Pretivm Announces Senior Management Changes
VANCOUVER, BRITISH COLUMBIA–(May 7, 2015) – Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) (“Pretivm” or the “Company”) is pleased to report the following senior management changes as it positions for the advance of the Brucejack Project to development.
Robert Quartermain has been appointed Chairman and Chief Executive Officer. As President and CEO, Mr. Quartermain founded Pretivm and led the Company from its initial public offering in December 2010.
Joseph Ovsenek has been promoted to President, reporting to Mr. Quartermain. Mr. Ovsenek joined Pretivm in 2011 and as Executive Vice President has been responsible for leading strategic areas of the Company including permitting and financing. With over 20 years of management and legal experience in public resource companies, Mr. Ovsenek holds a Bachelor of Laws degree from the University of Toronto and is a registered member of the Association of Professional Engineers and Geoscientists of British Columbia. As President he will assume Pretivm’s day-to-day management.
Michelle Romero has been appointed Vice President, Corporate reporting to Mr. Ovsenek. Ms. Romero joined Pretivm in 2011 and has been responsible for the Company’s communication and investor relations functions. She will continue in this role with additional responsibility for corporate activities.
Kevin Torpy has been promoted to General Manager – Brucejack Mine reporting to Chief Operating Officer James Currie . Mr. Torpy joined Pretivm in 2011 as Director of Mine Engineering and assumed increasing responsibilities as Director of Operations. As General Manager he will be responsible for all mine site operations at Brucejack and Pretivm’s Smithers office.
Pretivm is advancing its 100%-owned Brucejack Project in northern British Columbia to production as a high-grade gold underground mine. Based on the results of the June 2014 Feasibility Study, Brucejack is expected to produce an average of 504,000 ounces of gold a year over the first 8 years and 404,000 ounces of gold a year over the 18-year mine life. Brucejack’s Valley of the Kings hosts Proven and Probable reserves totalling 6.9 million ounces of gold (13.6 million tonnes grading 15.7 grams of gold per tonne). Commercial production at Brucejack is targeted for 2017.
This News Release contains “forward-looking information” and “forward looking statements” within the meaning of applicable Canadian and United States securities legislation. Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words “anticipates,” “believes,” “may,” “continues,” “estimates,” “expects,” and “will” and words of similar import, constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking information may include, but is not limited to, information with respect to our planned exploration and development activities, the adequacy of Pretivm’s financial resources, the estimation of mineral reserves and resources including the 2013 Valley of the Kings Mineral Resource estimate and the Brucejack Mineral Reserve estimate, realization of mineral reserve and resource estimates and 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”, “targets” 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 reserve and 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, the Company’s anticipated use of the proceeds of the Offering and those risks identified in Pretivm’s Annual Information Form dated March 31, 2015 filed on SEDAR at www.sedar.com and in the United States on Form 40-F 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.
Pretium Resources Inc.
Chairman and Chief Executive Officer
Pretium Resources Inc.
Vice President, Corporate