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Pretium Resources Inc.: More High-Grade Gold From Valley of the Kings Drilling

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/18/12 -- Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report more exceptionally high-grade results as phase two high-definition drilling continues in Brucejack's Valley of the Kings. (See Table 1 below for assays.)

Selected highlights from the Valley of the Kings include:

--  Hole SU-407 intersected 11,067 grams of gold per tonne uncut over 0.5
    meters (323 ounces gold per ton over 1.6 feet); and 
--  Hole SU-393 intersected 3,440 grams of gold per tonne uncut over 0.5
    meters (100 ounces gold per ton over 1.6 feet); and 
--  Hole SU-421 intersected 1,335 grams of gold per tonne uncut over 0.5
    meters (39 ounces gold per ton over 1.6 feet). 

The bonanza-grade intercept from hole SU-407 noted above was intersected approximately 12 meters from surface, and approximately 53 meters southwest from the bonanza-grade intersection in hole SU-115 grading 18,755 grams per tonne gold uncut over 0.6 meters. The intercept from Hole SU-393, drilled in the heart of the Valley of the Kings, was intersected 25 meters west of the intersection in hole SU-376 grading 6,142 grams per tonne gold uncut over 0.65 meters. The intercept from hole SU-421 was intersected 19 meters east of the intersection in hole SU-230 grading 7,420 grams per tonne gold uncut over 1.0 meter.

Drilling in the West Zone continues to expand mineralization down dip, with hole SU-403 intersecting 22.3 grams per tonne gold and 946.6 grams per tonne silver over 5.87 meters.

The updated Brucejack high-grade Mineral Resource estimate to be used as the basis for feasibility study mine planning will incorporate phase two drilling data in addition to the results of phase one in-fill drilling conducted earlier this Spring. The updated high-grade Mineral Resource estimate is expected in the third quarter.

Table 1: Selected Brucejack Project Drill Results, July 2012 (SU-379 to SU-430)(1,3)

