Pretium Reports Q1 Results, Announces Management Changes

Pretium Resources Inc. (TSX:PVG,NYSE:PVG) released its results for the first quarter of 2015, also providing an update on its British Columbia-based Brucejack gold project.

In addition, the company announced a slew of senior management changes, with one being the appointment of Robert Quartermain as chairman and CEO. Quartermain was formerly Pretium’s president and CEO.

Q1 highlights and significant events include:

• On January 14, 2015, we announced the appointment of Tom S.Q. Yip as Chief Financial Officer.
• On January 16, 2015, we announced the completion of a non-brokered private placement with Zijin Mining Group Co., Ltd.(‘Zijin’), consisting of the issuance of 12,836,826 of our common shares at a price per share of $6.30 for gross proceeds of$80,872,004.
• On January 21, 2015, we announced the completion of a non-brokered private placement with certain existing shareholders, consisting of the issuance of 2,897,490 of our common shares at a price per share of $6.30 for gross proceeds of $18,254,187.
• On March 27, 2015, we announced that we had been issued an Environmental Assessment Certificate for the Brucejack Projectby the British Columbia Minister of the Environment and Minister of Energy and Mines.
• Working capital at March 31, 2015 was $103.6 million.
• Subsequent to the end of the quarter, on April 2, 2015, we announced that we had entered into a comprehensive Cooperation and Benefits Agreement (the ‘Agreement’) with the Nisga’a Nation in respect of our Brucejack Project.

In terms of Brucejack, Pretium said:

Advancing the Brucejack Project – Permitting

On March 27, 2015, we received our Environmental Assessment Certificate (‘EAC’) for the Brucejack Project by the British ColumbiaMinister of the Environment and Minister of Energy and Mines. The Ministers issued the certificate with conditions that have given them the confidence to conclude that the Brucejack Project will be constructed, operated and decommissioned in a way that ensures no significant adverse effects are likely to occur. We will address these conditions in advance of the start of mine construction which we expect to begin this summer.

We submitted our Environmental Impact Statement (‘EIS’) with the Canadian Environmental Assessment Agency (‘CEAA’) in August 2014, concurrent with the filing of our EAC application. The CEAA review of the EIS is nearing completion, with an expected referral to the Minister of the Environment later this spring.

Advancing the Brucejack Project – Engineering

Basic and detailed engineering activities have been ongoing following the completion in June 2014 of the updated National Instrument 43-101-compliant feasibility study for the Brucejack Project. 

Engineering and procurement has progressed during the quarter. We have received bids for long-lead items including the SAG and ball mills. The contract for the permanent 330-person camp at the main project site has been awarded, and we have increased the capacity of our existing camp to 250 people to allow for construction activities at Brucejack this year.

Click here to read the full Pretium Resources Inc. (TSX:PVG,NYSE:PVG) press release.