Pretium Resources' bulk sample gold output tops target, shares jump

Fri Nov 22, 2013 11:19am EST
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Nov 22 (Reuters) - Shares of Pretium Resources Inc nearly doubled after the Canadian miner said gold output from its 10,000-tonne bulk sample program at Brucejack in British Columbia topped its target of 4,000 ounces.

The company said it has processed 8,090 tonnes of bulk sample from the program, dubbed "Valley of the Kings", and produced 4,215 ounces of gold.

Pretium said processing of the remaining bulk sample would be completed by the first week of December.

Independent consultant Strathcona Mineral Services Ltd quit Pretium's "Valley of the Kings" program last month and said there were "no valid gold mineral resources" there.

Strathcona is best known for its role in exposing problems at miner Bre-X in the late 1990s, where investors lost billions after a massive gold find was found to be fake.

Pretium shares were up about 83 percent at C$5.63 on Friday on the Toronto Stock Exchange. The stock rose as much as 97 percent earlier. (Reporting by Sneha Banerjee in Bangalore; Editing by Kirti Pandey)