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Pretium Resources Inc.: Brucejack Project High-Grade Gold Drilling Underway
http://finance.yahoo.com/news/Pretium-Resources-Inc-iw-3003993675.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/30/11) - Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report that the 2011 exploration program is now underway at its Brucejack Project in northern British Columbia. Five out of eight drills with crews have been mobilized to the project and drilling has commenced. Drill pad construction is progressing ahead of schedule and the first 30 drill pads have been completed. The remaining drills and crews are scheduled to arrive within a week.
Over 50,000 meters of drilling is planned this season, with the majority concentrated on the known areas of high-grade gold mineralization. Definition drilling of the Valley of the Kings Zone, where previous drilling has encountered multi-kilogram gold intersections in parallel zones, is the first area of focus for the 2011 program. Other priorities include testing for extensions of the West Zone footwall, a new area of mineralization defined in 2010, as well as testing for high-grade structures located within the Bridge and Gossan Hill zones.
Additional targets to be tested on the Brucejack property include numerous potential high-grade structures which have had limited or no drilling.
A map of the Brucejack 2011 drill program, as well as a table of selected high-grade intervals from the 2009/2010 drill programs, is available on Pretivm's web site http://www.pretivm.com/s/Brucejack.asp. Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Brucejack Project exploration program.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in north-western British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information contained herein.
Does anyone have a source for finding old press releases, like from 2006? Yahoo, google, etc. only go back a bit, and company website is either down or doesn't provide sufficient archive, or company has been renamed restructured etc.
Be right, sit tight. Not many out there buying junior golds, plenty of people selling. The market will come around eventually...
Pretivm Reports First Quarter 2011 Results
http://finance.yahoo.com/news/Pretivm-Reports-First-Quarter-iw-2205277377.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/13/11) - Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report the following highlights from the first quarter of 2011 and updates for its Brucejack and Snowfield projects in northern British Columbia.
First Quarter 2011 Highlights:
-- High-grade resource outlined at Brucejack using a cut-off grade of 5.0 grams of gold-equivalent per tonne;-- A Preliminary Economic Assessment (PEA) of the Brucejack high-grade resource, now expected in June 2011;-- A 134% increase in total gold and silver resources at the Brucejack project;-- Following completion of the quarter, the announcement of cooperation agreements with Seabridge Gold Inc. including the preparation of an engineering study examining the economics of combining Pretivm's Snowfield Project and Seabridge's KSM Project as a single operation;-- Secondary offering by principal shareholder Silver Standard Resources Inc. which reduced its equity interest in Pretivm to approximately 28% (22% assuming the exercise of all warrants); and-- Working capital of $44.6 million at the end of the quarter.
Brucejack Project
In February, Pretivm announced a 134% increase in bulk tonnage gold and silver resources at Brucejack from 2010 to 2011 with Measured and Indicated gold resources of 8.18 million ounces of gold and 116.2 million ounces of silver (297 million tonnes grading 0.86 grams of gold and 12.17 grams of silver per tonne) and Inferred resources of 12.56 million ounces of gold and 151.2 million ounces of silver (542.5 million tonnes grading 0.72 grams of gold and 8.67 grams of silver per tonne) at a cut-off grade of 0.30 grams of gold-equivalent per tonne.
Within the bulk tonnage resource a higher-grade resource was defined using a cut-off grade of 5.0 grams of gold-equivalent per tonne. This higher-grade resource comprises Measured and Indicated resources of 903,000 ounces of gold and 21.92 million ounces of silver (3.67 million tonnes grading 7.66 grams per tonne gold and 185.84 grams per tonne silver) and Inferred resources of 1.90 million ounces of gold and 7.45 million ounces of silver (4.71 million tonnes grading 12.54 grams per tonne gold and 49.24 grams per tonne silver). (See news release dated February 22, 2011 for Brucejack resource estimates.)
A PEA examining the economics of an underground mining operation at Brucejack commenced in the first quarter and is expected to be completed in June.
The Brucejack property was the subject of extensive historical exploration with a particular focus on the West Zone, which included 49,800 meters of drilling and over five kilometers of underground development. A feasibility study for the West Zone was completed in 1990 and a Mine Approval Certificate was granted for a 350 tonne/day operation. The Brucejack project to date comprises nine modeled deposits, with new mineralized areas identified in the 2009 and 2010 exploration programs. The mineralization at Brucejack remains open in all directions, demonstrating the potential to further expand resources.
