market cap of just $53.5 million.
Market will be looking for assurances that Butte production will happen. Following that we can move on down the pipe with South Eureka, etc.
TDI had revenues of $8.62 million in the last quarter alone, so a sale of it for just $13 million seems pretty low to me, but who knows what TDI's debt is, and who cares now I guess since its gone (assuming the deal closes).
In the end I guess I just have to trust management on this one, and assume they made a good deal.
All one can really do is look to the future now.
As I look back, the market never really liked or understood the whole dual business model, but it got us through some tough years, and its time to move on.
So, what do we have now?
-A clear, simple business model of gold exploration, development,
and production.
-No debt AND a good share structure (61.1M out, 79.1 FD)
-Cash flow from gold production at Butte Highlands early next year, subject to permits etc. (50-percent carried-to-production interest)
-Great potential at South Eureka, and several other projects.
-A market cap of just $53.5 million.
Market will be looking for assurances that Butte production will happen. Following that we can move on down the pipe with South Eureka, etc.
Pretivm PVG.TO PXZRF.PK $10.75 is by far my largest position because that is how confident I am in it. Not sure how familiar you may be with it with you recent absence - happy to have you back! I started a board for it and there is some great DD there to look at. Best summary recently is the Jay Taylor interview with Quartermain (credit to Bobwins for making me aware of it):
Barr previously served as CEO, President and Director of Fire River Gold Corp.
Management was changed last year I think... Barr is no longer involved as far as I know. The old Apollo Gold guys are running it now and trying to actually run it as a mine instead of whatever Barr and boys were doing.
New guys are trying to do it right and have some chance of succeeding as long as they can leverage the cash flow quickly.
I have no position.
Globe says Pretium Resources target boosted to $15
2011-08-26 06:22 ET - In the News
This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
This may well be the most idiot hit piece I've ever glanced at: http://seekingalpha.com/article/289368-will-goro-ever-find-that-magic-pot-of-gold
PVG.TO +0.09 $10.11 PXZRF.PK +1.19% $10.1725
Pretium Resources Inc.: Brucejack Project Drilling Update
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-2908667989.html?x=0
VANCOUVER, BRITISH COLUMBIA--(Marketwire -08/22/11)- Pretium Resources Inc. ("Pretivm") (TSX: PVG.TO - News) is pleased to report drilling results from the Brucejack Project where ongoing drilling in the Valley of the Kings Zone continues to intersect high-grade gold mineralization, and the potential for high-grade structures has been identified in other zones on the property. (See Table 1 for the most recent 35 holes.)
Valley of the Kings Zone
Selected highlights include:
-- Hole SU-176 intersected 0.5 meters with uncut grades of 2,810 grams of
gold and 1,030 grams of silver per tonne (1.6 feet averaging 81.9 ounces
gold and 30.0 ounces of silver per ton);
-- Hole SU-190 intersected 2.0 meters with uncut grades of 1,094 grams of
gold and 263.5 grams of silver per tonne (6.6 feet averaging 31.9 ounces
gold and 7.7 ounces of silver per ton).
The bonanza-grade intercepts from holes SU-176 and SU-190 noted above were both intersected on section down dip from an intercept from hole SU-12 grading 16,949 grams per tonne gold and 8,696 grams per tonne silver. The bonanza-grade intercept from hole SU-176 was intersected approximately 30 meters down dip from the high-grade SU-12 intersection.
The high-grade intercept from hole SU-190, intersected approximately 125 meters down dip from the high-grade SU-176 intersection, occurred in a much longer lower-grade mineralized interval grading 3.47 grams per tonne gold and 10.4 grams per tonne silver over 119 meters at the bottom of hole. These results demonstrate the continued opportunity to add to both the high-grade and low-grade resources outlined to date at Brucejack.
Other Zones
Hole SU-151, the deepest hole drilled to date on the property, was drilled in the Bridge Zone to a depth of 1,047 meters to test for high-grade and bulk tonnage gold mineralization. Hole SU-151, which ended in mineralization due to equipment constraints, intersected 185 meters grading 0.58 grams of gold and 3.5 grams of silver per tonne at the bottom of the hole, demonstrating that the gold mineral system remains open to depth. In addition, anomalous copper, molybdenum and rhenium values were encountered in the lower half of the hole.
Drilling at the Bridge Zone, as well as the West, Gossan Hill, Galena, SG, Shore, Waterloo and Bonanza zones continues to encounter high-grade structures and broad widths of significant gold mineralization.
A drill program of over 70,000 meters is now in progress on the Brucejack Project with eight drills on site, and with the Valley of the Kings Zone remaining a focus. Assay results for completed drilling will be reported as they are received over the course of the season.
Table 1: Selected Brucejack Project Drill Results, August 2011 (SU-149 to
SU-191)(1,4)
--------------------------------------------------------------------------
Inter- Cap-
Hole Collar Dip/ From To val Gold Silver ping
No. Coords. Azimuth (meters)(meters)(meters) (g/t) (g/t) (2)
--------------------------------------------------------------------------
Valley of the Kings Zone
--------------------------------------------------------------------------
SU-171 6258028N -50/180 1.61 18 16.39 1.32 15.5
426455E
--------------------------------------------------------------------------
56 76.3 20.3 0.85 7.2
--------------------------------------------------------------------------
SU-174 6257756N -55/360 192.78 202.0 9.22 1.89 2.7
(3) 426406E
--------------------------------------------------------------------------
401.5 404.5 3.0 4.26 8.0
--------------------------------------------------------------------------
464.5 467.5 3.0 25.6 21.6
--------------------------------------------------------------------------
656.49 689.5 33.01 0.98 5.5
--------------------------------------------------------------------------
SU-176 6258252N -47/180 5.0 46.0 41.0 1.08 8.9
426502E
--------------------------------------------------------------------------
305.13 317 11.87 8.42 16.8 1 Au
sample
cut
--------------------------------------------------------------------------
Incl. 305.13 305.63 0.5 628 283.0 uncut
--------------------------------------------------------------------------
335.78 340.51 4.73 22.4 122.2 1 Au
sample
cut
--------------------------------------------------------------------------
Incl. 335.78 336.28 0.5 2,810 1,030 uncut
--------------------------------------------------------------------------
339.86 340.51 0.65 26.2 51.2 uncut
--------------------------------------------------------------------------
SU-177 6258028N -55/180 50.0 77.29 27.29 0.90 5.3
426455E
--------------------------------------------------------------------------
133.5 223.5 90.0 0.86 6.1
--------------------------------------------------------------------------
SU-182 6257901N -50/360 107.5 139 31.5 1.69 8.9
426402E
--------------------------------------------------------------------------
224.0 227.0 3.0 66.7 29.8 1 Au
sample
cut
--------------------------------------------------------------------------
incl. 224.0 225.5 1.5 139.5 51.8 uncut
--------------------------------------------------------------------------
327.0 342.0 15.0 12.42 9.8
--------------------------------------------------------------------------
incl. 340.46 342 1.54 113.5 43.1 uncut
--------------------------------------------------------------------------
375.0 385.0 10.0 2.20 60.3
--------------------------------------------------------------------------
incl. 379.5 380.58 1.08 13.75 72.5
--------------------------------------------------------------------------
SU-188 6258041N -45/360 51.0 95.0 44.0 0.93 14.5
426342E
--------------------------------------------------------------------------
134.0 171.5 37.5 2.91 14.1
--------------------------------------------------------------------------
160.5 161 0.5 431.0 152 uncut
--------------------------------------------------------------------------
SU-190 6258252N -52/180 10.62 51.5 40.88 1.03 7.0
426502E
--------------------------------------------------------------------------
384.0 397.5 13.5 1.86 8.4
--------------------------------------------------------------------------
433.5 450.53 17.03 10.8 22.7 1 Au
sample
cut
--------------------------------------------------------------------------
incl. 435 436.5 1.5 67.6 31.3 uncut
--------------------------------------------------------------------------
incl. 450.03 450.53 0.5 700.0 436 uncut
--------------------------------------------------------------------------
484.97 485.47 0.5 39.6 71.2
--------------------------------------------------------------------------
499.0 618.0 119.0 3.47 10.4 2 Au
samples
cut
--------------------------------------------------------------------------
incl. 520.68 522.66 1.98 1,094.0 263.5 uncut
--------------------------------------------------------------------------
Bridge Zone
--------------------------------------------------------------------------
SU-151 6257175N -75/360 3.0 42.0 39.0 0.99 8.0
(3) 426697E
--------------------------------------------------------------------------
179.5 302.5 123.0 1.20 8.4
--------------------------------------------------------------------------
Incl. 188.5 191.5 3.0 10.2 14.1
--------------------------------------------------------------------------
313.86 593.0 279.14 0.80 10.5
--------------------------------------------------------------------------
Incl. 542.05 545.0 2.95 8.0 127.4
--------------------------------------------------------------------------
862.5 1047.9 185.4 0.58 3.5
--------------------------------------------------------------------------
Incl. 1014.5 1022.0 7.5 1.81 3.1
--------------------------------------------------------------------------
SU-158 6257412N -50/360 12.0 13.5 1.5 26.7 28.6
426481E
--------------------------------------------------------------------------
79.5 81.0 1.5 16.0 11.0
--------------------------------------------------------------------------
138.5 144.5 6.0 3.14 45.5
--------------------------------------------------------------------------
237.5 239.0 1.5 106.5 37.0
--------------------------------------------------------------------------
266.0 267.5 1.5 9.42 6.9
--------------------------------------------------------------------------
SU-161 6257412N -50/360 61.0 62.5 1.5 20.2 17.1
426381E
--------------------------------------------------------------------------
84.42 134.5 50.08 1.42 7.3
--------------------------------------------------------------------------
Incl. 110.0 111.5 1.5 13.2 4.1
--------------------------------------------------------------------------
SU-165 6257625N -50/360 39.58 96.5 56.92 0.97 4.8
426373E
--------------------------------------------------------------------------
129.5 131.0 1.5 12.40 14.4
--------------------------------------------------------------------------
254.5 256.0 1.5 9.40 11.6
--------------------------------------------------------------------------
SU-166 6257327N -50/360 197.5 243.5 46.0 2.55 5.0 1 Au
426431E sample
cut
--------------------------------------------------------------------------
Incl. 200.5 206.35 5.85 15.7 12.2 1 Au
sample
cut
--------------------------------------------------------------------------
Incl. 204.84 205.31 0.47 171.5 89.0 uncut
--------------------------------------------------------------------------
294.97 295.46 0.49 47.5 13.7
--------------------------------------------------------------------------
SU-169 6257627N -50/360 51.0 57.0 6.0 3.02 27.7
426470E
--------------------------------------------------------------------------
55.5 57.0 1.5 9.20 29.2
--------------------------------------------------------------------------
SU-175 6257327N -58/360 112.5 144.0 31.5 1.38 3.7
(3) 426431E
--------------------------------------------------------------------------
280.5 309.37 28.87 0.88 7.1
--------------------------------------------------------------------------
West Zone
--------------------------------------------------------------------------
SU-154 6258717N -59/225 82.0 109.5 27.5 7.80 548 2 Ag
(3) 426576E samples
cut
--------------------------------------------------------------------------
Incl. 82.0 90.0 8.0 27.8 2,528 uncut
--------------------------------------------------------------------------
133.5 143.81 10.31 8.87 35.0 1 Au
sample
cut
--------------------------------------------------------------------------
Incl. 139.48 139.98 0.5 218.0 152.0 uncut
--------------------------------------------------------------------------
189.5 313.0 123.5 0.86 5.2
--------------------------------------------------------------------------
414.5 459.33 44.83 1.31 7.9
--------------------------------------------------------------------------
SU-162 6258717N -50/225 60.5 102.5 42.0 3.70 363.0 3 Ag
426576E samples
cut
--------------------------------------------------------------------------
Incl. 76.0 84.73 8.73 13.05 897 uncut
--------------------------------------------------------------------------
Incl. 98.93 101.0 2.07 4.46 1,724 uncut
--------------------------------------------------------------------------
159.66 183.5 23.84 2.07 19.1
--------------------------------------------------------------------------
206.0 262.5 56.5 0.87 7.9
--------------------------------------------------------------------------
Gossan Hill Zone
--------------------------------------------------------------------------
SU-152 6259325N -50/230 137.0 161.0 24.0 1.58 5.1
426275E
--------------------------------------------------------------------------
SU-172 6259116N -50/360 13.5 20.0 6.5 1.36 139.8
426677E
--------------------------------------------------------------------------
219.0 226.67 7.67 2.31 26.5
--------------------------------------------------------------------------
incl. 224.16 224.66 0.5 14.8 280.0
--------------------------------------------------------------------------
SU-178 6259116N -43/360 10.0 24.0 14.0 0.55 133.2
426677E
--------------------------------------------------------------------------
221.5 223.38 1.88 6.14 10.3
--------------------------------------------------------------------------
SU-181 6259116N -56/360 143.5 215.0 71.5 2.02 7.5
426677E
--------------------------------------------------------------------------
incl. 154.0 164.0 10.0 10.01 19.6
--------------------------------------------------------------------------
incl. 157.5 159.0 1.5 55.3 42.4
--------------------------------------------------------------------------
SU-183 6259220N -45/360 73.0 86.5 13.5 1.08 2.5
426605E
--------------------------------------------------------------------------
131.84 133.5 1.66 5.36 30.5
--------------------------------------------------------------------------
163.5 165.0 1.5 4.50 2.8
--------------------------------------------------------------------------
SU-185 6259116N -61/360 13.25 27.0 13.75 0.78 70.4
426677E
--------------------------------------------------------------------------
50.9 51.6 0.7 3.85 5,330 uncut
--------------------------------------------------------------------------
157.5 193.5 36.0 1.08 4.5
--------------------------------------------------------------------------
207.0 208.5 1.5 8.77 4.1
--------------------------------------------------------------------------
SU-186 6259220N -65/360 79.5 107.1 27.6 0.92 2.3
426605E
--------------------------------------------------------------------------
134.0 150.5 16.5 1.11 42.5
--------------------------------------------------------------------------
Waterloo Zone
--------------------------------------------------------------------------
SU-149 6258097N -44/45 40.5 98.5 58 1.59 4.7
425990E
--------------------------------------------------------------------------
Incl. 65.52 67 1.48 23.7 18.5
--------------------------------------------------------------------------
222.0 231.0 9.0 1.97 5.3
--------------------------------------------------------------------------
SU-156 6258097N -54/45 77.0 118.5 41.5 1.38 5.1
425990E
--------------------------------------------------------------------------
238.82 247.5 8.68 3.46 6.7
--------------------------------------------------------------------------
Incl. 246.05 247.5 1.45 11.05 9.7
--------------------------------------------------------------------------
268.5 270 1.5 7.78 22.9
--------------------------------------------------------------------------
SU-159 6258097N -61/45 59.5 104.5 45 0.68 4.1
425990E
--------------------------------------------------------------------------
SU-180 6258068N -52/45 8.9 44.5 35.6 0.65 5.6
426032E
--------------------------------------------------------------------------
80.0 167.79 87.79 0.79 3.9
--------------------------------------------------------------------------
177.07 204.5 27.43 0.63 4.7
--------------------------------------------------------------------------
SU-189 6258068N -65/45 9.97 35.5 25.53 0.78 4.5
426032E
--------------------------------------------------------------------------
56.5 83 26.5 0.81 3.7
--------------------------------------------------------------------------
90.5 116 25.5 0.80 2.6
--------------------------------------------------------------------------
140.0 189.5 49.5 0.86 3.1
--------------------------------------------------------------------------
261.78 295 33.22 0.90 6.3
--------------------------------------------------------------------------
Galena Hill Zone
--------------------------------------------------------------------------
SU-168 6258395N -50/180 46.0 167.0 121.0 1.11 12.7
426865E
--------------------------------------------------------------------------
152.51 153.2 0.69 28.9 21.4
--------------------------------------------------------------------------
SG Zone
--------------------------------------------------------------------------
SU-179 6259970N -50/192 109.0 125.5 16.5 0.76 3.6
425840E
--------------------------------------------------------------------------
139.0 140.5 1.5 10.90 2.9
--------------------------------------------------------------------------
SU-184 6259970N -50/12 63.0 76.5 13.5 3.02 5.0
425840E
--------------------------------------------------------------------------
incl. 67.9 70.1 2.2 9.92 7.2
--------------------------------------------------------------------------
Shore Zone
--------------------------------------------------------------------------
SU-153 6259310N -50/40 202.0 205.0 3.0 4.56 71.2
426780E
--------------------------------------------------------------------------
247.0 248.0 1.0 27.2 1,010 uncut
--------------------------------------------------------------------------
SU-173 6259660N -50/220 228.5 258.5 30.0 1.27 30.4
426910E
--------------------------------------------------------------------------
Bonanza Zone
--------------------------------------------------------------------------
SU-187 6260070N -50/225 10.0 14.5 4.5 1.71 2.1
425600E
--------------------------------------------------------------------------
SU-191 6260200N -50/192 114.5 140.0 25.5 0.62 2.6
425980E
--------------------------------------------------------------------------
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 130 g/t were
cut to 130 g/t and all silver assays over 2,100 g/t were cut to
2,100 g/t.
