Oxide gold mineralization intercepted over a 5km-long corridor

January 14, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to report the second tranche of drill results from its inaugural drill program at the Goldstrike property in southwest Utah. The Goldstrike property hosts a past-producing gold mine within an eight km-long corridor of gold mineralization that is largely untested and ready to be drilled off. 

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada Border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Kinsley Mountain and Newmont’s Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-type systems located off the main Carlin and Cortez trends in largely underexplored parts of the Great Basin.  The exploration potential over the entire Goldstrike property is exceptional.

Pilot Gold acquired 100% of the project in 2014, and spent the past 16 months compiling data and prioritizing drill targets. The maiden drill program intersected gold mineralization in all areas tested over a 5 km-long corridor, indicating that gold is widespread, predictable and relatively structurally simple. 

Highlights from the latest round of drilling include:

• 18.3 metres grading 2.72 grams per tonne gold (g/t Au) in PGS012, including 10.7 metres grading 4.32 g/t
• 71.6 metres grading 0.48 g/t Au in PGS013
• 27.4 metres grading 0.66 g/t Au in PGS016

To view a table of full drill results, please click here.

To view the latest drill map, please click here.

“I am extremely pleased with the results of our maiden program at Goldstrike. We have intercepted primarily oxide gold mineralization over a 5km-long corridor, and we believe these results support our exploration objective to define a 2 to 3 million ounce gold system at Goldstrike,” stated Dr. Moira Smith, Chief Geologist, Pilot Gold. “Our strategy employed compilation and 3D analysis of a wealth of historic data, detailed geologic mapping and analysis, and modeling of geology and historic mineralization.  Combined with data from the recently-completed drill program, this information will be used in the coming months to quantify the gold endowment in the main mine trend.” 

Results from the first 10 holes released, December 1, 2015, tested a regional unconformity down-dip to the north of a cluster of historic pits over a strike length of 1.2 km on the east end of the Goldstrike mine trend, and included: 

• 39.6 metres grading 1.01 g/t in hole PGS003
• 41.1 metres grading 0.84 g/t Au in PGS004
• 22.9 metres grading 1.68 g/t Au in PGS008
• 36.6 metres grading 1.06 g/t Au in PGS010

The 8 drill holes from this second tranche of results tested targets in a variety of settings along 2 km of the western portion of the mine trend. Two of the holes ended in mineralization, such that the main intercept length and grade reported represent incomplete tests of the mineralized zone. Of note are the higher-grade intercept in PGS012, hosted entirely within an altered dyke of unknown strike extent, and a long intercept of mineralization in PGS013, representing the first test of a previously unidentified area of mineralization located below the historic Moosehead Pit.     

Pilot Gold expects to resume drilling in March to focus on extending and defining mineralization along the main gold trend.  Surface geological mapping and prospecting of the large property is ongoing, with a number of new targets identified. 

Pilot Gold now has two Carlin-type, sediment-hosted projects in mining-friendly Nevada (Kinsley Mountain) and Utah (Goldstrike). The Pilot Gold team has proven experience and success in discovering Carlin-style deposits off the main trends, having advanced Long Canyon in Nevada, now a multi-million ounce, high-grade oxide, open-pit deposit owned by Newmont.

About Goldstrike

In August 2014, Pilot Gold acquired Cadillac Mining, gaining control of 100% of the Goldstrike project. Since the acquisition, Pilot Gold has compiled a digital database of drill holes (+1,500), blast hole samples (+100,000) and historic rock and soil samples, and has constructed a 3D model of geology and mineralization. 2014 and 2015 fieldwork included collection of an additional 1,384 soil samples and 294 rock samples, staking of additional claims and detailed mapping. Gold mineralization is primarlily located along a regional, early Tertiary (Eocene) unconformity that is virtually untested under shallow cover where it extends downdip of mineralized surface exposures, which are present throughout the entire Goldstrike tenure.

The Goldstrike Mine produced approximately 209,000 ounces of gold with an average grade of 1.2 g/t gold from an open pit heap leach operation between 1988 and 1994.  There is currently an extensive exploration database, a large number of shallow drill holes with unmined oxide gold intercepts, and numerous untested gold targets. Pilot Gold’s exploration strategy at Goldstrike is focused on identifying additional areas of mineralization proximal to, and downdip of, the historic pits, under shallow cover.

The Company also advises that Vance Spalding, Vice President Exploration, has left Pilot Gold. The Company thanks Mr. Spalding for his contribution to Pilot Gold and wishes him well in his future endeavours. Mr. Spalding’s responsibilities will be reallocated among the current members of Pilot Gold’s management team.

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 National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-90% of the reported lengths. Drill samples were assayed by ALS Chemex (ISO9001:2000) in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NACN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS. QA/QC for all drill samples consists of 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. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS.