A drill program of over 50,000 meters primarily focused on the known areas of high-grade mineralization at Brucejack, particularly the recently-discovered Valley of the Kings Zone, will commence this month with crews now mobilizing to site.
Snowfield Project
An updated mineral resource estimate for Snowfield was announced in February, with Measured and Indicated gold resources totalling 25.92 million ounces (1,370.1 million tonnes grading 0.59 grams per tonne) and Inferred gold resources totalling 9.03 million ounces (833.2 million tonnes grading 0.34 grams per tonne) at a cut-off grade of 0.30 grams of gold-equivalent per tonne. Snowfield is a gold-enriched porphyry deposit which also hosts significant silver, copper, molybdenum and rhenium resources. (See news release dated February 23, 2011 for Snowfield resource estimates.)
Subsequent to the end of the quarter, Pretivm announced the signing of a Mutual Confidentiality and Cooperation Agreement and a Mutual Access Agreement with Seabridge Gold Inc., whose KSM project shares a common boundary with Snowfield. The Mutual Confidentiality and Cooperation Agreement provides for, amongst other things, the completion of an engineering study examining the economics of combining Pretivm's Snowfield project and Seabridge's KSM project into one operation. The study is expected to be completed in the fourth quarter of 2011. On completion of the study, Pretivm will determine how to best advance the Snowfield project.
Other Developments
At the end of the first quarter, Pretivm announced a secondary offering by its principal shareholder, Silver Standard Resources Inc. The secondary offering consisted of an aggregate of 11,500,000 units at a price of $10.00 per unit, with each unit consisting of one common share owned by Silver Standard and one-half of one common share purchase warrant of Pretivm. Each whole warrant is exercisable to purchase one common share of Pretivm owned by Silver Standard at a price of $12.50 per share for a period of 12 months following the closing on April 8, 2011. With the closing of the secondary offering, Silver Standard reduced its share position from 42.3% to 28.9%. Assuming all the warrants are exercised, its share position will be reduced to 22.1%.
Pretivm's working capital as at March 31, 2011 was $44,639,808 which is sufficient to fund its currently planned exploration programs.
Pretivm's unaudited consolidated financial statements and Management Discussion and Analysis for the three months ended March 31, 2011 will be available on SEDAR.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in north-western British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information contained herein.
Pretivm Reports Positive Metallurgical Results at Brucejack
http://finance.yahoo.com/news/Pretivm-Reports-Positive-iw-4028288628.html?x=0&.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 05/12/11) - Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report positive preliminary metallurgical results for its wholly-owned Brucejack Project located 65 kilometers north of Stewart, British Columbia.
Based on a combination of gravity concentration and conventional leaching of a bulk flotation concentrate producing dore, precious metal recoveries from the higher-grade Brucejack mineralization are estimated as follows:
-- Gold recoveries range from 92% to 95%, with recoveries increasing with grade for sample grades ranging from 6 grams per tonne gold to 14 grams per tonne gold.-- Silver recoveries range from 73% to 76%, with recoveries increasing with grade for sample grades ranging from 20 grams per tonne silver to 120 grams per tonne silver.
A high-grade West Zone composite sample with a head grade of 77 grams per tonne gold achieved recoveries of 99% gold. The test results demonstrate the potential for excellent recoveries from the high-grade mineralization at Brucejack.
The testwork was conducted at Inspectorate Exploration and Mining Services Ltd., located in Richmond BC, under the supervision of independent consultant Frank Wright, P.Eng. The data is preliminary and subject to confirmation and further variability testing.
Preliminary Economic Assessment
A preliminary economic assessment (PEA) is underway based on the high-grade Brucejack resource which comprises Measured and Indicated resources of 903,000 ounces of gold and 21.92 million ounces of silver (3.67 million tonnes grading 7.66 grams per tonne gold and 185.84 grams per tonne silver) and Inferred resources of 1.90 million ounces of gold and 7.45 million ounces of silver (4.71 million tonnes grading 12.54 grams per tonne gold and 49.24 grams per tonne silver) at a 5.0 gram per tonne gold-equivalent cut-off. The high-grade resource is a subset of the bulk-tonnage Brucejack resource which increased by 134% from 2010 to 2011. (For Brucejack resource estimates see news release dated February 22, 2011). The study has progressed ahead of schedule and is now expected to be completed in June, 2011.
