For the month of: July 2014
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Commission File Number: 001-35393
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Exhibit
Number
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Description of Exhibit
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Date: July 10, 2014
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PRETIUM RESOURCES INC.
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By:
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/s/ Joseph J. Ovsenek
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Name:
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Joseph J. Ovsenek
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Title:
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Executive Vice President, Chief Development Officer
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Item 1
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Name and Address of Company
Pretium Resources Inc. (“Pretivm”)
Suite 1600, 570 Granville Street
Vancouver, BC
V6C 3P1
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Item 2
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Date of Material Change
March 4, 2014
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Item 3
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News Release
The news release dated March 4, 2014 was disseminated through Marketwire and filed on SEDAR.
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Item 4
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Summary of Material Change
Pretivm announced highlights from the fourth quarter of 2013 and updates for the high-grade gold Brucejack Project in northern British Columbia.
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Item 5
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Full Description of Material Change
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5.1 Full Description of Material Change
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Pretivm announced highlights from the fourth quarter of 2013 and updates for the high-grade gold Brucejack Project in northern British Columbia.
Fourth Quarter 2013 Highlights and Significant Events
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In early October 2013, processing of the material from the 10,000-tonne Valley of the Kings Bulk Sample Program (“the Program”) commenced at a custom mill located in Montana; and on October 9th Pretivm announced that Strathcona Mineral Services Ltd. withdrew from the Program.
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● | Underground exploration work continued in October, including drilling and raises on the Cleopatra Structure and 615L drift; and Pretivm announced drill results from Program drilling and the underground exploration program at the Valley of the Kings with a combined total of 19 intersections grading greater than 1,000 grams gold per tonne uncut. | |
● | On November 22, 2013, Pretivm announced production of 4,215 ounces of gold from the 8,090 dry tonnes of excavated Program material processed to date, surpassing the target of 4,000 ounces of gold projected to be produced from the entire 10,000 tonnes of excavated material. |
● | On December 2, 2013, Pretivm announced the remaining assay results from underground exploration drilling in the Valley of the Kings, including 8 intersections grading greater than 1,000 grams per tonne gold uncut from 6,164 meters of drilling in 46 holes. | |
● | On December 13, 2013, Pretivm announced the completed production of 5,865 ounces of gold from the total 10,302 dry tonnes of excavated material from the Program. | |
● | On December 19, 2013 Pretivm announced an updated Valley of the Kings Mineral Resource estimate for the Brucejack Project, completed by Snowden Mining Industry Consultants (“Snowden”). Measured and Indicated Mineral Resources total 8.7 million ounces of gold at a grade of 17.6 grams of gold per tonne, and Inferred Mineral Resources of 4.9 million ounces of gold at a grade of 25.6 grams of gold per tonne. | |
● | Working capital at December 31, 2013 was $11.2 million plus pending gold sale receipts from the Program. | |
● | Subsequent to the end of the quarter, on February 20, 2014 Pretivm announced a private placement with a syndicate of agents for 568,182 Investment Tax Credit flow-through common shares of Pretivm at a price of $8.80 per share and 1,863,355 Canadian Exploration Expense flow-through common shares of Pretivm at a price of $8.05 per share for aggregate gross proceeds of $20 million. The agents were granted an option to purchase, or arrange for substituted purchasers for, up to an additional 745,342 additional Canadian Exploration Expense flow-through common shares of Pretivm at the issue price at any point up until 14 days following the closing. | |
Successful 2013 Bulk Sample Program; Updated Resource Estimate
The Program consisted of two elements: the excavation of a 10,000-tonne bulk sample and a 15,000-meter (subsequently increased to a 16,789-meter) underground drill program. The Program was designed to test the full widths of two of the domains of mineralization used to estimate the November 2012 Valley of the Kings Mineral Resource. As a result, the Program targeted the full range of the projected resource block grades which span from zero grams of gold per tonne to in excess of 60 grams of gold per tonne.
The Program was successful in confirming the geological model for the Valley of the Kings, validating the robustness of the global high-grade Mineral Resource estimate, and facilitating parameter optimization for the updated December 2013 Mineral Resource estimate.
The material excavated and processed from the Program produced a total of 5,741 ounces of gold as gravity and flotation concentrates. Pretivm received settlement on 1,674 ounces of the gravity concentrate and are waiting on settlement from the sale of the remainder of the gravity concentrate and flotation concentrate.