ABOUT PILOT GOLD
Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets featuring strong grades, meaningful size and mining-friendly addresses. Our key assets include interests in the Kinsley Mountain project (Nevada) and the Goldstrike project (Utah) and the TV Tower and Halilaga projects in Turkey, each of which has the potential 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 or contact:

Investors:
Patrick Reid, VP, Corporate Affairs
Phone: 604-632-4677 or Toll Free 1-877-632-4677
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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 potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, 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, access to ground water at Goldstrike and the related impact on permitting, the availability of equipment, the accuracy of any metallurgical testing completed to date, successful resolution of disputes (if any) 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, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the Goldstrike property, the accuracy of historic technical information; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; 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 Annual Information Form of the Company dated March 24, 2015 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 unless required by law.

NOT FOR U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES 

February 22, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG – TSX) (“Pilot Gold” or the “Company”) is pleased to announce that Mr. Cal Everett has been appointed President and Chief Executive Officer of the Company, effective February 22, 2016. Mr. Everett has also been appointed as a Director of the Company.   

Mr. Everett is a geologist with more than 14 years of surface and underground exploration experience with senior mining companies. He moved to the financial sector in 1990, and spent 12 years with BMO Nesbitt Burns focused on resource equities, and seven years with PI Financial Corp. in senior resource institutional sales and capital markets. From 2008 to 2015, he was President and Chief Executive Officer of Axemen Resource Capital. Mr. Everett holds a Bachelor of Science degree in Economic Geology from the University New Brunswick.   

“We are extremely pleased to have Cal join Pilot Gold as CEO,” said Dr. Mark O’Dea, Chairman. “He has been instrumental in building value for resource companies throughout his career. His background in geology and exploration, along with his business acumen and deep experience in capital markets makes him ideally and uniquely suited for this exciting role.  Under Cal’s leadership, we will immediately begin a concerted effort to drill off our Goldstrike property, an exceptional and important Carlin-style gold system in Utah.” 

The Board wishes to extend its gratitude to Mr. Robert Pease for serving as interim President and Chief Executive Officer.  Mr. Pease will remain with Pilot Gold as a Director.

Private Placement

The Company also announces that it intends to complete a non-brokered private placement (“the Private Placement”) of up to 17,800,000 units (“Units”) of the Company at a price of C$0.25 per Unit, for gross proceeds of up to C$4.45 million. Each Unit will consist of one common share of the Company (“Common Share”) and one-half Common Share purchase warrant (“Warrant”). Each full Warrant will entitle the holder to acquire one Common Share at an exercise price of C$0.40 for a period of 24 months from the closing date of the Private Placement. Units are only being offered to Canadian participants.

Proceeds from the Private Placement will be used to advance the Company’s Goldstrike and Kinsley gold projects and for general working capital purposes. All securities issued in connection with the Private Placement will be subject to a four month hold period, in accordance with securities regulations.

Final closing is expected to occur in March 2016, subject to receipt of final applicable regulatory approvals, including approval of the Toronto Stock Exchange. 

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act) absent such registration or an applicable exemption from such registration requirements.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilağa and TV Tower, and has a pipeline of Western US 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 or contact:

Sabina Srubiski
Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

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 with respect to the anticipated amount, timing and closing of the Private Placement, anticipated use of proceeds of the Private Placement. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Pilot Gold’s public filings, including those factors discussed in the Annual Information Form for the year ended December 31, 2014, dated March 24, 2015 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 unless required by law.

NOT FOR U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

March 4, 2016

VANCOUVER, B.C. – Pilot Gold Inc. ("Pilot Gold" or the "Company") (TSX: PLG) announces that it has completed its non-brokered private placement announced on February 22, 2016 (the “Private Placement”). Under the Private Placement, a total of 17,893,000 units of the Company (“Units”) were sold at a price of C$0.25 per Unit, for gross proceeds of C$4.47 million. Each Unit consists of one common share of the Company (“Common Share”) and one-half of one Common Share purchase warrant (“Warrant”). Each full Warrant entitles the holder to acquire one Common Share at an exercise price of C$0.40 for a period of 24 months from the closing date of the Private Placement.

Proceeds from the Private Placement will be used to advance the Company’s Goldstrike and Kinsley Mountain gold projects in the United States, and for general working capital purposes. All securities issued in connection with the Private Placement will be subject to a four month hold period, in accordance with securities regulations.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons (as defined in Regulation S under the 1933 Act), absent such registration or an applicable exemption from such registration requirements.

ABOUT PILOT GOLD
Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilağa and TV Tower, and has a pipeline of Western US 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 or contact:
Sabina Srubiski Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

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 with respect to the anticipated use of proceeds of the Private Placement. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Pilot Gold’s public filings, including those factors discussed in the Annual Information Form for the year ended December 31, 2014, dated March 24, 2015 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 unless required by law.

March 18, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce its financial and operating results for the year ended December 31, 2015.  

2016 Outlook

The Company has had a strong start to 2016 with the announcement of Cal Everett as President and Chief Executive Officer, proof of concept drill results from Goldstrike, and the closing of a C$4.47 million private placement. Pilot Gold’s exploration focus in 2016 is on its U.S. portfolio, including the Goldstrike project in Utah and the Kinsley project in Nevada.

At Goldstrike, last year’s drill program validated the exploration model, and this year the Company is planning a minimum 10,000 metre infill and step-out drill program targeting the mine trend; phase one of which commenced March 2, 2016. The Company will also continue surface exploration and drill target development property-wide, refinement and expansion of the 3D geological model and complete a Plan of Operations to enable expanded drilling on the rest of the property.

