Feasibility Study and Technical Report - Pretivm

15.0 MINERAL RESERVE ESTIMATES15.1 GENERALThe mine design and mineral reserve estimation have been completed to a level ofappropriate for feasibility studies. The mineral reserve estimate stated herein isconsistent with the CIM Standards on mineral resources and mineral reserves and issuitable for public reporting. As such, the mineral reserves are based on Measured andIndicated Resources, and do not include any Inferred Resources.The mineral reserves were developed from the resource model, “bjbm_1211_v2_cut”,which was provided to AMC by Snowden−on behalf of Pretivm−in November 2012.15.2 CUT-OFF GRADEA NSR cut-off grade of $180/t of ore was used to define the mineral reserves, which isunchanged from the value used for both the June 2011 PEA (Ghaffari et al. 2011) andthe February 2012 Updated PEA (Ghaffari et al. 2012). In the 2012 Updated PEA, siteoperating costs were estimated at approximately $171/t based on a 1,500 t/d operation,of which $104/t was attributable to mining. The cut-off grade thus provided a minimummargin of $9/t of ore mined.The feasibility study provides the platform for increasing the accuracy of cost estimationsrelative to the 2011 and 2012 PEAs. Furthermore, the design production rate has beenincreased from 1,500 to 2,700 t/d. Average site operating costs over the LOM are nowevaluated as follows:• Mining: $94.4/t• Processing: $18.2/t• Surface Services: $19.6/t• G&A: $25.5/t• Total: $157.7/tThe $180/t NSR cut-off grade provides a minimum $22.3/t operating margin on oremined.Pretium Resources Inc. 15-1 1291990200-REP-R0012-02Feasibility Study and Technical Report on the BrucejackProject, Stewart, BC