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Pretium Resources Inc.: Valley of the Kings Drilling Continues to Confirm Continuity

May 15. 2012

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 15, 2012) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report that drill results from its high-grade gold Brucejack Project in northern British Columbia continue to confirm the projection and continuity of high-grade mineralization in the Valley of the Kings. (See Table 1 below for assays).

Selected highlights from the Valley of the Kings include:

  • Hole SU-316 intersected 1,855 grams of gold per tonne uncut over 0.54 meters (54 ounces gold per ton over 1.8 feet);
  • Hole SU-325 intersected 1,590 grams of gold per tonne uncut over 0.59 meters (46 ounces gold per ton over 1.9 feet).

The high-grade intercept (previously unreported) from hole SU-316 was intersected 566 meters down-hole in an area of projected Inferred mineral resources, and approximately 264 meters down-hole from the previously reported SU-316 intercept of 9,110 grams of gold per tonne uncut over 0.5 meters (see news release dated April 30, 2012). All assays for hole SU-316 have now been reported.

The high-grade intercept from hole SU-325, which occurred in a longer interval grading 169.1 grams of gold per tonne uncut over 9.13 meters, was collared in the eastern area of the Valley of the Kings in the vicinity of holes SU-230 and SU-237 from the 2011 drill program. Step-out holes SU-312 and SU-321 were drilled on the eastern margin of the Valley of the Kings, and confirm the high-grade mineralization is open down plunge to the east.

Hole SU-322 intersected 64.3 grams of gold per tonne over 5.7 meters, 30 meters up dip from the bonanza-grade intercept in hole SU-115 grading 18,755 grams of gold per tonne over 0.6 meters, confirming the projection of high-grade gold along trend.

Hole SU-314, which was drilled as a test of the extension of the R8 Zone in the West Zone, encountered 27.2 grams of gold per tonne over 20.57 meters, demonstrating the potential to add to West Zone mineralization at depth.

Table 1: Selected Brucejack Project Drill Results, May 2012 (SU-311 to SU-325)(1,4)

Hole

No.
Collar

Coords.
Dip/

Azimuth
From

(meters)
To

(meters)
Interval

(meters)
Gold

(g/t)
Silver

(g/t)
Capping

(2)
VALLEY OF THE KINGS
SU-311 6257885N

426575E
-45/360 389.5 392.5 3.0 10.68 244.0
403.0 406.0 3.0 11.83 13.40
SU-312 6257849N

426683E
-65/360 320.5 342.5 22.0 15.46 39.65
incl 339.5 342.5 3.0 96.72 50.75
SU-313 6258045N

426680E
-55/180 217.12 217.63 0.51 189.5 62.60
307.5 309 1.5 11.60 733.0
SU-315 6257885N

426575E
-65/360 260.5 262.0 1.5 727.0 411.0
316.0 329.5 13.5 39.29 35.52
incl 325.0 326.5 1.5 311.0 247.0
SU-316(3) 6257930N

426473E
-75/30 302.62 326.75 24.13 29.71 119.66 2 Gold samples cut
or 302.62 326.75 24.13 225.85 119.66 Uncut
incl 302.62 303.12 0.5 9,110 4,030 Uncut
incl 325.95 326.75 0.8 1,035 781 Uncut
430.28 446.62 16.34 11.35 11.00
incl 430.28 430.86 0.58 141.0 85.00
522.34 522.94 0.6 53.00 17.30
566.21 566.75 0.54 1,855 586.0 Uncut
SU-317 6258105N

426475E
-50/180 211.5 221 9.5 35.55 22.34
incl 218.0 221.0 3.0 93.20 45.10
SU-318(3) 6257857N

426500E
-70/270 29.5 36.75 7.25 3.06 45.14
61.41 71.0 9.59 42.38 68.58 1 Gold sample cut
61.41 71.0 9.59 114.64 68.58 Uncut
incl 61.41 62.11 0.7 1,490 856 Uncut
261.0 262.5 1.5 47.8 67.0
297.5 299.0 1.5 21.7 9.8
SU-319 6258090N

426612E
-45/180 174.08 177.4 3.32 25.52 28.61
incl 176.75 177.4 0.65 120.00 60.4
SU-320(3) 6257900N

426550E
-45/0 9.56 20.82 11.26 14.88 32.87
incl 9.56 10.06 0.5 305.0 239.0
134 135.5 1.5 29.60 8.8
422.5 424.0 1.5 97.7 42.2
SU-321 6258100N

426705E
-45/180 161.5 169.0 7.5 12.28 10.94
incl 161.5 163.0 1.5 52.1 25.0
399.47 405.5 6.03 7.52 22.81
SU-322 6257975N

426450E
-45/180 25.88 31.55 5.67 64.31 67.60
incl 25.88 27.58 1.7 37.56 31.22
incl 30.97 31.55 0.58 514.0 528.0
SU-324 6258165N

426475E
-50/180 264.0 268.5 4.5 10.33 9.97
SU-325 6258090N

426612
-55/180 15.36 16.53 1.17 31.40 757.0
215.5 224.63 9.13 96.56 93.11 2 Gold samples cut
215.5 224.63 9.13 169.1 93.11 Uncut
incl 217.94 218.2 0.26 574.0 232.0 Uncut
incl 224.04 224.63 0.59 1,590 744.0 Uncut
286.0 290.5 4.5 14.84 11.30
395.15 395.65 0.5 124.5 62.00
WEST ZONE
SU-314 6258863N

426677E
-75/135 289.5 310.07 20.57 27.18 398.71
incl 299.0 302.0 3.0 85.45 854.50
incl 306.5 309.0 2.5 104.12 1,049.20
(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) Previously reported: Hole SU-316 intervals 302.62 to 326.75; Hole SU-318 intervals 29.5 to 62.11 and Hole SU-320 intervals 9.56 to 135.5.
(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.

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.

Contact: Robert Quartermain 
Company Name: Pretium Resources Inc.
Contact Title: President and Chief Executive Officer
Phone: (604)558-1784

Contact: Michelle Romero
Company Name: Pretium Resources Inc.
Contact Title: Corporate Relations Director
Phone: (604)558-1784
Other1: invest@pretivm.com
Other2: www.pretivm.com
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