Company highlights through and subsequent to December 31, 2015:

• Appointed Cal Everett as President and CEO.(1)
• Closed a C$4.47 million private placement.(1)
• Completed a 2,877 metre, successful proof of concept RC drill program at Goldstrike in December.
• Reported an initial resource estimate at Kinsley, including 284,000 Indicated ounces at an average grade of 6.04 g/t gold in the Western Flank zone. Using multiple cut-offs, the resource estimate delineates(2):
  • 405,000 Indicated ounces in 5,529,000 tonnes averaging 2.27 g/t gold, and
  • 122,000 Inferred ounces in 3,362,000 tonnes averaging 1.13 g/t gold.
• Completed the earn-in to a 60% controlling interest in TV Tower in March 2015.
• Doubled the size of the mineralized footprint at TV Tower’s Hilltop porphyry system to approximately 600m by 500m, including discovery of a supergene copper zone, yielding assay intervals of up to 4.5% copper(3).
• Released a revised preliminary economic assessment for the Halilaga copper-gold porphyry project(4).

Goldstrike-Utah

Goldstrike is host to a past-producing oxide heap leach mine with an extensive exploration database, a large number of shallow drill holes with unmined oxide gold intercepts, and numerous untested gold targets. Gold mineralization on surface and in shallow drill holes has been discovered over the entire property.

The 2015 drill program intersected gold mineralization in all areas tested over a 7 km-long corridor, confirming that gold is widespread, and predictable within a particular stratigraphic interval. For the year ended December 31, 2015, expenditures incurred at Goldstrike were $0.99 million in-line with 2015 budget of $1.00 million.

Kinsley Mountain

On December 17, 2015, the Company filed a NI 43-101 technical report on Kinsley that includes the delineation of a significant high-grade zone at the Western Flank. With other untested targets with the same attributes as the Western Flank, we believe that this resource represents a stepping stone along the way to realizing the potential of a much larger gold system at Kinsley. From north to south, there are over 12 km of prospective geology, alteration and geochemical targets for the Company to explore.

Management adjusted the 2015 exploration program and budget lower, as a reflection of market conditions, and completed 5,400 metres in 13 drill holes that included the discovery of a new mineralized zone located 150m east of the high-grade Western Flank zone. The Company’s share of expenditures from January 1, 2015 to December 31, 2015, totalled $1.70 million. Expenditures and activity through the year included: drilling and assaying ($0.72 million), salaries ($0.47 million) and analyses and surveys ($0.1 million). 

Pilot Gold owns approximately 79% of Kinsley. A subsidiary of Nevada Sunrise Gold Corporation holds the remaining 21% interest in the property. Each entity funded its pro rata share of activity on the property in 2015.

TV Tower

The focus at TV Tower in 2015 was the expansion of the footprint of the two copper-gold porphyry discoveries in the southern part of the property. Management is particularly encouraged with early indications of a zone of supergene copper enrichment at the Hilltop porphyry target. 

Although the approved program and budget contemplated up to 20,000 metres of drilling funded pro-rata by each partner (Pilot Gold share: $4.55 million), management adjusted the program as a reflection of market conditions and completed 5,315 metres, which culminated in a doubling of the mineralized footprint at the Hilltop porphyry system. The Company’s share of total expenditures on the project for 2015 was $2.6 million and included: drilling and assay expenses ($0.69 million), salaries ($0.54 million) and consultant’s costs ($0.47 million), with the remainder including camp costs and transportation. 

Pilot Gold holds a 60% interest in TV Tower and a Turkish subsidiary of Teck Resources Limited has the remaining 40% interest. Pilot Gold is project operator and completed an earn-in to 60% in March 2015 through sole funding exploration over a two-and-a-half-year period.

All amounts are presented in United States dollars unless otherwise stated.

Moira Smith, Ph.D., P.Geo., Vice President Exploration and Geosciences, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the scientific and technical information contained in this release is accurate.

TV Tower, Kinsley and Goldstrike are early stage exploration projects; the potential quantities and grades disclosed herein are conceptual in nature and, except for the mineral resource estimate at the KCD deposit at TV Tower ("KCD"), and the Western Flank deposit at Kinsley, there has been insufficient exploration to define a mineral resource for other targets disclosed herein. It is uncertain if further exploration will result in these targets being delineated as a mineral resource. The potential to define an additional mineral resource at TV Tower or Kinsley, or a resource at Goldstrike is conceptual in nature and there has been insufficient exploration to define a mineral resource thereat. It is uncertain if further exploration will yield any additional mineral resources at TV Tower or Kinsley. 

SELECTED FINANCIAL DATA

The following selected financial data is derived from our consolidated financial statements and related notes thereto for the years ended December 2015, 2014 and 2013, as prepared in accordance with International Financial Reporting Standards. These documents can be found on the Company’s website (www.pilotgold.com) or on SEDAR at www.sedar.com.

