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 (#*%#!)