(3) Hole ended in mineralization
(4) All samples were submitted for preparation and analysis by ALS Chemex
at its facilities in Terrace, B.C. All samples were analyzed using
multi-digestion with ICP finish. Samples over 100 ppm silver were
reanalyzed using four acid digestion with an ore grade AA finish.
Samples over 1,000 ppm silver were fire assayed with a gravimetric
finish. Samples with over 10 ppm gold were fire assayed with a
gravimetric finish. One in 10 samples was blank, one in 20 was a
standard sample, and differing one in 20 samples was a field duplicate
one-quarter split core assayed at ALS Chemex in Vancouver, B.C.
Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Brucejack Project exploration program.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604) 558-1784Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604) 558-1784invest@pretivm.comwww.pretivm.com
PVG.TO +0.09 $10.11 PXZRF.PK +1.19% $10.1725
Pretium Resources Inc.: Brucejack Project Drilling Update
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-2908667989.html?x=0
VANCOUVER, BRITISH COLUMBIA--(Marketwire -08/22/11)- Pretium Resources Inc. ("Pretivm") (TSX: PVG.TO - News) is pleased to report drilling results from the Brucejack Project where ongoing drilling in the Valley of the Kings Zone continues to intersect high-grade gold mineralization, and the potential for high-grade structures has been identified in other zones on the property. (See Table 1 for the most recent 35 holes.)
Valley of the Kings Zone
Selected highlights include:
-- Hole SU-176 intersected 0.5 meters with uncut grades of 2,810 grams of
gold and 1,030 grams of silver per tonne (1.6 feet averaging 81.9 ounces
gold and 30.0 ounces of silver per ton);
-- Hole SU-190 intersected 2.0 meters with uncut grades of 1,094 grams of
gold and 263.5 grams of silver per tonne (6.6 feet averaging 31.9 ounces
gold and 7.7 ounces of silver per ton).
The bonanza-grade intercepts from holes SU-176 and SU-190 noted above were both intersected on section down dip from an intercept from hole SU-12 grading 16,949 grams per tonne gold and 8,696 grams per tonne silver. The bonanza-grade intercept from hole SU-176 was intersected approximately 30 meters down dip from the high-grade SU-12 intersection.
The high-grade intercept from hole SU-190, intersected approximately 125 meters down dip from the high-grade SU-176 intersection, occurred in a much longer lower-grade mineralized interval grading 3.47 grams per tonne gold and 10.4 grams per tonne silver over 119 meters at the bottom of hole. These results demonstrate the continued opportunity to add to both the high-grade and low-grade resources outlined to date at Brucejack.
Other Zones
Hole SU-151, the deepest hole drilled to date on the property, was drilled in the Bridge Zone to a depth of 1,047 meters to test for high-grade and bulk tonnage gold mineralization. Hole SU-151, which ended in mineralization due to equipment constraints, intersected 185 meters grading 0.58 grams of gold and 3.5 grams of silver per tonne at the bottom of the hole, demonstrating that the gold mineral system remains open to depth. In addition, anomalous copper, molybdenum and rhenium values were encountered in the lower half of the hole.
Drilling at the Bridge Zone, as well as the West, Gossan Hill, Galena, SG, Shore, Waterloo and Bonanza zones continues to encounter high-grade structures and broad widths of significant gold mineralization.
A drill program of over 70,000 meters is now in progress on the Brucejack Project with eight drills on site, and with the Valley of the Kings Zone remaining a focus. Assay results for completed drilling will be reported as they are received over the course of the season.
Table 1: Selected Brucejack Project Drill Results, August 2011 (SU-149 to
SU-191)(1,4)
--------------------------------------------------------------------------
Inter- Cap-
Hole Collar Dip/ From To val Gold Silver ping
No. Coords. Azimuth (meters)(meters)(meters) (g/t) (g/t) (2)
--------------------------------------------------------------------------
Valley of the Kings Zone
--------------------------------------------------------------------------
SU-171 6258028N -50/180 1.61 18 16.39 1.32 15.5
426455E
--------------------------------------------------------------------------
56 76.3 20.3 0.85 7.2
--------------------------------------------------------------------------
SU-174 6257756N -55/360 192.78 202.0 9.22 1.89 2.7
(3) 426406E
--------------------------------------------------------------------------
401.5 404.5 3.0 4.26 8.0
--------------------------------------------------------------------------
464.5 467.5 3.0 25.6 21.6
--------------------------------------------------------------------------
656.49 689.5 33.01 0.98 5.5
--------------------------------------------------------------------------
SU-176 6258252N -47/180 5.0 46.0 41.0 1.08 8.9
426502E
--------------------------------------------------------------------------
305.13 317 11.87 8.42 16.8 1 Au
sample
cut
--------------------------------------------------------------------------
Incl. 305.13 305.63 0.5 628 283.0 uncut
--------------------------------------------------------------------------
335.78 340.51 4.73 22.4 122.2 1 Au
sample
cut
--------------------------------------------------------------------------
Incl. 335.78 336.28 0.5 2,810 1,030 uncut
--------------------------------------------------------------------------
339.86 340.51 0.65 26.2 51.2 uncut
--------------------------------------------------------------------------
SU-177 6258028N -55/180 50.0 77.29 27.29 0.90 5.3
426455E
--------------------------------------------------------------------------
133.5 223.5 90.0 0.86 6.1
--------------------------------------------------------------------------
SU-182 6257901N -50/360 107.5 139 31.5 1.69 8.9
426402E
--------------------------------------------------------------------------
224.0 227.0 3.0 66.7 29.8 1 Au
sample
cut
--------------------------------------------------------------------------
incl. 224.0 225.5 1.5 139.5 51.8 uncut
--------------------------------------------------------------------------
327.0 342.0 15.0 12.42 9.8
--------------------------------------------------------------------------
incl. 340.46 342 1.54 113.5 43.1 uncut
--------------------------------------------------------------------------
375.0 385.0 10.0 2.20 60.3
--------------------------------------------------------------------------
incl. 379.5 380.58 1.08 13.75 72.5
--------------------------------------------------------------------------
SU-188 6258041N -45/360 51.0 95.0 44.0 0.93 14.5
426342E
--------------------------------------------------------------------------
134.0 171.5 37.5 2.91 14.1
--------------------------------------------------------------------------
160.5 161 0.5 431.0 152 uncut
--------------------------------------------------------------------------
SU-190 6258252N -52/180 10.62 51.5 40.88 1.03 7.0
426502E
--------------------------------------------------------------------------
384.0 397.5 13.5 1.86 8.4
--------------------------------------------------------------------------
433.5 450.53 17.03 10.8 22.7 1 Au
sample
cut
--------------------------------------------------------------------------
incl. 435 436.5 1.5 67.6 31.3 uncut
--------------------------------------------------------------------------
incl. 450.03 450.53 0.5 700.0 436 uncut
--------------------------------------------------------------------------
484.97 485.47 0.5 39.6 71.2
--------------------------------------------------------------------------
499.0 618.0 119.0 3.47 10.4 2 Au
samples
cut
--------------------------------------------------------------------------
incl. 520.68 522.66 1.98 1,094.0 263.5 uncut
--------------------------------------------------------------------------
Bridge Zone
--------------------------------------------------------------------------
SU-151 6257175N -75/360 3.0 42.0 39.0 0.99 8.0
(3) 426697E
--------------------------------------------------------------------------
179.5 302.5 123.0 1.20 8.4
--------------------------------------------------------------------------
Incl. 188.5 191.5 3.0 10.2 14.1
--------------------------------------------------------------------------
313.86 593.0 279.14 0.80 10.5
--------------------------------------------------------------------------
Incl. 542.05 545.0 2.95 8.0 127.4
--------------------------------------------------------------------------
862.5 1047.9 185.4 0.58 3.5
--------------------------------------------------------------------------
Incl. 1014.5 1022.0 7.5 1.81 3.1
--------------------------------------------------------------------------
SU-158 6257412N -50/360 12.0 13.5 1.5 26.7 28.6
426481E
--------------------------------------------------------------------------
79.5 81.0 1.5 16.0 11.0
--------------------------------------------------------------------------
138.5 144.5 6.0 3.14 45.5
--------------------------------------------------------------------------
237.5 239.0 1.5 106.5 37.0
--------------------------------------------------------------------------
266.0 267.5 1.5 9.42 6.9
--------------------------------------------------------------------------
SU-161 6257412N -50/360 61.0 62.5 1.5 20.2 17.1
426381E
--------------------------------------------------------------------------
84.42 134.5 50.08 1.42 7.3
--------------------------------------------------------------------------
Incl. 110.0 111.5 1.5 13.2 4.1
--------------------------------------------------------------------------
SU-165 6257625N -50/360 39.58 96.5 56.92 0.97 4.8
426373E
--------------------------------------------------------------------------
129.5 131.0 1.5 12.40 14.4
--------------------------------------------------------------------------
254.5 256.0 1.5 9.40 11.6
--------------------------------------------------------------------------
SU-166 6257327N -50/360 197.5 243.5 46.0 2.55 5.0 1 Au
426431E sample
cut
--------------------------------------------------------------------------
Incl. 200.5 206.35 5.85 15.7 12.2 1 Au
sample
cut
--------------------------------------------------------------------------
Incl. 204.84 205.31 0.47 171.5 89.0 uncut
--------------------------------------------------------------------------
294.97 295.46 0.49 47.5 13.7
--------------------------------------------------------------------------
SU-169 6257627N -50/360 51.0 57.0 6.0 3.02 27.7
426470E
--------------------------------------------------------------------------
55.5 57.0 1.5 9.20 29.2
--------------------------------------------------------------------------
SU-175 6257327N -58/360 112.5 144.0 31.5 1.38 3.7
(3) 426431E
--------------------------------------------------------------------------
280.5 309.37 28.87 0.88 7.1
--------------------------------------------------------------------------
West Zone
--------------------------------------------------------------------------
SU-154 6258717N -59/225 82.0 109.5 27.5 7.80 548 2 Ag
(3) 426576E samples
cut
--------------------------------------------------------------------------
Incl. 82.0 90.0 8.0 27.8 2,528 uncut
--------------------------------------------------------------------------
133.5 143.81 10.31 8.87 35.0 1 Au
sample
cut
--------------------------------------------------------------------------
Incl. 139.48 139.98 0.5 218.0 152.0 uncut
--------------------------------------------------------------------------
189.5 313.0 123.5 0.86 5.2
--------------------------------------------------------------------------
414.5 459.33 44.83 1.31 7.9
--------------------------------------------------------------------------
SU-162 6258717N -50/225 60.5 102.5 42.0 3.70 363.0 3 Ag
426576E samples
cut
--------------------------------------------------------------------------
Incl. 76.0 84.73 8.73 13.05 897 uncut
--------------------------------------------------------------------------
Incl. 98.93 101.0 2.07 4.46 1,724 uncut
--------------------------------------------------------------------------
159.66 183.5 23.84 2.07 19.1
--------------------------------------------------------------------------
206.0 262.5 56.5 0.87 7.9
--------------------------------------------------------------------------
Gossan Hill Zone
--------------------------------------------------------------------------
SU-152 6259325N -50/230 137.0 161.0 24.0 1.58 5.1
426275E
--------------------------------------------------------------------------
SU-172 6259116N -50/360 13.5 20.0 6.5 1.36 139.8
426677E
--------------------------------------------------------------------------
219.0 226.67 7.67 2.31 26.5
--------------------------------------------------------------------------
incl. 224.16 224.66 0.5 14.8 280.0
--------------------------------------------------------------------------
SU-178 6259116N -43/360 10.0 24.0 14.0 0.55 133.2
426677E
--------------------------------------------------------------------------
221.5 223.38 1.88 6.14 10.3
--------------------------------------------------------------------------
SU-181 6259116N -56/360 143.5 215.0 71.5 2.02 7.5
426677E
--------------------------------------------------------------------------
incl. 154.0 164.0 10.0 10.01 19.6
--------------------------------------------------------------------------
incl. 157.5 159.0 1.5 55.3 42.4
--------------------------------------------------------------------------
SU-183 6259220N -45/360 73.0 86.5 13.5 1.08 2.5
426605E
--------------------------------------------------------------------------
131.84 133.5 1.66 5.36 30.5
--------------------------------------------------------------------------
163.5 165.0 1.5 4.50 2.8
--------------------------------------------------------------------------
SU-185 6259116N -61/360 13.25 27.0 13.75 0.78 70.4
426677E
--------------------------------------------------------------------------
50.9 51.6 0.7 3.85 5,330 uncut
--------------------------------------------------------------------------
157.5 193.5 36.0 1.08 4.5
--------------------------------------------------------------------------
207.0 208.5 1.5 8.77 4.1
--------------------------------------------------------------------------
SU-186 6259220N -65/360 79.5 107.1 27.6 0.92 2.3
426605E
--------------------------------------------------------------------------
134.0 150.5 16.5 1.11 42.5
--------------------------------------------------------------------------
Waterloo Zone
--------------------------------------------------------------------------
SU-149 6258097N -44/45 40.5 98.5 58 1.59 4.7
425990E
--------------------------------------------------------------------------
Incl. 65.52 67 1.48 23.7 18.5
--------------------------------------------------------------------------
222.0 231.0 9.0 1.97 5.3
--------------------------------------------------------------------------
SU-156 6258097N -54/45 77.0 118.5 41.5 1.38 5.1
425990E
--------------------------------------------------------------------------
238.82 247.5 8.68 3.46 6.7
--------------------------------------------------------------------------
Incl. 246.05 247.5 1.45 11.05 9.7
--------------------------------------------------------------------------
268.5 270 1.5 7.78 22.9
--------------------------------------------------------------------------
SU-159 6258097N -61/45 59.5 104.5 45 0.68 4.1
425990E
--------------------------------------------------------------------------
SU-180 6258068N -52/45 8.9 44.5 35.6 0.65 5.6
426032E
--------------------------------------------------------------------------
80.0 167.79 87.79 0.79 3.9
--------------------------------------------------------------------------
177.07 204.5 27.43 0.63 4.7
--------------------------------------------------------------------------
SU-189 6258068N -65/45 9.97 35.5 25.53 0.78 4.5
426032E
--------------------------------------------------------------------------
56.5 83 26.5 0.81 3.7
--------------------------------------------------------------------------
90.5 116 25.5 0.80 2.6
--------------------------------------------------------------------------
140.0 189.5 49.5 0.86 3.1
--------------------------------------------------------------------------
261.78 295 33.22 0.90 6.3
--------------------------------------------------------------------------
Galena Hill Zone
--------------------------------------------------------------------------
SU-168 6258395N -50/180 46.0 167.0 121.0 1.11 12.7
426865E
--------------------------------------------------------------------------
152.51 153.2 0.69 28.9 21.4
--------------------------------------------------------------------------
SG Zone
--------------------------------------------------------------------------
SU-179 6259970N -50/192 109.0 125.5 16.5 0.76 3.6
425840E
--------------------------------------------------------------------------
139.0 140.5 1.5 10.90 2.9
--------------------------------------------------------------------------
SU-184 6259970N -50/12 63.0 76.5 13.5 3.02 5.0
425840E
--------------------------------------------------------------------------
incl. 67.9 70.1 2.2 9.92 7.2
--------------------------------------------------------------------------
Shore Zone
--------------------------------------------------------------------------
SU-153 6259310N -50/40 202.0 205.0 3.0 4.56 71.2
426780E
--------------------------------------------------------------------------
247.0 248.0 1.0 27.2 1,010 uncut
--------------------------------------------------------------------------
SU-173 6259660N -50/220 228.5 258.5 30.0 1.27 30.4
426910E
--------------------------------------------------------------------------
Bonanza Zone
--------------------------------------------------------------------------
SU-187 6260070N -50/225 10.0 14.5 4.5 1.71 2.1
425600E
--------------------------------------------------------------------------
SU-191 6260200N -50/192 114.5 140.0 25.5 0.62 2.6
425980E
--------------------------------------------------------------------------
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 130 g/t were
cut to 130 g/t and all silver assays over 2,100 g/t were cut to
2,100 g/t.
(3) Hole ended in mineralization
(4) All samples were submitted for preparation and analysis by ALS Chemex
at its facilities in Terrace, B.C. All samples were analyzed using
multi-digestion with ICP finish. Samples over 100 ppm silver were
reanalyzed using four acid digestion with an ore grade AA finish.
Samples over 1,000 ppm silver were fire assayed with a gravimetric
finish. Samples with over 10 ppm gold were fire assayed with a
gravimetric finish. One in 10 samples was blank, one in 20 was a
standard sample, and differing one in 20 samples was a field duplicate
one-quarter split core assayed at ALS Chemex in Vancouver, B.C.
Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Brucejack Project exploration program.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604) 558-1784Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604) 558-1784invest@pretivm.comwww.pretivm.com
Still losing money at record high gold prices:
http://finance.yahoo.com/news/Alexis-Minerals-Reports-iw-1842196974.html?x=0
PVG.TO PXZRF.PK pushing back above $10 resistance...
Pretivm -
Thanks Bobwins, those are GREAT videos. Makes me even more comfortable about my largest postion heading into the weeekend.
Cheers!
From Bobwins on another board:
PVG.to/PXZRF.pk +.05 to C$9.60
I'm totally impressed with Robert Quartermain, CEO. These interviews with Jay Taylor are great. This guy is in command of his facts and delivers his points clearly, concisely and at a rapid rate. You can see how he took Silver Standard from 2 million market cap to 2.5 billion! I'm sure he impressed analysts and institutional money managers to keep recommending and investing in his company.
As he reviews the company plans, you can see how big each of the company's three projects are. They are still out on the horizon, in terms of actual production, but they are big.....very big.
And the high grade could be in production in 2015-6.
I only have a couple thousand shares but want to buy more after watching these videos:
Pretium Resources Inc.: Brucejack Drilling Continues to Intersect High-Grade Gold in Valley of the Kings Zone
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-418861828.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire -08/11/11)- Pretium Resources Inc. (TSX: PVG.TO - News) ("Pretivm") is pleased to report that ongoing drilling in the Valley of the Kings Zone continues to intersect high-grade gold mineralization along strike, and visible gold continues to be encountered. (See Table 1 for the most recent nine holes from the Valley of the Kings Zone.)
Selected drill highlights include:
-- Hole SU-150 intersected:
-- 0.5 meters with uncut grades of 6,670 grams of gold and 3,630 grams
of silver per tonne (1.6 feet averaging 194.5 ounces gold and 105.9
ounces of silver per ton), and
-- 0.5 meters with uncut grades of 1,640 grams of gold and 423 grams of
silver per tonne (1.6 feet averaging 47.8 ounces gold and 12.3
ounces of silver per ton).
-- Hole SU-157 intersected:
-- 0.5 meters with uncut grades of 1,200 grams of gold and 686 grams of
silver per tonne (1.6 feet averaging 35.0 ounces gold and 20.0
ounces of silver per ton), and
-- 0.75 meters with uncut grades of 800 grams of gold and 718 grams of
silver per tonne (2.5 feet averaging 23.3 ounces gold and 20.9
ounces of silver per ton).
-- Hole SU-160 intersected 1.5 meters with uncut grades of 383 grams of
gold and 217 grams of silver per tonne (4.9 feet averaging 11.2 ounces
gold and 6.3 ounces of silver per ton). Hole SU-157 intersected significant gold mineralization at six different intervals down-hole. These values ranged from 10.8 grams per tonne gold over 3.0 meters at a down-hole depth of 43.5 meters, to 1,200 grams per tonne gold over 0.5 meters at a down-hole depth of 350.8 meters, to 136.0 grams per tonne gold over 1.5 meters at a down-hole depth of 642.5 meters.
Gold mineralization in the Valley of the Kings Zone has now been defined over a length of 450 meters from the Brucejack Fault to the east, and from surface to depths of 600 meters below surface. The mineralization remains open at depth and to the east.
A drill program of over 70,000 meters is now in progress on several zones of the Brucejack Project. Assay results for completed drilling will be reported as they are received over the course of the season.
Table 1: Selected Brucejack Project Drill Results, August 2011 (Valley of the Kings SU-148 to SU-170)(1,3)
---------------------------------------------------------------------------
Inter-
From To val Cap-
Hole Collar Dip/ (met- (met- (met- Gold Silver ping
No Coords Azimuth ers) ers) ers) (g/t) (g/t) (2)
---------------------------------------------------------------------------
Valley of the Kings Zone
---------------------------------------------------------------------------
6258023N
SU-148 426481E -65/180 111.5 114.5 3.0 14.8 40.3
---------------------------------------------------------------------------
184.0 185.5 1.5 34.9 26.6
---------------------------------------------------------------------------
245.5 253.0 7.5 2.7 7.1
---------------------------------------------------------------------------
2 Au
6257955N samples
SU-150 426311E -65/360 59.04 78.5 19.46 13.6 76.2 cut
---------------------------------------------------------------------------
Incl 59.04 59.54 0.5 1,640.0 423.0 uncut
---------------------------------------------------------------------------
Incl 76.38 76.88 0.5 6,670.0 3,630.0 uncut
---------------------------------------------------------------------------
1 Au
sample
238.19 249.37 11.18 12.2 16.9 cut
---------------------------------------------------------------------------
Incl 244.74 245.37 0.63 329.0 199.0 uncut
---------------------------------------------------------------------------
406.5 409.5 3.0 21.5 5.0
---------------------------------------------------------------------------
6258023N
SU-155 426481E -45/180 132.0 133.5 1.5 8.1 6.4
---------------------------------------------------------------------------
292.8 293.8 1.0 12.3 8.2
---------------------------------------------------------------------------
364.5 372.0 7.5 8.8 23.2
---------------------------------------------------------------------------
Incl 370.5 372.0 1.5 36.0 22.1
---------------------------------------------------------------------------
1 Au
6257793N sample
SU-157 426312E -50/35 43.5 49.5 6.0 37.8 50.4 cut
---------------------------------------------------------------------------
43.5 45.02 1.52 206.0 171.0 uncut
---------------------------------------------------------------------------
194.5 196.0 1.5 114.5 89.2
---------------------------------------------------------------------------
280.02 283.0 2.98 10.8 15.6
---------------------------------------------------------------------------
350.84 351.38 0.54 1,200.0 686.0 uncut
---------------------------------------------------------------------------
445.28 446.03 0.75 800.0 718.0 uncut
---------------------------------------------------------------------------
585.0 627.78 42.78 1.6 18.3
---------------------------------------------------------------------------
639.5 645.5 6.0 37.3 50.3
---------------------------------------------------------------------------
Incl 642.5 644 1.5 136.0 156.0
---------------------------------------------------------------------------
6257955N
SU-160 426311E -57/360 30.5 45.5 15.0 1.1 5.2
---------------------------------------------------------------------------
54.29 54.87 0.58 225.0 206.0 uncut
---------------------------------------------------------------------------
152.0 153.5 1.5 8.6 5.4
---------------------------------------------------------------------------
224.0 225.5 1.5 383.0 217.0 uncut
---------------------------------------------------------------------------
6257756N
SU-163 426406E -50/360 176.5 201.5 25.0 2.0 4.4
---------------------------------------------------------------------------
Incl 176.5 178.0 1.5 18.3 4.4
---------------------------------------------------------------------------
291.0 309.0 18.0 2.0 5.5
---------------------------------------------------------------------------
6258023N
SU-164 426481E -57/180 204.0 263.0 59.0 1.3 7.1
---------------------------------------------------------------------------
Incl 208.0 221.5 13.5 3.3 9.1
---------------------------------------------------------------------------
6257955N
SU-167 426311E -44/360 20.5 48.5 28.0 0.8 7.6
---------------------------------------------------------------------------
261.5 290.09 28.59 1.4 51.3
---------------------------------------------------------------------------
Incl 289.59 290.09 0.5 23.2 1,525.0
---------------------------------------------------------------------------
6257787N
SU-170 426595E -55/360 88.5 91.5 3.0 4.9 354.6
---------------------------------------------------------------------------
273.5 412.0 138.5 1.8 15.1
---------------------------------------------------------------------------
Incl 276.5 279.5 3.0 6.7 10.1
---------------------------------------------------------------------------
Incl 366.5 368.0 1.5 67.2 64.1 uncut
---------------------------------------------------------------------------
430.0 448.0 18.0 1.6 3.0
---------------------------------------------------------------------------
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 130 g/t were
cut to 130 g/t and all silver assays over 2,100 g/t were cut to 2,100 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. Samples over 100 ppm silver were reanalyzed
using four acid digestion with an ore grade AA finish. Samples over 1,000
ppm silver were fire assayed with a gravimetric finish. Samples with over
10 ppm gold were fire assayed with a gravimetric finish. One in 10 samples
was blank, one in 20 was a standard sample, and differing one in 20
samples was a field duplicate one-quarter split core assayed at ALS Chemex
in Vancouver, B.C. Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Brucejack Project exploration program.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield.
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604) 558-1784Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604) 558-1784invest@pretivm.comwww.pretivm.com
Terrific quarter - If we are profitable now, just imagine the figures after Butte gets going! Still a few hurdles before that happens, but the valuation now is ridiculously low even without Butte
Timberline Reports Record Financial Results for Third Quarter 2011
http://finance.yahoo.com/news/Timberline-Reports-Record-iw-2271750871.html?x=0&.v=1
COEUR D'ALENE, IDAHO--(Marketwire -08/08/11)- Timberline Resources Corporation (TSX-V: TBR.V - News)(AMEX: TLR - News) ("Timberline" or the "Company") today announced consolidated financial results for its third fiscal quarter ended June 30, 2011.
Highlights for the third quarter include:
-- Record net income of $1.42 million from Timberline's contract drilling
subsidiary, Timberline Drilling Incorporated, on revenues of $8.62
million (a 123-percent increase in net income year over year). Increased
drill rig utilization and improved daily production rates contributed to
these outstanding results.
-- Record consolidated net income of $0.53 million, net of a $0.89 million
loss by Timberline's exploration division and corporate office,
including exploration expenditures of $0.48 million and non-cash
expenses of $0.02 million.
-- Consistently excellent results from underground drilling at Butte
Highlands, including the highest-grade gold assay ever reported at the
project, 14.5 feet grading 6.77 ounces of gold per ton (4.4 metres of
232 grams per tonne), along with many other ore-grade intercepts.
Timberline holds a 50-percent carried-to-production interest at Butte
Highlands where production is slated to commence early in 2012.
-- The resumption of exploration, including a 30,000 foot drill program, at
Timberline's district-scale South Eureka property along Nevada's
prolific Battle Mountain / Eureka trend. South Eureka includes the
Lookout Mountain project which includes significant NI 43-101 compliant
sediment- hosted gold mineralization, most of which is amenable to low-
cost, heap-leach recovery.
A summary of selected financial results is presented in the following table:
($US 000's, except per share
amounts and gross margin %) Quarter Ended Nine Months Ended
June 30 June 30
2011 2010 2011 2010
Revenue from continuing
operations $ 8,619 $ 5,792 $ 21,619 $ 14,159
Income (loss) from continuing
operations 528 (441) (2,075) (1,876)
Loss from discontinued
operations - (374) (115) (780)
Consolidated net income
(loss) 528 (815) (2,190) (2,656)
Consolidated net income
(loss) per share, basic and
diluted 0.01 (0.02) (0.04) (0.06)
Net income from Timberline
Drilling Inc.
1,418 637 2,601 1,419
Mineral exploration expenses 481 250 2,766 536
Cash and cash equivalents 4,652 6,279 4,652 6,279
Working capital (deficit) 350 5,218 350 5,218
Timberline Drilling Inc.
gross margin % 25% 22% 21% 23%
Paul Dircksen, Timberline's Chairman and CEO, stated, "We are very pleased with both our financial and exploration success during the quarter and year to date. Timberline Drilling is operating profitably, providing cash to offset our exploration expenditures. We remain excited about the district-scale potential at South Eureka and look forward to reporting results from the two active drill rigs on the property. We also continue making steady progress toward the extraction of our bulk sample at Butte Highlands while advancing the operating permit process and our plans for anticipated gold production in early 2012. With near-term gold production, vast exploration upside, and strong operating results from our drilling subsidiary, we believe we are exceptionally well positioned for today's robust gold market."
Timberline's Quarterly Report on Form 10-Q was filed with the SEC and on SEDAR on August 5, 2011. It can be viewed in its entirety on the SEC website which can be accessed from the "Investors" page of the Timberline website at www.timberline-resources.com.
About Timberline Resources
Timberline Resources Corporation is exploring and developing advanced-stage gold properties in the western United States. The Company is primarily focused on the goldfields of Nevada, where it is advancing its flagship Lookout Mountain Project toward a production decision while exploring a pipeline of quality earlier-stage projects at its South Eureka Property and elsewhere. Timberline also features a 50-percent carried-to-production interest at its Butte Highlands Joint Venture where gold production is slated to commence early in 2012. Timberline management has a proven track record of discovering economic mineral deposits and developing them into profitable mines. The Company also holds Timberline Drilling, a wholly-owned subsidiary that provides diamond drilling services and cash flow from underground and surface contract drilling operations.
Timberline is listed on the NYSE Amex where it trades under the symbol "TLR" and on the TSX Venture Exchange where it trades under the symbol "TBR".
Statements contained herein that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the timing or results of the Company's drill program at Butte Highlands, the timing of assay results from such drilling program being released, the Company's 50/50 joint venture with Highland Mining LLC, the development and production of the Company's Butte Highlands project and South Eureka project, the targeted production date for the Butte Highlands project, targeted dates for the South Eureka technical report and PEA, results of the Company's drilling subsidiaries, possible growth of the Company and the Company's expected operations. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "intend" and "expect" and similar expressions, as they relate to Timberline Resources Corporation, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, such factors, including risk factors, discussed in the Company's Annual Report on Form 10-K for the year ended September 30, 2010. Except as required by Federal Securities law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:Timberline Resources Corp.Paul DircksenCEO208.664.4859
Pretty quiet here for gold being up $25 or so to a new high, but I guess the miners aren't going exactly gangbusters...
PVG.TO +0.27 $10.49
What other names do people closely track?
Pretium Resources Inc.: Brucejack Drilling Continues to Intersect Bonanza-Grade Gold at Valley of the Kings Zone; High-Grade Gold Identified at Gossan Hill Zone
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-2644003784.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire -07/27/11)- Pretium Resources Inc. (TSX: PVG - News) ("Pretivm") is pleased to report that drill results from its Brucejack Project continue to demonstrate the continuity of high-grade gold mineralization in the Valley of the Kings Zone, and drilling has also identified at least one high-grade gold structure in the Gossan Hill Zone. (See Table 1 for the 2011 results from all zones drilled to date.)
Valley of the Kings Zone
The Valley of the Kings Zone hosts several high grade structures, with mineralization now defined over a length of 400 meters extending from surface to depths of 600 meters below surface. The mineralization remains open at depth and to the east. Visible gold continues to be encountered, generating bonanza-grade intercepts. Selected drill highlights include:
-- Hole SU-130 intersected 0.5 meters with uncut grades of 656 grams of
gold and 378 grams of silver per tonne (1.6 feet averaging 19.1 ounces
gold and 11.0 ounces of silver per ton);
-- Hole SU-132 intersected 0.5 meters with uncut grades of 4,060 grams of
gold and 1,660 grams of silver per tonne (1.6 feet averaging 118.4
ounces gold and 48.4 ounces of silver per ton);
-- Hole SU-135 intersected 0.5 meters with uncut grades of 1,070 grams of
gold and 255 grams of silver per tonne (1.6 feet averaging 31.2 ounces
gold and 7.4 ounces of silver per ton).
Drilling at Valley of the Kings Zone is ongoing, with drill hole spacing now being tightened to 25-meter centres. This drill spacing was chosen based on statistical analysis of previous drilling as the minimum required to increase the confidence of these resources. The Valley of the Kings Zone will also be tested for high-grade gold at depth later in the season. The Valley of the Kings Zone is located 500 meters southwest of West Zone.
Gossan Hill Zone
The Gossan Hill Zone is located 300 meters north of the West Zone. This year's drilling has encountered high-grade gold as well as significant values over broad widths. Drilling indicates that Gossan Hill has the potential to host several high grade structures associated with broader envelopes of bulk tonnage mineralization. Highlights include holes SU-136 and SU-147:
-- Hole SU-136 intersected 0.8 meters with uncut grades of 1,550 grams of
gold and 836 grams of silver per tonne (2.6 feet averaging 45.2 ounces
gold and 24.4 ounces of silver per ton), and 1.0 meters with uncut
grades of 1,280 grams of gold and 1,050 grams of silver per tonne (3.3
feet averaging 37.3 ounces gold and 30.6 ounces of silver per ton);
-- Hole SU-147 intersected 7.9 meters with grades of 16.4 grams of gold and
10.4 grams of silver per tonne (25.9 feet averaging 0.5 ounces gold and
0.3 ounces of silver per ton), and 3.0 meters with grades of 35.5 grams
of gold and 16.1 grams of silver per tonne (9.8 feet averaging 1.0
ounces gold and 0.5 ounces of silver per ton).
Definition drilling at 50-meter spacings is now underway at Gossan Hill to expand and confirm the continuity of the mineralization intersected in these two drill holes, as well as to test other potential high-grade structures.
A drill program of over 70,000 meters now in progress on the Brucejack Project is focused on tightening the drill spacing to increase the level of confidence to move Inferred mineral resources to Measured and Indicated mineral resource categories, improving knowledge of the continuity of the high-grade mineralization for the Valley of the Kings and other high-grade zones, and delineating new high-grade resources. The program will also test new exploration targets along the length of the six-kilometer Brucejack Fault trend, from south of the Bridge Zone up to the southern limit of the Snowfield Zone.