Total assets comprise primarily exploration properties and deferred exploration expenditures of $76.65 million and cash, cash equivalents and short term investments of $7.91 million. The 40% share of TV Tower owned by Teck is included as a component of the $23.04 million non-controlling interest on the Company’s statement of financial position. Total assets also include $0.78 million in receivables, and prepayments, and $5.22 million in value recorded for the Company’s 40% interest in the PEA-stage Halilaga copper-gold project in Turkey.

The decrease since year end 2014 in working capital reflects costs incurred toward the 2015 exploration programs of $5.08 million (2014: $7.03 million), cash outflows for operating expenditures of $3.85 million (2014: $5.05 million), and the impact of changing foreign exchange rates of $2.39 million (2014: $0.94).

Total liabilities at December 31, 2015, 2014 and 2013 primarily reflect accounts payable and accruals recorded at period end arising from ongoing activities. 2015 also includes a deferred tax liability ($0.47 million) arising from the impact of foreign exchange on the carrying value of TV Tower. The significant overall decrease over the prior years, is a reflection of decreased exploration activities at year end compared to those years.

The most significant contributors to the losses in the twelve months ended December 31, 2015 were, the write down of the Gold Bug property ($0.74 million), Viper property ($1.05 million) and Drum property ($0.30 million), the cost of wages and benefits of $1.72 (2014: $1.82 million, 2013: $1.73 million) and office and general costs of $1.14 million (2014: $1.21 million, 2013: $1.29 million), as well as non-cash stock based compensation of $0.99 million (2014: $1.22 million, 2013: $2.28 million). The loss per share remained constant at $0.07 for each the years ended 2015 and 2014, a decrease on $0.10 in 2013.

The net other comprehensive loss attributable to shareholders for the year ended December 31, 2015, was $6.01 million compared to $3.83 million and $3.38 million in 2014 and 2013 respectively, driven by exchange differences on translation of foreign currency subsidiaries. The impact from exchange differences will vary from period to period depending on the rate of exchange; in the period between January 1, 2015 and December 31, 2015, the United States dollar appreciated 15% relative to the Canadian dollar (2014: 8.3% and 2013: 7.3%).

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:

Mal Karwowska

Phone: 604-632-4677 or Toll Free 1-877-632-4677

This email address is being protected from spambots. You need JavaScript enabled to view it.

Unless stated otherwise, information of a scientific or technical nature in this press release regarding the TV Tower, Halilaga or Kinsley Mountain properties are summarized, derived or extracted from, the following technical reports: “Independent Technical Report for the TV Tower Exploration Property, Canakkale, Western Turkey”, effective January 21, 2014 and dated February 20, 2014, prepared by Casey M. Hetman, P.Geo. with SRK Consulting (Canada) Inc., James N. Gray, P. Geo. of Advantage Geoservices Ltd., and Gary Simmons, BSc, Metallurgical Engineering, of G L Simmons Consulting, LLC; “Revised Preliminary Economic Assessment Technical Report Halilaga Project, Turkey,” effective December 20, 2014 and dated February 16, 2015, prepared by Gordon Doerksen, P. Eng, Dino Pilotto, P.Eng and Stacy Freudigmann, P.Eng. of JDS Energy and Mining Inc.; Greg Abrahams, P.Geo and Maritz Rykaart, P.Eng of SRK; Gary Simmons of GL Simmons Consulting LLC.; Garth Kirkham, P.Geo. of Kirkham Geosystems Ltd.; and James Gray, P.Geo. of Advantage Geoservices Ltd; “Updated Technical Report and Estimated Mineral Resources for the Kinsley Project, Elko and White Pine Counties, Nevada, U.S.A.”, effective October 15, 2015, dated December 16, 2015 and prepared by Michael M. Gustin, CPG, Moira Smith, Ph.D., P.Geo. and Gary Simmons, B.Sc. MMSA, and the Company’s press release, dated November 5, 2015 relating to the resource estimate published for the Kinsley Mountain property. For further detail on TV Tower, Kinsley Mountain or the Halilaga PEA, refer to the respective technical reports filed on the Company’s website at www.pilotgold.com or under Pilot Gold’s SEDAR profile at 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 with respect to the anticipated timing and closing of the Offering, anticipated use of proceeds of the Offering, those that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, 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, the amenability of mineralization to produce a high-grade or high-quality concentrate (as there can be no assurances as to the results of the metallurgical testing and no inferences should be drawn therefrom), the accuracy of any metallurgical testing completed to date, the potential of low capital cost options for potential mining and processing at Kinsley or processing at a typical Nevada refractory ore processing facility, 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, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by our joint venture partner or other third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; 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 Annual Information Form of the Company dated March 17, 2016 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 unless required by law.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. The mineral resource estimates referenced in this press release use the terms “Indicated Mineral Resources” and “Inferred Mineral Resources”. While these terms are defined in and required by Canadian regulations (under NI 43-101), these terms are not recognized by the U.S. Securities and Exchange Commission (“SEC”). "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Pilot Gold is not an SEC registered company

Drilling targets the 7 km-long, 2 km wide Historic Mine Trend, a follow-up to historic results and 2015 proof of concept drill program

March 23, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce that it has commenced infill and step out drilling on the 7 km-long "Historic Mine Trend" on its Goldstrike Project in southwestern Utah.  The primary target is Carlin-style shallow, oxide gold mineralization.  Pilot Gold acquired 100% of the Goldstrike Project through the acquisition of Cadillac Mining Corporation in August, 2014 (see press release, August 29, 2014).

