Pretium Resources Inc.: Updated PEA for Brucejack High-Grade Gold Project

Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) ("Pretivm") is pleased to report results from the National Instrument 43-101-compliant Updated Preliminary Economic Assessment ("PEA") for the high-grade gold and silver resources identified to date at its 100%-owned Brucejack Project in northern British Columbia. The PEA was prepared by Wardrop, a Tetra Tech Company (Tetra Tech).

Highlights (base case using US$1,100/oz gold, US$21/oz silver and exchange rate of US$0.93:C$1.00)

--  Base Case pre-tax Net Present Value (5% discount) of US$2.262 billion; 
    
--  Mine life of 24 years producing an estimated 6.9 million ounces of gold
    and 17.0 million ounces of silver; 
    
--  Average annual production of 325,000 ounces of gold over the first 12
    years and 287,000 ounces of gold over the life of mine; 
    
--  Base Case pre-tax Net Cash Flow over the proposed mine life of US$5.133
    billion; 
    
--  Base Case pre-tax Internal Rate of Return of 29.8%, with payback
    estimated at 4.1 years; 
    
--  Estimated initial capital cost, including contingencies, of US$436.3
    million; 
    
--  Average operating costs of C$170.90/tonne milled over mine life.
    

Table 1: Summary of Brucejack High-Grade Economic Results by Metal Price    
                                                                            
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                                                   Spot Prices              
                         Base Case(1)              at February 17, 2012     
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Gold price (US$/ounce)   $1,100                    $1,733.60                
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Silver Price (US$/ounce) $21.00                    $33.46                   
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Net Cash Flow            $5.133 billion (pre-tax)  $9.467 billion (pre-tax) 
                         $3.357 billion (post-tax) $6.185 billion (post-tax)
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Net Present Value (5.0%  $2.262 billion (pre-tax)  $4.330 billion (pre-tax) 
 discount)               $1.454 billion (post-tax) $2.808 billion (post-tax)
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Internal Rate of Return  29.8% (pre-tax)           43.4% (pre-tax)          
                         25.0% (post-tax)          36.5% (post-tax)         
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Payback                  4.1 years (pre-tax)       3.2 years (pre-tax)      
                         4.2 years (post-tax)      3.3 years (post-tax)     
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Exchange Rate (US$:C$)   $0.93                     $0.997                   
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(1) Tetra Tech-adopted consensus forecast metal prices from the Energy      
Metals Consensus Forecast (EMCF). The same base case metals prices were used
in the June 2011 Preliminary Economic Assessment of the Brucejack Project   
(see news release dated June 2, 2011).                                      

The Brucejack high-grade project is planned to be mined as an underground operation with the Valley of the Kings and West Zone the two targeted lodes. The underground mine is planned to operate with a processing rate of 1,500 tonnes per day and mine a total of 11.8 million tonnes of mineralized material from the Valley of the Kings and West Zone with an average mill feed grade of 18.9 grams per tonne gold and 59.3 grams per tonne silver.

Gold-silver dore will be produced using a combination of conventional bulk sulphide flotation, gravity concentration and cyanidation, with gold and silver recovery by the Merrill-Crowe process. A total of 6.9 million ounces of gold and 17.0 million ounces of silver is estimated to be produced over the life of the Brucejack Project.

The total estimated initial capital cost for the Brucejack high-grade project is US$436.3 million, an increase of 55% over the June 2011 PEA estimated capital cost. The increase in capital cost is primarily due to two factors. Underground development has been brought forward almost one year in order to access higher-grade ore earlier in the production schedule. As a result, pre-production mining costs have increased from US$52 million to US$128 million. In addition, mine site power is now planned to be supplied by tying into the electrical transmission grid at an estimated cost of US$42 million. The estimated operating cost of electrical power supplied from the transmission line is C$0.06 per kilowatt hour versus C$0.33 per kilowatt hour supplied from diesel as contemplated in the previous PEA.

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the PEA will be realized.

The Technical Report for the PEA for the high-grade gold and silver resources at the Brucejack Project has been filed on SEDAR and will also be available at www.pretivm.com.

