Pretium soars on bulk sample results

Shares of Pretium Resources were up 80% on Friday, trading at $5.52 apiece, after the Canadian gold miner reported bulk samples that surpassed targets.

Pretium has produced 4,215 ounces of gold from 8,090 dry tonnes of excavated material – 215 ounces more than expected. Approximately 1,815 wet tonnes remain to be processed.

The sampling comes from the company's 100%-owned Burcejack project in northwestern British Columbia.

The focus of the Project is the Valley of the Kings which hosts probable mineral reserves of 6.6 million ounces of gold. Commercial production is expected in 2016.

Pretium also owns the Snowfield project in northern BC.

Last month Strathcona Mineral Services sent Pretium shares plummeting after it walked away from the Burcejack project, saying there were "no valid gold mineral resources" there, Reuters reports.