Assay results for completed drilling will be reported as they are received over the course of the 2011 drilling season.
Table 1: Selected Brucejack Project Drill Results, July 2011 (Holes SU-129 to SU-148)(1)
---------------------------------------------------------------------------
Hole Collar Dip/ From To Interval Gold Silver Capping
No Coords Azimuth (meters)(meters) (meters) (g/t) (g/t) (2)
---------------------------------------------------------------------------
Valley of the Kings Zone
---------------------------------------------------------------------------
SU- 6258015N -57/
129 426455E 180 43.5 72.0 28.5 2.5 9.9
---------------------------------------------------------------------------
Incl 63.5 65.3 1.8 18.7 16.5
---------------------------------------------------------------------------
SU- 6257931N -50/
130 426506E 360 91.5 114.0 22.5 0.9 13.9
---------------------------------------------------------------------------
134.46 134.96 0.5 656.0 378.0 uncut
---------------------------------------------------------------------------
1 Au
SU- 6258000N -47/ sample
132 426350E 360 55.0 98.9 43.9 3.4 27.0 cut
---------------------------------------------------------------------------
Incl 57.68 58.18 0.5 4060.0 1,660.0 uncut
---------------------------------------------------------------------------
Incl 93.0 98.9 5.9 8.4 17.3
---------------------------------------------------------------------------
125.5 163.0 37.5 0.7 14.2
---------------------------------------------------------------------------
211.4 240.0 28.6 6.9 15.1
---------------------------------------------------------------------------
Incl 222.0 223.85 1.85 80.5 97.7
---------------------------------------------------------------------------
1 Au
SU- 6257955N -50/ sample
135 426311E 360 75.0 80.5 5.5 13.5 30.6 cut
---------------------------------------------------------------------------
75.0 75.5 0.5 1,070.0 255.0 uncut
---------------------------------------------------------------------------
160.5 163.5 3.0 10.9 31.5
---------------------------------------------------------------------------
202.0 203.5 1.5 17.5 51.8
---------------------------------------------------------------------------
233.4 235.7 2.3 14.8 193.2
---------------------------------------------------------------------------
343.0 344.5 1.5 126.5 33.1
---------------------------------------------------------------------------
SU- 6258000N -56/
138 426350E 360 93.0 94.5 1.5 14.2 202.0
---------------------------------------------------------------------------
242.0 243.5 1.5 14.8 6.0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SU- 6257931N -65/
139 426503E 360 147.5 189.0 41.5 0.9 9.6
---------------------------------------------------------------------------
SU- 6258000N -65/
140 426350E 360 90.0 108.0 18.0 1.1 10.5
---------------------------------------------------------------------------
247.0 310.5 63.5 0.7 7.2
---------------------------------------------------------------------------
SU- 6258023N -50/
141 426481E 180 91.0 92.5 1.5 7.3 45.1
---------------------------------------------------------------------------
164.0 166.3 2.3 4.6 33.7
---------------------------------------------------------------------------
224.5 226.0 1.5 4.1 223.0
---------------------------------------------------------------------------
268.65 270.0 1.35 37.3 27.2
---------------------------------------------------------------------------
298.5 301.5 3.0 5.5 23.2
---------------------------------------------------------------------------
SU- 6257931N -57/
142 426503E 360 127.5 129.0 1.5 5.8 7.6
---------------------------------------------------------------------------
SU- 6258023N -65/
148 426481E 180 105.5 122.0 16.5 3.4 17.0
---------------------------------------------------------------------------
Incl 111.5 114.5 3.0 14.8 40.3
---------------------------------------------------------------------------
184.0 185.5 1.5 34.9 26.6
---------------------------------------------------------------------------
Gossan Hill
---------------------------------------------------------------------------
SU- 6259527N -50/
133 426536E 50 120.0 171.0 51.0 1.6 15.3
---------------------------------------------------------------------------
Incl 166.7 171.0 4.3 12.8 60.2
---------------------------------------------------------------------------
289.0 298.0 9.0 2.9 30.2
---------------------------------------------------------------------------
361.5 376.5 15.0 0.9 4.7
---------------------------------------------------------------------------
SU- 6259369N -50/
136 426675E 180 49.5 56.2 6.7 1.8 3.4
---------------------------------------------------------------------------
2 Au
samples
219.5 243.0 23.5 11.4 79.0 cut
---------------------------------------------------------------------------
Incl 228.31 229.15 0.84 1,550.0 836.0 uncut
---------------------------------------------------------------------------
Incl 234.34 235.37 1.03 1,280.0 1,050.0 uncut
---------------------------------------------------------------------------
SU- 6259405N -50/
137 426583E 180 2.3 48.0 45.7 0.9 9.1
---------------------------------------------------------------------------
135.0 201.5 66.5 0.8 8.3
---------------------------------------------------------------------------
SU- 6259246N -50/
147 426501E 180 213.0 264.8 51.8 3.1 7.1
---------------------------------------------------------------------------
Incl 213.0 220.9 7.9 16.4 10.4
---------------------------------------------------------------------------
Incl 213.0 216.0 3.0 35.5 16.1
---------------------------------------------------------------------------
Bridge Zone
---------------------------------------------------------------------------
SU- 6257307N -50/
134 426660E 360 114.5 215.0 100.5 1.2 7.4
---------------------------------------------------------------------------
Incl 140.0 141.5 1.5 30.6 18.6
---------------------------------------------------------------------------
465.75 489.5 23.75 1.5 52.9
---------------------------------------------------------------------------
Incl 468.75 470.0 1.25 12.4 683.0
---------------------------------------------------------------------------
543.95 544.95 1.0 7.1 494.0
---------------------------------------------------------------------------
West Zone
---------------------------------------------------------------------------
SU- 6258709N -50/
131 426723E 225 172.2 200.5 28.3 1.6 99.3
---------------------------------------------------------------------------
254.0 286.5 32.5 1.9 11.5
---------------------------------------------------------------------------
Incl 257.0 260.0 3.0 11.6 12.7
---------------------------------------------------------------------------
SU- 6258819N -50/
143 426625E 225 207.0 260.5 53.5 3.8 99.7
---------------------------------------------------------------------------
Incl 214.06 216.43 2.37 20.4 169.8
---------------------------------------------------------------------------
Incl 249.96 259.0 9.04 7.7 413.2
---------------------------------------------------------------------------
374.5 488.5 114.0 1.0 4.2
---------------------------------------------------------------------------
Galena Hill Zone
---------------------------------------------------------------------------
SU- 6257852N -50/
146 426605E 360 181.0 203.5 22.5 1.4 11.6
---------------------------------------------------------------------------
Incl 194.5 196.0 1.5 9.2 16.6
---------------------------------------------------------------------------
275.8 276.34 0.54 156.0 218.0 uncut
---------------------------------------------------------------------------
Waterloo Zone
---------------------------------------------------------------------------
SU- 6258097N -65/
145 425990E 45 20.5 37.0 16.5 2.1 11.2
---------------------------------------------------------------------------
(1) True thickness to be determined.
(2) All gold assays over 130 g/t were cut to 130 g/t and all silver assays
over 2,100 g/t were cut to 2,100 g/t.
All samples were submitted for preparation and analysis by ALS Chemex at its
facilities in Terrace, B.C. All samples were analyzed using multi-digestion
with ICP finish. Samples over 100 ppm silver were reanalyzed using four acid
digestion with an ore grade AA finish. Samples over 1,000 ppm silver were
fire assayed with a gravimetric finish. Samples with over 10 ppm gold were
fire assayed with a gravimetric finish. One in 10 samples was blank, one in
20 was a standard sample, and differing one in 20 samples was a field
duplicate one-quarter split core assayed at ALS Chemex in Vancouver, B.C.
Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Brucejack Project exploration program.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information contained herein.
DNG.TO +2% $0.96
Dynacor Gold Mines: Announces Record Gold (21,734 ounces) and Silver (40,416 ounces) Production From Custom Milling for the First 6 Months of 2011
http://finance.yahoo.com/news/Dynacor-Gold-Mines-Announces-iw-497032832.html?x=0&.v=1
DYNACOR GOLD MINES INC. (TSX:DNG) INVESTOR FACT SHEET: JULY, 2011 COMMON SHARES OUTSTANDING: 35.6M MARKET CAPITALIZATION: $37.3M 52-WEEK HIGH/LOW: $2.13/$0.19
Seems like a pretty low market cap for someone actually producing...
Doubts about resources and/or business model?
Anybody follow it closely?
Pretivm Closes Bought Private Placement of Flow-Through Shares
http://finance.yahoo.com/news/Pretivm-Closes-Bought-Private-iw-3363042681.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 07/15/11) - NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRE SERVICES
Pretium Resources Inc. (TSX:PVG - News) ("Pretivm" or the "Company") is pleased to announce that it has closed its private placement of 1,390,000 flow-through common shares ("Flow-Through Shares") of Pretivm at a price of $10.85 per Flow-Through Share for aggregate gross proceeds of approximately $15 million (the "Offering").
The gross proceeds of the Offering will be used to accelerate exploration at Brucejack, so that a feasibility study on the high-grade opportunity at Brucejack can commence on completion of this year's exploration program. The gross proceeds of the offering will be used during the 2011 exploration program to incur eligible Canadian Exploration Expenses ("CEE") that will qualify as "flow through mining expenditures", as defined in subsection 127(9) of the Income Tax Act (Canada), and "BC flow-through mining expenditures", as defined in the Income Tax Act (British Columbia), (the "Qualifying Expenditures"), which will be renounced to the subscribers with an effective date no later than December 31, 2011.
The Flow-Through Shares were sold to accredited investors in all Provinces of Canada pursuant to applicable securities laws. Subscribers under the Offering are not permitted to trade the Flow-Through Shares for a period of four months plus one day from the closing of the offering.
The Flow-Through Shares offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources.
Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
In the event the Company is unable to renounce Qualifying Expenditures effective on or prior to December 31, 2011 to the initial purchasers of Flow-Through Shares in an aggregate amount not less than the gross proceeds raised from the issue of the Flow-Through Shares or such expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each Flow-Through Share subscriber for the additional taxes payable by such subscriber as a result of the Company's failure to renounce the Qualifying Expenditures as agreed.
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com.
Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604) 558-1784Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604) 558-1784invest@pretivm.comwww.pretivm.com
PVG.TO +0.53 $10.53 PXZRF.PK +6.69% $11.098
Highest close since March!
Gold new all-time high at $1585!
PVG.TO +0.53 $10.53 PXZRF.PK +6.69% $11.098
Highest close since March!
Gold new all-time high at $1585!
Pretivm Resources Inc.: Brucejack's Valley of the Kings Zone Drilling Confirms Continuity of High-Grade Gold
Press Release Source: Pretium Resources Inc. On Thursday July 7, 2011, 5:00 am EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 07/07/11) - Pretium Resources Inc. ("Pretivm") (TSX:PVG - News) is pleased to report that initial results from the 2011 drill program at its Brucejack Project confirm the continuity of high-grade gold mineralization in the Valley of the Kings Zone, and drilling continues to intersect visible gold. (See Table 1 for the initial 2011 results from all zones drilled to date.)
Valley of the Kings Zone
Drilling is demonstrating that high-grade gold mineralization in the Valley of the Kings Zone extends from surface to depths in excess of 500 meters. Selected drill highlights include:
-- Hole SU-113 intersected 1.5 meters with uncut grades of 259 grams of gold and 181 grams of silver per tonne (4.9 feet averaging 7.6 ounces gold and 5.3 ounces of silver per ton);-- Hole SU-115 (previously reported) intersected 0.6 meters with uncut grades of 18,755 grams of gold and 9,312 grams of silver per tonne (2.0 feet averaging 547.1 ounces gold and 271.6 ounces of silver per ton), 1.3 meters with uncut grades of 1,005 grams of gold and 577 grams of silver per tonne (4.2 feet averaging 29.3 ounces gold and 16.8 ounces of silver per ton), and 0.5 meters with uncut grades of 4,209 grams of gold and 2,040 grams of silver per tonne (1.6 feet averaging 122.8 ounces gold and 59.5 ounces of silver per ton);-- Hole SU-122 intersected 0.5 meters with uncut grades of 507 grams of gold and 153 grams of silver per tonne (1.6 feet averaging 14.8 ounces gold and 4.5 ounces of silver per ton), 1.0 meter with uncut grades of 164 grams of gold and 74 grams of silver per tonne (3.3 feet averaging 4.8 ounces gold and 2.2 ounces of silver per ton) and 1.0 meter with uncut grades of 560 grams of gold and 1,070 grams of silver per tonne (3.3 feet averaging 16.3 ounces gold and 31.2 ounces of silver per ton);-- Hole SU-128 intersected 1.5 meters with uncut grades of 162 grams of gold and 78.3 grams of silver per tonne (4.9 feet averaging 4.7 ounces gold and 2.3 ounces of silver per ton).
Eleven separate vein intersections in the Valley of the Kings Zone (from the eight holes reported in this release) have assay results higher than the grade cap of 130 grams per tonne gold used in the current Brucejack higher grade mineral resource estimate (see news release dated February 22, 2011).
Project geologists are successfully projecting the continuity of vein intersections in the Valley of the Kings Zone using geological interpretation and visible markers. Up to five of the eight drills at Brucejack will continue to test the Valley of the Kings Zone for additional high-grade gold veins by drilling along strike and to depth.
Bridge Zone
Results from holes SU-117 and SU-125 demonstrate that the Bridge Zone also hosts high-grade gold structures. As a result, Pretivm has two drills currently following-up on this high-grade mineralization:
-- Hole SU-117 intersected 1.5 meters with uncut grades of 208 grams of gold and 168 grams of silver per tonne (4.9 feet averaging 6.1 ounces gold and 4.9 ounces of silver per ton);-- Hole SU-125 intersected 1.0 meter with uncut grades of 458 grams of gold and 240 grams of silver per tonne (3.3 feet averaging 13.4 ounces gold and 7.0 ounces of silver per ton).
Waterloo Zone
The Waterloo Zone is located immediately west of the Valley of the Kings Zone on the west side of the Brucejack Fault. Hole SU-112 intersected 73.5 meters grading 1.3 grams per tonne gold and 5.3 grams per tonne silver, including 28.5 meters grading 1.9 grams per tonne gold and 6.8 grams per tonne silver. This long interval of low-grade mineralization demonstrates the potential for additional gold mineralization on the west side of the Brucejack Fault.
Based on the success to date, Pretivm will accelerate its project activities at Brucejack, as well as increase the meterage in the 2011 drill program.
