Pretivm – Brucejack Mine Q2 2018 Production Update; Steady-State Production Achieved

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By peterc on July 9, 2018. No Comments

Pretium Resources Inc. (TSX:PVG) (NYSE:PVG) (“Pretivm” or the “Company”) is pleased to report second quarter gold production results and provide guidance for the second half of 2018 for the Brucejack Mine.

Second Quarter 2018 Production Summary

  • 111,340 ounces of gold produced
  • 14.9 grams per tonne gold mill feed grade
  • 97.7% gold recovery rate
  • 236,990 tonnes of ore milled
  • 2,604 tonnes per day ore milled

“With more than 187,000 ounces produced in the first half of 2018, we have delivered on our first half 2018 guidance of 150,000 to 200,000 ounces of gold,” said Pretivm President & CEO Joseph Ovsenek. “The successful integration of our grade control program into our mining process has resulted in increased grade to the mill with production exceeding grade control estimates for the quarter. Brucejack has now achieved steady-state production, and we expect to deliver 200,000 to 220,000 ounces of gold for the second half of 2018.”

Second Quarter 2018 Monthly Production

  Gold
Production
(oz)
Gold
Grade
(g/t)
Recovery
(%)
Ore
Milled

(t)
April  35,891 16.6 97.8 73,222
May  36,978 14.2 97.4 81,611
June  38,471 14.1 97.9 82,157
Q2 2018  111,340 14.9 97.7 236,990

Grade control integration and steady state gold production

Gold production from March throughout the second quarter has reflected the full integration of the operational grade control program which comprises drilling, sampling and local modelling. Grade control is critical for grade prediction and the refinement of stope shapes, which results in reduced dilution and optimized grade to the mill.

Operational grade control: Infill drilling

A reverse circulation (“RC”) drill was introduced as part of a trial program to improve the efficiency and productivity of infill drilling. The RC drill has now been demobilized as it did not deliver the expected cost savings or productivity gains. Going forward, the infill drill program will be carried out with diamond drills.

Mining

To improve access and build stope inventory, the rate of underground development was increased to 700 meters per month, up from the 420 meters contemplated in the 2014 Brucejack Feasibility Study. The development rate increase began in January and is expected to remain at an average of 700 meters per month during the duration of stope inventory build-up in 2018.

With the results of the infill drill program now available for the benefit of short-term stope design, the stope inventory build-up is expected to increase to 10 to 12 stopes during the third quarter. The increased stope inventory will improve the management of production grades.

Steady State Production – Second Half 2018 Guidance

Production Guidance

Gold production at Brucejack for the second half of 2018 is expected in the range of 200,000 ounces to 220,000 ounces, for total 2018 gold production of 387,000 ounces to 407,000 ounces.

Financial Guidance

All in sustaining costs1 for the second half of 2018 are expected to range from US$710 per ounce gold sold to US$770 per ounce gold sold. As production has now reached steady state at the Brucejack Mine, an increased focus will be placed on operational efficiency to reduce costs.

Lyle Morgenthaler, B.A.Sc., P.Eng., Chief Mine Engineer, Pretium Resources Inc. is the Qualified Person (“QP”) responsible for Brucejack Mine development. Warwick Board, Ph.D., P.Geo, Pr.Sci.Nat., Vice President, Geology and Chief Geologist, Pretium Resources Inc. is the QP responsible for the Brucejack Mine grade control program.

Second Quarter 2018 Production Results – Webcast and Conference Call

Pretivm is hosting a webcast and conference call today, July 9, 2018 at 8:00 am PT (11:00 am ET).

Webcast and conference call details:

  Monday, July 9, 2018 at 8:00 am PT (11:00 am ET)
  Webcast www.pretivm.com
  Toll Free (North America) 1-800-319-4610
  International and Vancouver 604-638-5340

Second Quarter 2018 Operational and Financial Results – Webcast and Conference Call

Pretivm plans to release its second quarter 2018 operational and financial results after market close on Thursday, August 9, 2018. The webcast and conference call to discuss these results will take place Friday, August 10, 2018 at 8:00 am PT (11:00 am ET).

Webcast and conference call details:

  Friday, August 10, 2018 at 8:00 am PT (11:00 am ET)
  Webcast www.pretivm.com
  Toll Free (North America) 1-800-319-4610
  International and Vancouver 604-638-5340

About Pretivm

Pretivm is emerging as the premier low-cost intermediate gold producer with production at the high-grade underground Brucejack Mine in northern British Columbia now at steady state.

www.pretivm.com

 

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