Pretivm Closes Second Tranche of C$5 Million Flow-Through Share Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 22, 2016) -

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Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm" or the "Company") is pleased to announce that it has closed the second tranche of the non-brokered private placement offering announced on June 1, 2016 of 437,000 flow-through common shares of Pretivm ("Flow-Through Shares") at a price of C$11.45 per share for gross proceeds of approximately C$5 million (the "Offering"). The second and final tranche consists of 177,000 Flow-Through Shares for gross proceeds of approximately C$2.02 million.

The proceeds of the Offering will be used to fund grass-roots exploration approximately 15 kilometers east of the mine construction underway at the Brucejack Project. The grass-roots program, which will comprise regional geophysics and surface drilling, will follow up on previously defined anomalies.

In connection with the Offering, Orion Co-Investments II (ED) Limited ("Orion") has exercised their participation rights and will subscribe for 11,310 Pretivm common shares (the "Common Shares") at a price of C$11.45 per Common Share in a non-brokered private placement (the "Private Placement"). Pursuant to a subscription agreement dated September 15, 2015 between Orion and the Company, Orion is entitled to maintain its proportionate ownership interest in the Company by participating pro rata in issuances of the Company's common shares. The total number of Pretivm common shares issued in connection with the Offering and the Private Placement will be 448,310 common shares for aggregate gross proceeds to Pretivm of approximately C$5.13 million.

The Private Placement is scheduled to close shortly, subject to completion of documentation.

The gross proceeds of the Offering will be used during the 2016 exploration program to incur eligible Canadian Exploration Expenses that will qualify as "flow-through mining expenditures" as defined in subsection 127(9) of the Income Tax Act (Canada), and "BC flow-through mining expenditures", as defined in the Income Tax Act (British Columbia), (the "Qualifying Expenditures"), which will be renounced to the subscribers with an effective date no later than December 31, 2016. In the event the Company is unable to renounce Qualifying Expenditures effective on or prior to December 31, 2016 to the initial purchasers of Flow-Through Shares in an aggregate amount not less than the gross proceeds raised from the issue of the Flow-Through Shares or such expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each Flow-Through Share subscriber for the additional taxes payable by such subscriber as a result of the Company's failure to renounce the Qualifying Expenditures as agreed.