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Pretium Resources Inc. (PVG) has lifted travel restrictions at the Brucejack Mine following a COVID-19 outbreak. After 453 tests, it was found that most positive cases were limited to a small cluster. Travel has resumed with enhanced health protocols in collaboration with local indigenous partners and BC Northern Health. Currently, 21 COVID-19 cases are managed, all in isolation and healthy. Despite the outbreak, mining operations continued, and the company is assessing the operational impact.
Pretium Resources Inc. (TSX/NYSE: PVG) has reported a COVID-19 outbreak at its Brucejack Mine, confirmed by the BC Northern Health Medical Health Officer. The company is managing 14 cases among employees and contractors, implementing travel restrictions and enhanced health protocols to safeguard the workforce and surrounding communities. Isolation measures are in effect, and operations continue under strict health guidelines. The company's primary focus remains the health and safety of its personnel while closely monitoring the outbreak's impact.
Pretium Resources Inc. (PVG) reported managing 9 COVID-19 cases among employees at the Brucejack Mine in British Columbia, with all individuals in isolation and stable health. Collaborating with BC Northern Health, the company is conducting contact tracing and has implemented enhanced COVID-19 protocols to ensure employee safety. Despite these challenges, the mine continues its operations while adhering to stringent health guidelines. The company remains committed to monitoring the situation closely and will provide further updates as necessary.
Pretium Resources announced strong gold production results for Q4 and the full year 2020, achieving 347,743 ounces, slightly above guidance. During Q4, the company produced 88,299 ounces at the Brucejack Mine, maintaining a recovery rate of 97%. A discretionary debt payment of $160 million was made, reducing total credit facility debt to $38 million by year-end. For 2021, Pretium expects gold production between 325,000 to 365,000 ounces, with an all-in sustaining cost projected between $1,060 and $1,190 per ounce, while targeting free cash flow of $120 to $170 million.
Pretium Resources Inc. (TSX/NYSE: PVG) announced the immediate resignation of Robin Bienenstock from its Board of Directors. Bienenstock, who joined in 2018, was a significant member of the Compensation Committee and had served as Chair since February 2019. The Board expressed gratitude for her contributions, particularly in enhancing the company’s compensation policies and corporate governance. This leadership change occurs as Pretium continues its operations in the gold mining sector, focusing on the high-grade Brucejack Mine.
Pretium Resources (PVG) has finalized the sale of the Snowfield property to KSM Mining for US$100 million in cash. The deal includes a 1.5% net smelter royalty on future production from Snowfield and a potential US$20 million contingent payment based on production milestones. The cash proceeds will reduce the company's outstanding debt of US$198 million. This transaction will result in a non-cash impairment loss, with Snowfield's book value at US$232.1 million as of September 30, 2020.
Pretium Resources Inc. (PVG) announced promising results from its 2020 exploration program in British Columbia, revealing significant gold mineralization at the newly discovered Hanging Glacier Zone. The program saw 25,350 meters of diamond drilling conducted across four mineralized zones surrounding the Brucejack Mine, leading to high-grade gold assays, including up to 9.55 grams per tonne gold. For 2021, the company plans an extensive exploration program totaling approximately 195,000 meters to expand resource definition and explore nearby areas.
Pretium Resources Inc. (PVG) has signed an agreement with KSM Mining ULC to sell its Snowfield property in British Columbia. The transaction includes US$100 million in cash at closing, a 1.5% net smelter royalty on production, and a US$20 million contingent payment. The deal aims to bolster Pretivm's balance sheet by reducing its debt, currently at US$198 million. A non-cash impairment loss will be recorded in Q4 2020, with the book value of Snowfield reported at US$232.1 million. The transaction is expected to close by the end of Q4 2020.
Pretium Resources Inc. (PVG) announced the appointment of Tom Peregoodoff as an independent director. With over 30 years of experience in the mining industry, his expertise in geology and resource development is expected to enhance the Board's capabilities. Peregoodoff previously served as President and CEO of Peregrine Diamonds, leading its sale to DeBeers Canada. His extensive background, including a significant tenure at BHP, will contribute to Pretium's continued growth. The company operates the high-grade Brucejack Mine, reinforcing its position as an intermediate gold producer.
