Northern Miner
On Jan. 23, Pretium Resources (TSX: PVG; NYSE: PVG) provided an update on the ramp-up of its flagship Brucejack underground gold mine in northwestern B.C.’s Golden Triangle district.
The company was criticized by BMO Capital Markets for providing “more questions than answers” following a release that included lower-than-expected mine grades and higher all-in sustaining costs (AISC).
Pretium’s stock had dropped over 30% to a 52-week low of $9.18 per share on the Toronto Stock Exchange (TSX), on 13.3 million shares traded at the time of writing on Jan. 29.
The company attributes the results to a delay in commissioning the “grade control system” at the mine, as well as flaws in its development plan related to areas lacking sufficient in-fill drilling.
Pretium president and CEO Joseph Ovsenek agreed to an exclusive interview with The Northern Miner to set the record straight on the Brucejack ramp-up. He explains that the company remains committed to producing roughly 500,000 oz. gold annually for the first eight years of the mine’s 18-year mine life, at an AISC of US$446 per oz. gold.
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