announcement - jaguar evaluation!

I dont think there is any doubt now that PIL will mine the Jaguar deposit.

Company Announcement


Jaguar Copper/Zinc/Silver Project Evaluation Report

PILBARA MINES LIMITED 2003-04-15 ASX-SIGNAL-G

HOMEX - Perth

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JAGUAR COPPER, ZINC, SILVER PROJECT EVALUATION REPORT

TARGETING 2003 FEASIBILITY STUDY AND MOVE TO MINING DEVELOPMENT

Pilbara Mines Limited (ASX: PIL) have received a Preliminary
Evaluation Report from Snowden Mining Industry Consultants for the
Jaguar deposit (1.4 million tonnes @ 3.7% Cu, 13.2% Zn, 140 g/t Ag),
which shows a robust mining project and recommends continued
feasibility study assessment leading to bankable status.

The analysis shows the Jaguar resource supports an underground mine
of at least 6 years mine life, generating revenues of A$346 million
with cash flow before capex. of A$76 million.

The analysis is based on current spot metal prices (with zinc
currently at historical low values), assumed metal recoveries based
on historical data, which are believed to be conservative, and
industry standard capital and operating cost estimates.

Using zinc and copper prices averaged over the past 2 years the cash
flow before capex. increases to A$106 million.

This analysis does not include the surface resources of tailings and
sulphide stockpiles at the Teutonic Bore mine (4km to the north),
which contain 12,300 tonnes of Copper, 31,400 tonnes of zinc and 3.2
million ounces of silver, which will add further revenue to the
project.

Pilbara have commenced further diamond drilling at Jaguar to extend
the resource base with infill and extension drilling and to provide
geotechnical and metallurgical samples for feasibility study
analysis. Pilbara will be announcing shortly, a project management
team to oversea the feasibility study.

ASX Code: PIL Options Code: PILO


For further information, please contact:
John Davis
MANAGING DIRECTOR
Pilbara Mines NL
Telephone: (08) 9322-9999
Mobile: (0417) 916-849
Or visit Pilbaras web site:
www.pilbaramines.com.au


GZ