BRITISH COLUMBIA – Vancouver-based Pretium Resources has closed the sale of about 28.4 million common shares, raising US$130.0 million to be used for the development of the Brucejack gold project 65 km north of Stewart. The shares carried a price of US$4.58 each.
The Brucejack project is under development with an original pre-production cost of US$747 million. Late last year, Pretium announced that it had arranged a US$350 million credit facility, a US$150 million gold and silver stream, and US$40 million by private placement. Commercial production is targeted for 2017.
The 2014 feasibility study proposes the recovery of 7.3 million oz of gold over an underground mine life of 18 years. Proven and probable reserves are 13.6 million tonnes grading 15.7 g/t Au and containing 6.9 million oz.
A discussion and map of the Brucejack geology is posted at www.Pretivm.com.