Table 1: Brucejack Project Drill Results, July 2011 (Holes SU-111 to SU- 128)(1)---------------------------------------------------------------------------- Inter- Cap-Hole Collar Dip/ From To val Gold Silver pingNo. Coords. Azimuth (m) (m) (m) (g/t) (g/t) (2)---------------------------------------------------------------------------- Valley of the Kings Zone----------------------------------------------------------------------------SU-113 6257909N -47/ 143.0 184.0 41.0 6.6 15.8 1 Au 426349E 360 assay cut---------------------------------------------------------------------------- Incl. 143.0 144.5 1.5 259.0 181.0 uncut---------------------------------------------------------------------------- Incl. 174.4 175.2 0.8 49.2 24.5 uncut---------------------------------------------------------------------------- 335.5 356.5 21 1.2 3.8----------------------------------------------------------------------------SU-114 6257876N -50/ 128.0 156.5 28.5 1.1 7.2 426403E 360---------------------------------------------------------------------------- 212.0 213.5 1.5 5.6 25.3---------------------------------------------------------------------------- 328.5 329.8 1.3 18.2 21.8----------------------------------------------------------------------------SU- 6258015N -50/ 58.5 79.5 21.0 17.0 152.1 3 Au 115(3) 426455E 180 assays cut, 1 Ag assay cut---------------------------------------------------------------------------- Incl. 60.6 61.2 0.6 18,754.5 9,312.0 uncut---------------------------------------------------------------------------- Incl. 61.2 62.5 1.3 1,005.3 577.3 uncut---------------------------------------------------------------------------- Incl. 76.1 76.6 0.5 4,209.3 2,039.7 uncut---------------------------------------------------------------------------- 107.0 149.0 42.0 0.8 11.1----------------------------------------------------------------------------SU-119 6258015N -65/ 40.75 71.25 30.5 3.0 8.7 1 Au 426455E 180 assay cut---------------------------------------------------------------------------- Incl. 40.75 41.25 0.5 252.0 107.0 uncut---------------------------------------------------------------------------- 164.5 203.0 38.5 6.2 5.9 1 Au assay cut---------------------------------------------------------------------------- Incl. 173.0 174.5 1.5 140.0 61.3 uncut---------------------------------------------------------------------------- 306.5 308 1.5 5.08 19.2----------------------------------------------------------------------------SU-120 6257909N -59/ 157.0 163.0 6.0 2.3 9.8 426349E 360---------------------------------------------------------------------------- 347.0 368.0 21.0 10.7 15.4---------------------------------------------------------------------------- Incl. 347.0 348.5 1.5 117.5 158.0 uncut----------------------------------------------------------------------------SU-122 6257877N -65/ 139.5 179.7 40.2 1.1 6.4 426403E 360---------------------------------------------------------------------------- 1 Au assay 213.5 241.5 28.0 9.9 13.4 cut---------------------------------------------------------------------------- Incl. 226.1 226.6 0.5 507.0 153.0 uncut---------------------------------------------------------------------------- Incl. 240.0 241.5 1.5 95.4 46.8 uncut---------------------------------------------------------------------------- 341.0 346.0 5.0 52.5 231.2 2 Au assays cut---------------------------------------------------------------------------- 341.0 342.0 1.0 164.0 74.1 uncut---------------------------------------------------------------------------- 345.0 346.0 1.0 560.0 1070 uncut----------------------------------------------------------------------------SU-127 6258015N -44/ 58.5 73.5 15.0 7.2 12.0 1 Au 426455E 180 assay cut---------------------------------------------------------------------------- 64.4 65.0 0.6 163.5 98.6 uncut----------------------------------------------------------------------------SU-128 6257977N -50/ 15.0 26.5 11.5 22.2 42.0 1 Au 426403E 360 assay cut---------------------------------------------------------------------------- Incl. 25.0 26.5 1.5 162.0 78.3 uncut---------------------------------------------------------------------------- 40.0 56.0 16.0 1.1 7.0---------------------------------------------------------------------------- 78.4 95.0 16.6 1.4 26.0---------------------------------------------------------------------------- 261.5 278.0 16.5 6.5 8.6---------------------------------------------------------------------------- Incl. 263.0 264.5 1.5 61.9 37.3---------------------------------------------------------------------------- Bridge Zone----------------------------------------------------------------------------SU-117 6257575N -50/ 6.5 26 19.5 1.5 3.4 426423E 360---------------------------------------------------------------------------- 113.5 119.5 6.0 5.8 26.1---------------------------------------------------------------------------- Incl. 118.0 119.5 1.5 15.9 72.6---------------------------------------------------------------------------- 260.5 262.0 1.5 7.6 7.8---------------------------------------------------------------------------- 280.0 281.5 1.5 208.0 168.0 uncut---------------------------------------------------------------------------- 395.0 396.5 1.5 37.2 28.3---------------------------------------------------------------------------- 395.0 404.0 9.0 6.8 5.8---------------------------------------------------------------------------- Incl. 395.0 396.5 1.5 37.2 28.3----------------------------------------------------------------------------SU-125 6257362N -50/ 89.0 100.0 11.0 16.1 31.3 1 Au 426431E 360 assay cut---------------------------------------------------------------------------- Incl. 96.5 97.5 1.0 458.0 240.0 uncut---------------------------------------------------------------------------- 265.5 267.0 1.5 5.2 6.4---------------------------------------------------------------------------- West Zone----------------------------------------------------------------------------SU-121 6258747N -50/ 193.0 247.5 54.5 3.3 96.7 426698E 225---------------------------------------------------------------------------- Incl. 201.0 215.5 14.5 9.3 275.1---------------------------------------------------------------------------- 292.0 380.0 88.0 1.0 8.5---------------------------------------------------------------------------- Incl. 333.4 335.0 1.6 12.2 32.5----------------------------------------------------------------------------SU-123 6258295N -50/ Assays pending 426767E 225---------------------------------------------------------------------------- Galena Hill Zone----------------------------------------------------------------------------SU-111 6258295N -50/ 20.0 27.5 7.5 1.5 7.1 426918E 180---------------------------------------------------------------------------- 66.5 98.5 32.0 0.8 14.0----------------------------------------------------------------------------SU-116 625338N -50/ 7.5 33.0 25.5 3.9 42.9 426866E 180---------------------------------------------------------------------------- Incl. 18.5 21.5 3.0 25.5 42.1---------------------------------------------------------------------------- 109.0 128.5 19.5 1.6 26.2---------------------------------------------------------------------------- Gossan Hill Zone----------------------------------------------------------------------------SU-118 6259317N -52/ 2.1 8.0 5.9 1.3 5.1 426623E 180----------------------------------------------------------------------------SU-124 6259456N -50/ 70.0 71.5 1.5 9.4 4.2 426532E 180---------------------------------------------------------------------------- 213.0 225.0 12.0 1.5 21.9----------------------------------------------------------------------------SU-126 6259424N -50/ 9.5 14.0 4.5 5.2 5.8 426627E 180---------------------------------------------------------------------------- 129.0 130.5 1.5 19.8 11.0---------------------------------------------------------------------------- 235.1 263.5 28.4 1.1 24.8---------------------------------------------------------------------------- Waterloo Zone----------------------------------------------------------------------------SU-112 6258097N -50/ 45.5 119.0 73.5 1.3 5.3 425990E 45---------------------------------------------------------------------------- Incl. 72.5 101.0 28.5 1.9 6.8----------------------------------------------------------------------------(1) True thickness to be determined.(2) All gold assays over 130 g/t were cut to 130 g/t and all silver assaysover 2,100 g/t were cut to 2,100 g/t.(3) Previously reported.
All samples were submitted for preparation and analysis by ALS Chemex at its facilities in Terrace, B.C. All samples were analyzed using multi-digestion with ICP finish. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,000 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 10 samples was blank, one in 20 was a standard sample, and differing one in 20 samples was a field duplicate one-quarter split core assayed at ALS Chemex in Vancouver, B.C.
Assay results for completed drilling will be reported as they are received over the course of the 2011 drilling season.
Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Brucejack Project exploration program.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604)558-1784Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604)558-1784invest@pretivm.comwww.pretivm.com
End of the quarter BS... back up 10% today
Nearby KSM....
Royal Gold and Seabridge Close Private Placement/Royalty Partnership in KSM
TORONTO, CANADA--(Marketwire - 06/30/11) - Seabridge Gold Inc. (TSX:SEA - News)(AMEX:SA - News) announced today that it has closed its previously announced private placement with Royal Gold Inc. whereby Royal Gold has purchased 1,019,000 common shares of Seabridge at C$29.44 per share (US$30.39), totaling C$30 million in cash. The purchase price for the shares is equal to a 15% premium over the volume weighted average trading price of Seabridge shares on the TSX for the five day trading period ending June 14, 2011.
In connection with the private placement, Seabridge granted Royal Gold an option to acquire a 1.25% Net Smelter Royalty ("NSR") on all gold and silver production from KSM for C$100 million. The option is exercisable for a period of 60 days following the announcement of receipt of all material approvals and permits, full project financing and certain other conditions.
Seabridge has also granted Royal Gold an 18 month option to acquire an additional C$18 million in Seabridge common shares that would be priced at a 15% premium over the market price at the time of subscription. If exercised, this additional investment in Seabridge shares would provide Royal Gold an option to acquire a further 0.75% NSR on all gold and silver production from KSM for an additional C$60 million on the same conditions as the 1.25% NSR.
Seabridge President and CEO Rudi Fronk welcomed Royal Gold as a partner in the KSM project noting that "our interests going forward are aligned...both want to find the right partner or purchaser to build and operate a mine at KSM when the time is right. The C$30 million private placement provides the funding needed to pursue the substantial upside opportunities, such as expansion of throughput, which are now under study to optimize the KSM project over the next several quarters."
Royal Gold President and CEO Tony Jensen said that his firm has completed due diligence on the KSM project using independent consultants. "This transaction offers Royal Gold an excellent entry point into one of the largest undeveloped gold deposits in the world. Once built, the economies of scale are expected to provide for low production costs and a robust production schedule, over a projected 50+ year mine life. These features, and the advantages of being located in British Columbia, Canada, fit well into our development portfolio as we layer in our next generation of growth. Our private placement in Seabridge supports the project advancement towards a final feasibility study and represents an attractive investment opportunity for Royal Gold as the project progresses."
Seabridge holds a 100% interest in several North American gold projects. The Company's principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral reserves and resources by project and resource category please visit the Company's website at http://www.seabridgegold.net/resources.php.
Forward-Looking Statements
We are making statements and providing information in this news release about our expectations for the future which are considered to be forward-looking information or forward-looking statements under Canadian and United States securities laws. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events including statements regarding the prospects that Royal Gold may exercise its option to acquire additional shares of Seabridge, that it may exercise its options to fund the construction of the KSM project by purchasing a royalty on its production and that the KSM project may attract a purchaser or joint venture partner able to take the project forward to production. All forward-looking statements are based on Seabridge's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward-looking statements. We are presenting this information to help you understand management's current views of our future prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws. This information is based on a number of material assumptions, and is subject to a number of material risks, which are contained in a comprehensive discussion of forward-looking information in our Annual Information Form filed on SEDAR at www.sedar.com and our Annual Report on Form 40-F filed on EDGAR at www.sec.gov/edgar.shtml.
ON BEHALF OF THE BOARD
Rudi Fronk, President & C.E.O.
PVG.TO UNCH $9.20
PXZRF.PK $9.50 bid
Pretium's underwriters exercise $15.08-million option
2011-06-30 10:05 ET - News Release
This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Here is a sample of this item:
Mr. Robert Quartermain reports
PRETIVM ANNOUNCES EXERCISE OF UNDERWRITERS' OPTION ON PREVIOUSLY ANNOUNCED BOUGHT PRIVATE PLACEMENT OF FLOW-THROUGH SHARES
Pretium Resources Inc.'s syndicate of underwriters, led by CIBC, and including BMO Capital Markets and GMP Securities L.P., have exercised the option to purchase an additional 460,000 flow-through shares, pursuant to its previously announced, bought deal financing. Pretivm has agreed to issue, by way of private placement, a total of 1.39 million flow-through common shares of Pretivm, at a price of $10.85 per flow-through share, for total gross proceeds of $15,081,500. The offering is scheduled to close on or about July 15, 2011, subject to regulatory approvals.
The gross proceeds of the offering will be used to accelerate exploration at Brucejack, so that a feasibility study on the high-grade opportunity at Brucejack can commence on completion of this year's exploration program. The gross proceeds of the offering will be used during the 2011 exploration program to incur eligible Canadian exploration expenses, that will qualify as flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada), and British Columbia flow-through mining expenditures, as defined in the Income Tax Act (British Columbia), which will be renounced to the subscribers, with an effective date no later than Dec. 31, 2011. In the event the company is unable to renounce qualifying expenditures, effective on or prior to Dec. 31, 2011, to the initial purchasers of flow-through shares, in a total amount not less than the gross proceeds raised from the issue of the flow-through shares, or such expenditures are reduced by the Canada Revenue Agency, the company will indemnify each flow-through share subscriber for the additional taxes payable by such subscriber, as a result of the company's failure to renounce the qualifying expenditures as agreed.
The remainder is available to Stockwatch subscribers.
Pretium arranges $10-million bought-deal financing
2011-06-29 16:51 ET - News Release
Mr. Robert Quartermain reports
PRETIVM ANNOUNCES BOUGHT PRIVATE PLACEMENT OF FLOW-THROUGH SHARES
Pretium Resources Inc. has entered into a bought-deal agreement with a syndicate of underwriters led by CIBC to issue by way of private placement 930,000 flow-through common shares of Pretivm at a price of $10.85 per flow-through share for aggregate gross proceeds of approximately $10-million. The offering is scheduled to close on or about July 15, 2011, subject to regulatory approvals.
The gross proceeds of the offering will be used to accelerate exploration at Brucejack, so that a feasibility study on the high-grade opportunity at Brucejack can commence on completion of this year's exploration program. The gross proceeds of the offering will be used during the 2011 exploration program to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures, as defined in Subsection 127(9) of the Income Tax Act (Canada), and B.C. flow-through mining expenditures, as defined in the Income Tax Act (British Columbia), which will be renounced to the subscribers with an effective date no later than Dec. 31, 2011. In the event the company is unable to renounce qualifying expenditures effective on or prior to Dec. 31, 2011, to the initial purchasers of flow-through shares in an aggregate amount not less than the gross proceeds raised from the issue of the flow-through shares or such expenditures are reduced by the Canada Revenue Agency, the company will indemnify each subscriber for the additional taxes payable by such subscriber as a result of the company's failure to renounce the qualifying expenditures as agreed.
The underwriters have been granted the option to purchase up to an additional 460,000 flow-through shares at the issue price at any point up until 48 hours prior to closing of the offering.
The flow-through shares will be offered to accredited investors in all provinces of Canada pursuant to applicable securities laws. Subscribers under the offering will not be permitted to trade the flow-through shares for a period of four months plus one day from the closing of the offering.
The flow-through shares offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act of 1933.
We seek Safe Harbor.
MJX.V MJXFF.PK
Volume nearly 500,000 already today. Avg. volume 150,000
AUMN and ECU both down about 5%...
This values ECU at about a $1. Blah. Some kind of change was needed there though. ECU has spent a lot of years doing not a heck of a lot.
Golden Minerals Company and ECU Silver Mining Inc. Announce Merger of Equals Creating a New Growing Silver Mining Company
http://finance.yahoo.com/news/Golden-Minerals-Company-and-iw-2448467955.html?x=0&.v=1
GOLDEN, COLORADO and TORONTO--(Marketwire - 06/24/11) - Golden Minerals Company (AMEX:AUMN - News) (TSX:AUM - News) ("Golden Minerals") and ECU Silver Mining Inc. (TSX:ECU - News) ("ECU") are pleased to announce that they have entered into a definitive agreement to combine the two companies creating a new leading junior silver mining company with a portfolio of growth projects, primarily in Mexico and Argentina. The combined company will retain the Golden Minerals name and remain headquartered in Golden, Colorado. The combination of Golden Minerals and ECU (the "Transaction"), which represents a merger of equals, has been unanimously agreed to by the boards of directors of Golden Minerals and ECU, and both boards of directors will be recommending that their respective shareholders vote in favor of the proposed Transaction.
Under the terms of the Transaction, which will be structured as a plan of arrangement (the "Arrangement") under the Québec Business Corporations Act, each ECU share will be exchanged for 0.05 Golden Minerals shares and $0.000394 in cash. Upon completion of the Transaction, existing Golden Minerals shareholders and ECU shareholders will own approximately 49% and 51%, respectively, of the outstanding common stock of the combined company.
The Sentient Group, one of Golden Minerals' largest stockholders with approximately a 19% ownership stake, has indicated to Golden Minerals that it supports and intends to vote in favor of the proposed Transaction. Sentient has also expressed an interest in investing further capital in the combined company to retain its current proportionate ownership, although no agreement has been reached.
Highlights of the Transaction:
•Creates a new leading junior silver mining company with an attractive portfolio of assets consisting of the silver mining operations in the Velardeña mining district, Durango, Mexico; the El Quevar advanced exploration project in the Salta Province, Argentina; the advanced exploration-stage Zacatecas project in Zacatecas, Mexico; a number of drill testing projects in Peru (Cochabamba, Jehuamarca), Mexico (La Pinta), and Argentina (Atlas); and a large portfolio of approximately 40 exploration properties in the reconnaissance/target delineation stage located primarily in South America
•Creates a combined company with greater scale, financial strength and an enhanced capital markets profile
•The combined company will have sufficient cash to advance expansion plans at Velardeña and the continued development of El Quevar
•Combined basic market capitalization of over $600 million, based on current prices, with an expected increased liquidity profile on both NYSE Amex and the TSX
•Improved access to global capital markets to assist future growth efforts
•Potential expansion of broker research coverage
•Combines complementary management teams with proven track records of success to enhance and expand existing portfolio of assets
•Golden Minerals' management team, with its strong expertise and proven track record in mine building and operations, to focus on optimization and potential expansion of Velardeña mining operations
•ECU's exploration expertise to further enhance exploration efforts at El Quevar, Zacatecas and other drill testing projects across South America
•Large portfolio of projects combined with enhanced scale and broader reach to create opportunities for growth in existing and new jurisdictions
•Increased leverage to precious metals with significant base metals credits
•Combined Measured and Indicated resources of approximately 25 million ounces silver, 26 million pounds lead and 37 million pounds zinc
•Combined Inferred resources of approximately 187 million ounces silver, 2 million ounces gold, 1 billion pounds lead and 1 billion pounds zinc
•Opportunities to expand current resource base in Mexico, Argentina and Peru
Jeffrey Clevenger, President and CEO of Golden Minerals, stated "The combination of Golden Minerals and ECU presents a unique opportunity for the shareholders of both companies to participate in the creation of a new silver mining company with an attractive pipeline for further growth. It accelerates our combined corporate growth plans utilizing Golden Minerals' operating experience and ECU's strong record of exploration excellence and discovery. We will continue to grow the combined company with discipline, and use our financial strength with a view to creating future value for all of our shareholders."
