Pilot Gold Reports 193 g/t Gold Over 12.0 Metres at TV Tower,

Pilot Gold Reports 193 g/t Gold Over 12.0 Metres at TV Tower, Turkey 
Third set of assay results confirm and expand continuity of
high-grade target 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/03/12 -- Pilot Gold
Inc. (TSX:PLG) ("Pilot Gold" or the "Company") is very pleased to
report that assay results from eight new diamond drill holes from the
2012 program at the TV Tower project in Turkey continue to return
long intervals of gold, silver and copper mineralization with areas
of exceptionally high grades. 
Drill hole KCD-50 highlights the third consecutive set of strong
assay results at the Kucukdag (KCD) target, returning 193 g/t gold,
9.8 g/t silver and 0.46% copper over 12.0 metres. Visible gold (see
photo: http://media3.marketwire.com/docs/plg123_VG.jpg) was confirmed
in several veins within this interval, which is located at a vertical
depth of 100 metres from surface. 
"Our recent results reinforce that our drilling program is targeted
and effective, and will help us further refine our drilling strategy
to highlight high-potential targets going forward," said Moira Smith,
Pilot Gold's Chief Geologist. "The location of the intercept and the
near-perpendicular orientation of the gold-bearing veins relative to
the hole orientation suggest this intercept may reflect true width of
the zone. The intervals form part of a newly recognized stratiform
zone of mineralization that may have significant dimensions."  
Assays from this 12.0 metre interval in KCD-50 were sampled at 1.5
meter intervals, and range from a high of 681 g/t Au to a low of 12.8
g/t Au. Four samples out of a total of eight samples returned greater
than 100 g/t Au. Results in this high-grade interval in KCD-50

               from (m)              To (m)           g/t(i)
               117.5                  119.0             47.9
               119.0                  120.5             12.8
               120.5                  122.0            338.0
               122.0                  123.5            236.0
               123.5                  125.0             73.0
               125.0                  126.5            681.0
               126.5                  128.0             17.2
               128.0                  129.5            140.0

Due to extremely high grades and the presence of visible gold,
samples from this interval are undergoing metallic screen assay
verification. Results will be released when received. 
Hole KCD-50 was collared approximately 70 metres to the northwest of
hole KCD-39, which returned 5.94 g/t gold, 12.6 g/t silver and 0.53%
copper over 137.1 metres (released September 19th, 2012). KCD-50 is
interpreted to lie within the same tabular stratiform zone that
comprises the lower zone of mineralization in KCD-39. 
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.  
Additional recent drill highlights from the gold-silver-copper zone

--  2.11 g/t gold, 7.4 g/t silver and 0.046% copper over 43.1 metres, and
    2.69 g/t gold, 4.0 g/t silver, 0.39% copper over 22.5 metres in KCD-58 
--  1.11 g/t gold, 12.5 g/t silver, 0.318% copper over 23.9 metres in KCD-57

All true widths are 30-90% of reported widths unless otherwise
stated. All intervals of no sampling have been assigned zero grade
for the purposes of compositing. For a comprehensive table of
previous drill results, including non-reportable intercepts, please
click: http://media3.marketwire.com/docs/plg-DrillResults1226.pdf. 
For a map highlighting recent drilling, please click:
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 9,000 metres of
drilling will be focused on the KCD target to infill and expand the
300 metre by 500 metre mineralized footprint. 
Approximately 8,400 metres in 45 holes at KCD have been completed,
with assays pending for 24 holes. Drilling for the remainder of 2012
will continue to 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
Moira Smith, Ph.D., P.Geo., Chief Geologist, Pilot Gold, 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 Ankara,
Turkey and Vancouver, B.C. for gold by Fire Assay of a 30 gram (1
assay ton) charge by ICP-ES, or if over 5.0 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 well-funded 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 TV Tower and
Halilaga projects in Turkey, and the Kinsley Mountain project in
Nevada, each of which 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 www.pilotgold.com. 
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., FIMMM, 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 within the meaning of applicable securities laws,
including statements that address 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, 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. 
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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