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Pretium Resources Inc.: Brucejack Project Drilling Update

Aug 22. 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2011) - Pretium Resources Inc. ("Pretivm") (TSX:PVG) is pleased to report drilling results from the Brucejack Project where ongoing drilling in the Valley of the Kings Zone continues to intersect high-grade gold mineralization, and the potential for high-grade structures has been identified in other zones on the property. (See Table 1 for the most recent 35 holes.)

Valley of the Kings Zone

Selected highlights include:

--  Hole SU-176 intersected 0.5 meters with uncut grades of 2,810 grams of
    gold and 1,030 grams of silver per tonne (1.6 feet averaging 81.9 ounces
    gold and 30.0 ounces of silver per ton);
--  Hole SU-190 intersected 2.0 meters with uncut grades of 1,094 grams of
    gold and 263.5 grams of silver per tonne (6.6 feet averaging 31.9 ounces
    gold and 7.7 ounces of silver per ton).

The bonanza-grade intercepts from holes SU-176 and SU-190 noted above were both intersected on section down dip from an intercept from hole SU-12 grading 16,949 grams per tonne gold and 8,696 grams per tonne silver. The bonanza-grade intercept from hole SU-176 was intersected approximately 30 meters down dip from the high-grade SU-12 intersection.

The high-grade intercept from hole SU-190, intersected approximately 125 meters down dip from the high-grade SU-176 intersection, occurred in a much longer lower-grade mineralized interval grading 3.47 grams per tonne gold and 10.4 grams per tonne silver over 119 meters at the bottom of hole. These results demonstrate the continued opportunity to add to both the high-grade and low-grade resources outlined to date at Brucejack.

Other Zones

Hole SU-151, the deepest hole drilled to date on the property, was drilled in the Bridge Zone to a depth of 1,047 meters to test for high-grade and bulk tonnage gold mineralization. Hole SU-151, which ended in mineralization due to equipment constraints, intersected 185 meters grading 0.58 grams of gold and 3.5 grams of silver per tonne at the bottom of the hole, demonstrating that the gold mineral system remains open to depth. In addition, anomalous copper, molybdenum and rhenium values were encountered in the lower half of the hole.

Drilling at the Bridge Zone, as well as the West, Gossan Hill, Galena, SG, Shore, Waterloo and Bonanza zones continues to encounter high-grade structures and broad widths of significant gold mineralization.

A drill program of over 70,000 meters is now in progress on the Brucejack Project with eight drills on site, and with the Valley of the Kings Zone remaining a focus. Assay results for completed drilling will be reported as they are received over the course of the season.

Table 1: Selected Brucejack Project Drill Results, August 2011 (SU-149 to
SU-191)(1,4)

