Tough morning for PVG CEO Bob Quartermain

In a strange turn of events, Pretivm Resources (PVG:TSX) announced this morning that their qualified person overseeing the company’s highly anticipated 10,000 tonne bulk sample program has resigned. Strathcona Mineral Services had been engaged to oversee and report on the bulk sample.  It is unclear from the news release as to the reason for their resignation.  However, I spoke to someone close to the company who says the resignation by Strathcona was due to a difference of opinion between Snowdens and themselves on how to complete their model of the resource.  As markets often do, they have overreacted (if this truly is just a dispute between two QP's opinions).

Within the first 90 minutes of trading on Wednesday, shares in PVG had fallen over 30% to new all time lows of $4.56, although Pretivm's shares have picked up slightly since, last at $5.25 (11:31EST).

Here's the 6 month chart:

pvg

The company is saying that the bulk sample is going ahead at its planned processing rate of 1,000 tonnes per week.  At this years Denver Gold Forum, management told the audience that they believes they will get 4,000 ounces of gold from the 10,000 tonne bulk sample.  The total results of the bulk sample program should be completed within 5 weeks with an updated mineral resource to be prepared once the final assays are collected from their extensive 2013 drill campaign.

Read: PRETIUM RESOURCES INC.: BULK SAMPLE UPDATE