Pretivm Reports First Quarter 2016 Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 12, 2016) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to report the following highlights from the first quarter of 2016 and updates for its high-grade gold Brucejack Project in northern British Columbia.

First Quarter 2016 Highlights

• During the quarter the underground definition drill program continued to confirm the style and grade distribution of the Valley of the Kings gold mineralization and continued to intersect high grade and visible gold (see news releases dated January 12, 2016 and March 8, 2016).
• On February 17, 2016, we announced an updated cost and working capital estimate for the Brucejack Project. The estimated total project capital cost to complete design, construction, installation and commissioning, including contingencies and working capital, is US$696.8 million.
• On March 1, 2016, we closed a marketed offering of 28,384,000 common shares at a price of US$4.58 per common share for gross proceeds of US$130 million. Subsequent to the close of the marketed offering, certain holders exercised their participation rights to maintain their proportionate ownership interest in the Company. The total number of common shares issued in connection with the marketed offering and private placement was 31,923,755 for aggregate gross proceeds of approximately US$146.2 million.
• Working capital at March 31, 2016 was $455.8 million.
• Subsequent to the end of the quarter, on April 18, 2016, we reported on the progress of site construction activities at the Brucejack Project including the camp, mill site, portal excavation and transmission line. Construction and underground development remains on-schedule and on-budget for commissioning of the underground mine in mid-2017.
• On April 5, April 26 and on May 12, 2016, we announced additional results from the underground infill program at the Brucejack Project's Valley of the Kings. Results continue to demonstrate high-grade gold mineralization, including hole VU-722 which intersected 37,117 grams of gold per tonne uncut over 0.50 meters.

Advancing the Brucejack Project - Construction Progress