----------------------------------------------------------------------------
Hole Collar      Dip/        From       To Interval   Gold  Silver   Capping
No.  Coords.  Azimuth    (meters) (meters) (meters)  (g/t)   (g/t)       (2)
----------------------------------------------------------------------------
                             VALLEY OF THE KINGS                            
----------------------------------------------------------------------------
SU-  6258055N   -50/0      218.31    220.0     1.69  17.00   40.20          
379  426470E                                                               
----------------------------------------------------------------------------
SU-  6257935N -50/358        49.6     50.2      0.6 142.50   28.70          
386  426350E                                                               
----------------------------------------------------------------------------
                            200.5    202.0      1.5  61.70   25.30          
----------------------------------------------------------------------------
SU-  6257765N -55/355       308.5    310.0      1.5  62.20   35.60          
387  426775E                                                               
----------------------------------------------------------------------------
SU-  6257981N -45/178        20.0     26.0      6.0  15.80   31.12          
390  426437E                                                               
----------------------------------------------------------------------------
                      incl   23.9     24.4      0.5 167.00   62.10          
----------------------------------------------------------------------------
SU-  6258090N -55/180       346.0    348.5      2.5  31.26   28.42          
392  426730E                                                               
----------------------------------------------------------------------------
                      incl  346.0    347.0      1.0  64.60   46.00          
----------------------------------------------------------------------------
SU-  6257895N -50/358       76.02    76.52      0.5  3,440   788.0          
393  426362E                                                               
----------------------------------------------------------------------------
                            200.0    201.5      1.5   8.14   17.90          
----------------------------------------------------------------------------
SU-  6258010N -45/178       79.02    79.71     0.69 174.50   74.40          
394  426487E                                                               
----------------------------------------------------------------------------
SU-  6258143N -47/176       67.67     72.0     4.33   8.29   99.98          
396  426700E                                                               
----------------------------------------------------------------------------
                            227.0    231.0      4.0   6.92   16.54          
----------------------------------------------------------------------------
SU-  6257870N -60/358      216.67   217.17      0.5  30.80   22.70          
398  426650E                                                               
----------------------------------------------------------------------------
                           222.86   223.34     0.48  13.85    5.70          
----------------------------------------------------------------------------
SU-  6257870N -65/358      222.47   227.31     4.84  66.74   40.29          
405  426650E                                                               
----------------------------------------------------------------------------
SU-  6257850N -55/358        19.5     21.0      1.5  36.20   32.50          
406  426600E                                                               
----------------------------------------------------------------------------
                            207.0    208.5      1.5  16.10   10.70          
----------------------------------------------------------------------------
                           347.50   352.00     4.50  17.40   18.43          
----------------------------------------------------------------------------
                      inc   350.5    352.0      1.5  36.50   40.90          
----------------------------------------------------------------------------
SU-  6258010N -50/178        5.50    14.00     8.50  32.77  235.67    1 Gold
407  426475E                                                          sample
                                                                         cut
----------------------------------------------------------------------------
                      or     5.50    14.00     8.50 654.33  235.67     Uncut
----------------------------------------------------------------------------
                      incl  12.04    12.54      0.5 11,067   3,230     Uncut
----------------------------------------------------------------------------
SU-  6257955N -50/358        24.1     24.6      0.5 720.00  293.00          
408  426300E                                                               
----------------------------------------------------------------------------
                            63.25    63.75      0.5  49.80   21.20          
----------------------------------------------------------------------------
                            76.50    77.53     1.03  16.15   39.10          
----------------------------------------------------------------------------
SU-  6257870N -70/358      200.57   201.07     0.50  19.75   16.00          
411  426650E                                                               
----------------------------------------------------------------------------
                            250.5    252.0      1.5  20.30   22.10          
----------------------------------------------------------------------------
SU-  6257850N -60/357      238.00   245.97     7.97   6.22    4.91          
418  426600E                                                               
----------------------------------------------------------------------------
                           268.50   270.00     1.50  15.00    9.80          
----------------------------------------------------------------------------
                           313.00   314.50     1.50  21.10   17.40          
----------------------------------------------------------------------------
SU-  6257940N -50/358        78.0     79.5      1.5  67.80   26.00          
419  426300E                                                             
----------------------------------------------------------------------------
SU-  6258030N -50/178        70.5     72.0      1.5  17.85   90.30          
420  426500E                                                               
----------------------------------------------------------------------------
SU-  6257850N -65/178       82.58    83.08     0.50  1,335   4,000     Uncut
421  426662E                                                               
----------------------------------------------------------------------------
                           268.90   277.60     8.70 105.43   26.47    1 Gold
                                                                      sample
                                                                         cut
----------------------------------------------------------------------------
                      or   268.90   277.60     8.70 152.50   26.47     Uncut
----------------------------------------------------------------------------
                      incl  268.9    269.4      0.5  37.70    9.40          
----------------------------------------------------------------------------
                      incl 272.14   272.64     0.50 136.00   56.10          
----------------------------------------------------------------------------
                      incl 274.32   275.82      1.5 773.00  100.00          
----------------------------------------------------------------------------
                      incl 277.10   277.60     0.50  91.90   41.90          
----------------------------------------------------------------------------
                            321.1    321.6      0.5  16.25   46.70          
----------------------------------------------------------------------------
SU-  6258060N -50/178       83.00    84.50     1.50   6.41   55.20          
422  426412E                                                              
----------------------------------------------------------------------------
SU-  6257990N -45/358       75.00    77.00     2.00   9.54    4.70          
423  426325E                                                               
----------------------------------------------------------------------------
                            121.0   122.69     1.69  38.10   46.30          
----------------------------------------------------------------------------
SU-  6257950N -65/358        78.0     79.5      1.5   6.10    7.10          
426  426325E                                                               
----------------------------------------------------------------------------
SU-  9257935N -65/358       169.0    170.5      1.5  15.20   26.10          
428  426325E                                                                
----------------------------------------------------------------------------
SU-  6258065N -50/178      134.00   141.50     7.50  80.65   53.52          
430  426500E                                                               
----------------------------------------------------------------------------
                      incl  134.0    135.5      1.5  86.90   36.90          
----------------------------------------------------------------------------
                      incl  135.5      137      1.5  58.40   89.70          
----------------------------------------------------------------------------
                      incl  137.0    138.5      1.5 236.00  125.00          
----------------------------------------------------------------------------
                                  West Zone                                 
----------------------------------------------------------------------------
SU-  6258940N -73/180       345.0    348.0      3.0   6.92  241.50          
395  426600E                                                               
----------------------------------------------------------------------------
                           382.94   383.45     0.51 160.50   50.00          
----------------------------------------------------------------------------
                            395.5    398.5      3.0  11.79    9.15          
----------------------------------------------------------------------------
SU-  6258940N -67/180       263.5    269.0      5.5   0.77  422.03          
403  426600E                                                               
----------------------------------------------------------------------------
                           301.13    307.0     5.87  22.28  946.61          
----------------------------------------------------------------------------
                      incl  302.5    304.0      1.5  47.50  312.00          
----------------------------------------------------------------------------
                            364.8    365.3      0.5  52.30   24.80          
----------------------------------------------------------------------------
                           426.59   427.09      0.5  26.40     8.4          
----------------------------------------------------------------------------
SU-  6258940N -80/180      131.86    139.5     7.64   4.79   21.33          
415  426600E                                                               
----------------------------------------------------------------------------
                           201.96   202.49     0.53 253.00  103.00          
----------------------------------------------------------------------------
                           378.00   384.00     6.00   4.32  343.67          
----------------------------------------------------------------------------
                                 Gossan Hill                                
----------------------------------------------------------------------------
SU-  6258940N -42/360       142.5    144.0      1.5  16.50   12.30          
380  426600E                                                               
----------------------------------------------------------------------------
SU-  6258940N -55/360      186.41   187.17     0.76  15.95    7.50          
388  426600E                                                               
----------------------------------------------------------------------------
SU-  6258940N -65/360      108.69   120.00    11.31   7.35   22.97          
427  426600E                                                               
----------------------------------------------------------------------------
                      incl 108.69   109.19     0.50  85.50   33.30          
----------------------------------------------------------------------------