Exploration 2011
Over 50,000 meters of drilling is planned at Brucejack this season, with four drills scheduled to arrive in late May and a second group of four drills arriving in early June. A majority of the drilling will be concentrated on the known areas of high-grade mineralization with the intention of (a) tightening the drill spacing to increase the level of confidence to move Inferred mineral resources to Measured and Indicated mineral resource categories and to improve knowledge of the continuity of the high-grade mineralization for the Valley of the Kings and other high-grade zones (b) testing the high-grade mineralization to depths greater than the current 650 metres and (c) following up on a number of high-grade intercepts encountered in the 2009 and 2010 drill programs that are not sufficiently defined to be included in the high-grade resource.
The camp at site has been opened, and an expansion is underway to accommodate up to 120 people.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in north-western British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information contained herein.
EAS.V -$0.74 $4.14 OUCH Was at under $3 at one point today!
East Asia Announces NI43-101 Resource Estimate for Miwah; Growth Potential Verified by Open Sections and Drilling Outside Resource Block
http://finance.yahoo.com/news/East-Asia-Announces-NI43101-iw-3935317626.html?x=0&.v=1
Pretivm Inks Agreements on Cooperation with Seabridge
http://finance.yahoo.com/news/Pretivm-Inks-Agreements-on-iw-4102208896.html?x=0&.v=1
Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report that it has signed agreements with Seabridge Gold Inc. ("Seabridge") to cooperate in advancing Pretivm's Brucejack and Snowfield projects and Seabridge's KSM project, which together represent the largest undeveloped gold resource in North America.
Mutual Cooperation and Confidentiality Agreement
A Mutual Cooperation and Confidentiality Agreement has been signed that provides for, amongst standard provisions, the preparation of an engineering study examining the economics of combining Pretivm's Snowfield project and Seabridge's KSM project as a single operation. The study is expected to be completed in the fourth quarter of this year.
Snowfield contains 25.9 million ounces of Measured and Indicated gold resources (1,370.1 million tonnes grading 0.59 grams per tonne) and 9.0 million ounces of Inferred gold resources (833.2 million tonnes grading 0.34 grams per tonne) at a cut-off grade of 0.30 grams of gold-equivalent per tonne, with additional silver, copper, molybdenum and rhenium resources.
Ian Chang, Vice President, Project Development, will direct Pretivm's work with Seabridge on the engineering study. Mr. Chang was recently Project Director and Head of Project Management for Fluor Canada Limited, with responsibility for the management of mining and metal EPCM projects. Seabridge will have primary responsibility for the preparation of the study under the direction of Jay Layman, Executive Vice President and Chief Operating Officer.
Mutual Access Agreement
The KSM and Snowfield projects have a common boundary and neither can be mined to its maximum extent without encroaching on the other's land position. A Mutual Access Agreement has therefore been signed that provides for, amongst other things:
-- mutual access for stripping of overburden, which will provide: -- Seabridge with access to conduct stripping activities on Pretivm's Snowfield project to extract ore from Seabridge's KSM project, with Pretivm having the right to require Seabridge to process Snowfield project ore accessed by Seabridge's stripping activities on Pretivm's Snowfield project and to receive the value of the contained metal less a processing fee; and -- Pretivm with access to conduct stripping activities on Seabridge's KSM project to extract ore from Pretivm's Snowfield project, with Seabridge having the right to require Pretivm to process KSM project ore accessed by Pretivm's stripping activities on Seabridge's KSM project and to receive the value of the contained metal less a processing fee; and-- Pretivm access to its Snowfield and Brucejack projects over Seabridge's KSM project lands.
With the Mutual Access Agreement in hand, each of Seabridge and Pretivm can continue with plans to maximize the benefits and mining of each of their respective projects.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in north-western British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604) 566-8782Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604) 566-8782invest@pretivm.comwww.pretivm.com
Pretivm Inks Agreements on Cooperation with Seabridge
http://finance.yahoo.com/news/Pretivm-Inks-Agreements-on-iw-4102208896.html?x=0&.v=1
Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report that it has signed agreements with Seabridge Gold Inc. ("Seabridge") to cooperate in advancing Pretivm's Brucejack and Snowfield projects and Seabridge's KSM project, which together represent the largest undeveloped gold resource in North America.
