Pilot Gold Reports 11.63 g/t Gold Over 32.5 Metres at TV

Pilot Gold Reports 11.63 g/t Gold Over 32.5 Metres at TV Tower,
Strong assay results expand high-grade KCD target 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/14/12 -- Pilot Gold
Inc. (TSX:PLG) ("Pilot Gold" or the "Company") is pleased to report
that assay results from 11 new diamond drill holes from the 2012
program at the TV Tower project in Turkey expand previously reported
long intervals of high grade gold, silver and copper mineralization.  
Drill hole KCD-49 highlights the second set of strong assay results
at the Kucukdag (KCD) target, returning 11.63 g/t gold over 32.5
metres. This intercept is collared approximately 50 metres to the
southeast of hole KCD-39(i), which was released earlier in 2012 and
returned 5.94 grams per tonne gold, 12.6 g/t silver and 0.53% copper
over 137.1 metres.  
"Since becoming project operator, our team has done an excellent job
of successfully targeting high-grade mineralization and revealing the
exceptional grades and growth potential of this project," stated Matt
Lennox-King, President & CEO of Pilot Gold. "We are extremely
encouraged by these recent results, which continue to expand the
high-grade KCD target and reinforce TV Tower's status as a superior
exploration project." 
The KCD target is composed of a high-grade gold-silver-copper zone,
marked by both breccia hosted and stratigraphically hosted
mineralization, overlain by a thick silver-only zone starting at
surface. It has a mineralization style similar to the
high-sulphidation epithermal Au-Ag-Cu deposits of La Coipa (Chile)
and Chelopech (Bulgaria). 
Drill Highlights from the gold-silver-copper zone include: 

--  11.63 g/t gold, over 32.5 metres, including 21.67 g/t gold over 15.7
    metres in KCD-49 
--  3.40 g/t gold over 87.0 metres, including 6.66 g/t gold over 9.5 metres
    in KCD-47 
--  10.03 g/t gold, 46.25 g/t silver, and 3.89% copper over 15.2 metres in
    KCD-46, including 
    --  17.51 g/t gold, 78.3 g/t silver and 6.76% copper over 8.5 metres
--  1.13 g/t gold and 12.76 g/t silver over 13.5 metres and 5.06 g/t gold
    over 21.0 metres in KCD-40