(1)True thickness to be determined.

(2)Unless otherwise indicated as uncut, all gold assays over 500 g/t were cut to 500 g/t.

(3)All samples were submitted for preparation and analysis by ALS Chemex at its facilities in Terrace, B.C. All samples were analyzed using multi-digestion with ICP finish. Samples over 100 ppm silver were reanalyzed using four acid digestion with an ore grade AA finish. Samples over 1,000 ppm silver were fire assayed with a gravimetric finish. Samples with over 10 ppm gold were fire assayed with a gravimetric finish. One in 10 samples was blank, one in 20 was a standard sample, and differing one in 20 samples was a field duplicate one-quarter split core assayed at ALS Chemex in Vancouver, B.C.

To date, a total of 55,100 meters of drilling in 180 holes including geotechnical and condemnation holes has been completed for both phase one and phase two of the 2012 Brucejack Exploration Program.

Assay results for completed drilling will be reported as they are received over the course of the 2012 drilling season.

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.

About Pretivm

Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack, which hosts a significant undeveloped high-grade gold resource.

Forward-Looking Statements

This Press Release contains "forward-looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation. Forward-looking information may include, but is not limited to, risks related to unsatisfactory results of due diligence, the ability to satisfy the conditions of closing of Offering and general economic conditions, our planned exploration and development activities, the adequacy of Pretivm's financial resources, the estimation of mineral resources, realization of mineral resource estimates, timing of development of Pretivm's Brucejack Project, costs and timing of future exploration, results of future exploration and drilling, production and processing estimates, capital and operating cost estimates, timelines and similar statements relating to the economic viability of the Brucejack Project, timing and receipt of approvals, consents and permits under applicable legislation, Pretivm's executive compensation approach and practice, and adequacy of financial resources. Wherever possible, words such as "plans", "expects", "projects", "assumes", "budget", "strategy", "scheduled", "estimates", "forecasts", "anticipates", "believes", "intends" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative forms of any of these terms and similar expressions, have been used to identify forward-looking statements and information.

Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's prospectus supplement to the short form base shelf prospectus dated March 19, 2012 filed on SEDAR at www.sedar.com and in the United States through EDGAR at the SEC's website at www.sec.gov. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.

Neither the TSX nor the NYSE has approved or disapproved of the information contained herein.

Contacts:
Pretium Resources Inc.
Robert Quartermain
President and Chief Executive Officer
(604)558-1784

Pretium Resources Inc.
Michelle Romero
Corporate Relations Director
(604)558-1784
[email protected]
www.pretivm.com

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