Pilbara mines - I dont believe it!

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    PIL announced today that resource calculations are to be carried out by Inmet on top of further drilling results from Jaguar, with gold exploration results to be announced soon.
    PIL will make a presentation on Jaguar at the "Diggers & Dealers" conference in August.

    ...............and the share price drops!

    Company Announcement


    Jaguar Base Metal Prospect Teutonic Bore Project

    PILBARA MINES LIMITED 2002-07-24 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Pilbara Mines Ltd (Pilbara, ASX: PIL) are pleased to release the
    attached announcement made by Inmet Mining Corporation (Inmet, TSE:
    IMN) on the Toronto stock exchange today, following new results
    received in holes TBD 220, 221 and 222, while Pilbara Directors were
    in Canada, speaking with Inmet Directors, brokers and institutional
    investors. This announcement confirms the significance of the Jaguar
    copper, zinc, silver base, metal discovery at the Teutonic Bore
    project.

    The Jaguar massive sulphide zone is open along strike to the north
    and up and down dip and with the scope to further extend the high
    grade mineralisation with the on going drilling programme.

    Inmet propose to carry out a resource assessment based on results to
    date, following which further drilling is proposed to target infill
    on the existing resource, extensions to the known massive sulphide
    (copper, zinc, silver) zone and additional targets within the 1800
    metro long Jaguar EM conductor.

    This programme is expected to commence during August/September 2002,
    following the compilation and evaluation of data generated to date.

    Inmet will be presenting the status of the Jaguar massive sulphide
    discovery at the Diggers and Dealers Mining and Exploration
    Conference in Kalgoorlie, Western Australia, from the 5th to 7th
    August, 2002. Inmet's corporate display booth will include drill core
    intercepts and representative sections and plans of the Jaguar
    deposit.

    Pilbara are currently receiving results from the gold/base metal
    exploration drilling programme completed by Pilbara recently at
    Teutonic Bore, which will be compiled and reported in the near
    future.

    For further information contact:

    John Davis
    MANAGING DIRECTOR
    Pilbara Mines Ltd
    Tel: + 61 89322 9999
    www.pilbaramines.com.au

    MORE TO FOLLOW



    Like I said...I dont believe it!

    Cheers
    GZ (#*%#!)
 
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