Pretivm Reports First Quarter 2012 Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2012) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report the following highlights from the first quarter of 2012 and updates for its Brucejack Project in northern British Columbia.

First Quarter 2012 Highlights and Significant Events

• Began trading on the NYSE on January 12, 2012 under the symbol "PVG", and commemorated the listing by ringing the opening bell that day;
• Completed a private placement of flow-through common shares for aggregate gross proceeds of $23,125,000;
• Announced positive results from a National Instrument 43-101 compliant Preliminary Economic Assessment ("PEA") for the high-grade gold and silver resources identified to date at Brucejack;
• Advanced a feasibility study on the high-grade opportunity at Brucejack, and an underground resource model for the high-grade gold and silver resources in the Valley of the Kings and West Zone;
• Filed a final short form base shelf prospectus that will enable us to make offerings of up to an aggregate principal amount of $180 million of securities;
• Ended the quarter with working capital of $22,573,811;
• Announced on April 2, 2012 the adoption of a shareholder rights plan;
• Announced on April 3, 2012 a high-grade Mineral Resource estimate for Brucejack's Valley of the Kings and West Zone;
• Completed a marketed offering of our common shares on May 9, 2012, for gross proceeds of $80,540,250.

2012 Exploration

In late February 2012 we began mobilizing seven drills to our Brucejack Project to commence the initial phase of the 2012 Brucejack Exploration Program, which consists of 25,000 meters of drilling focused on upgrading Inferred gold resources to the Indicated resource category. Highlights from the first results (see news release dated April 30, 2012) include:

• Hole SU-316 intersected 9,110 grams of gold per tonne over 0.5 meters (266 ounces gold per ton over 1.6 feet) and 1,035 grams of gold per tonne over 0.8 meters (30 ounces gold per ton over 2.6 feet); and
• Hole SU-318 intersected 1,490 grams of gold per tonne over 0.7 meters (43 ounces gold per ton over 2.3 feet).

Planning is underway for the second phase of the 2012 Brucejack Exploration Program to test extensions of the Valley of the Kings along strike and at depth, and to test the six other high-grade gold zones identified to date on the property.

A permit application has been filed to access the Valley of the Kings underground by driving an exploration decline from the 1330 meter level of the existing West Zone underground workings. During the quarter, the West Zone was dewatered past the 1330 meter level and a surveying and geotechnical mapping program was completed. A geotechnical surface drill program to confirm ground conditions between the Valley of the Kings and the West Zone has also been completed. In addition, we are in discussions with a mining contractor to carry out the underground exploration program.

Resource Estimate

On April 3, 2012, we announced a high-grade Mineral Resource estimate for the Brucejack Project which was completed by Snowden Mining Industry Consultants (see Brucejack Project Mineral Resources Update Technical Report dated April 3, 2012 and filed on SEDAR on April 30, 2012). High-grade gold resources in the Valley of the Kings (5.0 g/t gold-equivalent cut-off) now total:

• 4.9 million ounces of gold in the Indicated Resource category (8.9 million tonnes grading 17.3 grams of gold per tonne); and
• 10.4 million ounces of gold in the Inferred Resource category (12.7 million tonnes grading 25.5 grams of gold per tonne).

An updated high-grade Mineral Resource estimate based on the initial phase of 2012 drilling is anticipated in the third quarter in support of the feasibility study now underway for the Brucejack Project which is expected to be completed in the first quarter of 2013.

Other Developments

During the first quarter, we completed a private placement of 1,250,000 flow-through common shares at a price of $18.50 per share for aggregate gross proceeds of $23,125,000. The gross proceeds of the offering will be used to accelerate exploration of the Valley of the Kings Zone at the Brucejack Project with infill and expansion drilling.

Pretivm's working capital as at March 31, 2012 was $22,573,811. Subsequent to the end of the quarter, we completed a marketed offering, through a syndicate of underwriters, of 5,554,500 of our common shares at a price of $14.50 per share for gross proceeds of $80,540,250.

We believe we have sufficient working capital to maintain the tempo of activities as we advance the Valley of the Kings and West Zone to production.

Pretivm's unaudited consolidated financial statements and Management Discussion and Analysis for the three months ended March 31, 2012 will be available on SEDAR and Pretivm's website www.pretivm.com.

About Pretivm

Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack, which hosts a significant undeveloped high-grade gold resource.

Forward-Looking Statements

This Press Release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information may include, but is not limited to, risks related to unsatisfactory results of due diligence, the ability to satisfy the conditions of closing of Offering and general economic conditions, our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral resources, realization of mineral resource estimates, timing of development of Pretivm's Brucejack Project, costs and timing of future exploration, results of future exploration and drilling, production and processing estimates, capital and operating cost estimates, timelines and similar statements relating to the economic viability of the Brucejack Project, timing and receipt of approvals, consents and permits under applicable legislation, Pretivm's executive compensation approach and practice, and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and 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 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 prospectus supplement to the short form base shelf prospectus dated March 19, 2012 filed on SEDAR at www.sedar.com and in the United States through EDGAR at the SEC's website at www.sec.gov. 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.