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December 2013 Resource Estimate
On December 19, 2013, Pretivm announced an updated high-grade Mineral Resource estimate for the Valley of the Kings (see news release dated December 19, 2013). The resource estimate, which incorporated all drilling completed to date at the Valley of the Kings, including all drilling from the 2013 exploration program, was completed by Snowden (see the Brucejack Project Mineral Resources Update Technical Report dated December 19, 2013 and filed on SEDAR on February 2, 2014). High-grade gold resources in the Valley of the Kings (5.0 g/t gold-equivalent cut-off) total:
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● | 1.2 million ounces of gold in the Measured Mineral Resource category (2.0 million tonnes grading 19.3 grams of gold per tonne); | |
● | 7.5 million ounces of gold in the Indicated Mineral Resource category (13.4 million tonnes grading 17.4 grams of gold per tonne); and | |
● | 4.9 million ounces of gold in the Inferred Mineral Resource category (5.9 million tonnes grading 25.6 grams of gold per tonne). | |
The updated December 2013 Valley of the Kings Mineral Resource estimate, which added Measured mineral resources and increased the gold grade from the November 2012 Valley of the Kings Mineral Resource estimate, is being used to amend the June 2013 Feasibility Study for the Brucejack Project.
Advancing the Brucejack Project: Amending the Feasibility Study and Permitting
The amended Feasibility Study for the Brucejack Project, expected in the second quarter, will additionally use lower metals prices ($1,100/oz gold and $17/oz silver) and an exchange rate of $0.92 CAD:US. Based on the positive results from the bulk sample, potential refinements are being evaluated in the areas of mining, metallurgy and flow-sheet optimization in order to reduce Project capital and operating expenditures. The Brucejack Project is planned as a 2,700 tonnes per day underground mine using the bulk mining method of longhole open stoping with a cemented paste backfill.
The permitting process for an underground mine at the Brucejack Project is now underway. In late November 2013, Pretivm participated in five Open Houses conducted by the BC Environmental Assessment Office (EAO) as part of the first public comment period. We expect to submit our Environmental Assessment Certificate application in late March/early April and engage in the subsequent Provincial and Federal review process with a target of 2016 for commercial production.
2014 Exploration Activities
Underground exploration during 2013 included drifting and cross-cutting of the Cleopatra Structure and Domain 20 and raises on the Cleopatra Structure and the 615L drift. While conducting the underground exploration program, high-grade gold mineralization encountered was bagged for future processing. In January 2014, approximately 1,000 tonnes of this material was transported to the Contact Mill in Montana. Processing of the 1,000 tonnes at the Contact Mill was completed in February 2014. Pretivm is waiting on settlement from the sale of the gravity and flotation concentrate produced from the 1,000 tonnes.
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An additional 1,000 tonnes of material from the Valley of the Kings is permitted to be excavated and processed in 2014, and Pretivm is currently evaluating the optimal high-grade target area for this program.
Planning is also underway for an underground drill program targeting extreme grade mineralization at depth in the Valley of the Kings which could optimize mine planning and also potentially expand the area of known high-grade mineralization.
Ian I Chang, M.A.Sc., P.Eng., Vice President, Project Development, Pretium Resources Inc. is the Qualified Person (QP) responsible for Brucejack Project development. Kenneth C. McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, Pretium Resources Inc. is the Qualified Person (QP) responsible for the Brucejack Project exploration program.
With Pretivm’s current working capital, and pending gold sale receipts and successful completion of the private placement, Pretivm believes it will have sufficient funds for current planned expenditures on its Projects, updating its feasibility study and funding its permitting activities as Pretivm advances the Brucejack Project to production.
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5.2 Disclosure for Restructuring Transactions
Not applicable.
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Item 6
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Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
Not applicable.
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Item 7
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Omitted Information
Not applicable.
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Item 8
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Executive Officer
Joseph Ovsenek, Chief Development Officer & Vice President
Phone: 604-558-1784
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Item 9
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Date of Report
Dated at Vancouver, BC, this 13th day of March, 2014.
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Item 1
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Name and Address of Company
Pretium Resources Inc. (“Pretivm”)
Suite 1600, 570 Granville Street
Vancouver, BC
V6C 3P1
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Item 2
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Date of Material Change
March 5, 2014
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Item 3
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News Release
The news release dated March 5, 2014 was disseminated through Marketwire and filed on SEDAR.
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Item 4
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Summary of Material Change
Pretivm announced that its Board of Directors adopted an Advance Notice Policy to provide Pretivm’s shareholders, directors and management with a clear framework for nominating persons for election as directors of the Company.
