GOLD: Pretium receives $81M cash injection from Zijin

VANCOUVER – Pretium Resources has announced that Zijin Mining Group of China is making an $81-million investment in the Canadian company. Pretium has agreed to issue approximately 12.8 million shares to the Zijin, giving that company a...

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VANCOUVER – Pretium Resources has announced that Zijin Mining Group of China is making an $81-million investment in the Canadian company. Pretium has agreed to issue approximately 12.8 million shares to the Zijin, giving that company a 9.9% ownership share of Pretium.

The financing represents a significant portion of the total US$746.9 million needed to bring Pretium's Brucejack gold project to commercial production. The June 2014 feasibility study on the project 65 km north of Stewart, BC, contemplated a 2,700-t/d underground mine and mill. Annual production for the first eight years of the mine would be more than 500,000 oz of gold.

First to be developed will be the Valley of the Kings deposit for production in 2017. It contains 15.4 million measured and indicated tonnes grading 17.6 g/t Au, and 5.9 million inferred tonnes grading 25.6 g/t Au. That adds up to 13.6 million oz.

Pretium has posted extensive photo galleries from the Brucejack project. Click here

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