PIL gold mining gold exploration next week

  1. 321 Posts.
    Although people think this stock is a dog and its share price has dropped by 50% in 2 weeks , it would not surprise me that this stock will back in the sub 30 cent level when they start there gold mining exploration.
    Yes it is a speccie but the way that the gold prices are going at the moment this stock could have a bit of upside. I am a Holder . Read last weeks announcement for yourself . comments would be appreciated.

    PILBARA MINES LIMITED 2002-05-16 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Pilbara Mines Ltd (Pilbara) plan to commence a regional exploration
    drilling programme at Teutonic Bore in approximately two weeks,
    targeting identified anomalies, prospects and areas of interpreted
    gold potential. The programme will consist of some 17,000 metres of
    drilling.

    Pilbara have also recently initiated a detailed data review of all
    historical exploration, focusing on generating further gold targets
    within the project area.

    In view of the current resurgence in the gold price Pilbara intend to
    further expand the exploration programme at Teutonic Bore to cover
    numerous other gold prospects on the leases. This increased
    exploration is being funded by the recently completed Rights Issue to
    shareholders.

    Pilbara believe the potential for further gold resource discoveries
    on the project area is significant and is supported by the current
    gold mining operations immediately adjacent at Celtic, Tarmoola and
    Thunderbox (+2 million ounces).

    The recent discoveries are due to systematic exploration in an area
    of limited prior exploration and with no surface expression of
    mineralisation. This belt is now considered a major mineralised.
    province for gold, base metals and nickel mineralisation and Pilbara
    propose to exploit this potential with the commencement of
    exploration drilling.

    This exploration programme will continue in parallel with Inmet
    Mining (Australia) Pty Ltd (Pilbara's JV partner at Teutonic Bore),
    who are currently conducting a diamond drilling programme at the high
    grade Jaguar copper/zinc/silver discovery since January 2002. Results
    to date confirm Jaguar as a significant base metal discovery and
    delineation drilling is ongoing.

    ASX Code: PIL

 
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