(i) See September 19, 2012 press release. 
All true widths are 30-90% of reported widths unless otherwise
stated. All intervals of no sampling have been assigned zero gr
for the purposes of compositing. For a comprehensive table of drill
results from 2012, including new and non-reportable intercepts,
please click: http://www.pilotgold.com/sites/default/files/TVTowerDri
For a map highlighting recent drilling, please click:
The geologic model for the KCD zone has evolved from strictly
breccia-hosted mineralization, to a configuration involving
high-grade stratiform mineralization, which increases the tonnage
potential of KCD significantly. The stratiform mineralization is
hosted in three or more gently dipping porous tuff and siltstone
horizons, as seen in holes KCD-40 and KCD-47. Gold is primarily
associated with vuggy silica, alunite, dickite, pyrite and enargite
as disseminations, veins and replacements of clasts.  
These results form part of an aggressive first-year exploration
program consisting of 16,000 metres of diamond core drilling,
property-wide airborne magnetic/EM geophysics and ongoing surface
mapping and geochemical sampling. In excess of nine thousand metres
of drilling will be focused on the KCD target to infill and expand
the 300 metre by 500 metre mineralized footprint. 
As project operator, Pilot Gold has completed approximately 6,686
metres in 32 holes, with assays pending for 21 holes. Drilling for
the remainder of 2012 will focus on infill and step-out drilling in
the KCD target area, followed by systematic testing of other
high-priority targets in early 2013. 
About TV Tower: 
Located on the Biga Peninsula of northwest Turkey, the TV Tower
project encompasses 71 square kilometres. It contains a large number
of targets ranging from high- and low-sulphidation epithermal
gold-silver to porphyry gold-copper. The project has an extensive
road network and targets to date all lie on land administered by
Turkey's Ministry of Forestry. It is located immediately west of the
Kirazli gold project (Alamos Gold) and approximately 10 kilometres
northwest of the Halilaga copper-gold project (Teck/Pilot Gold).  
First pass drilling in 2010 resulted in new discoveries at the KCD
and Kayali epithermal gold systems. Ongoing exploration by Pilot Gold
continues to uncover robust new targets, including the bonanza-grade
Columbaz low sulphidation epithermal vein system that returned 39 g/t
gold and 290 g/t silver in recent rock chip sampling.  
TV Tower is a joint venture between Pilot Gold (40%) and Teck
Madencilik Sanayi Ticaret A.S. ("TMST") (60%), a Turkish subsidiary
of Teck Resources Limited ("Teck"). Pilot Gold is project operator at
TV Tower and can increase its interest in the project to 60%, through
sole funding of exploration over a three-year period (see press
release dated September 12, 2012 for full details of the deal terms). 
TV Tower is an early stage exploration project and does not contain
any mineral resource estimates as defined by National Instrument
43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
The potential quantities and grades disclosed herein are conceptual
in nature and there has been insufficient exploration to define a
mineral resource for the targets disclosed herein. It is uncertain if
further exploration will result in these targets yielding a mineral
Vance Spalding, B.Sc., CPG, Pilot Gold Vice President, Exploration,
is the Company's designated Qualified Person for this news release
within the meaning of NI 43-101 and has reviewed and validated that
the information contained in the release is accurate. Drill
composites were calculated using cut-offs of 0.30, 3.0 and 10.0 g/t
Au. Drill intersections are reported as drilled thicknesses. True
widths of the mineralized intervals are interpreted to be between
30-100% of the reported lengths. Drill samples were assayed by
AcmeLabs in Vancouver, B.C. for gold by Fire Assay of a 30 gram (1
assay ton) charge by ICP-ES, or if over 10.0 g/t were re-assayed and
completed with a gravimetric finish. Ag and Cu were determined by
ICP-MS, with overlimits (greater than 100 ppm Ag or greater than
10,000 ppm Cu) completed by fire assay with gravimetric finish (Ag)
or 4-acid digestion with ICP-ES finish (Cu). QA/QC included the
insertion and continual monitoring of numerous standards and blanks
into the sample stream, and the collection of duplicate samples at
random intervals within each batch. 
Pilot Gold is a gold exploration company led by a proven technical
team that continues to discover and define high-quality projects
featuring strong grades, meaningful size and mining-friendly
addresses. Our three key assets include interests in the Halilaga and
TV Tower projects in Turkey, and the Kinsley Mountain project in
Nevada, each of which alone has the ability to become a foundational
asset. We also have a pipeline of projects characterized by large
land positions and district-wide potential that can meet our growth
needs for years to come. For more information, visit
Further information is available in the technical report entitled
"Updated Technical Report on the TV Tower Exploration Property,
Canakkale, Western Turkey", effective July 15, 2012 and dated August
3, 2012, prepared by Paul Gribble, B.Sc., C.Eng., FIM
MM, UK Manager,
Geology of Tetra Tech WEI Inc., under Pilot Gold's Issuer Profile on
SEDAR (www.sedar.com).  
All statements in this press release, other than statements of
historical fact, are "forward-looking information" with respect to
Pilot Gold Inc. ("Pilot Gold") within the meaning of applicable
securities laws, including statements that address intended use of
proceeds and timing of exploration and development plans at the
Company's mineral projects. Forward-looking information is often, but
not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "planned", "expect", "project",
"predict", "potential", "targeting", "intends", "believe",
"potential", and similar expressions, or describes a "goal", or
variation of such words and phrases or state that certain actions,
events or results "may", "should", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking information is
not a guarantee of future performance and is based upon a number of
estimates and assumptions of management at the date the statements
are made including, among others, assumptions about future prices of
gold, copper, silver and other metal prices, currency exchange rates
and interest rates, favourable operating conditions, political
stability, obtaining governmental approvals and financing on time,
obtaining renewals for existing licences and permits and obtaining
required licences and permits, labour stability, stability in market
conditions, availability of equipment, accuracy of any mineral
resources and mineral reserves, successful resolution of disputes and
anticipated costs and expenditures. Many assumptions are based on
factors and events that are not within the control of Pilot Gold and
there is no assurance they will prove to be correct. 
Such forward-looking information, including, but not limited to,
statements that address reserve potential, potential quantity and/or
grade of minerals, potential size of a mineralized zone, potential
expansion of mineralization, the timing and results of future
resource estimates, proposed timing of exploration and development
plans at the Company's mineral projects, potential quantity and/or
grade of minerals, and the estimation of mineral reserves and
resources involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievement of Pilot Gold to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking information. Such factors include, among others,
risks related to the interpretation of results at certain of our
exploration properties, reliance on technical information provided by
our joint venture partners or other third parties as related to any
of our exploration properties; changes in project parameters as plans
continue to be refined; successfully completing the earn-in on the TV
Tower project, including the ability to incur the minimum annual
Expenditure Requirements and future issuance of common shares as
consideration to complete the earn-in agreement; current economic
conditions; future prices of commodities; possible variations in
grade or recovery rates; current and proposed exploration and
development; the costs and timing of the development of new deposits;
failure of equipment or processes to operate as anticipated; the
failure of contracted parties to perform; uses of funds in general
including future capital expenditures, exploration expenditures and
other expenses for specific operations; the timing and success of
exploration activities generally; achievement of identified tangible
project milestones at TV Tower; delays in permitting; satisfaction of
Turkish requirements relating to the periodic submissions of
Environmental Impact Assessments; possible claims against the Company
or its joint venture partners; labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals,
financing or in the completion of exploration as well as those
factors discussed in the (final) short form prospectus of the Company
dated October 25, 2012, in the section entitled "Risk Factors", under
Pilot Gold's SEDAR profile at www.sedar.com. 
Although Pilot Gold has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking information, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate as actual results and
future events could differ materially from those anticipated in such
statements. Pilot Gold disclaims any intention or obligation to
update or revise any forward-looking information, whether as a result
of new information, future events or otherwise. Accordingly, readers
should not place undue reliance on forward-looking information.
Further details relating to Pilot Gold are also available in our
Annual Information Form, available under Pilot Gold's SEDAR profile
at www.sedar.com. 
Pilot Gold Inc. - Investors
Patrick Reid
VP Corporate Development
604-632-4677 or Toll Free: 1-877-632-4677
Pilot Gold Inc. - Media
Ian Noble
Director, Corporate Communications
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