Pilot Gold Inc. Reports Initial 2011 Work Programs and Introduces New Management Structure

Strategic Insights -

Pilot Gold Inc. has announced the initiation of its 2011 work programs for its key gold and copper-gold projects in northwestern Turkey and Nevada. The company, spun out of Fronteer Gold Inc. as part of Newmont Mining Corporation's acquisition of Fronteer for $2.3 billion, has been seeded with $9.5 million in cash and 16 strategic exploration properties from the Fronteer portfolio. Pilot Gold's objective is to achieve rapid growth and build value through the advancement of three key exploration assets: Halilaga, a large porphyry copper-gold deposit in Turkey; TV Tower, a large gold system in Turkey; and Regent, a low-sulphidation epithermal gold and silver system in Nevada.

Key Takeaways:

  • Pilot Gold has initiated its 2011 work programs for its key gold and copper-gold projects in northwestern Turkey and Nevada, with a focus on advancing high-quality assets located in excellent mining jurisdictions.
  • The company has retained a portfolio of 16 strategic exploration properties from the Fronteer portfolio, including 11 high-quality exploration projects in Nevada that provide ongoing exposure to exploration success.
  • Pilot Gold's projects in Turkey include Halilaga, a significant copper-gold porphyry system with extensive mineralization, and TV Tower, a large gold system with seven identified targets.
  • In Nevada, Pilot Gold is advancing the Regent project, a low-sulphidation epithermal gold and silver system with strong property-wide growth potential and high-grade vein mineralization.
  • Pilot Gold's management team is led by Chairman Dr. Mark O'Dea and CEO Matt Lennox-King, both former key members of Fronteer Gold.
  • The company has assembled a team of experienced exploration and development professionals, with over 15 former Fronteer employees providing a strong base for future growth and value creation.
  • Pilot Gold plans to continue the strategy of Fronteer Gold, focusing on creating value through the advancement of high-quality assets in excellent mining jurisdictions.

Statistics:

  • Pilot Gold has been seeded with $9.5 million in cash and 16 strategic exploration properties from the Fronteer portfolio.
  • The company's share of the 2011 budget for its Turkey projects is approximately $1.99 million for Halilaga and $1.51 million for TV Tower.
  • Pilot Gold plans to conduct 10,000 meters of drilling at Regent in Nevada, with an initial budget of $2.50 million.
  • The company's management team has over 15 former Fronteer employees, providing a strong base for future growth and value creation.

Sources:

  • Pilot Gold Inc., "Pilot Gold Reports Initial 2011 Work Programs and Introduces New Management Structure" (2011)
  • Marketwire, "Pilot Gold Inc. Reports Initial 2011 Work Programs and Introduces New Management Structure" (2011)
  • Fronteer Gold Inc., "Fronteer Gold Reports on 2010 Exploration Activities and Provides Update on Current Activities" (2011)
  • National Instrument 43-101 Technical Reports, "NI 43-101 Technical Report on the Halilaga Exploration Property, Canakkale, Western Turkey", February 15, 2011, prepared by Ian R. Cunningham-Dunlop, P. Eng. and VP Exploration and Chief Operating Officer, Pilot Gold.
  • National Instrument 43-101 Technical Reports, "NI 43-101 Technical Report on the TV Tower Exploration Property, Canakkale, Western Turkey", dated February 15, 2011, prepared by Ian R. Cunningham-Dunlop, P. Eng., Chief Operating Officer and VP Exploration, Pilot Gold.
  • National Instrument 43-101 Technical Reports, "Summary Technical Report: Regent Gold Project Mineral County, Nevada", dated January 4, 2011, Paul Klipfel Ph.D CPG #10821, Consulting Economic Geologist, Mineral Resource Services Inc. (Reno).