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| August 21, 2014 --- Vol. 08, No. 34 | August 2014
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British Columbia
GOLD – SnipGold Corp. Aug. 20 reported the acquisition of two mining leases adjacent to its Iskut gold property in northwestern British Columbia. The leases are immediately down-slope from the historical Inel underground workings that Gulf International Minerals Ltd. explored in the late 1980s and to which little work have been done since. These leases will become part of the KSP earn-in property currently being explored by Colorado Resources Ltd. under a December 2013 earn-in agreement. Gulf is the underlying owner of 100 percent interest in the properties; the holder of record for the properties is McLymont Mines Inc., a wholly owned subsidiary of Romios Gold Resources Inc. To acquire the properties, SnipGold will make a one-time cash payment C$9,000 to Romios and issue Gulf 100,000 common share purchase warrants. Each warrant will entitle the holder to purchase one SnipGold common share at a price of C15 per share for a period of 36 months from the closing of the purchase agreement. The warrants will be subject to accelerated expiry based on the share price of SnipGold.
GOLD – Pretium Resources Inc. Aug. 20 reported the results from deep infill drilling underway in the Valley of the Kings, including the intersection of visible gold. Selected drill highlights include: Hole SU-632-W4, which intersected 335.65 grams per metric ton gold over 2.10 meters, including 4,130 g/t gold uncut over 0.80 meters and 3,530 g/t gold uncut over 0.50 meters. These high gold grades were intersected in hole SU-632-W4, which was wedged downhole off drillhole SU-632 at 272.5 meters. Drillhole SU-632 was collared in the western part of the Valley of the Kings. Directional drilling, which enables offset holes to be drilled downhole from a single surface drillhole, is underway as part of a deep infill drilling program in the Valley of the Kings. The program will support Pretium’s mine plan for a high-grade underground gold mine at the Brucejack Project located in northern British Columbia. Drilling is being conducted on a portion of inferred and indicated mineral resources from the December 2013 Valley of the Kings Mineral Resource estimate below the 1345 meter level. A second drill is currently dedicated to geotechnical drilling at site. For plan and section views of drill holes SU-631 and SU-632 with wedge holes drilled to date please see the following link http://media3.marketwire.com/docs/963717.pdf. Underground drilling in the Valley of the Kings is planned to commence in September after commissioning the new water treatment plant.
FINANCE – Pretium Resources Inc. Aug. 15 reported the closing of an over-allotment option offering of 1.242 million common shares at a price of US$7.25 per share pursuant to its marketed offering that closed on July 29, 2014. Upon closing of the over-allotment option, Pretium received gross proceeds of about US$7.4 million for the sale of 1,024,650 additional shares. The remaining 217,350 additional shares were sold by Silver Standard Resources Inc. at the offering price in a secondary offering for gross proceeds to Silver Standard of about US$1.58 million. Pretium is also pleased to announce the concurrent closing of its previously announced non-brokered private placement with Liberty Metals & Mining Holdings LLC, a subsidiary of Boston-based Liberty Mutual Insurance, of 496,054 common shares of Pretium at a price per share of US$7.25 for gross proceeds to Pretium of about US$3.5 million. The net proceeds of the over-allotment option to the company will be used to fund environmental and engineering activities, permitting and continued exploration activities at the Brucejack project and for general corporate purposes. In addition, Pretium intends to use the net proceeds of the private placement to fund environmental and engineering activities at the Brucejack project and for general corporate purposes. The company will not receive any of the proceeds from the sale of the additional shares by Silver Standard.
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