Michel Roy, Chairman and CEO of ECU, stated "This combination represents a true merger of equals and provides the shareholders of both companies an opportunity to participate in a uniquely positioned silver mining company. Golden Minerals' and ECU's asset portfolios and management teams are highly complementary and provide both companies with increased opportunities to leverage the extensive, highly prospective projects in Mexico, Argentina and Peru."
Transaction Details
The proposed business combination between Golden Minerals and ECU is expected to be completed by way of a court-approved plan of arrangement and will be subject to the approval of holders of not less than 66 2/3% of votes cast by holders of ECU common shares and by holders of not less than 66 2/3% of votes cast by holders of ECU common shares and ECU's outstanding options, warrants and convertible securities voting together with ECU common shares as a single class. In addition, a majority of the common stockholders of Golden Minerals must approve the issuance of the Golden Minerals common stock to be issued in the Transaction. Full details of the Transaction will be included in the ECU management information circular and the Golden Minerals proxy statement, both of which are expected to be mailed to their respective shareholders in July 2011.
Under the terms of the business combination, shareholders of ECU will receive 0.05 common shares of Golden Minerals (the "Exchange Ratio") and $0.000394 in cash (approximately $125,000 in the aggregate) for each share of ECU held. All of ECU's unexercised options and warrants will be exchanged for Golden Minerals options and warrants, respectively, with the number and exercise prices of such options and warrants to be adjusted based on the Exchange Ratio.
Based on Golden Minerals' last closing stock price, the Exchange Ratio represents a premium of approximately 7% to the 20 (trading) day volume weighted average trading price for ECU. The Exchange Ratio represents an "at-market" transaction based on a 20 (trading) day volume weighted average trading price of each of ECU's common shares and Golden Minerals' common stock.
Upon completion of the Transaction, the combined company will have approximately 31.2 million shares outstanding (34.2 million on a fully-diluted basis) and Golden Minerals shareholders and ECU shareholders will hold, on a fully diluted basis, approximately 45% and 55% of the combined entity, respectively.
The definitive agreement includes a commitment by each of Golden Minerals and ECU to not solicit alternative transactions to the Transaction. Each company has agreed to reimburse expenses or pay a break fee to the other party of up to $10 million upon the occurrence of certain events. In addition, each company has granted the other party a right to match any competing proposal. Each of the directors and officers of ECU has indicated an intention to vote in favor of the Transaction, and each of the directors and officers of Golden Minerals has indicated an intention to vote in favor of the issuance of shares in connection with the Transaction.
Private Placement
In connection with the Transaction, ECU and Golden Minerals have entered into a definitive subscription agreement pursuant to which ECU will issue to Golden Minerals $15 million principal amount, 0.0% senior unsecured convertible notes at par (the "Notes") in a private placement (the "Private Placement"). Subject to regulatory approval, the Notes will mature on June 30, 2012 (subject to extension as described below), and will be convertible by Golden Minerals at any time prior to 5:00 p.m. (Toronto time) on June 29, 2012 into common shares of ECU at a conversion price of $0.97 per common share, consistent with the Exchange Ratio. The Notes will also be redeemable at par by ECU, in whole or in part, at any time after the record date for voting at the ECU shareholder meeting. In addition, ECU may elect to extend the maturity of the Notes for up to 6 months under certain conditions, with interest accruing at 10% per annum during such extension period. The proceeds of the Private Placement will be used for general corporate purposes and for ECU's ongoing expansion plans at Velardeña until closing of the proposed Transaction. Completion of the Private Placement is subject to the satisfaction of certain regulatory requirements.
Management Team and Board of Directors
Following completion of the Transaction, Michael T. Mason is expected to join the board of directors of the combined company, bringing the total number of directors to seven. Jeffrey Clevenger will retain his position as Chairman and CEO, and Stephen Altmann will assume the role of President. Mr. Clevenger brings extensive experience as a senior operator through his past involvement in mining operations at the senior level, including with Cyprus Amax Minerals Company, a former large integrated copper and molybdenum producer with operations in North and South America, and Phelps Dodge Corporation, a former large base metals producer with mining operations all over the world, among others. Mr. Altmann brings over fifteen years of financial and strategic advisory experience, serving as a senior corporate finance and merger and acquisition advisor for firms including RBC Dominion Securities, Credit Suisse First Boston, Scotia Capital and Desjardins Securities prior to joining ECU, as President, in 2007. Michel Roy will be staying on as a senior consultant.
Advisors and Counsel
Golden Minerals' exclusive financial advisor is BMO Capital Markets, and Golden Minerals is being advised on legal matters by Fasken Martineau DuMoulin LLP and Davis Graham & Stubbs LLP. BMO Capital Markets has provided an opinion to the Golden Minerals board of directors that, subject to the assumptions, limitations, and qualifications set out therein, the Exchange Ratio is fair, from a financial point of view, to Golden Minerals.
ECU's financial advisor is Dahlman Rose & Company, LLC, and ECU is being advised on legal matters by Blake, Cassels & Graydon LLP and Skadden, Arps, Slate, Meagher & Flom LLP. Stonecap Securities Inc. has provided an opinion to the ECU board of directors that, as at the date hereof, subject to the assumptions, limitations, and qualifications set out therein, the Transaction is fair, from a financial point of view, to ECU shareholders.
Conference Call and Webcast Information
A joint conference call hosted by Jeffrey Clevenger and Stephen Altmann will be held today at 11:00 am (ET) to discuss the Transaction. Anyone may join the call by dialing toll free (877) 278-9678 to access the call from outside Canada or the U.S. Passcode #79101843. You can listen to a recorded playback of the call by dialing (800) 642-1687 or (706) 645-9291 for calls outside Canada and the U.S. Passcode #79101843.
The Golden Minerals and ECU business combination presentation is available on the homepage of both companies' websites. The conference call will be available for replay. For further information on Golden Minerals, please visit its website at www.goldenminerals.com. For further information on ECU, please visit its website at www.ecu.ca.
About Golden Minerals
Golden Minerals is a Delaware corporation based in Golden, Colorado, primarily engaged in the advancement of its pipeline of exploration projects in Mexico and South America. Golden Minerals has a large portfolio of exploration projects, including its El Quevar project in the Salta Province of northwestern Argentina and advanced stage drilling projects in Mexico and Peru. Golden Minerals' experienced management team has a proven in-house ability to explore, develop and operate mining projects.
About ECU
ECU Silver Mining Inc. is focused on the exploration, development and mining of silver, gold and base metals at its Velardeña District Properties in Durango, Mexico, where it holds an NI 43-101 compliant mineral resource of 40 million silver equivalent ounces in the Measured and Indicated category and 391 million silver equivalent ounces in the Inferred category. ECU also owns and operates two mills with a combined capacity of 820 tonnes per day.
Cautionary Statement on Forward-looking Information
This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 27E of the U.S. Securities Exchange Act of 1934 and applicable Canadian securities laws, including, but not limited to, forward looking statements in respect of the Transaction and the Private Placement. Such statements include, without limitation, statements regarding or inferring the future results of operations, performance and achievements of ECU, Golden Minerals or the combined company, including anticipated benefits from the Transaction, planned and potential exploration and development opportunities of the combined company, including at the Velardeña and El Quevar projects. There are risks inherent in the nature of the proposed Transaction, including risk regarding the integration of the two entities, incorrect assessments of the values of the other entity, and failure to obtain the required security holder, court, regulatory and other third party approvals. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate and similar expressions, or are those which, by their nature, refer to future events. Although Golden Minerals and ECU believe that such statements are reasonable, they can give no assurance that such expectations will prove to be correct.
This press release also contains forward-looking statements and information concerning the anticipated timing and completion of the Transaction and the Private Placement. Golden Minerals and ECU have provided these anticipated times in reliance on certain assumptions that they believe are reasonable at this time, including assumptions as to the time required to prepare meeting materials for mailing, the timing of receipt of the necessary regulatory and court approvals, and the satisfaction of and time necessary to satisfy the conditions to the closing of the Transaction and the Private Placement. These dates may change for a number of reasons, including unforeseen delays in preparing meeting materials, inability to secure necessary regulatory or court approvals in the time assumed or the need for additional time to satisfy the conditions to the completion of the Transaction. In addition, the Transaction is subject to a number of conditions which are typical for transactions of this nature. Failure to satisfy any of these conditions may result in the termination of the definitive agreement to combine ECU and Golden Minerals and the Transaction may not be completed. Readers are cautioned that the foregoing list of factors is not exhaustive.
This press release includes forward-looking statements relating to the potential general financing plans of ECU, the Private Placement and the use of proceeds from the Private Placement. Although Golden Minerals and ECU believe that the expectations reflected by the forward-looking statements presented in this press release are reasonable, these forward-looking statements have been based on assumptions and factors concerning future events, including ECU's ability to obtain and maintain any necessary permits, consents, or authorizations needed to continue its expansion plans at Velardeña, that may prove to be inaccurate. Those assumptions and factors are based on information currently available to ECU and Golden Minerals about ECU and the business in which it operates.
This press release also includes forward-looking statements relating to the potential for further investment by Sentient Group in the combined company. Golden Minerals and ECU caution investors that no agreement with respect to such further investment has been reached and provide no assurance that any such agreement will be reached.
Moreover, Golden Minerals and ECU caution investors that any forward-looking statements by Golden Minerals or ECU are not guarantees of future results or performance, and that actual results may differ materially from those expressed or implied in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any minerals produced, Golden Minerals' or ECU's inability to obtain any necessary permits, consents or authorizations required for their activities, to produce minerals from their properties successfully or profitably, to continue their projected growth, or to raise the necessary capital or to be fully able to implement their business strategies. Accordingly, readers should not place undue reliance on the forward-looking statements or information contained in this press release concerning these items. Additional information on these and other factors that could affect Golden Minerals' and ECU's, or the combined company's, operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com), the EDGAR website (www.sec.gov), Golden Minerals' website (www.goldenminerals.com) or ECU's website (www.ecu.ca).
The forward-looking statements and information contained in this press release are made as of the date hereof and Golden Minerals and ECU undertake no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless expressly required by applicable securities laws.
Additional Information and Where to Find It
In connection with Golden Minerals' and ECU's solicitation of proxies with respect to the meeting of shareholders of each of Golden Minerals and ECU to be called with respect to the proposed Arrangement, Golden Minerals will file a proxy statement with the Securities and Exchange Commission ("SEC") and ECU will file a management information circular with Canadian securities regulatory authorities. SHAREHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT OR MANAGEMENT INFORMATION CIRCULAR, AS APPLICABLE, WHEN IT IS FINALIZED AND DISTRIBUTED TO SHAREHOLDERS BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Shareholders will be able to obtain a free copy of the Golden Minerals proxy statement (when available) and other relevant documents filed with the SEC from the SEC's website at www.sec.gov and a free copy of the ECU management information circular (when available) and other relevant documents filed with Canadian securities authorities, including technical reports relating to the Golden Minerals and ECU properties, at www.sedar.com. Shareholders of Golden Minerals will also be able to obtain a free copy of the proxy statement and other relevant documents (when available) by directing a request by mail or telephone to Golden Minerals, 350 Indiana Street, Suite 800, Golden, Colorado 80401 or (303) 839-5060, or from Golden Minerals' website, www.goldenminerals.com. Shareholders of ECU will also be able to obtain a free copy of the management information circular and other relevant documents (when available) by directing a request by mail or telephone to ECU, 1116 Granada Avenue, Rouyn-Noranda, QC, J9Y 1G9, Canada or 819-797-1210, or from ECU's website, www.ecu.ca.
Interests of Participants in the Solicitation of Proxies
Golden Minerals and certain of its directors, executive officers and other members of its management and employees may, under the rules of the SEC, be deemed to be "participants" in the solicitation of proxies from its shareholders in connection with the proposed Transaction. Information concerning the interests of the persons who may be considered "participants" in the solicitation is set forth in Golden Mineral's proxy statements and Annual Reports on Form 10-K (including any amendments thereto), previously filed with the SEC, and in the proxy statement relating to the Arrangement when it becomes available. Copies of these documents can be obtained, without charge, at the SEC's website at www.sec.gov or by directing a request to Golden Minerals at the address above.
Cautionary Note to United States Investors Regarding Estimates of Measured, Indicated and Inferred Resources
The terms "mineral resource," "measured mineral resource," "indicated mineral resource" and "inferred mineral resource," as used in this press release, are Canadian mining terms and are not normally permitted to be used in reports and registration statements filed with the SEC by U.S. registered companies. The SEC permits U.S. companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Accordingly, information contained in this press release describing the combined company's "mineral resources" is not directly comparable to information made public by U.S. companies subject to reporting requirements under U.S. securities laws (wherein "reserves," and not "resources," may be disclosed and discussed). Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence and economic feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically minable.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.
THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER OF ANY SECURITIES FOR SALE.
PVG.TO +$0.10 $9.61
PXZRF.PK +1.35% $9.8762
Given their proximity to our projects, any further success that Seabridge has will be beneficial to us as well.
At a certain level of development I gotta think a major will come in and buy all three properties. Much value to be realized before then though. And if it works out that Pretivm/Seabridge can do it on their own all they way to production... then that is just fine with me - give all the value to the shareholders, not to the major
2011 Drill Program Underway at Seabridge Gold's KSM Project
http://finance.yahoo.com/news/2011-Drill-Program-Underway-iw-1976202235.html?x=0&.v=1
TORONTO, CANADA--(Marketwire - 06/09/11) - Seabridge Gold (TSX:SEA - News)(AMEX:SA - News) announced today that a $5.1 million exploration program is now underway at its 100% owned KSM project targeting higher grade material favorably located for early production, which could enhance the project's already robust economics.
The program is designed to upgrade approximately three million ounces of higher grade inferred gold resources at the Sulphurets and Kerr zones to proven and probable reserves. These resources are currently classified as waste in the 2011 Preliminary Feasibility Study. Drilling will also test the down-dip extension of the higher grade breccia zone at Mitchell. This material could potentially be exploited cost-effectively in an underground panel caving operation which is now under study. Panel caving deeper portions of the Mitchell deposit could improve production grades and substantially reduce stripping ratios and waste rock storage.
In May 2011, Seabridge announced the results of an updated Preliminary Feasibility Study ("PFS") for KSM (see news release at http://www.seabridgegold.net/readmore.php?newsid=322 dated May 2, 2011 for details). The PFS incorporated proven and probable reserves from four distinct deposits - Mitchell, Sulphurets, Kerr and Iron Cap. The study highlighted that: (1) significant additional inferred mineral resources exist within, and adjacent to, the projected pit limits; and (2) some of the inferred is above average project grade and is well located for early production. The primary objective of the 2011 exploration program will be to move the earlier production, higher grade inferred (approximately three million ounces) to proven and probable reserves. Approximately 12,000 meters of core drilling ($3.7 million) will be devoted to this objective
The second objective of the 2011 program is to test the down dip plunge projection of the Mitchell high-grade zone at an estimated cost of $1.4 million, utilizing both direct and indirect tools. The program includes a deep penetrating geophysical survey (audio-magneto telluric survey) and 3,000 meters of core drilling. These activities will focus on the northwest plunge of the Mitchell deposit under the north high wall of the designed pit that could potentially be exploited by adit in an underground panel caving operation.
The 100% owned KSM project, located near Stewart, British Columbia, Canada, is one of the world's largest undeveloped gold/copper projects. Proven and probable reserves for the KSM project are as follows (see news release at http://www.seabridgegold.net/readmore.php?newsid=322 dated May 2, 2011 for details):
KSM Proven and Probable Reserves-------------------------------------------------------------------------------------------------------------------------------------------------------- Average Grades ------------------------------------ Reserve Tonnes Gold Copper Silver MolybdenumZone Category (millions) (gpt) (%) (gpt) (ppm)--------------------------------------------------------------------------------------------------------------------------------------------------------Mitchell Proven 617.9 0.64 0.17 3.06 60.2 ---------------------------------------------------------------- Probable 848.6 0.59 0.16 3.02 61.8 ---------------------------------------------------------------- Total 1,466.5 0.61 0.16 3.04 61.2----------------------------------------------------------------------------Iron Cap Probable 334.1 0.42 0.20 5.46 48.4----------------------------------------------------------------------------Sulphurets Probable 179.1 0.62 0.26 0.61 59.8----------------------------------------------------------------------------Kerr Probable 212.7 0.25 0.46 1.28 Nil--------------------------------------------------------------------------------------------------------------------------------------------------------Totals Proven 617.9 0.64 0.17 3.06 60.2 ---------------------------------------------------------------- Probable 1,574.5 0.51 0.22 3.03 50.4 ---------------------------------------------------------------- Total 2,192.4 0.55 0.21 3.04 53.2---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Contained Metal ------------------------------------ Gold Copper Silver Moly Reserve Tonnes (million (million (million (millionZone Category (millions) ounces) pounds) ounces) pounds)--------------------------------------------------------------------------------------------------------------------------------------------------------Mitchell Proven 617.9 12.6 2,279 61 82 ---------------------------------------------------------------- Probable 848.6 16.0 3,040 82 116 ---------------------------------------------------------------- Total 1,466.5 28.7 5,320 143 198----------------------------------------------------------------------------Iron Cap Probable 334.1 4.5 1,490 59 36----------------------------------------------------------------------------Sulphurets Probable 179.1 3.6 1,021 4 24----------------------------------------------------------------------------Kerr Probable 212.7 1.7 2,155 9 Nil--------------------------------------------------------------------------------------------------------------------------------------------------------Totals Proven 617.9 12.6 2,279 61 82 ---------------------------------------------------------------- Probable 1,574.5 25.8 7,706 153 175 ---------------------------------------------------------------- Total 2,192.4 38.5 9,985 214 257--------------------------------------------------------------------------------------------------------------------------------------------------------
National Instrument 43-101 Disclosure
The KSM PFS was prepared by Wardrop, a Tetra Tech Company, under the direction of John Huang, and included the work of other consultants (see news release at http://www.seabridgegold.net/readmore.php?newsid=322 of May 2, 2011). The 2011 KSM exploration program will be under the direction of William E. Threlkeld, Senior Vice President of Seabridge. These individuals are Qualified Persons under National Instrument 43-101 and have approved this news release.
