drilling encounters 2nd lens!

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    Things might be looking up for this languishing little puppy.........


    Company Announcement


    Jaguar Diamond Drill intersects a 2nd massive sulphide lens

    PILBARA MINES LIMITED 2003-05-27 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    The Directors of Pilbara Mines Ltd (Pilbara) are pleased to advise
    shareholders and the market that diamond drilling at Pilbara's 100%
    owned Jaguar Base Metal Project is ongoing with 7 new holes completed
    to date.

    Drill Intersections have shown areas of increased thickness of
    massive sulphide mineralisation (high grade copper/zinc/silver) and
    extensive zones of stringer/stockwork mineralisation (medium to low
    grade copper/zinc/silver) within the Jaguar zone.

    Holes TBD234 and TBD238 (see table below) indicate that there is a
    second high-grade massive sulphide lens within the Jaguar structure.
    These intersections have considerable implications for the resource
    potential at Jaguar.

    This data is being incorporated into a 3-dimensional model and once
    assay information is available an updated resource will be
    calculated. Areas of increased thickness will result in increased
    tonnes to the resource base which currently stands at 1.4Mt @ 3.7%Cu,
    13.2%Zn, 140g/tAg and 0.9%Pb.

    Intersections to date, based on visual sulphide content include:

    HOLE # FROM TO METERS MINERALISATION NORTHING

    TBD234 523.48 532.32 8.84 High Grade 56146
    TBD234 542.58 548.18 5.60 High Grade 56146
    TBD234 548.18 570.60 22.42 Medium Grade 56146
    TBD210W 397.80 409.80 12.00 High Grade 55950
    TBD235 470.47 477.82 7.35 High Grade 55927
    TBD235 477.82 493.00 15.18 Medium Grade 55927
    TBD235 498.80 565.85 67.05 Low/Medium Grade 55927
    TBD236 333.60 339.60 6.00 Low Grade 55982
    TBD237 557.58 559.43 1.85 High Grade 56110
    TBD237 559.43 566.60 7.17 Medium Grade 56110
    TBD237 588.30 639.65 51.35 Low/Medium Grade 56110
    TBD238 485.10 492.15 7.05 High Grade 56008
    TBD238 505.25 511.02 5.77 High Grade 56008
    TBD238 511.02 536.00 24.98 Medium Grade 56008

    Note: All holes drilled grid east.

    ASSAY RESULTS TO DATE:

    TBD210W 397.80 to 409.80 12.00 metres @ 20.13%Zn, 1.32%Cu, 78g/tAg
    0.59%Pb

    These Intersections confirm the continuous nature of the Jaguar
    Deposit and further confirm the scope to increase the Jaguar
    Resource. Significant intercepts of stringer (medium grade)
    mineralisation on the immediate footwall to the massive (high grade)
    mineralisation may be incorporated into the resource, dependant on
    grade.

    Further assay results are expected to be available shortly and will
    be reported when received.

    Metallurgical test work conducted forming part of Pilbara's ongoing
    mine feasibility studies on diamond drill core samples indicate high
    recovery of metals from initial simple grinding and flotation work.
    Full reporting is awaited.

    The Directors also want to advise that under the recently formed
    Teutonic Bore Joint Venture (Pilbara 35% and Inmet Mining Ltd of
    Canada 65%) that Inmet Mining Ltd, as Teutonic Bore Joint Venture
    Manager, propose to recommence diamond drilling during the June 03
    quarter on two significant EM targets to the south of Jaguar and on
    any further targets outlined in the current EM survey.

    NOTE: This report, so far as it pertains to ore and mineralisation,
    is based on information compiled by and as reported upon by Mr. J
    Davis, Managing Director, Pilbara Mines Ltd who is a member of the
    Australasian Institute of Mining and Metallurgy and has more than 25
    years experience in the field of activity concerned. Rule 5.3

    ASX Code: PIL Options Code: PILO

    For further information, please contact:
    Mr John Davis
    Managing Director
    Pilbara Mines NL
    Telephone: (08) 9322-9999
    Mobile: (0417) 916-849

    Or visit Pilbara's web site:
    www.pilbaramines.com.au

    Whooooohooooo, GO PIL!!

    GZ
 
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