Excellent announcement and drilling still continuing. Will inspire market further.
14 October 2003 The Manager Company Announcements Office Australian Stock Exchange Limited PO Box H224 Australia Square SYDNEY NSW 2000 Dear Sir JAGUAR DIAMOND DRILLING - HIGHER GRADES/INCREASED THICKNESS The Directors of Pilbara Mines Ltd (Pilbara) are pleased to advise shareholders and the market of initial results of the current diamond drill program at Pilbara’s 100% owned Jaguar Base Metal Project (copper, zinc, silver). As announced on 9th October 2003, drilling is progressing well, with results now becoming available. Drill hole TBD 241, drilled to confirm continuity in an area of limited prior drilling, has reported high grade massive sulphide (copper, zinc, silver) mineralisation as summarised below: Hole No From To Metres %Cu %Zn g/tAg TBD 241 552.33 556.00 3.67 7.36 10.95 233 This is a very impressive result with the copper and silver grades nearly twice the average grade for the deposit to date. Drill hole TBD 242 was completed at 732.4m and intersected 1.16m of high grade massive sulphide (copper, zinc, silver) mineralisation. (Results are awaited). As reported, this hole confirmed the continuation of the Jaguar mineralisation down plunge to –200 RL and extends the known mineralisation a further 130m down dip on section 56100N. This result is likely to upgrade the resource in this area to the Indicated category. Drill hole TBD 242W, a wedge off TBD242 was drilled to intersect the massive sulphide ore zone approximately 75 m above TBD 242, in an area of limited prior drilling. This hole was completed at 657.8m and intersected 7.00 metres of high grade massive sulphide (copper, zinc, silver) mineralisation as summarised below. (Results are awaited). Hole No From To Metres Description TBD 242W 620.56 627.52 7.00 High grade copper, zinc, silver Pilbara Mines Limited 2 This result shows a significant thickening of massive sulphide mineralisation in this area beyond the 1 metre contour outlined within the existing inferred resource. As a result, this will increase the resource base and upgrade the ore classification in this area. The current drilling programme to date has further upgraded the Jaguar deposit by continuing to provide increased ore thickness and/or depth extensions to the mineralisation. Sampling of the footwall stringer zone in holes TBD237 and TBD238 has reported areas of copper and zinc grades in excess of 1.0% Cu and gold grades to 0.7 g/t. This information will be incorporated into the resource model and will have a positive impact on the mine design parameters. Drilling will continue on the current programme with a further four holes to be completed, two within the Jaguar ore zone and two exploration holes, one targeting an off hole EM conductor south of Jaguar and another an up dip position within the Jaguar EM conductor. The attached long section sets out the position of the current drill holes and the planned additional drill holes. Yours faithfully Pilbara Mines Limited Denis Waddell Managing Director ASX_PIL_14October2003 ASX Code: PIL Options Code: PILOA NOTE: This report, so far as it pertains to ore and mineralisation, is based on information compiled by and as reported upon by Mr. J Davis, who is a member of the Australasian Institute of Mining and Metallurgy and has more than 25 years experience in the field of activity concerned. Rule 5.3 56200 N North Surface 451m RL 100m RL 0m RL -100m RL -200m RL 56100 N 56000 N 55900 N 55800 N 55700 N EDIHPLUS EVISSAM FO TIMIL EDIHPLUS EVISSAM FO TIMIL 1 3 5 7 ? ? 5 5 3 1 7 TBD 226 TBD 213 (3.0m) 7.53, 12.21, 209 TBD 234 (5.9m) 1.69, 8.72, 89 TBD 234 (4.2m) 7.48, 12.94, 146 TBD 209 (4.0m) 3.16, 9.25, 155 TBD 227 TBD 215 TBD 216 TBD 208 (0.2m) 5.0, 14.3, 124 TBD 218 (5.4m) 3.82, 8.32, 114 TBD 222 (0.5m) 0.73, 5.01, 48 TBD 237 (1.8m) 2.67, 10.10, 81 TBD 207 (8.5m) 5.0, 14.9, 147 TBD 239 (8.9m) 4.91, 10.96, 123 TBD 214 (0.3m) 2.82, 16.5, 100 TBD 225 TBD 217 (1.7m) 4.34, 9.02, 83 TBD 238 (5.3m) 4.05, 11.75, 200 TBD 205W (1.8m) 0.8, 12.5, 180 TBD 205 (2.4m) 5.7, 10.6, 120 TBD 238 (4.3m) 6.71, 11.58, 111 TBD 220 (0.1m) 0.82, 3.83, 60 TBD 212 (3.7m) 2.9, 13.89, 173 TBD 219 (4.0m) 4.05, 12.52, 153 TBD 224 TBD 223 (1.8m) 2.88, 9.53, 223 TBD 210 (6.9m) 1.86, 16.55, 93 TBD 210W (9.0m) 1.32, 20.13, 78 TBD 205 (2.5m) 2.7, 17.0, 123 TBD 204 TBD 221 (7.1m) 0.56, 23.27, 149 TBD 235 (5.5m) 3.10, 13.3, 142 TBD 211 TBD 202 (4.9m) 4.28, 16.05, 173 TBD 228 TBD 206 TBD 234 (4.2m) 7.48, 12.94, 146 Hole number Horizontal width Massive sulphide intersection % Zn % Cu g/t Ag FIGURE 1 JAGUAR PROJECT LONGITUDINAL SECTION ISOPACH (METRE CONTOURS) Completed holes Planned holes CL = Core Length TBD 242 TBD 242W TBD 241 TBD 240 TARGET ABOVE DYKE OFF HOLE EM CONDUCTOR TARGET TBD 241 (3.67m CL) 7.36, 10.95, 233 Re-interpreted contours: - increased massive sulphide thickness TBD 242 (1.16m CL) High grade Cu, Zn, Ag Results pending TBD 242W (7.0m CL) High grade Cu, Zn, Ag Results pending