Mutual Cooperation and Confidentiality Agreement
A Mutual Cooperation and Confidentiality Agreement has been signed that provides for, amongst standard provisions, the preparation of an engineering study examining the economics of combining Pretivm's Snowfield project and Seabridge's KSM project as a single operation. The study is expected to be completed in the fourth quarter of this year.
Snowfield contains 25.9 million ounces of Measured and Indicated gold resources (1,370.1 million tonnes grading 0.59 grams per tonne) and 9.0 million ounces of Inferred gold resources (833.2 million tonnes grading 0.34 grams per tonne) at a cut-off grade of 0.30 grams of gold-equivalent per tonne, with additional silver, copper, molybdenum and rhenium resources.
Ian Chang, Vice President, Project Development, will direct Pretivm's work with Seabridge on the engineering study. Mr. Chang was recently Project Director and Head of Project Management for Fluor Canada Limited, with responsibility for the management of mining and metal EPCM projects. Seabridge will have primary responsibility for the preparation of the study under the direction of Jay Layman, Executive Vice President and Chief Operating Officer.
Mutual Access Agreement
The KSM and Snowfield projects have a common boundary and neither can be mined to its maximum extent without encroaching on the other's land position. A Mutual Access Agreement has therefore been signed that provides for, amongst other things:
-- mutual access for stripping of overburden, which will provide: -- Seabridge with access to conduct stripping activities on Pretivm's Snowfield project to extract ore from Seabridge's KSM project, with Pretivm having the right to require Seabridge to process Snowfield project ore accessed by Seabridge's stripping activities on Pretivm's Snowfield project and to receive the value of the contained metal less a processing fee; and -- Pretivm with access to conduct stripping activities on Seabridge's KSM project to extract ore from Pretivm's Snowfield project, with Seabridge having the right to require Pretivm to process KSM project ore accessed by Pretivm's stripping activities on Seabridge's KSM project and to receive the value of the contained metal less a processing fee; and-- Pretivm access to its Snowfield and Brucejack projects over Seabridge's KSM project lands.
With the Mutual Access Agreement in hand, each of Seabridge and Pretivm can continue with plans to maximize the benefits and mining of each of their respective projects.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in north-western British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack and the open pit opportunities at both Brucejack and Snowfield. The combined bulk tonnage resource at Brucejack and Snowfield, one of the largest in North America, comprises over 34 million ounces of measured and indicated gold resources and 22 million ounces of inferred gold resources; and 192 million ounces of measured and indicated silver resources and 202 million ounces of inferred silver resources. Details on the mineral resources at Pretivm's Brucejack and Snowfield projects are available at www.pretivm.com.
(SEDAR filings: Pretium Resources Inc.)
Forward Looking Statement
This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.
Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.
The TSX has neither approved nor disapproved of the information contained herein.
Contact:
Contacts:Pretium Resources Inc.Robert QuartermainPresident and Chief Executive Officer(604) 566-8782Pretium Resources Inc.Michelle RomeroInvestor Relations Director(604) 566-8782invest@pretivm.comwww.pretivm.com
Yikes - what's going on here today? Down over 10%
What's up with the XAU? Been broken this last half hour?
CFO.v the move continues +11% $4.50
Mr. Robert Quartermain reports
PRETIVM ANNOUNCES CLOSING OF SECONDARY OFFERING
The previously announced secondary offering by Pretium Resources Inc.'s principal shareholder, Silver Standard Resources Inc., has completed and included the exercise in full of the overallotment option granted to the syndicate of underwriters. The secondary offering consisted of an aggregate of 11.5 million units at a price of $10 per unit for gross proceeds to Silver Standard of $115-million. Each unit consists of one common share of Pretium owned by Silver Standard and one-half of one common share purchase warrant of Pretium, with each whole warrant exercisable to purchase one common share of Pretium owned by Silver Standard at a price of $12.50 per share for a period of 12 months following closing of the secondary offering.
CFO.V
Aha, thanks basserdan. Steven Saville is one of the good ones.
