latest pil drill hole assays

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    Company Announcement

    Jaguar Diamond Drilling Results


    HOMEX - Perth

    Pilbara Mines Ltd (Pilbara) is pleased to advise shareholders and the
    market of results of the recently completed diamond drilling
    programme at Pilbaras 100% owned Jaguar Base Metal Project. As part
    of the feasibility study into the development of the Jaguar deposit
    these results further confirm the scope for Jaguar to develop into an
    underground mining project.

    Drill Intersections have shown areas of increased combined thickness
    of massive sulphide mineralisation (high grade copper/zinc/silver)
    and broad areas of stringer/stockwork mineralisation within the
    Jaguar zone. Holes TBD234 and TBD238 located approximately 150 metres
    apart have intersected an upper and lower massive sulphide zone,
    separated by some 10 metres, which suggests a parallel lode. The
    extent of this dual lode and its upward impact on the resource base
    is currently being assessed. The drilling has also highlighted areas
    of very high copper grades as in TBD234 (Lower) (7.48% Cu over
    5.65m), TBD238 (Upper) (4.05% Cu over7.05m) and TBD238 (Lower) (6.71%
    Cu over 5.77m) and TBD239 (4.91% Cu over 11.83m).

    Results of the high grade massive sulphide mineralisation are
    summarised below:

    M M M % % % G/T

    TBD210W 55951 9575 55 90 397.80 409.80 12.00 1.32 20.13 0.55 78
    TBD234U 56146 9570 65 84 524.48 532.32 7.84 1.69 8.72 1.04 89
    TBD234L 542.55 548.20 5.65 7.48 12.94 0.66 146
    TBD235 55945 9574 69 93 470.47 477.82 7.35 3.10 13.30 0.86 142
    TBD237 56103 9569 70 88 557.58 559.43 1.85 2.67 10.10 0.92 81
    TBD238U 56000 9572 68 85 485.10 492.15 7.05 4.05 11.75 1.05 200
    TBD238L 505.25 511.02 5.77 6.71 11.58 0.36 111
    TBD239 56103 9572 70 88 514.17 526.00 11.83 4.91 10.96 0.80 123

    Note: * Local grid
    ** Core length
    W wedge intersection
    U Upper lode
    L Lower lode

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

    As reported metallurgical test work conducted recently, forming part
    of Pilbaras ongoing mine feasibility studies on diamond drill core
    samples indicate high recovery of metals from initial simple grinding
    and flotation work. Stage 2 metallurgical testwork is in progress,
    which will provide an indication of the specifications of
    differential copper and zinc concentrates and enable advanced
    discussions with potential offtake customers.

    The Directors also wish 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 in the coming months,
    on two significant EM targets to the south of Jaguar and on 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 the Australian
    Institute of Geoscientists and has more than 25 years experience in
    the field of activity concerned. Rule 5.3

    ASX Code: PIL Options Code: PILOA

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

    Or visit Pilbaras web site:

    In my opinion, anyway, these are significant results that will considerably affect the resource estimates if the second parallel lode is confirmed.
    Yet the market ignores........

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