Previous mining at Goldstrike occurred from 1988 to 1994, with 209,000 ounces of gold produced from 12 shallow pits, at an average grade of 1.2 grams Au/tonne. Historical gold recovery is documented to be 75% from run of mine and crushed ore(1).

Over a 12-month period, the Company compiled and digitized approximately 20 years of historical exploration and mining data, including 1519 shallow drill holes, ~100,000 blast holes and surface geological and geochemical data. A robust 3D model was generated, followed by a successful “proof of concept” 18 hole RC drill program in late 2015. 

Highlights – Goldstrike “Historic Mine Trend” Compilation 

• Oxide gold mineralization remains in areas under and adjacent to 12 historical pits that are linked together by historical drill results along a 7 km long, “Historical Mine Trend”. For a map of historic drill holes please click here.

• The Historic Mine Trend has exposed oxide gold mineralization throughout a 14 square km area. 

• Previous operators focused drilling and mining primarily in areas of exposed gold mineralization, with very little drilling outside of these areas.  Pilot Gold has confirmed by drilling that the mineralized zone is open for extension under shallow cover to the NW of the pits.

• Oxide gold mineralization occurs primarily at the base of Eocene Claron Formation conglomerate and sandstone, and is associated with anomalous As, Sb, Hg, Tl, Fe-oxide and jasperoid, hallmarks of Carlin-style mineralization.  The Claron Formation lies unconformably on Paleozoic carbonate rocks, and is overlain, in turn, by Miocene mafic to intermediate volcanic rocks.

• 6 additional, oxide gold-bearing windows of basal Claron Formation occur within a 28 square km area NW of the Historic Mine Trend.  All are considered priority exploration targets. Claron Formation that is not exposed but overlain by Miocene tuffs will also be targeted by RC drilling.

RC infill and step-out drilling commenced on the Historic Mine Trend on March 2, 2016 within kilometre 6 south block (Km 6 S), and has progressed to the Km 6 N and Km 5 N blocks. For a map showing the template of blocks Km 1 to Km 7, showing the historic pit outlines and 2016 proposed drilling please click here.

2016 Drill Program

The objective of the 2016 drill program is to target unmined and/or undrilled areas between and around the historic pits, and to drill test down-dip to the north of, and laterally beyond, the Historic Mine Trend into areas where gold has been confirmed but not systematically drilled off.  The holes will average approximately 150 metres in length, with up to 20 holes drilled per month. The scope of the program is open-ended and dependent on results.  At least 100 drill holes are covered in the Phase 1 2016 drill budget.

The objective is to advance the Goldstrike Project to a resource estimate by year end, incorporating new and historical RC drill hole data over a broad area.

Historic Drill Database

Pilot Gold inherited a very large amount of data pertaining to previous exploration and mining, including original assay certificates, drill chip trays, core and other data vital to reconstructing the remaining gold endowment and controls on mineralization at Goldstrike.

Data includes 1519 historic drill holes, of which 1242 are located in the Historic Mine Trend and 277 are located elsewhere on the property.

Average hole depth was 63 metres with only 9 holes deeper than 300 metres. 

1270 of the 1519 historic drill holes (84%) contained detectable gold.

On the Historic Mine Trend, 66% of the drill holes graded 2.5 gram-metres (g/t Au multiplied by number of metres in the interval) or more.   634 (41%) of the historical drill holes graded 10 gram-metres or more.

Thickness of oxide gold intercepts along the Historic Mine Trend averaged 15 metres with thicknesses up to 90 metres noted.

(1) Previous mining data sourced from: Willden, R., 2006, Goldstrike Mining District, Washington County, Utah: in bon, R.L., Gloyn, R.W., and Park, G.M., eds., Mining Districts of Utah: Utah Geological Association Publication 32, p. 458-476

2015 Pilot Gold Confirmation Drill Results

The Q4 2015 RC drill program confirmed the geological model for extension of the Goldstrike mineralized system under shallow cover.  Eleven of the 18 drill holes returned intercepts of at least 10 gram-metres (see press releases dated, January 14, 2016 and December 1, 2015). 

• 6.1 metres grading 3.27 g/t Au
• and 3.0 metres grading 0.86 g/t Au
• and 7.6 metres grading 0.92 g/t Au in PGS002
• 39.6 metres grading 1.01 g/t Au in PGS003
• 41.1 metres grading 0.84 g/t Au in PGS004
• 35.1 metres grading 0.85 g/t Au in PGS007
• 22.9 metres grading 1.68 g/t Au in PGS008
• 36.6 metres grading 1.06 g/t Au in PGS010
• 15.2 metres grading 0.84 g/t Au in PGS011
• 18.3 metres grading 2.72 g/t Au in PGS012
• 71.6 metres grading 0.48 g/t Au in PGS013
• 39.6 metres grading 0.47 g/t Au in PGS014
• 27.4 metres grading 0.66 g/t Au in PGS016

 Two of the 18 drill holes were lost due to adverse ground conditions and two missed the target interval due to fault offsets.

