W I N T E R 2 0 1 5
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contains high-grade visible gold string-
ers in a lower-grade gold-quartz stock-
work system. A feasibility study com-
pleted in June 2014 has outlined proven
and probable mineral reserves in the
Valley of the Kings of 6.9 million ounces
of gold (13.6 million tonnes grading
15.7 grams per tonne gold). Permitting
is underway for an underground mine
at Brucejack.
Pret ium has fou nd t he market
challenging for raising money. But in
January 2015, the company closed a non-
brokered private placement with Zijin
Mining Group Ltd. that raised almost
$81 million. Zijin is a gold, copper and
non-ferrous metals producer and refiner
in China. Pretium intends to use the
proceeds from the offering to fund capi-
tal expenditures at Brucejack, including
the procurement of long-lead items and
camp infrastructure.
Shaoyang Shen of Zijin was appointed
to Pretium's board of directors. Pretium
president Joe Ovsenek says the deal was
good for both his company and for Zijin.
"The deal gave the Chinese an interest
in a premium gold project, the Valley of
the Kings," he says. "Zijin got just under
10 per cent of Pretium. And it gave us
the opportunity to raise financing in one
tranche and to maintain the momentum
of the project. Construction began in
September of this year."
Ovsenek says the deal was well timed.
"In December 2014, the price of gold
was way down, and there was talk of it
going even lower," he says. "We got the
financing when we were able to put it to
good use." Ovsenek says negotiations
with Zijin took nine months. "We found
that Asian investors have a longer time
horizon than North Americans," he says.
Pretium Resources Inc.'s Brucejack project.
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