Ivor Jones’ technical report uses the wrong geological controls. When Pretium expanded the bulk sampling program, it went out of its way to trace and excavate the Cleopatra vein. The Contact Mill in Montana confirmed that the vein has grades above 80g/t. The issue is that the Cleopatra vein’s geological controls are completely different than those used for the resource estimate. Pretium’s technical reports were not updated to reflect this.
Management has attributed the poor showing in the first 7 months to the ‘ramp up’ process. Management is suggesting that the ramp up will continue as “steady state” production is guided for mid or late this year. This suggests to me that management continues to lack confidence in the deposit.