Goldstrike Property and Historical Activity

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada Border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Kinsley Mountain and Newmont’s Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-type systems located off the main Carlin and Cortez trends in largely underexplored parts of the Great Basin. The Goldstrike Property comprises 96 km2 of US federal lode claims, patented (private) claims and Utah State leases.   The historic mine is now fully reclaimed. 

Goldstrike Geology

Oxide gold mineralization is dominantly hosted in sandstone and conglomerate in the basal portion of the Eocene Claron Formation, along a regional unconformity that is virtually untested where it dips under shallow sedimentary and volcanic cover.  The Claron Formation extends down dip of mineralized surface exposures, which are present throughout the northern half of the Goldstrike Property, an area covering approximately 42 km2.  The entire area is considered prospective for gold mineralization.  In addition to the exposures in the Historic Mine Trend, six other large windows to the northwest of the Historic Mine Trend expose the basal Claron Formation, and all contain drill-tested oxide gold mineralization.  In particular, the Mineral Mountain area, located approximately 4 km north of the Historic Mine Trend and as described in the Report (as defined below), contains a current Inferred Resource of 41,144 ounces of gold, contained in 3.4 million tons of material grading 0.0122 ounces per ton of gold.  Additional drilling may expand the mineralized footprint of this zone, which is open in several directions, and is planned for 2016.

Gold is also present in Mississippian through Permian carbonate shelf strata immediately underlying the Claron Formation, where they constitute the principal host rocks in the westernmost two pits on the Historic Mine Trend.  While these rocks are more typical of Carlin-style host rocks, and are exposed over the entire southern half of the property, they have not been extensively tested. The overall potential in these rocks is relatively unknown, but presumed to be significant.

Moira Smith, Ph.D., P.Geo., VP Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate.  Pilot Gold drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-90% of the reported lengths. Pilot Gold drill samples were assayed by ALS Chemex (ISO9001:2000) in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NACN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS. QA/QC for all drill samples consists of 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. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS.  Goldstrike is an early-stage exploration project and, except for that which is noted in the Report, does not contain any mineral resource estimates as defined by 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 being delineated as a mineral resource.

NI 43-101 technical report prepared for a previous operator entitled, "Technical Report on the Mineral Mountain Property, Washington County, Utah, USA", dated February 16, 2010, prepared by Kenneth P. Puchlik, of Puchski GeoConsultants (the "Report").  As at the date of the Report, Mr. Puchlik was a “Qualified Person” as defined by NI 43-101.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:

Phone: 604-632-4677 or Toll Free 1-877-632-4677

This email address is being protected from spambots. You need JavaScript enabled to view it.  

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 potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, assumptions about future prices of gold, 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, 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, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; 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 Annual Information Form of the Company dated March 17, 2016 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 unless required by law.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. The mineral resource estimates referenced in this press release use the terms “Indicated Mineral Resources” and “Inferred Mineral Resources”. While these terms are defined in and required by Canadian regulations (under NI 43-101), these terms are not recognized by the U.S. Securities and Exchange Commission (“SEC”). "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Pilot Gold is not an SEC registered company

2.10 g/t Au over 35.1 m; 1.19 g/t Au over 57.9 m

Targeting shallow oxide gold mineralization along the 7 km-long by 2 km-wide Goldstrike Historic Mine Trend

April 12, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce the first tranche of oxide gold results from 2016 infill and step out drilling on the 7 km-long "Historic Mine Trend" on its Goldstrike Project in southwestern Utah. Results from eight reverse circulation holes (1,364 m) have been received to date, with significant oxide intercepts in seven of them.

Highlights include: 

• 2.10 grams/tonne gold (g/t Au) over 35.1 metres, including 4.42 g/t Au over 13.7 metres in PGS019
• 1.07 g/t Au over 30.5 metres, in PGS020
• 0.63 g/t Au over 30.5 metres, in PGS023
• 1.56 g/t Au over 27.4 metres, including 1.98 g/t over 19.8 metres, in PGS025
• 1.19 g/t Au over 57.9 metres, including 1.65 g/t Au over 30.5 metres, in PGS026

Key Points:

• Seven of eight RC holes intercepted oxide gold mineralization over significant widths.
• 50% of the holes returned at least 1 g/t gold over at a minimum 27 metre drill hole length, well above historical drilling averages on the Historical Mine Trend.
• PGS021 intersected a fault zone at shallower than expected depth, missing the target stratigraphic interval, and thus did not return a mineralized intercept.

For a complete table of drill results to date at Goldstrike in 2016, please click here:
http://pilotgold.com/sites/default/files/Goldstrike-Drill-Results-04122016.pdf

For a complete table of all drilling by Pilot Gold at Goldstrike in 2015 and to date in 2016, please click here:
http://pilotgold.com/sites/default/files/Goldstrike-Drill-Results-since-2015-04122016.pdf

For a map of drill collars and traces for the current release, please click here:
http://pilotgold.com/sites/default/files/GoldStrike-PR-20160412-1.pdf

RC drilling is ongoing, with on average 5 RC drill holes completed per week.

