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  1. PIL - ASX Company Announcement
    $gen0 THIS IS A PRIORITY ITEM
    17 January 2003
    Part 1/1
    --------
    PILBARA MINES LIMITED
    ---------------------

    HOMEX - Perth
    -------------------------
    Exploration Update - Teutonic Bore & Lennons Find

    * Gold exploration drilling commenced in October 2002 with
    encouraging early results

    * Pilbara signs a JV agreement with Newmont at Teutonic Bore

    * EM Survey at Lennons Find Project identifies six drill targets -
    drilling program planned for early 2003

    Pilbara Mines Ltd is pleased to announce an update on exploration
    activities at its Teutonic Bore regional exploration project and
    Lennons Find Project in Western Australia.

    REGIONAL GOLD EXPLORATION (Pilbara 100%)

    Drilling commenced on stage 1 during October 2002 to follow up the
    "gold corridor" on 400 metre by 100m centres and with some drill
    sections continuing further west to cover an area of previous
    anomalous nickel results associated with ultramafic rocks. The
    initial programme consisted of approximately 13,000 metres of
    drilling and was completed in December 2002. Results to date have
    confirmed the location of gold mineralisation within a northwest
    trending structure over some 8 km of strike, with the aim of locating
    a dilation zone containing economic accumulations of gold.

    Preliminary results reported to date have supported the potential of
    this zone, with hole 491 intersecting gold mineralisation over 37
    metres from 57 metres with grades up to 0.83 g/t Au. The adjacent
    hole, 492, 100 metres to the west intersected anomalous gold over 8
    metres from 95 metres to the end of hole with grades up to 0.36 g/t
    Au. A number of other holes have reported anomalous grades up to in
    excess of 1.0 g/t Au and will be followed up with further drilling.

    A summary of all results for the stage 1 programme will be compiled
    when all assays are received.

    Drilling re-commenced on 15th January 2003 to complete stage 2 of the
    programme.

    Results are also confirming a zone of nickel anomalism to the west of
    the project area and have also outlined highly anomalous zinc and
    copper. These results have been brought to the attention of Inmet as
    per the Teutonic Bore JV agreement.

    Significant results will be reported at completion of the stage 2
    programme.

    NEWMONT JOINT VENTURE

    Pilbara have signed a JV agreement with Newmont Australia, on two
    exploration licences in the Teutonic Bore area. One EL is adjacent to
    and immediately east of the Teutonic Bore project area. The ground is
    highly prospective for gold mineralisation with preliminary rock chip
    sampling by Pilbara recording values to 9 g/t gold in an area of
    quartz float and no previous drilling. The area shows similar
    geological characteristics to the Celtic and Wonder open cut gold
    mines, on strike and 7 km to the north, operated by Sons of Gwalia
    and contains the northwest trending granite greenstone contact.

    Pilbara propose to initiate an exploration programme early in 2003 to
    follow up these preliminary results.

    The other EL is located west of Teutonic Bore and includes ultramafic
    and mafic rocks of the Mt Clifford domain, and contains a deformed
    sequence of komatiites overlain by mafic extrusive, and intrusive
    lithologies, with minor felsic intrusions, highly prospective for
    nickel and gold mineralisation.

    Little or no previous exploration is evident on these EL's.

    LENNONS FIND PROJECT (100% Pilbara)

    As announced during August 2002, Pilbara commissioned Outer Rim
    Geophysical Consultants (originally commissioned by Inmet at the
    outset of the Teutonic Bore JV) to carry out an EM survey over the
    Lennons Find base metal deposit, SE of Marble Bar in the Pilbara
    region of WA. The survey covered strike extensions to the known
    resource at Hammerhead and the mineralised contact zone, over
    approximately 5 km of strike, with the aim of providing conductive
    areas representing potential increases in grade and thickness
    concentrations of base metal mineralisation.

    The results of the survey identified several down dip as well as
    along strike conductive anomalies. Some of the deeper anomalies are
    more conductive than known mineralisation.

    The report recommends 6 targets for drill testing zones of
    potentially enhanced grade and thickness. Some targets are near
    surface while others are located up to 300m in depth

    Pilbara is currently preparing a drilling programme to assess these
    targets early in 2003.


    ASX Code: PIL Telephone: (08) 9322 9999
    www.pilbaramines.com.au
    infopilbaramines.com.au

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