Clifton Star Resources Inc. (CFO.V) CFMSF.PK been rising all day, now up 14% to $4
No news from them or Osisko that I can see.
Can't find any good reason for the rise, besides the fact that its been falling all year for no good reason. Time to play catch up?
PVG.TO PXZRF
Picked up some more around $9.90 and I'm very happy for the opportunity!
Mr. Robert Quartermain of Pretium reports
PRETIVM ANNOUNCES PRICING OF SECONDARY OFFERING
In connection with the previously announced secondary offering by Pretium Resources Inc.'s principal shareholder, Silver Standard Resources Inc., Pretium Resources has entered into an underwriting agreement with a syndicate of underwriters led by CIBC, Citigroup Global Markets Canada Inc. and UBS Securities Canada Inc. and including BMO, Dahlman Rose & Company LLC, GMP Securities LP, Credit Suisse Securities (Canada) Inc. and Salman Partners Inc., pursuant to which the underwriters have agreed to purchase a total of 10 million units at a price of $10 per unit. Each unit consists of one common share of Pretium owned by Silver Standard and one-half of one common share purchase warrant of Pretium, with each whole warrant exercisable to purchase one common share of Pretium owned by Silver Standard at a price of $12.50 per share for a period of 12 months following closing of the secondary offering.
Pretium Resources to resume at 7:15 a.m. PT
So I assume news on the prcing is imminent.
LMA.TO +13% $2.13 $304M market cap
Not much talk about this one here lately. People still interested here?
A Record Year for La Mancha in 2010 as Production Increases 30% and Net Earnings More Than Double
http://finance.yahoo.com/news/A-Record-Year-for-La-Mancha-iw-1575402682.html?x=0&.v=1
"The achievements of 2010 clearly demonstrate the gains made over the past four years. At nearly 123,000 ounces, gold production was up 30% year-over-year and 125% from four years ago. Much of this increase is attributable to Australia, where the March start-up of the White Foil mine, La Mancha's fourth mine, completed the first phase of development of our mining complex in this country. The resulting consolidated record gold production generated net earnings of roughly $24 million and an operating cash flow of nearly $60 million. With our successful track record, rapidly growing cash position and geographic diversification, La Mancha is now much stronger as we head into 2011 and our next growth phase. Bringing our VMS project on stream should allow us to become an intermediate producer at 200,000 ounces of gold per year by 2013 and 350,000 ounces by 2015."
The 2010 consolidated cash costs amounted to US $653 per ounce of gold compared to US $510 per ounce in 2009. The 2010 consolidated cash cost was mostly impacted by the Australian operations, where the unfavourable Australian dollar exchange rate against the USD, coupled with the higher cost structure of the new White Foil mine, accounted for approximately 55% of the consolidated year-over-year increase. Nevertheless, the continued strong performance of the gold price over the course of 2010 enabled La Mancha to increase its gross cash margin per ounce by 26% to US $578, compared to US $457 in 2009.
RESERVE AND RESOURCE UPDATE
As of December 31, 2010, La Mancha's Measured and Indicated resources ("M&I resources") had increased to 1.94 million ounces of gold and 14,720 tonnes of copper, as the Company was able to delineate more gold ounces than it mined during the year, while Proven and Probable reserves ("P&P reserves") stood at 612,835 ounces of gold. At December 31, 2009, the Company had P&P reserves of 766,200 ounces of gold while its M&I resources stood at 1.89 million ounces of gold and 14,720 tonnes of copper.
Endeavour Silver Target Raised To C$9.65 From C$6.50 By Haywood
Doesn't matter much what's in the ground if you can't get it out of the ground at a profit. That said, I still do own some ECU.
Endeavour Silver sees more potential 'dance partners'
http://www.miningweekly.com/article/endeavour-silver-sees-more-potential-dance-partners-2011-03-22
TORONTO (miningweekly.com) – Endeavour Silver, which owns two silver mines in Mexico, believes there is more interest now among its peer group of companies in looking at merger and acquisition opportunities.
Endeavour has been evaluating potential transactions for about two years, and although it identified possible combinations, “nobody wanted to dance”, CEO Bradford Cooke said on Tuesday.
“But all that's changed in the last three months,” he said on a conference call.
