VANCOUVER — Pretium Resources’ (TSX: PVG; NYSE: PVG) new 8.7 million oz. Brucejack gold mine in northwestern B.C.’s Golden Triangle district is “well on its way” to becoming a 500,000 oz. per year gold producer, president and CEO Joseph Ovsenek says.
During the third quarter, the company produced 82,203 oz. gold from 261,262 tonnes grading 10.52 grams gold per tonne. News of the results drove company shares up 28% to peak at $15.48, before settling to $14.98 at press time.
“I’m fairly confident that our quarterly results beat the expectations on the street,” Ovsenek tells The Northern Miner during a phone interview. “There’s also a Credit Suisse research note that talked about a large short position on Pretium, and how this is forcing some of those to cover. So I expect that’s a big part of our recent share price gain as well.”
In July, at the onset of the quarter, 16,882 oz. gold was produced largely from low-grade stockpiles and development muck. As the ramp-up progressed into August, the mill processed stope ore at grades of 12.36 grams gold, which led to 65,321 oz. gold production.
The underground operation surpassed the mill’s nameplate 2,700-tonne-per-day capacity, having processed 2,840 tonnes per day during the quarter.
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