Pilot Gold acquired 100% of the Goldstrike Project through the acquisition of Cadillac Mining Corporation in August, 2014 (see press release, August 29, 2014).The primary target is Carlin-style shallow, oxide gold mineralization. 

RC infill and step-out drilling commenced on the Historic Mine Trend on March 2, 2016 within kilometre 6 south block (Km 6 S). The RC drill program is progressing as anticipated and is currently infill drilling in the Km 6 N block and stepout drilling in the Km 5 N block. For a map showing the template of blocks Km 1 to Km 7, the historic pit outlines and 2016 drilling please click here:http://pilotgold.com/sites/default/files/GoldStrike-PR-20160412-2.pdf

Drill holes PGS019 and PGS020 were drilled to offset mineralization in drill holes PGS003 and PGS004, which returned 1.01 g/t Au over 39.6 metres and 0.84 g/t Au over 41.1 metres, respectively. Mineralization is open to the north and east of this intercept. PGS025 and PGS026 were drilled to offset mineralization in PGS010, which returned 1.06 g/t Au over 36.6 metres. Mineralization is open for extension in all directions from this site, with results from four holes in this area pending. 

2016 Drill Program
The goal of the 2016 drill program is to target unmined and/or undrilled areas between and around the historic pits, and to drill test down-dip to the north of, and laterally beyond, the Historic Mine Trend into areas where gold has been confirmed but not systematically drilled off. The holes will average approximately 150 metres in length. The scope of the program is open-ended and dependent on results. At least 100 drill holes are covered in the Phase 1 2016 drill budget.

The objective is to advance the Goldstrike Project to a resource estimate by year end, incorporating new and historical RC drill hole data over a broad area.

Goldstrike Property and Geology
Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Kinsley Mountain and Newmont’s Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-type systems located off the main Carlin and Cortez trends in largely underexplored parts of the Great Basin. The Goldstrike Property comprises 96 km² of US federal lode claims, patented (private) claims and Utah State leases. 

Previous mining at Goldstrike occurred from 1988 to 1994, with 209,000 ounces of gold produced from 12 shallow pits, at an average grade of 1.2 grams Au/tonne. Historical gold recovery is documented to be 75% from run of mine ⁽¹⁾. The historic mine is now fully reclaimed.

Over a 12-month period, the Company compiled and digitized approximately 20 years of historical exploration and mining data, including 1519 shallow drill holes, ~100,000 blast holes and surface geological and geochemical data. A robust 3D model was generated, followed by a successful “proof of concept” 18 hole RC drill program in late 2015.

Oxide gold mineralization is dominantly hosted in sandstone and conglomerate in the basal portion of the Eocene Claron Formation, along a regional unconformity that is virtually untested where it dips under shallow sedimentary and volcanic cover. The Claron Formation extends down dip of mineralized surface exposures, which are present throughout the northern half of the Goldstrike Property, an area covering approximately 42 km2. The entire area is considered prospective for gold mineralization. In addition to the exposures in the Historic Mine Trend, six other large windows to the northwest of the Historic Mine Trend expose the basal Claron Formation, and all contain drill-tested oxide gold mineralization. In particular, the Mineral Mountain area, located approximately 4 km north of the Historic Mine Trend and as described in the Report (as defined below), contains a current Inferred Resource of 41,144 ounces of gold, contained in 3.4 million tons of material grading 0.0122 ounces per ton (0.418 g/t) of gold. Additional drilling may expand the mineralized footprint of this zone, which is open in several directions, and is planned for 2016.

Gold is also present in Mississippian through Permian carbonate shelf strata immediately underlying the Claron Formation, where they constitute the principal host rocks in the westernmost two pits on the Historic Mine Trend. While these rocks are more typical of Carlin-style host rocks, and are exposed over the entire southern half of the property, they have not been extensively tested. The overall potential in these rocks is relatively unknown, but presumed to be significant.

(1) Previous mining data sourced from: Willden, R., 2006, Goldstrike Mining District, Washington County, Utah: in bon, R.L., Gloyn, R.W., and Park, G.M., eds., Mining Districts of Utah: Utah Geological Association Publication 32, p. 458-476

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-90% of the reported lengths. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NACN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS. QA/QC for all drill samples consists of 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. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

Goldstrike is an early-stage exploration project and, except for that which is noted in the Report, does not contain any mineral resource estimates as defined by 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 being delineated as a mineral resource. NI 43-101 technical report prepared for a previous operator entitled, "Technical Report on the Mineral Mountain Property, Washington County, Utah, USA", dated February 16, 2010, prepared by Kenneth P. Puchlik, of Puchski GeoConsultants (the "Report"). As at the date of the Report, Mr. Puchlik was a “Qualified Person” as defined by NI 43-101.

