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TMCNet:  Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Pretium Resources, Inc.

[December 03, 2013]

Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Pretium Resources, Inc.

BENSALEM, Pa. --(Business Wire)--

Law Offices of Howard G. Smith announces that investors of Pretium Resources, Inc. ("Pretium" or the "Company") (NYSE:PVG) have until December 24, 2013, to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") comprising all purchasers of Pretium securities between January 19, 2011 and October 21, 2013, inclusive (the "Class Period").

Pretium engages in the acquisition, exploration and development of precious metal resource properties in the Americas. One of the Company's main mineral resource projects is an advanced stage gold-silver exploration project focused on exploration of mineral reserves in the Valley of Kings ("VOK") zone in northwestern British Columbia. Pretium engaged Strathcona Mineral Services Ltd. as independent "Qualified Persons" to oversee the Valley of the Kings bulk sample program and prepare a report at the conclusion of the project concerning mineral resource estimates.

The Complaint allges that the defendants misrepresented or failed to disclose that:


  • The mineral resources, potential mineral reserves and potential gold production in the VOK zone were exaggerated.
  • The Company's sampling methodology for the Valley of the Kings Bulk Sample Program was unreliable and misleading.

On October 22, 2013, Pretium announced the withdrawal of Strathcona from the Valley of the Kings Bulk Sample Program before any results from the processing of the bulk sample were available. According to the Company, 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." Following this news, Pretium declined 27%, or $1.27 per share, to close on October 22, 2013, at $3.36 per share, on unusually heavy trading volume

If you are a member of the Class described above, you have certain rights and have until December 24, 2013, to move for lead plaintiff status. To be a member of the class you need not take any action at this time or may retain counsel of your choice. If you purchased shares prior to the Class Period and wish to learn more concerning your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.


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