Ian I Chang, M.A.Sc., P.Eng., Vice President, Project Development, Pretium Resources Inc. is the Qualified Person (QP) responsible for Brucejack Project development.

Table 2: Projected Production and Processing Summary                        
                                                                            
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Mine Type                                                       Underground
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Total Production                                        11.8 million tonnes
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Processing Rate                                        1,500 tonnes per day
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                                              Gold                   Silver
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Average Mill Feed Grade       18.9 grams per tonne     59.3 grams per tonne
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Average Metal Recoveries                     95.7%                    75.5%
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Average Annual Production (ounces):                                        
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  Years 1-12                               325,000                  444,000
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  Life of Mine (24 years)                  287,000                  710,000
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Total Production (ounces):                                                 
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  Years 1-12                         3.899 million            5.333 million
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  Life of Mine (24 years)            6.878 million           17.030 million
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Table 3: Capital Costs Summary                                              
                                                                            
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Capital Costs (US$ million)                                                 
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Direct Costs                                                           328.3
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Indirect Costs                                                          58.2
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Owner's Costs                                                           11.9
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Contingencies                                                           37.8
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Total Capital Cost                                                     436.3
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Table 4: Operating Costs Summary                                            
                                                                            
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Operating Costs (C$/t milled)                                              
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Mining                                                                103.6
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Processing                                                             37.7
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General & Administrative                                              19.26
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Plant Services                                                        10.29
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Total Operating Cost                                                  170.9
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Independent Qualified Persons

The following Qualified Persons as defined by National Instrument 43-101 are independent of Pretivm and responsible for the Updated PEA of the Brucejack Project:

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Qualified Person                      Scope of Responsibility               
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Hassan Ghaffari, P.Eng.               Capital cost estimate, project        
Tetra Tech                            execution plan                        
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Sabry Abdel Hafez, Ph.D.,P.Eng.       Economic Analysis                     
Tetra Tech                                                                  
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John Huang, P.Eng.                    Mineral processing and metallurgical  
Tetra Tech                            testing, infrastructure, process      
                                      operating cost estimate               
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Pierre Pelletier, P.Eng.              Environmental considerations          
Rescan Environmental Services Ltd                                           
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Tracy Armstrong, P.Geo.               Geology, property: description,       
P&E Mining Consultants Inc.           history, geological setting, deposit  
                                      types, mineralization, exploration,   
                                      physiography, drilling, sampling,     
                                      adjacent properties                   
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Caroline Vallat, P.Geo.               Data verification                     
GeoSpark Consulting Inc.                                                    
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Fred H. Brown, CPG, Pr.Sci.Nat.       Site visit and mineral resource       
P&E Mining Consultants Inc.           estimate                              
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H. Warren Newcomen, P.Eng.            Preliminary geotechnical design for   
BGC Engineering Inc.                  underground workings                  
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Hamish Weatherly, P. Geo.             Water management                      
BGC Engineering Inc.                                                        
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Lori-Ann Wilchek, P.Eng.              Waste management and leach plant      
BGC Engineering Inc.                  tailings storage facility design      
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Peter Mokos, MAusIMM (CP)             Mining, including capital and         
AMC Mining Consultants (Canada) Ltd.  operating costs estimates             
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About Pretivm

Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack, which hosts a significant undeveloped high-grade gold resource.

Forward-Looking Statement

This Press Release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, information with respect to our plans, costs and timing for future exploration (including updated resource estimates) and development activities, results of future exploration, timing and receipt of approvals, consents and permits under applicable legislation, production and developments in our operations in future periods and adequacy of financial resources. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential" or variations thereof, or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information. Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation, those risks identified in Pretivm's final short-form prospectus dated April 4, 2011 filed on SEDAR at www.sedar.com. Forward-looking information is based on the expectations and opinions of Pretivm's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise. We do not assume any obligation to update forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable law. For the reasons set forth above, prospective investors should not place undue reliance on forward-looking information.

The TSX has neither approved nor disapproved of the information contained herein.

Contacts: Pretium Resources Inc. Robert Quartermain President and Chief Executive Officer [phone] Pretium Resources Inc. Michelle Romero Corporate Relations Director (604) [e-mail] www.pretivm.com