PIL Announcement is this good or bad ?

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    PIL - ASX Company Announcement
    $mtl7 THIS IS A PRIORITY ITEM
    29 May 2002
    Part 1/1
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    PILBARA MINES LIMITED
    ---------------------

    HOMEX - Perth
    -------------------------
    Drilling Results at the Jaguar Base Metal Project

    RECENT DRILLING RESULTS AT THE JAGUAR BASE METAL PROJECT AT TEUTONIC
    BORE CONTINUE TO CONFIRM A SIGNIFICANT HIGH GRADE COPPER, ZINC and
    SILVER DEPOSIT

    Pilbara Mines Ltd wishes to report recent results from the ongoing
    diamond drill program on the Jaguar high-grade massive sulphide zone
    at Teutonic Bore (100% Pilbara, Inmet Mining (Australia) Pty Ltd
    earning 70%). These results continue to confirm and extend this
    significant high grade base metal deposit (see attached longitudinal
    section).

    Results to date confirm a strike extent of +/-400 metres, a vertical
    extent of +/-250 metres and with the deposit still open.

    Hole TBD 0211, drilled 80 metres up dip of TBD 0202 and collared at
    -61 degrees on section 55900N, intersected a narrow zone of barren
    stringer sulphide mineralization between 424.3 to 424.5 metres.

    Hole TBD 0212, drilled 50 metres to the north and 50m down dip of TBD
    0205 and collared at -70 degrees on section 56050N, intersected
    massive sulphide mineralization between 521.85 and 527.4, 5.55m (core
    length) which graded 2.9% Cu, 13.89% Zn, 1.0% Pb, 173g/t Ag and 0.23
    g/t Au. True thickness is estimated to be 3.3m; horizontal thickness
    is estimated to be 3.4m. The detailed assays for TBD 0210 are
    summarized in the following table:

    Hole TBD 0212:

    FROM TO INT Cu% Zn% Pb% Ag g/t Au g/t
    m m m

    521.85 522.85 1.00 5.18 14.6 0.826 170 0.08
    522.85 523.8 0.95 3.91 13.2 1.02 236 0.59
    523.8 524.8 1.00 3.83 12.8 1.23 352 0.44
    524.8 525.85 1.05 0.924 19.8 1.34 99 0.13
    525.85 526.85 1.00 1.48 9.42 0.735 67 0.04
    526.85 527.4 0.55 1.7 12.6 0.966 81 0.09
    5.55 2.90 13.89 1.03 173 0.23

    Hole TBD 0213, drilled on section 5615ON and collared at -71 degrees,
    intersected massive sulphide mineralization between 561.25 and
    565.45, 4.2m (core length) which graded 7.5% Cu, 12.2% Zn, 0.8% Pb,
    209g/t Ag and 0.18 g/t Au. True thickness is estimated to be 2.5m;
    horizontal thickness is estimated to be 2.6m. The detailed assays for
    TBD 0213 are summarized in the following table:

    Hole TBD 0213:

    FROM TO INT Cu% Zn% Pb% Ag g/t Au g/t

    561.25 561.90 0.65 6.09 9.59 0.38 190 0.26
    561.90 562.90 1.00 13.40 12.10 0.89 320 0.08
    562.90 563.80 0.90 6.80 18.10 1.19 164 0.23
    563.80 564.80 1.00 4.48 11.40 1.11 191 0.22
    564.80 565.45 0.65 5.64 8.09 0.26 150 0.12
    4.2 7.53 12.21 0.83 209 0.18

    Hole TBD 0214, drilled on section 56050N and collared at -57 degrees,
    intersected massive sulphide mineralization between 422.2 and 422.4
    metres, which graded 2.8% Cu, 16.5% Zn, 0.9% Pb, 100g/t Ag and 0.12
    g/t Au. A second zone of massive sulphides was intersected between
    441.85 and 442.22 metres, which graded 0.95% Cu, 15.0 Zn, 0.4% Pb,
    107g/t Ag and 0.05g/t Au. This second zone is thought to be
    stratigraphically in the footwall to the Jaguar horizon and related
    to the stringer zone.

    Drilling continues on the Jaguar massive sulphide zone with two rigs
    to further delineate the mineralization on 100 metre centres. To date
    drilling has covered an estimated 500 metres of the 1800 metre long
    EM conductive zone and indicates a north-south striking deposit with
    a steep westerly dip and an apparent northerly plunge.

    J M Davis Tel: +61 8 9322 9999
    MANAGING DIRECTOR email: infopilbaramines.com.au
    Pilbara Mines Ltd Web: www.pilbaramines.com.au

    NOTES:

    1) Assays were performed by Ultra Trace Analytical in Canning Vale,
    WA, using standard analytical methods.

    2) Ian R Morrison P Geo, an Inmet Senior Geologist with 14 years of
    relevant experience, is the qualified person under National
    Instruments 43-101 responsible for designing and conducting the
    exploration program and has visually verified the base metal assays.

    3) John M Davis, Member of AusIMM, AIG has more than 25 years
 
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