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Item 5
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Full Description of Material Change
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5.1 Full Description of Material Change
Pretivm announced that its Board of Directors adopted an Advance Notice Policy (“the Policy”). The purpose of the Policy is to provide Pretivm’s shareholders, directors and management with a clear framework for nominating persons for election as directors of the Company.
The Policy has been adopted in order to facilitate an orderly and efficient annual general or, where the need arises, special meeting, to provide all shareholders with adequate notice of director nominations and sufficient information with respect to all nominees, and allow shareholders to register an informed vote having been afforded reasonable time for appropriate deliberation.
Among other things, the Policy fixes a deadline by which holders of record of common shares of Pretivm must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the specific information that a shareholder must include in the written notice for an effective nomination to occur. No person will be eligible for election as a director of the Company unless nominated in accordance with the provisions of the Policy.
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In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 and not more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The Policy is effective and in full force and effect as of March 4, 2014. In accordance with the terms of the Policy, the Policy will be put to shareholders of the Company for approval at the next annual meeting which is currently scheduled for May 14, 2014. If the policy is not confirmed at the annual meeting by ordinary resolution of shareholders, the Policy will terminate and be of no further force and effect following the termination of the annual meeting. A copy of the Policy will be available on SEDAR at www.sedar.com.
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5.2 Disclosure for Restructuring Transactions
Not applicable.
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Item 6
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Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
Not applicable.
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Item 7
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Omitted Information
Not applicable.
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Item 8
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Executive Officer
Joseph Ovsenek, Chief Development Officer & Vice President
Phone: 604-558-1784
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Item 9
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Date of Report
Dated at Vancouver, BC, this 13th day of March, 2014.
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Item 1
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Name and Address of Company
Pretium Resources Inc. (“Pretivm”)
Suite 1600, 570 Granville Street
Vancouver, BC
V6C 3P1
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Item 2
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Date of Material Change
March 10, 2014
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Item 3
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News Release
The news release dated March 10, 2014 was disseminated through Marketwire and filed on SEDAR.
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Item 4
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Summary of Material Change
Pretivm announced that Mr. James A. Currie was appointed as Chief Operating Officer of and Joseph J. Ovsenek, Chief Development Officer, was promoted to Executive Vice President of Pretivm.
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Item 5
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Full Description of Material Change
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5.1 Full Description of Material Change
Pretivm announced the appointment of Mr. James A. Currie as Chief Operating Officer of Pretivm where he will lead the development of the high-grade gold Brucejack Project into production as an underground mine. Joseph J. Ovsenek, Chief Development Officer, has been promoted to Executive Vice President.
Mr. Currie led the construction and development of New Gold Inc.’s New Afton gold mine in B.C. which went into production ahead of schedule in 2012. During his tenure as Executive Vice President and Chief Operating Officer of New Gold Inc., Mr. Currie was responsible for three operating gold mines in the US, Australia, and Mexico with cumulative operating budgets of over $300 million and an operating profit of over $300 million. Over the course of his 34-year career in the mining industry he has held roles in senior management, engineering and operations, on a number of projects that have progressed through feasibility to successful operation on schedule and budget. Mr. Currie holds a Bachelor of Applied Science degree with honours in mining engineering from Queen’s University and is a registered professional engineer.
“We welcome Jim to Pretivm’s senior management team as we begin to transition the Brucejack Project from an exploration success to a gold producer,” said President and CEO Robert Quartermain. “It’s a critical period for any project, and he brings proven experience to manage that process effectively and efficiently, particularly with respect to both the operating environment in northern B.C. and our mining plans.”
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Mr. Ovsenek joined Pretivm in January 2011 as Chief Development Officer and Director, and oversees a broad scope of Pretivm’s strategic corporate functions including financing and project permitting. Prior to joining Pretivm, he was Senior Vice President, Corporate Development at Silver Standard Resources Inc. Mr. Ovsenek holds a Bachelor of Applied Science degree from the University of British Columbia, a Bachelor of Laws degree from the University of Toronto and is a registered professional engineer.
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5.2 Disclosure for Restructuring Transactions
Not applicable.
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Item 6
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Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
Not applicable.
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Item 7
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Omitted Information
Not applicable.
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Item 8
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Executive Officer
Joseph Ovsenek, Chief Development Officer & Vice President
Phone: 604-558-1784
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Item 9
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Date of Report
Dated at Vancouver, BC, this 20th day of March, 2014.
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