Seabridge holds a 100% interest in several North American gold projects. The Company's principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral reserves and resources by project and category please visit the Company's website at http://www.seabridgegold.net/resources.php.
All reserve and resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
This document contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of mineral reserves and mineral resources; (ii) any potential for the increase of mineral reserves and mineral resources, whether in existing zones or new zones; (iii) the amount of future production; (iv) further optimization of the PFS including capacity expansion; (v) completion of, and submission of, the Environmental Assessment Application; and (vi) potential for engineering improvements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "envisages", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
All forward-looking statements are based on Seabridge's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. These assumptions include: (i) the presence of and continuity of metals at the Project at modeled grades; (ii) the capacities of various machinery and equipment; (iii) the availability of personnel, machinery and equipment at estimated prices; (iv) exchange rates; (v) metals sales prices; (vi) appropriate discount rates; (vii) tax rates and royalty rates applicable to the proposed mining operation; (viii) financing structure and costs; (ix) anticipated mining losses and dilution; (x) metallurgical performance; (xi) reasonable contingency requirements; (xii) success in realizing further optimizations and potential in exploration programs and proposed operations; (xiii) receipt of regulatory approvals on acceptable terms, including the necessary right of way for the proposed tunnels; and (xiv) the negotiation of satisfactory terms with impacted First Nations groups. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Many forward-looking statements are made assuming the correctness of other forward looking statements, such as statements of net present value and internal rates of return, which are based on most of the other forward-looking statements and assumptions herein. The cost information is also prepared using current values, but the time for incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur, but specifically include, without limitation: risks relating to variations in the mineral content within the material identified as mineral reserves or mineral resources from that predicted; variations in rates of recovery and extraction; developments in world metals markets; risks relating to fluctuations in the Canadian dollar relative to the US dollar; increases in the estimated capital and operating costs or unanticipated costs; difficulties attracting the necessary work force; increases in financing costs or adverse changes to the terms of available financing, if any; tax rates or royalties being greater than assumed; changes in development or mining plans due to changes in logistical, technical or other factors; changes in project parameters as plans continue to be refined; risks relating to receipt of regulatory approvals or settlement of an agreement with impacted First Nations groups; the effects of competition in the markets in which Seabridge operates; operational and infrastructure risks and the additional risks described in Seabridge's Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2010 and in the Corporation's Annual Report Form 40-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml). Seabridge cautions that the foregoing list of factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions with respect to Seabridge, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Seabridge does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Seabridge or on our behalf, except as required by law.
ON BEHALF OF THE BOARD "Rudi Fronk" President & C.E.O.
Contact:
Contacts:Seabridge Gold Inc.Rudi P. FronkPresident and C.E.O.(416) 367-9292(416) 367-2711 (FAX)info@seabridgegold.netwww.seabridgegold.net
Given their proximity to our projects, any further success that Seabridge has will be beneficial to us as well.
At a certain level of development I gotta think a major will come in and buy all three properties. Much value to be realized before then though. And if it works out that Pretivm/Seabridge can do it on their own all they way to production... then that is just fine with me - give all the value to the shareholders, not to the major
2011 Drill Program Underway at Seabridge Gold's KSM Project
http://finance.yahoo.com/news/2011-Drill-Program-Underway-iw-1976202235.html?x=0&.v=1
TORONTO, CANADA--(Marketwire - 06/09/11) - Seabridge Gold (TSX:SEA - News)(AMEX:SA - News) announced today that a $5.1 million exploration program is now underway at its 100% owned KSM project targeting higher grade material favorably located for early production, which could enhance the project's already robust economics.
The program is designed to upgrade approximately three million ounces of higher grade inferred gold resources at the Sulphurets and Kerr zones to proven and probable reserves. These resources are currently classified as waste in the 2011 Preliminary Feasibility Study. Drilling will also test the down-dip extension of the higher grade breccia zone at Mitchell. This material could potentially be exploited cost-effectively in an underground panel caving operation which is now under study. Panel caving deeper portions of the Mitchell deposit could improve production grades and substantially reduce stripping ratios and waste rock storage.
In May 2011, Seabridge announced the results of an updated Preliminary Feasibility Study ("PFS") for KSM (see news release at http://www.seabridgegold.net/readmore.php?newsid=322 dated May 2, 2011 for details). The PFS incorporated proven and probable reserves from four distinct deposits - Mitchell, Sulphurets, Kerr and Iron Cap. The study highlighted that: (1) significant additional inferred mineral resources exist within, and adjacent to, the projected pit limits; and (2) some of the inferred is above average project grade and is well located for early production. The primary objective of the 2011 exploration program will be to move the earlier production, higher grade inferred (approximately three million ounces) to proven and probable reserves. Approximately 12,000 meters of core drilling ($3.7 million) will be devoted to this objective
The second objective of the 2011 program is to test the down dip plunge projection of the Mitchell high-grade zone at an estimated cost of $1.4 million, utilizing both direct and indirect tools. The program includes a deep penetrating geophysical survey (audio-magneto telluric survey) and 3,000 meters of core drilling. These activities will focus on the northwest plunge of the Mitchell deposit under the north high wall of the designed pit that could potentially be exploited by adit in an underground panel caving operation.
The 100% owned KSM project, located near Stewart, British Columbia, Canada, is one of the world's largest undeveloped gold/copper projects. Proven and probable reserves for the KSM project are as follows (see news release at http://www.seabridgegold.net/readmore.php?newsid=322 dated May 2, 2011 for details):
KSM Proven and Probable Reserves-------------------------------------------------------------------------------------------------------------------------------------------------------- Average Grades ------------------------------------ Reserve Tonnes Gold Copper Silver MolybdenumZone Category (millions) (gpt) (%) (gpt) (ppm)--------------------------------------------------------------------------------------------------------------------------------------------------------Mitchell Proven 617.9 0.64 0.17 3.06 60.2 ---------------------------------------------------------------- Probable 848.6 0.59 0.16 3.02 61.8 ---------------------------------------------------------------- Total 1,466.5 0.61 0.16 3.04 61.2----------------------------------------------------------------------------Iron Cap Probable 334.1 0.42 0.20 5.46 48.4----------------------------------------------------------------------------Sulphurets Probable 179.1 0.62 0.26 0.61 59.8----------------------------------------------------------------------------Kerr Probable 212.7 0.25 0.46 1.28 Nil--------------------------------------------------------------------------------------------------------------------------------------------------------Totals Proven 617.9 0.64 0.17 3.06 60.2 ---------------------------------------------------------------- Probable 1,574.5 0.51 0.22 3.03 50.4 ---------------------------------------------------------------- Total 2,192.4 0.55 0.21 3.04 53.2---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Contained Metal ------------------------------------ Gold Copper Silver Moly Reserve Tonnes (million (million (million (millionZone Category (millions) ounces) pounds) ounces) pounds)--------------------------------------------------------------------------------------------------------------------------------------------------------Mitchell Proven 617.9 12.6 2,279 61 82 ---------------------------------------------------------------- Probable 848.6 16.0 3,040 82 116 ---------------------------------------------------------------- Total 1,466.5 28.7 5,320 143 198----------------------------------------------------------------------------Iron Cap Probable 334.1 4.5 1,490 59 36----------------------------------------------------------------------------Sulphurets Probable 179.1 3.6 1,021 4 24----------------------------------------------------------------------------Kerr Probable 212.7 1.7 2,155 9 Nil--------------------------------------------------------------------------------------------------------------------------------------------------------Totals Proven 617.9 12.6 2,279 61 82 ---------------------------------------------------------------- Probable 1,574.5 25.8 7,706 153 175 ---------------------------------------------------------------- Total 2,192.4 38.5 9,985 214 257--------------------------------------------------------------------------------------------------------------------------------------------------------
National Instrument 43-101 Disclosure
The KSM PFS was prepared by Wardrop, a Tetra Tech Company, under the direction of John Huang, and included the work of other consultants (see news release at http://www.seabridgegold.net/readmore.php?newsid=322 of May 2, 2011). The 2011 KSM exploration program will be under the direction of William E. Threlkeld, Senior Vice President of Seabridge. These individuals are Qualified Persons under National Instrument 43-101 and have approved this news release.
Seabridge holds a 100% interest in several North American gold projects. The Company's principal assets are the KSM property located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral reserves and resources by project and category please visit the Company's website at http://www.seabridgegold.net/resources.php.
All reserve and resource estimates reported by the Corporation were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
This document contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as "forward-looking statements", are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the amount of mineral reserves and mineral resources; (ii) any potential for the increase of mineral reserves and mineral resources, whether in existing zones or new zones; (iii) the amount of future production; (iv) further optimization of the PFS including capacity expansion; (v) completion of, and submission of, the Environmental Assessment Application; and (vi) potential for engineering improvements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "envisages", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
All forward-looking statements are based on Seabridge's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. These assumptions include: (i) the presence of and continuity of metals at the Project at modeled grades; (ii) the capacities of various machinery and equipment; (iii) the availability of personnel, machinery and equipment at estimated prices; (iv) exchange rates; (v) metals sales prices; (vi) appropriate discount rates; (vii) tax rates and royalty rates applicable to the proposed mining operation; (viii) financing structure and costs; (ix) anticipated mining losses and dilution; (x) metallurgical performance; (xi) reasonable contingency requirements; (xii) success in realizing further optimizations and potential in exploration programs and proposed operations; (xiii) receipt of regulatory approvals on acceptable terms, including the necessary right of way for the proposed tunnels; and (xiv) the negotiation of satisfactory terms with impacted First Nations groups. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Many forward-looking statements are made assuming the correctness of other forward looking statements, such as statements of net present value and internal rates of return, which are based on most of the other forward-looking statements and assumptions herein. The cost information is also prepared using current values, but the time for incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates assumptions and intentions expressed in such forward-looking statements. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur, but specifically include, without limitation: risks relating to variations in the mineral content within the material identified as mineral reserves or mineral resources from that predicted; variations in rates of recovery and extraction; developments in world metals markets; risks relating to fluctuations in the Canadian dollar relative to the US dollar; increases in the estimated capital and operating costs or unanticipated costs; difficulties attracting the necessary work force; increases in financing costs or adverse changes to the terms of available financing, if any; tax rates or royalties being greater than assumed; changes in development or mining plans due to changes in logistical, technical or other factors; changes in project parameters as plans continue to be refined; risks relating to receipt of regulatory approvals or settlement of an agreement with impacted First Nations groups; the effects of competition in the markets in which Seabridge operates; operational and infrastructure risks and the additional risks described in Seabridge's Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2010 and in the Corporation's Annual Report Form 40-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml). Seabridge cautions that the foregoing list of factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions with respect to Seabridge, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Seabridge does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Seabridge or on our behalf, except as required by law.
ON BEHALF OF THE BOARD "Rudi Fronk" President & C.E.O.
Contact:
Contacts:Seabridge Gold Inc.Rudi P. FronkPresident and C.E.O.(416) 367-9292(416) 367-2711 (FAX)info@seabridgegold.netwww.seabridgegold.net
Pretivm Infrastructure
See slide 10 at http://www.pretivm.com/i/pdf/CorporatePresentation.pdf
Snowfield and Brucejack are about 30km away from the highway and a proposed power line and there seems to be plenty of water around.
Also see 1.12 at http://www.pretivm.com/i/pdf/2011-06-03_Brucejack_43-101.pdf
“The mine site is located west of the leach plant and will be accessible by an upgraded exploration road which will provide a year-round access to the mine site for the transport of the materials and workers.
The Brucejack leach plant site will be accessible by a planned permanent road constructed between a junction with Highway 37 and the leach plant site.
Highway 37, a major road access to northern BC, passes approximately 8 km from the Brucejack leach plant site (Figure 1.3).
At the mine site, a crushing facility will be designed to crush the mineralized material from the proposed mine. The mill will produce bulk gold-silver concentrate.”
Also 1 . 1 3 POWE R SU P P L Y A N D DI S T R I B U T ION
“At the production rate of 1,500 t/d, the operation load is estimated to be approximately 4 MW±10%. The load will be divided between the mine site located near Brucejack Lake and the leach plant site located near Highway 37.
Power for the mine site will be provided by four diesel generators, each rated 1.5 MW. Two diesel generators, each rated 1.5 MW will provide power for the leach plant. This will provide N-1 reliability. Power will be generated and distributed at 4.16 kV. Large loads, above 200 kW, will be fed directly at 4.16 kV. Smaller loads will be fed at 600 V. A heat recovery system will be installed to recover the heat generated from the diesel generators for building heating at both the sites.”
More details can be found in that PEA of course.
Also: “In May 2011, Pretivm announced the signing of a Mutual Confidentiality and Cooperation Agreement and a Mutual Access Agreement with Seabridge Gold Inc., whose KSM project shares a common boundary with Snowfield. The Mutual Confidentiality and Cooperation Agreement provides for, amongst other things, the completion of an engineering study examining the economics of combining Pretivm's Snowfield project and Seabridge's KSM project into one operation. The study is expected to be completed in the fourth quarter of 2011.”
More details to come for sure.
Eskay Creek mine is also not all that far away and that operated until 2008.
Pretivm Infrastructure
See slide 10 at http://www.pretivm.com/i/pdf/CorporatePresentation.pdf
Snowfield and Brucejack are about 30km away from the highway and a proposed power line and there seems to be plenty of water around.
Also see 1.12 at http://www.pretivm.com/i/pdf/2011-06-03_Brucejack_43-101.pdf
“The mine site is located west of the leach plant and will be accessible by an upgraded exploration road which will provide a year-round access to the mine site for the transport of the materials and workers.
The Brucejack leach plant site will be accessible by a planned permanent road constructed between a junction with Highway 37 and the leach plant site.
Highway 37, a major road access to northern BC, passes approximately 8 km from the Brucejack leach plant site (Figure 1.3).
At the mine site, a crushing facility will be designed to crush the mineralized material from the proposed mine. The mill will produce bulk gold-silver concentrate.”
Also 1 . 1 3 POWE R SU P P L Y A N D DI S T R I B U T ION
“At the production rate of 1,500 t/d, the operation load is estimated to be approximately 4 MW±10%. The load will be divided between the mine site located near Brucejack Lake and the leach plant site located near Highway 37.
Power for the mine site will be provided by four diesel generators, each rated 1.5 MW. Two diesel generators, each rated 1.5 MW will provide power for the leach plant. This will provide N-1 reliability. Power will be generated and distributed at 4.16 kV. Large loads, above 200 kW, will be fed directly at 4.16 kV. Smaller loads will be fed at 600 V. A heat recovery system will be installed to recover the heat generated from the diesel generators for building heating at both the sites.”
More details can be found in that PEA of course.
Also: “In May 2011, Pretivm announced the signing of a Mutual Confidentiality and Cooperation Agreement and a Mutual Access Agreement with Seabridge Gold Inc., whose KSM project shares a common boundary with Snowfield. The Mutual Confidentiality and Cooperation Agreement provides for, amongst other things, the completion of an engineering study examining the economics of combining Pretivm's Snowfield project and Seabridge's KSM project into one operation. The study is expected to be completed in the fourth quarter of 2011.”
More details to come for sure.
Eskay Creek mine is also not all that far away and that operated until 2008.
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-2403641250.html?x=0&.v=1
Pretium Resources Inc.: Brucejack's Valley of the Kings Drilling Intersects 18,755 Grams per Tonne Gold
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 06/08/11) - Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report that one of the first holes drilled in the 2011 Brucejack Project exploration program has encountered the highest-grading gold intersection to date on the property. Selected intercepts from the first 85 meters drilled of hole SU-115, in the Valley of the Kings Zone, include:
-- 0.6 meters with uncut grades of 18,755 grams of gold and 9,312 grams of silver per tonne (2.0 feet averaging 547.1 ounces gold and 271.6 ounces of silver per ton);-- 1.3 meters with uncut grades of 1,005 grams of gold and 577 grams of silver per tonne (4.2 feet averaging 29.3 ounces gold and 16.8 ounces of silver per ton);-- 0.5 meters with uncut grades of 4,209 grams of gold and 2,040 grams of silver per tonne (1.6 feet averaging 122.8 ounces gold and 59.5 ounces of silver per ton).
