November 28, 2011 / 4:14 PM / 6 years ago

UPDATE 1-Pretium ups resource estimate for Brucejack Project

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Nov 28 (Reuters) - Canada's Pretium Resources Inc reported a nearly five-fold increase in the high-grade gold reserve estimate for its Brucejack Project in British Columbia, sending its shares up 20 percent.

Pretium said the current measured and indicated high-grade gold resource estimate for the Brucejack project was 5.06 million ounces. In February, the company had said the measured and indicated high-grade gold resource estimate for Brucejack was 903,000 ounces.

Pretium said an update to its preliminary economic assessment at Brucejack is underway and expects to complete it in the first quarter of next year.

The company also expects to start with a feasibility study for the project shortly.

Shares of Pretium were trading up C$1.71 at C$10.09 Monday morning on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Hezron Selvi)

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