Pilot Gold Initial Work Programs
VANCOUVER, BC - Pilot Gold Inc. reported initial 2011 work programs for its key gold and copper-gold projects in northwestern Turkey and Nevada.
Pilot Gold is a newly listed gold exploration company spun out of Fronteer Gold Inc. ("Fronteer") as part of Newmont Mining Corporation's acquisition of Fronteer for $2.3 billion on April 6, 2011. As a result of the plan of arrangement involving the Company, Fronteer and Newmont, Pilot Gold 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 located in Turkey and Nevada. These high conviction exploration projects, previously held by Fronteer, include Halilaga, a large porphyry copper-gold deposit and TV Tower, a large gold system, both located in northwestern Turkey's Biga District. Pilot Gold's third project, Regent, is located in Nevada and boasts potential for vein-hosted, high-grade mineralization and expansion of the existing disseminated gold mineralized footprint. These projects provide a strong foundation both for discovery and building new gold resources. "Pilot Gold will continue Fronteer's strategy of creating value by advancing high-quality assets located in excellent mining jurisdictions and maintaining a pipeline of projects to build an enduring growth business," says Pilot Gold Chairman Dr. Mark O'Dea. "We have an experienced board of directors and management team, and the financial resources for ongoing exploration and development success." Since 2004, Fronteer Gold played a key role in establishing the prospectivity and gold endowment of Turkey's Biga District. Pilot Gold's technical teams helped define the Agi Dagi and Kirazli gold deposits, and we are now advancing two projects with our 60% joint venture partner and operator Teck Madencilik Sanayi Ticaret A.S., Teck Resources Limited's Turkish subsidiary. In Nevada, Fronteer built a high quality project pipeline including Long Canyon, a 'best-in-class' asset with excellent production attributes and significant growth potential. As a result of the Plan of Arrangement, Pilot Gold retained a portfolio of 11 high quality exploration projects in Nevada that provides ongoing exposure to exploration success. The company's address is Suite 1650, 1055 West Hastings, Vancouver, BC V6E 2E9, 604.632.4677, fax 604.632.4678, email: [email protected]