07:04 AM EDT, 03/10/2020 (MT Newswires) -- Pretium Resources Inc. (PVG.TO), which is up 4.7% in US premarket trading, has released updated figures for the Brucejack Mine. Pretium says the update highlights the "continued robust economics" of the long-life underground operation. The effective date of the 2020 Mineral Reserve and 2020 Mineral Resource is January 1, 2020.

"Consistent with the preliminary production outlook for post-2020 gold production in the Valley of the Kings announced on February 12, our updated life of mine plan outlines average annual gold production of 367,000 ounces for the first nine years while mining primarily in the Valley of the Kings," said Joseph Ovsenek, President and CEO of Pretivm. "At a gold price of $1,600, Brucejack now has an estimated after-tax net present value at a 5% discount rate of $2.13 billion over the 13-year mine life. Since achieving commercial production in July 2017, Brucejack has generated over $500 million of cash flow and is expected to generate strong cash flow well into the future."

Summary of 2020 Updates

The 2020 LOM Plan is based on the 2020 Mineral Reserve and the 2020 Mineral Resource estimates. The Mineral Resource cut-off for the Valley of the Kings Zone has been lowered to 3.5 g/t gold, as this cut-off better resembles the recently mined grades, Pretium says. This has resulted in an increase in the number of tonnes in the Measured and Indicated Mineral Resource categories, albeit at a lower reported grade.

Approximately 50% of the tonnes comprising the 2020 Mineral Reserve are from the area of the Valley of the Kings where the Mineral Resource was updated.