--------------------------------------------------------------------------
                                               Inter-                  Cap-
Hole      Collar     Dip/       From      To     val    Gold Silver   ping
No.      Coords. Azimuth     (meters)(meters)(meters)   (g/t)  (g/t)    (2)
--------------------------------------------------------------------------
                        Valley of the Kings Zone
--------------------------------------------------------------------------
SU-171  6258028N -50/180        1.61      18   16.39    1.32   15.5
         426455E
--------------------------------------------------------------------------
                                  56    76.3    20.3    0.85    7.2
--------------------------------------------------------------------------
SU-174  6257756N -55/360      192.78   202.0    9.22    1.89    2.7
 (3)     426406E
--------------------------------------------------------------------------
                               401.5   404.5     3.0    4.26    8.0
--------------------------------------------------------------------------
                               464.5   467.5     3.0    25.6   21.6
--------------------------------------------------------------------------
                              656.49   689.5   33.01    0.98    5.5
--------------------------------------------------------------------------
SU-176  6258252N -47/180         5.0    46.0    41.0    1.08    8.9
         426502E
--------------------------------------------------------------------------
                              305.13     317   11.87    8.42   16.8   1 Au
                                                                    sample
                                                                       cut
--------------------------------------------------------------------------
                        Incl. 305.13  305.63     0.5     628  283.0  uncut
--------------------------------------------------------------------------
                              335.78  340.51    4.73    22.4  122.2   1 Au
                                                                    sample
                                                                       cut
--------------------------------------------------------------------------
                        Incl. 335.78  336.28     0.5   2,810  1,030  uncut
--------------------------------------------------------------------------
                              339.86  340.51    0.65    26.2   51.2  uncut
--------------------------------------------------------------------------
SU-177  6258028N -55/180        50.0   77.29   27.29    0.90    5.3
         426455E
--------------------------------------------------------------------------
                               133.5   223.5    90.0    0.86    6.1
--------------------------------------------------------------------------
SU-182  6257901N -50/360       107.5     139    31.5    1.69    8.9
         426402E
--------------------------------------------------------------------------
                               224.0   227.0     3.0    66.7   29.8   1 Au
                                                                    sample
                                                                       cut
--------------------------------------------------------------------------
                        incl.  224.0   225.5     1.5   139.5   51.8  uncut
--------------------------------------------------------------------------
                               327.0   342.0    15.0   12.42    9.8
--------------------------------------------------------------------------
                        incl. 340.46     342    1.54   113.5   43.1  uncut
--------------------------------------------------------------------------
                               375.0   385.0    10.0    2.20   60.3
--------------------------------------------------------------------------
                        incl.  379.5  380.58    1.08   13.75   72.5
--------------------------------------------------------------------------
SU-188  6258041N -45/360        51.0    95.0    44.0    0.93   14.5
         426342E
--------------------------------------------------------------------------
                               134.0   171.5    37.5    2.91   14.1
--------------------------------------------------------------------------
                               160.5     161     0.5   431.0    152  uncut
--------------------------------------------------------------------------
SU-190  6258252N -52/180       10.62    51.5   40.88    1.03    7.0
         426502E
--------------------------------------------------------------------------
                               384.0   397.5    13.5    1.86    8.4
--------------------------------------------------------------------------
                               433.5  450.53   17.03    10.8   22.7   1 Au
                                                                    sample
                                                                       cut
--------------------------------------------------------------------------
                        incl.    435   436.5     1.5    67.6   31.3  uncut
--------------------------------------------------------------------------
                        incl. 450.03  450.53     0.5   700.0    436  uncut
--------------------------------------------------------------------------
                              484.97  485.47     0.5    39.6   71.2
--------------------------------------------------------------------------
                               499.0   618.0   119.0    3.47   10.4   2 Au
                                                                   samples
                                                                       cut
--------------------------------------------------------------------------
                        incl. 520.68  522.66    1.98 1,094.0  263.5  uncut
--------------------------------------------------------------------------
                               Bridge Zone
--------------------------------------------------------------------------
SU-151  6257175N -75/360         3.0    42.0    39.0    0.99    8.0
 (3)     426697E
--------------------------------------------------------------------------
                               179.5   302.5   123.0    1.20    8.4
--------------------------------------------------------------------------
                        Incl.  188.5   191.5     3.0    10.2   14.1
--------------------------------------------------------------------------
                              313.86   593.0  279.14    0.80   10.5
--------------------------------------------------------------------------
                        Incl. 542.05   545.0    2.95     8.0  127.4
--------------------------------------------------------------------------
                               862.5  1047.9   185.4    0.58    3.5
--------------------------------------------------------------------------
                        Incl. 1014.5  1022.0     7.5    1.81    3.1
