Pretium Resources Inc. Announces Unaudited Consolidated Financial Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 10 14
Pretium Resources Inc. announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported loss before other items of CAD 1,825,683 against CAD 1,875,392 a year ago. Loss before tax was CAD 1,241,543 against CAD 1,788,000 a year ago. Net loss and comprehensive loss for the period was CAD 4,668,401 or CAD 0.04 per diluted share against CAD 2,590,861 or CAD 0.03 per diluted share a year ago. The increase in net loss is largely attributed to the increase in deferred income tax expense.
For the nine months, the company reported loss before other items of CAD 7,155,314 against CAD 7,710,173 a year ago. Loss before tax was CAD 6,746,285 against CAD 7,398,189 a year ago. Net loss and comprehensive loss for the period was CAD 10,351,541 or CAD 0.09 per diluted share against CAD 11,577,686 or CAD 0.12 per diluted share a year ago. Net cash used in operating activities was CAD 3,771,806 against CAD 3,851,377 a year ago. Expenditures on mineral interests were CAD 38,868,919 against CAD 77,366,301 a year ago. Purchase of property, plant and equipment was CAD 1,283,476 against CAD 3,064,703 a year ago. Loss for the period was CAD 10,351,541 against CAD 11,577,686 a year ago.
Pretium Resources Inc. Reports Production Results for the Third Quarter of 2014
Nov 7 14
Pretium Resources Inc. report production results for the third quarter of 2014. During the third quarter, the company continued to focus on provincial and federal permit applications for a 2,700 tonnes per day underground mine at Brucejack Project. EAC application was accepted on August 13, 2014, which initiated the 180-day period for the BCEAO to complete a review and prepare an assessment report for a decision by the Minister of Environment and the Minister of Energy and Mines. The Ministers have 45 days in which to make a decision following receipt of the assessment report. In coordination with the provincial permitting process, CEAA will review the EIS, which submitted concurrently with the EAC application. Provincial and federal approval of the EAC application and EIS, respectively, allow for the issuance of the statutory permits and authorizations to begin construction of a mine at Brucejack. Basic and detailed engineering activities have been ongoing following the completion in June of the updated National Instrument 43-101-compliant feasibility study for the Brucejack Project. Valley of the Kings Proven and Probable Mineral Reserves are 6.9 million ounces of gold (13.6 million tonnes grading 15.7 grams of gold per tonne) and West Zone Proven and Probable Mineral Reserves are 600,000 ounces of gold (2.9 million tonnes grading 6.9 grams of gold per tonne). The Base Case ($1,100/ounce gold, $17/ounce silver and exchange rate of 0.92) estimated pre-tax Net Present Value (5% discount) is $2.25 billion, with an internal rate of return of 34.7%. The feasibility study contemplates average annual production for the first eight years of 504,000 ounces of gold and for the 18 year life of mine 404,000 ounces of gold, an estimated capital cost, including contingencies, of $746.9 million and an average processing rate of 2,700 tonnes per day with operating costs of CAD 163.05 per tonne milled.
Pretium Resources Inc. Reports Assay Results from Infill Surface Drilling in the Valley of the Kings
Oct 22 14
Pretium Resources Inc. reported the remaining assay results from infill surface drilling in the Valley of the Kings targeting the deeper portion of the 2013 Mineral Resource estimate block model. Selected drill highlights include: Hole SU-644-W1 intersected 13.81 grams of gold per tonne over 22.10 meters, including 1,085 grams of gold uncut over 0.50 meters; Hole SU-644-W2 intersected 125.35 grams of gold per tonne over 4.45 meters, including 1,620 grams of gold uncut over 0.50 meters and 2,930 grams of gold uncut over 0.50 meters. The extreme gold grade intervals noted above were intersected in wedge holes drilled downhole off drillhole SU-644 as part of a program of infill directional drilling in the western part of the Valley of the Kings, with offset holes drilled downhole from single surface drillholes. The program, which comprised 5,818 meters in three holes including 14 wedge holes, was successful in confirming the grade and continuity of Indicated and Inferred gold mineralization in an area defined by the 2013 Mineral Resource estimate block model.