Endeavour's strong cash position and strengthening share price also mean the company can look at larger acquistions.
Endeavour ended 2010 with working capital of $105-million, including $87-million of cash or cash equivalents.
“We do have irons in the fire, but there's not much more we can say,” Cooke said.
The company will focus on silver as a primary metal in potential acquisitions, “but we have no allergies whatsoever to by-product credits,” he added.
The firm will also continue to look at smaller, earlier-stage acquisition prospects, Cooke said.
Endeavour launched an offer to buy junior Cream Minerals in October last year, but eventually allowed the bid to expire without taking up any shares.
“We'll continue to look for early stage opportunities like that, and don't be surprised if we come with something outside of Mexico soon.”
SILVER PRICE
Cooke said he expects the silver price will hit its 2011 peak in the fourth quarter, but suggested that the long positive run over in recent months may be leading towards a short-term consolidation period.
“And that consolidation may not be very far away.
“So I'm calling for the typical summer doldrums period, and then a very strong fourth quarter,” he said.
“We think that the year's highs will be in the fourth quarter, not the first quarter.”
Silver prices jumped more than 80% in 2010, and the metal has continued rising this year, hitting new highs above $36/oz this month.
RECORD EARNINGS
Endeavour Silver reported an 81% increase in fourth-quarter earnings, to $5,6-million, while revenue rose 18%, to $28,5-million.
Production of both silver and gold rose year-on-year, and the company also benefitted from lower cash operating costs and increased metals prices.
Silver production rose 15%, to 895 931 oz and gold output increased 6%, to 4 871 oz in the quarter.
This year, Endeavour is forecasting silver production of 3,7-million ounces from its Guanajuato and Guanecevi mines, plus 19 000 oz of gold.
The company will expand the plant at Guanajuato from 600 t/d to 1 000 t/d this year, and could get to 1 500 t/d relatively easily in the future, if continued exploration success justified the expansion.
Columbia is a great area for solid development lately. Continental Gold has certainly been discovered, but others like Batero BAT.V have just recently started to get the attention they deserve.
Boom! almost 20% higher today!
+12.29% $9.14 on 1.5x normal volume!
Excellent close!
Pretium receives approval for early adoption of IFRS
2011-03-18 05:08 ET - News Release
Mr. Robert Quartermain reports
PRETIUM RESOURCES INC.: EARLY ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
Pretium Resources Inc.'s application for the early adoption of international financial reporting standards (IFRS) has been accepted by applicable Canadian securities regulatory authorities.
In February, 2008, the Canadian Accounting Standards Board confirmed that IFRS would be replacing the Canadian generally accepted accounting principles (GAAP) for all publicly accountable enterprises for financial periods beginning on and after Jan. 1, 2011, but indicated companies may adopt IFRS prior to this date with approval from the applicable Canadian securities regulatory authorities. Based on the exemptive relief granted to Pretium, Pretium's annual consolidated financial statements and MD&A (management's discussion and analysis) for the year ended Dec. 31, 2010, have been prepared in accordance with IFRS. Pretium expects to file these financial statements and MD&A with applicable Canadian securities regulatory authorities shortly.
IFRS conversion
Pretium has considered the implications of adopting IFRS with respect to its obligations under applicable securities legislation. Pretium's management has established a comprehensive conversion plan and timeline including addressing changes to its accounting policy, information system and disclosure and its internal controls with its auditors PricewaterhouseCoopers LLP. It has prepared a protocol for addressing audit related matters and adoption items with PricewaterhouseCoopers LLP for the conversion from GAAP to IFRS. The audit committee of Pretium has been overseeing the implementation of the conversion plan and has received regular updates on its status and effectiveness. The readiness of Pretium's staff, board of directors, audit committee, auditors, investors and other market participants for the adoption of IFRS has been assessed by Pretium, and Pretium has concluded that they are adequately prepared.
Transition to IFRS
Pretium's first financial statements under IFRS will be the consolidated financial statements for the year ended Dec. 31, 2010. IFRS 1 -- First-time adoption of international financial reporting standards -- sets forth guidance for the initial adoption of IFRS and generally requires all IFRS standards and interpretations be accounted for on a retrospective basis, but provides for certain optional exemptions to this general principal.