--------------------------------------------------------------------------
SU-158  6257412N -50/360        12.0    13.5     1.5    26.7   28.6
         426481E
--------------------------------------------------------------------------
                                79.5    81.0     1.5    16.0   11.0
--------------------------------------------------------------------------
                               138.5   144.5     6.0    3.14   45.5
--------------------------------------------------------------------------
                               237.5   239.0     1.5   106.5   37.0
--------------------------------------------------------------------------
                               266.0   267.5     1.5    9.42    6.9
--------------------------------------------------------------------------
SU-161  6257412N -50/360        61.0    62.5     1.5    20.2   17.1
         426381E
--------------------------------------------------------------------------
                               84.42   134.5   50.08    1.42    7.3
--------------------------------------------------------------------------
                        Incl.  110.0   111.5     1.5    13.2    4.1
--------------------------------------------------------------------------
SU-165  6257625N -50/360       39.58    96.5   56.92    0.97    4.8
         426373E
--------------------------------------------------------------------------
                               129.5   131.0     1.5   12.40   14.4
--------------------------------------------------------------------------
                               254.5   256.0     1.5    9.40   11.6
--------------------------------------------------------------------------
SU-166  6257327N -50/360       197.5   243.5    46.0    2.55    5.0   1 Au
         426431E                                                    sample
                                                                       cut
--------------------------------------------------------------------------
                        Incl.  200.5  206.35    5.85    15.7   12.2   1 Au
                                                                    sample
                                                                       cut
--------------------------------------------------------------------------
                        Incl. 204.84  205.31    0.47   171.5   89.0  uncut
--------------------------------------------------------------------------
                              294.97  295.46    0.49    47.5   13.7
--------------------------------------------------------------------------
SU-169  6257627N -50/360        51.0    57.0     6.0    3.02   27.7
         426470E
--------------------------------------------------------------------------
                                55.5    57.0     1.5    9.20   29.2
--------------------------------------------------------------------------
SU-175  6257327N -58/360       112.5   144.0    31.5    1.38    3.7
 (3)     426431E
--------------------------------------------------------------------------
                               280.5  309.37   28.87    0.88    7.1
--------------------------------------------------------------------------
                                West Zone
--------------------------------------------------------------------------
SU-154  6258717N -59/225        82.0   109.5    27.5    7.80    548   2 Ag
 (3)     426576E                                                   samples
                                                                       cut
--------------------------------------------------------------------------
                        Incl.   82.0    90.0     8.0    27.8  2,528  uncut
--------------------------------------------------------------------------
                               133.5  143.81   10.31    8.87   35.0   1 Au
                                                                    sample
                                                                       cut
--------------------------------------------------------------------------
                        Incl. 139.48  139.98     0.5   218.0  152.0  uncut
--------------------------------------------------------------------------
                               189.5   313.0   123.5    0.86    5.2
--------------------------------------------------------------------------
                               414.5  459.33   44.83    1.31    7.9
--------------------------------------------------------------------------
SU-162  6258717N -50/225        60.5   102.5    42.0    3.70  363.0   3 Ag
         426576E                                                   samples
                                                                       cut
--------------------------------------------------------------------------
                        Incl.   76.0   84.73    8.73   13.05    897  uncut
--------------------------------------------------------------------------
                        Incl.  98.93   101.0    2.07    4.46  1,724  uncut
--------------------------------------------------------------------------
                              159.66   183.5   23.84    2.07   19.1
--------------------------------------------------------------------------
                               206.0   262.5    56.5    0.87    7.9
--------------------------------------------------------------------------
                            Gossan Hill Zone
--------------------------------------------------------------------------
SU-152  6259325N -50/230       137.0   161.0    24.0    1.58    5.1
         426275E
--------------------------------------------------------------------------
SU-172  6259116N -50/360        13.5    20.0     6.5    1.36  139.8
         426677E
--------------------------------------------------------------------------
                               219.0  226.67    7.67    2.31   26.5
--------------------------------------------------------------------------
                        incl. 224.16  224.66     0.5    14.8  280.0
--------------------------------------------------------------------------
SU-178  6259116N -43/360        10.0    24.0    14.0    0.55  133.2
         426677E
--------------------------------------------------------------------------
                               221.5  223.38    1.88    6.14   10.3
--------------------------------------------------------------------------
SU-181  6259116N -56/360       143.5   215.0    71.5    2.02    7.5
         426677E
--------------------------------------------------------------------------
                        incl.  154.0   164.0    10.0   10.01   19.6
--------------------------------------------------------------------------
                        incl.  157.5   159.0     1.5    55.3   42.4
--------------------------------------------------------------------------
SU-183  6259220N -45/360        73.0    86.5    13.5    1.08    2.5
         426605E
--------------------------------------------------------------------------
                              131.84   133.5    1.66    5.36   30.5
