Pilot Gold: Large Near-Surface Silver Zone Identified at KCD Target in Western Turkey

Pilot Gold: Large Near-Surface Silver Zone Identified at KCD Target in Western 
Silver zone at TV Tower includes intercepts up to 110.6 metres
averaging 69.8 g/t silver 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/04/13 -- Pilot Gold
Inc. (TSX:PLG) ("Pilot Gold" or the "Company") is pleased to
highlight drill results focused on a substantial, near-surface zone
of silver-only mineralization that overlies the high-grade
gold-silver-copper zone at the KCD target at TV Tower described in
previous Pilot Gold news releases. While Pilot Gold continues to
prioritize the gold-silver-copper zone, a significant silver zone has
been identified in drill holes extending over an area measuring more
than 500 metres by 300 metres, and up to 100 metres thick.  
Silver drill highlights include: 

--  69.8 g/t silver (Ag) over 110.6 metres in KCD-66, including 
    --  87.1 g/t Ag over 71.0 metres 
--  52.1 g/t Ag over 111.8 metres in KCD-68, including  
    --  150 g/t Ag over 8.3 metres 
--  71.2 g/t Ag over 53.8 metres in KCD-43 
--  63.8 g/t Ag over 76.5 metres in KCD-74 

"While shallow, silver-only mineralization was identified in some of
the earliest drill holes at the KCD target, the potential size and
significance of this zone is only now being recognize
d," said Moira
Smith, Pilot Gold's Chief Geologist. "Many of the drill holes
targeting the gold zone passed through the silver zone. Drilling will
now include further attention to the silver zone itself, in order to
understand its full extent and significance." 
The silver zone partially overlaps and overlies the
gold-silver-copper zone of mineralization (as described in previous
press releases). The silver zone consists of a gently north-dipping,
tabular zone of mineralization that has been tested by holes spaced
50 to 100 metres over an area measuring approximately 500 by 300
metres. It is exposed on surface along the southern margin of the
zone, and under shallow cover further to the north. The zone is open
to the west, east and down dip to the north. The upper portion of the
zone and near-surface areas are extensively oxidized. 
Silver mineralization is hosted in fluvial-lacustrine strata
including reworked volcaniclastic rocks, siltstone, mudstone and
overlying andesite, and consists of very fine-grained disseminated to
semi-massive and vein-hosted pyrite and lesser enargite, accompanied
by variable silicification of the host rocks. Silver-bearing minerals
have not been conclusively identified and await further study by thin
Silver mineralization may slightly pre-date gold mineralization based
on paragenetic relationships. Silver grade appears to be related to
sulphide content, with semi-massive zones often hosting individual
assay intervals returning 100 g/t Ag to 300 g/t Ag or more. Some
low-grade copper mineralization is also associated with this zone.
Pilot Gold has commenced a metallurgical program to characterize the
nature of the silver mineralization and identify appropriate
extraction methods for both the oxide and sulphide silver
"We are very pleased with TV Tower's gold drill results to date and
the recent expansion of our high-grade gold target through step-out
drilling," said Matt Lennox-King, President & CEO, Pilot Gold. "While
gold will continue to be our priority, we are also seeing strong
silver results that could help unlock further value for TV Tower
going forward."  
All true widths are 50-100% 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 results
related to silver mineralization, please click: http://www.pilotgold.
com/sites/default/files/TVTowerDrillResults1306.pdf.The attached table contains 
intervals referenced specifically to
silver for all holes drilled to date in 2012. These results have not
been released in this form previously, and represent newly calculated
intervals for 54 drill holes.  
For a map highlighting recent drilling, please click: http://www.pilo
The drill results form part of an aggressive exploration program
consisting of 16,000 metres of diamond core drilling, property-wide
airborne magnetic/EM geophysics and ongoing surface mapping and
geochemical sampling. Approximately 14,000 metres in 69 holes at KCD
have been completed since the program started in June 2012, with
assays pending for 14 holes. Drilling in the near-term will continue
to focus on infill and step-out drilling in the KCD target area. 
Pilot Gold plans to undertake 25,000 to 30,000 metres drilling
(total) at the KCD, Kayali and Sarp/Columbaz targets in 2013. 
About TV Tower:  
TV Tower is a joint venture between Pilot Gold (40%) and Teck
Madencilik Sanayi Ticaret A.S. (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.) 
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 2012 rock chip sampling. 
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 10, 50 and 100 g/t Ag. Drill
intersections are reported as drilled thicknesses. True widths of the
mineralized intervals are interpreted to be between 50-100% 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 with ICP-ES or AAS finish, or if over 5.0 g/t were
re-assayed and completed with a gravimetric finish. Metallic screen
techniques were employed to assay a 12-metre interval in KCD-50.
Approximately 500 grams of coarse reject material are pulverized and
screened. Two splits of the fine fraction are assayed, as well as all
material that does not pass through the screen (the coarse fraction).
The final gold assay reported is a weighted average of the coarse and
fine fractions. Ag and Cu were determined by aqua regia 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 (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 ot
hers, 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. - 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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