Impact of IFRS
Pretium has identified key areas where changes in accounting policy are required to transition from GAAP to IFRS as follows:
Income taxes
There are a number of GAAP differences related to income taxes, the most significant being the calculation of temporary differences on non-monetary items and the initial recognition exemption on an asset acquisition.
IFRS provides an initial recognition exemption such that a deferred tax asset or liability is not recognized in the event it arises from initial recognition of an asset or liability acquired outside of a business combination. This exemption does not exist in GAAP.
Asset impairment
Both GAAP and IFRS require an entity to undertake impairment testing where there is an indication of impairment. Annual impairment tests are required for goodwill and indefinite lived intangible assets.
GAAP provides a two-step approach to testing a long-lived asset for impairment if an indication of impairment exists. The first step is a test for recoverability whereby the carrying value is compared with the undiscounted cash flows that the asset is expected to generate. If the undiscounted cash flows exceed the carrying amount, then no impairment charge is necessary. If the undiscounted cash flows are lower than the carrying amount of the asset, then the asset is written down to the estimated fair value, determined based on the discounted cash flows.
Under IFRS, if there is an indication of impairment the entity must compare the carrying value of the asset or cash generating unit (CGU) with the recoverable amount. Recoverable amount is defined as the higher of an asset or CGU's fair value less costs to sell and its value in use. Value in use is the present value of the future cash flows expected to be derived from an asset or CGU. An impairment loss is recognized to the extent that the carrying value exceeds the recoverable amount. Unlike GAAP, IFRS requires impairment charges to be reversed if the circumstances leading to the impairment no longer exist.
The company has assessed impairment indicators under IFRS and concluded that there were no such indicators, which was consistent with GAAP.
Provision for reclamation and rehabilitation
The primary differences between IFRS and GAAP for reclamation and rehabilitation provisions include the basis of estimation for undiscounted cash flows, the discount rate used, the frequency of liability remeasurement and recognition of a liability when a constructive obligation exists.
GAAP requires the estimate of undiscounted cash flows to be based on the amount that a third party would demand to assume the obligation, whereas IFRS focuses on the use of management's best estimate of the expenditures required to settle the obligation. The recognition principle is also broadened with the implementation of IFRS, which requires that a liability be recorded if there is a legal or constructive obligation, where GAAP requires a liability to be recognized when there is a legal obligation. These differences have not had a significant impact on the company's estimates.
The discount rate used to determine the present value of the expenditures for GAAP is the credit adjusted risk free rate for the entity. IFRS requires the use of a discount rate that reflects the risks specific to the liability.
In accordance with GAAP, the company's provision for reclamation and rehabilitation is remeasured when there is a change in the amount or timing of cash flows required to settle the obligation. IFRS requires the remeasurement of the liability at each reporting date. Although this calculation will occur more frequently, it will result in a simplification of the process due to the removal of the layering effect under GAAP.
Share-based payments
IFRS requires Pretium to measure share-based compensation related to share purchase options granted to employees at the fair value of the options on the date of grant and to recognize such expense over the vesting period of the options, similar to GAAP. However, under IFRS, the recognition of such expense must be done with a graded vesting methodology as opposed to the straight-line vesting method allowed under GAAP. In addition, under IFRS, forfeitures estimates are recognized in the period they are estimated and are revised for actual forfeitures in subsequent periods; while under GAAP, forfeitures of awards are recognized as they occur.
We seek Safe Harbor
What are people doing today? Selling with the panic? Buying the dip? Holding through the storm? Sitting in cash until...?
Solar stocks are moving higher in this enviroment as oil and especially uranium/nuclear get hit. Why isn't geothermal moving higher too?
What is going on here?
Ticker is BONE now.
Bob Quartermain of Pretium Resources says that as mining for silver dwindles and scrap supply declines the price for silver has nowhere to go but up.
The Constraints on Silver Supply
At the Casey Research Gold and Resource Summit, Bob Quartermain spoke about the constraints facing silver supply today, “Mine supply doesn’t meet demand and in many of the new applications silver isn’t being recycled, so it’s not going to come back into the scrap supply chain... We’ll have to go out and find new mines or new sources for silver; and that can only speak to higher prices.” We’ve got the highlights of his speech in the video below.
http://www.caseyresearch.com/articles/constraints-silver-supply
Bob Quartermain of Pretium Resources says that as mining for silver dwindles and scrap supply declines the price for silver has nowhere to go but up.