--------------------------------------------------------------------------
                               163.5   165.0     1.5    4.50    2.8
--------------------------------------------------------------------------
SU-185  6259116N -61/360       13.25    27.0   13.75    0.78   70.4
         426677E
--------------------------------------------------------------------------
                                50.9    51.6     0.7    3.85  5,330  uncut
--------------------------------------------------------------------------
                               157.5   193.5    36.0    1.08    4.5
--------------------------------------------------------------------------
                               207.0   208.5     1.5    8.77    4.1
--------------------------------------------------------------------------
SU-186  6259220N -65/360        79.5   107.1    27.6    0.92    2.3
         426605E
--------------------------------------------------------------------------
                               134.0   150.5    16.5    1.11   42.5
--------------------------------------------------------------------------
                              Waterloo Zone
--------------------------------------------------------------------------
SU-149  6258097N  -44/45        40.5    98.5      58    1.59    4.7
         425990E
--------------------------------------------------------------------------
                        Incl.  65.52      67    1.48    23.7   18.5
--------------------------------------------------------------------------
                               222.0   231.0     9.0    1.97    5.3
--------------------------------------------------------------------------
SU-156  6258097N  -54/45        77.0   118.5    41.5    1.38    5.1
         425990E
--------------------------------------------------------------------------
                              238.82   247.5    8.68    3.46    6.7
--------------------------------------------------------------------------
                        Incl. 246.05   247.5    1.45   11.05    9.7
--------------------------------------------------------------------------
                               268.5     270     1.5    7.78   22.9
--------------------------------------------------------------------------
SU-159  6258097N  -61/45        59.5   104.5      45    0.68    4.1
         425990E
--------------------------------------------------------------------------
SU-180  6258068N  -52/45         8.9    44.5    35.6    0.65    5.6
         426032E
--------------------------------------------------------------------------
                                80.0  167.79   87.79    0.79    3.9
--------------------------------------------------------------------------
                              177.07   204.5   27.43    0.63    4.7
--------------------------------------------------------------------------
SU-189  6258068N  -65/45        9.97    35.5   25.53    0.78    4.5
         426032E
--------------------------------------------------------------------------
                                56.5      83    26.5    0.81    3.7
--------------------------------------------------------------------------
                                90.5     116    25.5    0.80    2.6
--------------------------------------------------------------------------
                               140.0   189.5    49.5    0.86    3.1
--------------------------------------------------------------------------
                              261.78     295   33.22    0.90    6.3
--------------------------------------------------------------------------
                            Galena Hill Zone
--------------------------------------------------------------------------
SU-168  6258395N -50/180        46.0   167.0   121.0    1.11   12.7
         426865E
--------------------------------------------------------------------------
                              152.51   153.2    0.69    28.9   21.4
--------------------------------------------------------------------------
                                 SG Zone
--------------------------------------------------------------------------
SU-179  6259970N -50/192       109.0   125.5    16.5    0.76    3.6
         425840E
--------------------------------------------------------------------------
                               139.0   140.5     1.5   10.90    2.9
--------------------------------------------------------------------------
SU-184  6259970N  -50/12        63.0    76.5    13.5    3.02    5.0
         425840E
--------------------------------------------------------------------------
                        incl.   67.9    70.1     2.2    9.92    7.2
--------------------------------------------------------------------------
                               Shore Zone
--------------------------------------------------------------------------
SU-153  6259310N  -50/40       202.0   205.0     3.0    4.56   71.2
         426780E
--------------------------------------------------------------------------
                               247.0   248.0     1.0    27.2  1,010  uncut
--------------------------------------------------------------------------
SU-173  6259660N -50/220       228.5   258.5    30.0    1.27   30.4
         426910E
--------------------------------------------------------------------------
                              Bonanza Zone
--------------------------------------------------------------------------
SU-187  6260070N -50/225        10.0    14.5     4.5    1.71    2.1
         425600E
--------------------------------------------------------------------------
SU-191  6260200N -50/192       114.5   140.0    25.5    0.62    2.6
         425980E
--------------------------------------------------------------------------
(1) True thickness to be determined.
(2) Unless otherwise indicated as uncut, all gold assays over 130 g/t were
    cut to 130 g/t and all silver assays over 2,100 g/t were cut to
    2,100 g/t.
(3) Hole ended in mineralization
(4) 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.
 

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 and the open pit opportunities at both Brucejack and Snowfield.

(SEDAR filings: Pretium Resources Inc.)

Forward Looking Statement

This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking 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 (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) 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 final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. 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.

The TSX has neither approved nor disapproved of the information contained herein.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Pretium Resources Inc.
        Robert Quartermain
        President and Chief Executive Officer
        (604)558-1784

        Pretium Resources Inc.
        Michelle Romero
        Corporate Relations Director
        (604)558-1784
        invest@pretivm.com
        www.pretivm.com

Source: Pretium Resources Inc.
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