Hole SU-115, which was drilled to a total depth of 306 meters, was collared 60 meters west of previously-reported hole SU-12, which had intersected 1.5 meters grading 16,949 grams per tonne gold and 8,696 grams per tonne silver. The Valley of the Kings Zone is 50 to 100 meters in width, extends 400 meters along strike, and has been drill tested to a depth of 600 meters below surface. High-grade gold bearing veins have been identified within this mineral corridor, and Valley of the Kings is the main focus of the +50,000-meter drill program currently underway on the Brucejack Project.
The Preliminary Economic Assessment (PEA) recently completed on a high-grade underground operation at Brucejack has been filed on SEDAR and is now available on Pretivm's website. An update to the PEA incorporating the results from the 2011 program will commence following completion of the 2011 program.
All eight drills are now turning on the Brucejack property, and work has begun on the access road connecting to Highway 37.
Table 1: Selected Intercepts from Drill Hole SU-115 - June 2011(1,2,3)---------------------------------------------------------------------------- From To Interval Gold Silver CappingHole Number (meters) (meters) (meters) (g/t) (g/t) (ppm)----------------------------------------------------------------------------SU-115 58.5 79.5 21 16.9 152.1 3 samples cut to 130 Au, 1 cut to 2,100 Ag----------------------------------------------------------------------------Inc. 60.6 61.2 0.6 18,755 9,312 uncut----------------------------------------------------------------------------Inc. 61.2 62.48 1.28 1,005 577 uncut----------------------------------------------------------------------------Inc. 76.1 76.61 0.51 4,209 2,040 uncut----------------------------------------------------------------------------(1)True thickness to be determined.(2)All gold samples over 130 g/t were cut to 130 g/t.(3)Assays pending for remaining 221 meters of SU-115
All samples were submitted for preparation and analysis by ALS Chemex at its facilities in Terrace, B.C. All samples were analyzed using multi-digestion with ICP finish. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,000 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 10 samples was blank, one in 20 was a standard sample, and differing one in 20 samples was a field duplicate one-quarter split core assayed at ALS Chemex in Vancouver, B.C.
Only partial assay results for drillhole SU-115 are reported in this release. Full assay results for completed drilling will be reported as they are received over the course of the 2011 drilling season.
Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Brucejack Project exploration program.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604) 558-1784Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604) 558-1784invest@pretivm.comwww.pretivm.com
PVG.TO PXZRF.PK
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-2403641250.html?x=0&.v=1
"Hole SU-115, which was drilled to a total depth of 306 meters, was collared 60 meters west of previously-reported hole SU-12, which had intersected 1.5 meters grading 16,949 grams per tonne gold and 8,696 grams per tonne silver. The Valley of the Kings Zone is 50 to 100 meters in width, extends 400 meters along strike, and has been drill tested to a depth of 600 meters below surface. High-grade gold bearing veins have been identified within this mineral corridor, and Valley of the Kings is the main focus of the +50,000-meter drill program currently underway on the Brucejack Project."
Pretivm remains... my FAVORITE miner.
Pretivm PXZRF.PK PVG.TO +0.55 $9.22 +6.3%
Seabridge has the nearby KSM project and a market cap of 1.17 billion
Pretivm has Brucejack AND Snowfield and a market cap 788 million
Mining WILL be done here!
Pretium eyes high grade underground gold-silver mine in BC
http://www.mineweb.com/mineweb/view/mineweb/en/page103118?oid=128613&sn=Detail
While it continues to advance its massive Snowfield project, Pretium Resources has outlined an underground mine at the adjacent Brucejack deposit in BC with some truly bonanza gold/silver intercepts.
HALIFAX -
As promised earlier in the year Pretium Resources (TSX: PVG) has delivered a scoping study of a 135,000-ounce, gold-silver underground mine at its Brucejack deposit near Stewart, northern BC.
It is a second track for Pretium, which has also outlined a hefty, capital intensive open-pit mine comprising the lower grade resources at Brucejack and the adjacent Snowfield deposit. The relatively lithe, but high grade, underground option gives Pretium a path to production that could be much closer at hand in comparison to the time needed to develop the giant Snowfield sibling.
In its scoping study Pretium sees building a standalone, diesel-powered mine and mill at Brucejack with capital costs of $282 million and a 16-year mine life. The first 10 years would be the richest in terms of precious metal production with Pretium churning out 173,000 ounces gold and 1.1 million ounces silver a year.
By the end of its final year the mine would have produced some 2.2 million ounces gold and 15 million ounces silver. Pretium would pull 8.42 million tonnes of rock from the ground with mill feed grades estimated at 8.58 g/t gold and 73.47 g/t silver.
In a base case scenario, assuming a $1,100 price of gold and $21 price of silver, net present value is $662 million, discounted at five percent. Accordingly payback would come after about four years.
The underground project outline is in stark contrast to the bulk tonnage Snowfield-Brucejack project, where last year Silver Standard, which previously owned the project, sketched out a 120,000-tonne-per-day mine, that would cost about $3.5 billion to build, but also produce nearly 700,000 ounces of gold a year, along with significant amounts of silver, copper, molybdenum and rhenium, over a 27-year mine life.
Though Pretium has lately focused its efforts, especially in the field, on the Brucejack underground scenario, with that astronomical level of potential production centered around Snowfield, Pretium has clearly not lost its appetite to go after the mega deposit.
In fact the project could get bigger. Recently Pretium announced it had signed a cooperation agreement with Seabridge Gold to consider, among other things, the economics of combining Pretium's Snowfield with Seabridge's KSM project next door.
While to date KSM and Snowfield have been considered as separate projects, they are a contiguous deposit. Recognizing this, both companies want to know the possible upside of mining KSM and Snowfield together in a single super-pit.
The agreement also give Pretium an important access-way to its Brucejack project over Seabridge's KSM property.
Snowfield aside, in terms of exploration Brucejack remains Pretium's focus for now. Pretium says a 50,000 metre drill program there is underway, the thrust of which is to better delineate and further expand the deposit. Initial drilling showed some really remarkable high grade gold/silver intersections in six holes and part of the programme is being designed to show what continuations there may be of this particularly rich area.
Pretivm PXZRF.PK PVG.TO +0.55 $9.22 +6.3%
Seabridge has the nearby KSM project and a market cap of 1.17 billion
Pretivm has Brucejack AND Snowfield and a market cap 788 million
Mining WILL be done here!
Pretium eyes high grade underground gold-silver mine in BC
http://www.mineweb.com/mineweb/view/mineweb/en/page103118?oid=128613&sn=Detail
While it continues to advance its massive Snowfield project, Pretium Resources has outlined an underground mine at the adjacent Brucejack deposit in BC with some truly bonanza gold/silver intercepts.
HALIFAX -
As promised earlier in the year Pretium Resources (TSX: PVG) has delivered a scoping study of a 135,000-ounce, gold-silver underground mine at its Brucejack deposit near Stewart, northern BC.
It is a second track for Pretium, which has also outlined a hefty, capital intensive open-pit mine comprising the lower grade resources at Brucejack and the adjacent Snowfield deposit. The relatively lithe, but high grade, underground option gives Pretium a path to production that could be much closer at hand in comparison to the time needed to develop the giant Snowfield sibling.
In its scoping study Pretium sees building a standalone, diesel-powered mine and mill at Brucejack with capital costs of $282 million and a 16-year mine life. The first 10 years would be the richest in terms of precious metal production with Pretium churning out 173,000 ounces gold and 1.1 million ounces silver a year.
By the end of its final year the mine would have produced some 2.2 million ounces gold and 15 million ounces silver. Pretium would pull 8.42 million tonnes of rock from the ground with mill feed grades estimated at 8.58 g/t gold and 73.47 g/t silver.
In a base case scenario, assuming a $1,100 price of gold and $21 price of silver, net present value is $662 million, discounted at five percent. Accordingly payback would come after about four years.
The underground project outline is in stark contrast to the bulk tonnage Snowfield-Brucejack project, where last year Silver Standard, which previously owned the project, sketched out a 120,000-tonne-per-day mine, that would cost about $3.5 billion to build, but also produce nearly 700,000 ounces of gold a year, along with significant amounts of silver, copper, molybdenum and rhenium, over a 27-year mine life.
Though Pretium has lately focused its efforts, especially in the field, on the Brucejack underground scenario, with that astronomical level of potential production centered around Snowfield, Pretium has clearly not lost its appetite to go after the mega deposit.
In fact the project could get bigger. Recently Pretium announced it had signed a cooperation agreement with Seabridge Gold to consider, among other things, the economics of combining Pretium's Snowfield with Seabridge's KSM project next door.
While to date KSM and Snowfield have been considered as separate projects, they are a contiguous deposit. Recognizing this, both companies want to know the possible upside of mining KSM and Snowfield together in a single super-pit.
The agreement also give Pretium an important access-way to its Brucejack project over Seabridge's KSM property.
Snowfield aside, in terms of exploration Brucejack remains Pretium's focus for now. Pretium says a 50,000 metre drill program there is underway, the thrust of which is to better delineate and further expand the deposit. Initial drilling showed some really remarkable high grade gold/silver intersections in six holes and part of the programme is being designed to show what continuations there may be of this particularly rich area.
PVG.TO
I saw that too. It was all in the last couple of hours (news was before open). I don't think it was news driven. Looks to me like someone just had to get out for a likely irrelevant reason.
I remain more confident in Pretivm than I am in any other company on earth right now. Don't get me started about Mars though...
Pretivm Resources Inc.: Positive PEA for Brucejack Gold Project
http://finance.yahoo.com/news/Pretivm-Resources-Inc-iw-445148779.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 06/02/11) - Pretium Resources Inc. ("Pretivm") (TSX:PVG - News) is pleased to report positive results from a National Instrument 43-101-compliant Preliminary Economic Assessment ("PEA") for the high-grade gold and silver resources identified to date at its Brucejack Project in northern British Columbia. The PEA was prepared by Wardrop, a Tetra Tech Company (Wardrop).
-- PEA Highlights -- Base case estimated pre-tax Net Present Value (5% discount) of US$662 million and internal rate of return of 27.1%, using US$1,100/oz gold and US$21/oz silver; -- Mine life of 16 years, with an average processing rate of 1,500 tonnes/day; -- Annual average production for first ten years of 173,200 ounces of gold and 1.12 million ounces of silver; -- Estimated capital cost, including contingencies, of US$281.7 million.
Economic Evaluation
A summary of pre-tax financial outcomes using three metal price scenarios, including recent spot metals prices, is presented below:
Table 1: Summary of Brucejack High-Grade Pre-Tax Economic Results--------------------------------------------------------------------------- Alternate Base Spot Prices at Case Case (1) May 27, 2011---------------------------------------------------------------------------Gold price (US$/ounce) $878 $1,100 $1,536.30---------------------------------------------------------------------------Silver Price (US$/ounce) $14.50 $21.00 $37.86---------------------------------------------------------------------------Net Cash Flow $512 million $1.079 billion $2.133 billion---------------------------------------------------------------------------Net Present Value (5.0% discount rate) $255 million $662 million $1.416 billion---------------------------------------------------------------------------Internal Rate of Return 14.3% 27.1% 48.3%---------------------------------------------------------------------------Payback 6.6 years 4.2 years 2.5 years---------------------------------------------------------------------------Exchange Rate (US$:C$) $0.93 $0.93 $1.02---------------------------------------------------------------------------(1) Wardrop-adopted consensus forecast metal prices from the Energy MetalsConsensus Forecast (EMCF).
Production and Processing
The Brucejack high-grade project is planned to commence as an underground mining operation, with small-scale open pit mining commencing near the depletion of the underground mining inventory. The estimated underground mining inventory is comprised of 6.16 million tonnes of mineralized material with an average mill feed grade of 10.5 grams per tonne gold and 87.26 grams per tonne silver. The remaining inventory is comprised of 2.26 million tonnes of mineralized material from the open pits with an average mill feed grade of 3.35 grams per tonne gold and 35.95 grams per tonne silver.
The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the PEA will be realized.
Gold-silver dore will be produced using a combination of conventional bulk sulphide flotation, gravity concentration and cyanidation, with gold and silver recovery by the Merrill-Crowe process. A total of 2.16 million ounces of gold and 14.72 million ounces of silver will be produced over the life of mine. The following table summarizes the production and processing parameters:
Table 2: Projected Production and Processing Summary--------------------------------------------------------------------------Mine Type Underground (1)--------------------------------------------------------------------------Total Production 8.42 million tonnes (2)--------------------------------------------------------------------------Processing Rate 1,500 tonnes per day-------------------------------------------------------------------------- Gold Silver--------------------------------------------------------------------------Average Mill Feed Grade 8.58 grams per tonne 73.47 grams per tonne--------------------------------------------------------------------------Average Metal Recoveries 93% 74%--------------------------------------------------------------------------Average Annual Production (ounces):-------------------------------------------------------------------------- Years 1-10 173,200 1.12 million-------------------------------------------------------------------------- LOM (16 years) 135,000 918,000--------------------------------------------------------------------------Total Production (ounces):-------------------------------------------------------------------------- Years 1-10 1.73 million 11.15 million-------------------------------------------------------------------------- LOM (16 years) 2.16 million 14.72 million--------------------------------------------------------------------------(1) Underground mining for first 13 years followed by small-scale open pitmining.(2) Includes underground and open pit production.
Capital and Operating Costs
The total estimated capital cost for the Brucejack high-grade project is US$281.7 million and the estimated operating costs are C$158.36 per tonne milled for underground mining and C$68.77 per tonne milled for open pit operation. The following tables summarize the cost components:
Table 3: Capital Costs Summary Table 4: Operating Costs Summary--------------------------- --------------------------------------- Capital Costs Operating Costs Under- Open (US$ million) (C$/t milled) ground Pit--------------------------- ---------------------------------------Direct Costs 198.2 Mining 103.78 15.29--------------------------- ---------------------------------------Indirect Costs 46.4 Processing 34.56 34.56--------------------------- ---------------------------------------Owner's Costs 7.9 General & 14.87 13.78 Administrative--------------------------- ---------------------------------------Contingencies 29.2 Plant Services 5.14 5.14--------------------------- ---------------------------------------Total Capital Cost 281.7 Total Operating Cost 158.36 68.77--------------------------- ---------------------------------------
Independent Qualified Persons
The following Qualified Persons as defined by National Instrument 43-101 are independent of Pretivm and responsible for the Brucejack Gold and Silver Project PEA:
----------------------------------------------------------------------------Qualified Person Scope of Responsibility----------------------------------------------------------------------------Hassan Ghaffari, P.Eng. Capital cost estimate, projectWardrop Engineering Inc. execution plan, financial analysis----------------------------------------------------------------------------John Huang, P.Eng. Mineral processing and metallurgicalWardrop Engineering Inc. testing, infrastructure, process operating cost estimate----------------------------------------------------------------------------Pierre Pelletier, P.Eng. Environmental considerationsRescan Environmental Services Ltd----------------------------------------------------------------------------Tracy Armstrong, P.Geo. Geology, property: description,P&E Mining Consultants Inc. history, geological setting, deposit types, mineralization, exploration, physiography, drilling, sampling and data verification. Adjacent properties----------------------------------------------------------------------------Fred H. Brown, CPG, Pr.Sci.Nat. Mineral resource estimateP&E Mining Consultants Inc.----------------------------------------------------------------------------H. Warren Newcomen, P.Eng. Preliminary geotechnical designBGC Engineering Inc.----------------------------------------------------------------------------Hamish Weatherly, P. Geo. Water managementBGC Engineering Inc.----------------------------------------------------------------------------Clint Logue, P.Eng., P.Geo. Waste management and leach plantBGC Engineering Inc. tailings storage facility design----------------------------------------------------------------------------Peter Mokos, MAusIMM (CP) Mining, including capital andAMC Mining Consultants (Canada) Ltd. operating costs estimates----------------------------------------------------------------------------
Brucejack Project Update
Upon completion of the 2011 drill program now underway at Brucejack, a new mineral resource estimate for the project's high-grade gold and silver resources will be prepared which will form the basis for an updated Preliminary Economic Assessment. Concurrent with the preparation of an updated PEA, which is planned to commence in Q4 2011, Pretivm will either proceed with a pre-feasibility study or advance directly to a full feasibility study for the Brucejack Project high-grade development opportunity.
Ian I Chang, M.A.Sc., P.Eng., Vice President, Project Development, Pretium Resources Inc. is the Qualified Person (QP) responsible for Brucejack Project development.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in north-western British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information contained herein.