SAN FRANCISCO--(EON: Enhanced Online News)--Girard Gibbs LLP is investigating potential claims on behalf of purchasers of Pretium Resources, Inc. ("Pretium” or the "Company") (NYSE: PVG) shares concerning whether Pretium and certain of its officers and/or directors may have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 in connection with statements regarding Pretium’s business, operations and financial prospects.
“…there are no valid gold mineral resources for the VOK Zone, and without mineral resources there can be no mineral reserves, and without mineral reserves there can be no basis for a Feasibility Study.”
Pretium, located in Vancouver, was formed for the acquisition, exploration and development of precious metal resource properties in the Americas, including the Brucejack Project’s Valley of the Kings (“Valley of the Kings”) that is located in north-western British Columbia. Pretium previously announced that Strathcona Mineral Services Ltd. (“Strathcona”) of Toronto had been engaged as the independent “Qualified Person” to oversee and report on the 10,000-tonne bulk sample from the Valley of the Kings, and, as of November 20, 2012, indicated mineral resources at the Valley of the Kings were estimated at approximately 8.5 million ounces of gold, and inferred mineral resources were estimated at approximately 2.9 million ounces of gold.
On October 9, 2013, Pretium announced that Strathcona had withdrawn from the Program. On this news, shares of Pretium fell $2.07 or 30% to close at $4.70. On October 22, 2013, Pretium announced that in withdrawing from the Program, Strathcona advised Pretium that "…there are no valid gold mineral resources for the VOK Zone, and without mineral resources there can be no mineral reserves, and without mineral reserves there can be no basis for a Feasibility Study." Strathcona also advised Pretium that "…statements included in all recent press releases [by Pretium] about probable mineral reserves and future gold production [from the Valley of the Kings zone] over a 22-year mine life are erroneous and misleading." On this news shares of Pretium fell $1.27 or over 27% to close at $3.36.
If you purchased Pretium shares or are aware of any facts relating to this investigation, or would like more information about this investigation, please contact John Kehoe at (415) 544-6283 or click here for more information on this investigation.
Girard Gibbs LLP is one of the nation’s leading firms representing individual and institutional investors in securities fraud class actions and litigation to correct abusive corporate governance practices, breaches of fiduciary duty and proxy violations. For more information, please access the firm’s web site at www.GirardGibbs.com.