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Pretivm Reports Second Quarter 2014 Results

Press Release – Vancouver, British Columbia – Aug. 8, 2014 – Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) (“Pretivm”) is pleased to report the following highlights from the second quarter of 2014 and updates for the high-grade gold Brucejack Project in northern British Columbia.

Second Quarter 2014 Highlights and Significant Events

  • Announced on April 16, 2014, amongst other things, that we expected to file our Environmental Assessment Certificate application (“EAC application”) for the Brucejack Project during the second quarter once we received the final Application Information Requirements from the British Columbia Environmental Assessment Office (“BCEAO”). We also announced that the 1,000 tonnes of bagged material from the 2013 Valley of the Kings exploration program was processed at the Contact Mill inMontana and produced gravity and flotation concentrates containing approximately 3,120 ounces of gold, with final gold production subject to remaining assays and final establishment of weights and assays and settlement.
  • Announced on June 4, 2014 a surface drilling program comprising three deep geological holes collared near the Brucejack camp and drilled to the south was underway to test gold mineralization at depth in the Valley of the Kings. The results from hole SU-627 (1,158 meters) confirmed that the gold mineralization extends below the block model for the December 2013 Valley of the Kings Mineral Resource estimate, and demonstrated the significant untested exploration potential at the Valley of the Kings.
  • Announced on June 19, 2014 an updated National Instrument 43-101-compliant Feasibility Study for the Brucejack Project, with updated metals prices, currency exchange rate, and costs, which confirmed the positive economics for a high-grade gold underground mine at Brucejack. Highlights included:
  • Increase in Valley of the Kings Mineral Reserve gold grade:
    • Valley of the Kings Proven and Probable Mineral Reserves of 6.9 million ounces of gold (13.6 million tonnes grading 15.7 grams of gold per tonne);
    • West Zone Proven and Probable Mineral Reserves of 0.6 million ounces of gold (2.9 million tonnes grading 6.9 grams of gold per tonne);
  • Gold and silver recoveries of 96.7% and 90.0% over mine life;
  • Mine life of 18 years producing an estimated 7.27 million ounces of gold;
  • Average annual production of 504,000 ounces of gold over the first 8 years and 404,000 ounces of gold over mine life;
  • Estimated project capital cost, including contingencies, of US$746.9 million;
  • Average operating costs of C$163.05/tonne milled over mine life;
  • Base case economics: At US$1,100/ounce gold, US$17/ounce silver and exchange rate of 0.92 US$/C$, Brucejack has a pre-tax net present value (“NPV”) at a 5% discount of US$2.25 billion (US$1.45 billion post-tax), a pre-tax internal rate of return (“IRR”) of 34.7%, and a pre-tax payback period of 2.7 years;
  • Alternative high case economics: At US$1,400/ounce gold, US$21/ounce silver and exchange rate of 0.92 US$/C$, Brucejack has a pre-tax NPV at a 5% discount of US$3.54 billion (US$2.28 billion post-tax), a pre-tax IRR of 47%, and a pre-tax payback period of 2 years.
  • Working capital at June 30, 2014 was $22.7 million.
  • Subsequent to the end of the quarter, on July 2, 2014, we announced the submission of our Environmental Assessment Certificate application to the BCEAO.
  • On July 8, 2014, we announced the filing of a preliminary short form base shelf prospectus with the securities commissions in each of the provinces and territories of Canada, except Quebec, and a corresponding shelf registration statement on Form F-10 with the U.S. Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended, and the U.S./Canada Multijurisdictional Disclosure System. On July 18, 2014, we announced the filing of a final short form base shelf prospectus (the “Prospectus”). The Prospectus allows us to offer up to US$600 million of common shares, debt securities, preferred shares, subscription receipts, units and warrants from time to time over a 25-month period after Canadian securities regulatory authorities have issued a receipt for the final short form base shelf prospectus.
  • On July 21, 2014, we announced the filing of a preliminary prospectus supplement to our Prospectus dated July 16, 2014 in connection with a US$60 million marketed offering of our common shares through a syndicate of underwriters, with approximately 82.5% of the common shares offered by Pretivm and the remaining 17.5% of the common shares offered by shareholder Silver Standard Resources Inc. (“Silver Standard”) pursuant to their existing registration rights. On July 22, 2014, we announced the underwriters had agreed to purchase 8,280,000 of our common shares at a price of US$7.25 per share for gross proceeds to us of US$49,524,750 and US$10,505,250 to Silver Standard. The underwriters were also granted an over-allotment option to purchase an additional 1,242,000 common shares at US$7.25 per share, exercisable for a period of 30 days following closing.
  • On July 29, 2014, we announced the closing of the marketed offering of our common shares for gross proceeds to us ofUS$49,524,750.

Read more: http://www.pretivm.com/news/news-details/2014/Pretivm-Reports-Second-Quarter-2014-Results/default.aspx

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