The Constraints on Silver Supply
At the Casey Research Gold and Resource Summit, Bob Quartermain spoke about the constraints facing silver supply today, “Mine supply doesn’t meet demand and in many of the new applications silver isn’t being recycled, so it’s not going to come back into the scrap supply chain... We’ll have to go out and find new mines or new sources for silver; and that can only speak to higher prices.” We’ve got the highlights of his speech in the video below.
http://www.caseyresearch.com/articles/constraints-silver-supply
Silver breaks $35
AXU and EXK both break $9 to new all-time highs!
Another GUDD day
What would cause FXA to fall? What caused it to fall last summer from above 90 to under 80?
What about a Canadian Currency ETF?
MGN
Not sure I want something so levered to copper, whose outlook is not as bright as those shiny silver and gold metals...
SPOKANE, Wash.--(BUSINESS WIRE)-- Mines Management, Inc. (NYSE-Amex:MGN) (TSX:MGT.to - News) is pleased to announce the completion of a Preliminary Economic Assessment (“PEA”) for the Company’s wholly owned Montanore Silver-Copper Project located in the United States. Results of the PEA illustrate that the economics of the project would be robust in today's cost and metals price environment and represents a solid economic foundation upon which to build. An NI 43-101-compliant technical report will be filed on SEDAR within 45 days.
A mine plan developed by Mines Management, Inc. (“MMI”) was audited by Mine and Quarry Engineering Services, Inc. (“MQes”) of San Mateo, California. Cost estimates were developed by MQes. The mine plan is based on a Measured and Indicated Mineral Resource of 81.5 million short tons of material grading 2.04 ounces per short ton (“opt”) silver and 0.75% copper, and an Inferred Mineral Resource of 35.0 million short tons grading 1.85 opt silver and 0.71% copper at a cutoff grade of 1.0 opt silver, previously reported in an NI 43-101 Technical Report (October 2005) prepared by Mine Development Associates (“MDA”) of Reno, Nevada. Mines Management’s estimate of mineralized material reported pursuant to U.S. Securities and Exchange Commission rules in its annual report on Form 10-K for the year ended December 31, 2009, remain unchanged.
The PEA indicates a financially robust underground mine utilizing conventional grinding and flotation processing techniques at a nominal throughput of 12,500 short tons per day (“st/d”). At a 5% discount rate, a silver price of US$15.00 per ounce (“oz”) and a copper price of US$3.10 per pound (“lb”), the project’s pre-tax Net Present Value (“NPV”) is indicated to be US$485 million with an internal rate of return (“IRR”) of 17.4% on an unleveraged 100% equity basis.
Using metals prices as of November 17, 2010, of US$25.65/oz. silver and US$3.72/lb. copper, the project indicated a pre-tax NPV of US$1.323 Billion and IRR of 32.3%, at a 5% discount rate.
Commenting on the PEA, Company President and Chief Executive Officer Glenn Dobbs said, “This PEA is the culmination of analysis and engineering to optimize the mine plan. It indicates the Montanore mine plan may be quite profitable in today’s commodity environment and could operate at metals prices significantly below current levels. The favorable economics indicated in the PEA at this early stage of development underscore the strong case for advancement through the final steps of the permitting process and completion of the subsequent underground drilling and evaluation program for which we have completed surface construction and initiated underground preparations.”
http://finance.yahoo.com/news/Positive-Preliminary-Economic-bw-2870702136.html?x=0&.v=1
MGN -10% $3.23 on public offering priced at $3.15
Chance to get in on this one? Market cap $77M
The company owns interests in the Montanore Project located in Sanders and Lincoln Counties in northwestern Montana, which consists of two federal patented mining claims and approximately 1,059 unpatented lode mining claims and mill sites.
It was a headline copied directly from stockwatch- subscribe there for full story
+16.21% $12.33 new all-time high!
Very nice indeed. I just hope it can keep going for a few more days/weeks/months/years
No reason why it shouldn't.
OGC.TO - Why do you think the weakness with gold at a new all-time high?
Falling production, depleting reserves, high o/s? Are these valid concerns?