PRETIUM RESOURCES INC. ANNOUNCES INITIAL PUBLIC OFFERING

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VANCOUVER, Oct. 29 /CNW/ - Pretium Resources Inc. (Pretium) is pleased to announce that it has filed a preliminary prospectus dated October 28, 2010 with the securities regulatory authorities in each of the provinces and territories of Canada except Quebec in connection with a proposed initial public offering (IPO) of its common shares.  The underwriting syndicate for the offering is led by CIBC (lead bookrunner).

Pretium is a start-up company that intends to acquire, explore and develop precious metals resource properties, initially in the Americas and with a focus on gold.  Pretium has entered into an agreement to purchase the Snowfield Project and the Brucejack Project in British Columbia, Canada from Silver Standard Resources Inc. (Silver Standard) for total consideration of $450 million, payable by a minimum of $215 million in cash and the balance by way of Pretium common shares valued at the IPO offering price.  Silver Standard's shareholding in Pretium is anticipated to comprise less than 50% of the fully diluted number of issued Pretium common shares calculated immediately following the closing of the IPO.  The net funds raised under the IPO will be used to fund the cash portion of the Snowfield Project and the Brucejack Project purchase, the prefeasibility engineering studies and continuing exploration of the Snowfield and Brucejack Projects, the acquisition and exploration of other gold and precious metal projects and general corporate purposes.  Closing of the IPO and purchase is expected to occur in December, 2010.

A National Instrument 43-101 compliant preliminary economic assessment in respect of the Snowfield Project and the Brucejack Project was previously issued to Silver Standard.  In contemplation of Pretium's acquisition of these Projects, that report, entitled "Technical Report and Preliminary Assessment of the Snowfield Brucejack Project" (PEA), has been re-issued to Pretium and is available under its profile at www.sedar.com.  The PEA is based on the results of Silver Standard's 2009 drilling program for the Snowfield and Brucejack Projects.

The Snowfield Project mineral resource estimate based on the PEA is summarised below. ^{(1)(2)(3)(4)(5)}

Class	Tonnes x M	Au g/t	Au   ozs x M	Ag g/t	Ag   ozs x M	Cu %	Mo  ppm	Re g/t
Measured.....................	143.7	0.83	3.85	1.57	7.27	0.08	100	0.62
Indicated......................	951.6	0.60	18.19	1.78	54.38	0.11	87	0.47
Measured + Indicated..	1095.3	0.63	22.04	1.75	61.65	0.11	89	0.49
Inferred........................	847.2	0.40	10.99	1.53	41.62	0.07	82	0.33

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Notes:

(1)     Mineral resource estimate at a 0.30g/t AuEq cut-off.
(2)     Mineral resource sensitivities are accumulated within an optimized pit shell.
(3)     Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(4)     The quantity and grade of reported inferred resources in this estimation are conceptual in nature. There is no guarantee that all or any part of the mineral resource will be converted into mineral reserves.
(5)     Metal price assumptions are: Au US$980.00/oz; Ag US$14.89/oz; Cu US$2.65/lb; Mo US$17.00/lb; Re US$145.00/oz.

The Brucejack Project mineral resource estimate based on the PEA is summarised below.^{(1)(2)(3)(4)(5)}

Class	Tonnes x M	Au g/t	Au   ozs x M	Ag g/t	Ag   ozs x M
Measured....................	9.9	2.06	0.66	75.0	23.8
Indicated.....................	110.7	0.95	3.38	11.7	41.6
Measured + Indicated..	120.5	1.04	4.04	16.9	65.4
Inferred........................	198.0	0.76	4.87	11.2	71.5

____________________
Notes:

(1)     Combined mineral resource estimate at a 0.35g/t AuEq cut-off.
(2)     Mineral resource sensitivities are accumulated within an optimized pit shell.
(3)     Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(4)     The quantity and grade of reported inferred resources are conceptual in nature. There is no guarantee that all or any part of the mineral resource will be converted into mineral reserve.
(5)     Metal price assumptions are: Au US$800.00/oz; Ag US$12.00/oz;

Pretium plans to continue with an update of the Snowfield Project's and the Brucejack Project's resources based on the 2010 program drilling as well as initiating a prefeasibility study to evaluate a potential development strategy for the Projects.

"We are pleased to take this first step in building a leading gold exploration and development company," stated Robert Quartermain, Pretium's Chief Executive Officer.  "The combined Snowfield Project and Brucejack Project is a large gold asset with excellent potential for resource expansion and provides a solid foundation on which to grow Pretium into a gold focused precious metals company."  Mr. Quartermain added, "We believe that with our experienced management group and Board, together with the Snowfield and Brucejack Projects, Pretium will be well positioned to grow shareholder value through gold."

A copy of Pretium's preliminary prospectus will be available under Pretium's SEDAR profile at www.sedar.com.

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to United States persons absent registration or any applicable exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws.  This release shall not constitute an offer to sell, or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Pretium Resources

Pretium is a start-up company that intends to acquire, explore and develop gold and precious metals resource properties, initially in the Americas.  Under an agreement described in the preliminary prospectus, Pretium has the right to acquire from Silver Standard the Snowfield and Brucejack pre-development gold resource projects in Northern British Columbia, Canada.  Pretium's principal objective is to advance the Snowfield and Brucejack Projects to feasibility to explore for and acquire other precious metals resource properties.  Pretium's overall strategy is to position itself as a leading gold and precious metals exploration company.

Qualified Persons

F.H. Brown (M.Sc. Eng., CPG, Pr.Sci.Nat.)., of P&E Mining Consultants Inc. who is independent of Pretium, is the "qualified person" under National Instrument 43-101 responsible for the Snowfield and Brucejack resource estimates contained herein and has reviewed and approved the contents of this news release.

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 the acquisition of the Snowfield Project and the Brucejack Project, anticipated production and developments in our operations in future periods, our planned exploration and development activities, the estimation of mineral resources, realization of mineral resource estimates, costs and timing of development of the Snowfield and Brucejack Projects, costs and timing of future exploration, results of future exploration and drilling, timing and receipt of approvals, consents and permits under applicable legislation, our executive compensation approach and practice, the composition of our board of directors and committees, 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 Pretium's preliminary prospectus filed on SEDAR at www.sedar.com

Forward-looking statements are based on the expectations and opinions of Pretium'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.  Our forward-looking information is based on the beliefs, expectations and opinions of management on the date the statements are made, and 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.

For further information:

Pretium Resources Inc.
#2300 - 1066
West Hastings Street
Vancouver, British Columbia
V6E 3X2

Robert Quartermain, President
Tel: [phone]

Investor Relations
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