ABOUT PILOT GOLD
Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

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 potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, assumptions about future prices of gold, 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, 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, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting;possible claims against the Company; 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 Annual Information Form of the Company dated March 17, 2016 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 unless required by law.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. The mineral resource estimates referenced in this press release use the terms “Indicated Mineral Resources” and “Inferred Mineral Resources”. While these terms are defined in and required by Canadian regulations (under NI 43-101), these terms are not recognized by the U.S. Securities and Exchange Commission (“SEC”). "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Pilot Gold is not an SEC registered company

Drilling on the 7 km-long, 2 km-wide Historic Mine Trend to augment ongoing RC program

April 21, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce that it has commenced a 10-hole core drilling program for metallurgical and other purposes at its Goldstrike Project in southwestern Utah. The primary target is Carlin-style shallow, oxide gold mineralization on the 7 km long “Historic Mine Trend”. The ten core holes will be drilled using PQ large diameter core, and will be used to:

• Provide sample material for metallurgical studies, including column testing, scheduled for later in 2016
• Provide samples for density measurements, needed for accurate resource estimation
• Further infill areas of the “Historic Mine Trend” now being targeted with the ongoing RC resource definition program
• Provide for better definition and modeling of structural and stratigraphic controls on mineralization
• Provide sample material as needed for engineering studies

The contractor for the core drilling program is Major Drilling of Salt Lake City, Utah. The metallurgical program will be overseen by consulting metallurgist Gary Simmons, who has directed a large number of metallurgical programs in similar rocks for Pilot Gold and its predecessor Fronteer Gold Inc.

The core drilling program was originally planned for late 2016. However, given the positive results from RC drilling to date, the program was moved up in order to commence metallurgical testing sooner and receive results in 2016.

Highlights from 2015 and 2016 RC drilling to date include (see press releases dated April 12, 2016, January 14, 2016 and December 1, 2015):

• 1.01 g/t Au over 39.6 metres in PGS003
• 0.84 g/t Au over 41.1 metres in PGS004
• 0.85 g/t Au over 35.1 metres in PGS007
• 1.68 g/t Au over 22.9 metres in PGS008
• 1.06 g/t Au over 36.6 metres in PGS010
• 2.10 g/t Au over 35.1 metres, including 4.42 g/t Au over 13.7 metres in PGS019
• 1.56 g/t Au over 27.4 metres, including 1.98 g/t Au over 19.8 metres in PGS025
• 1.19 g/t Au over 57.9 metres, including 1.65 g/t Au over 30.5 metres in PGS026

For a complete table of results for all drilling by Pilot Gold at Goldstrike in 2015 and to date in 2016, please click here.

The core holes will replace previously-planned RC holes, to avoid unnecessary duplication and cost.  Eight of the holes will be located in the eastern portion of the Historic Mine Trend (Km 6 N and Km 5 N), with two located in the western part of the Historic Mine Trend.

RC drilling is also ongoing, with on average 5 RC drill holes completed per week.

Pilot Gold acquired 100% of the Goldstrike Project through the acquisition of Cadillac Mining Corporation in August, 2014 (see press release dated August 29, 2014).The primary target is Carlin-style shallow, oxide gold mineralization. 

2016 RC and Core Drilling Program
The objective of the 2016 RC and core drilling program is to target unmined and/or undrilled areas between and around the historic pits, and to drill test down-dip to the north of, and laterally beyond, the Historic Mine Trend into areas where gold has been confirmed but not systematically drilled off. The holes will average approximately 150 metres in length. The scope of the program is open-ended and dependent on results. At least 100 RC drill holes are covered in the Phase 1 2016 drill budget. The core holes and metallurgical study costs are a supplement to the RC drill program budget. The metallurgical program will test the amenability of oxide material in newly-discovered areas of mineralization to leaching, over a range of particle sizes. Historical mining at Goldstrike (1988-1994) was 100% run of mine material that returned approximately 75% recovery on the heap leach pads(1).

The goal is to advance the Goldstrike Project to a resource estimate by year end, incorporating new and historical RC drill hole data over a broad area.

Goldstrike Property and Geology
Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Kinsley Mountain and Newmont’s Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-type systems located off the main Carlin and Cortez trends in largely underexplored parts of the Great Basin. The Goldstrike Property comprises 96 km2 of US federal lode claims, patented (private) claims and Utah State leases. 

Previous mining at Goldstrike occurred from 1988 to 1994, with 209,000 ounces of gold produced from 12 shallow pits, at an average grade of 1.2 grams Au/tonne. Historical gold recovery is documented to be 75% from run of mine (1). The historic mine is now fully reclaimed.

Over a 12-month period, the Company compiled and digitized approximately 20 years of historical exploration and mining data, including 1519 shallow drill holes, ~100,000 blast holes and surface geological and geochemical data. A robust 3D model was generated, followed by a successful “proof of concept” 18 hole RC drill program in late 2015.

Oxide gold mineralization is dominantly hosted in sandstone and conglomerate in the basal portion of the Eocene Claron Formation, along a regional unconformity that is virtually untested where it dips under shallow sedimentary and volcanic cover. The Claron Formation extends down dip of mineralized surface exposures, which are present throughout the northern half of the Goldstrike Property, an area covering approximately 42 km2. The entire area is considered prospective for gold mineralization. In addition to the exposures in the Historic Mine Trend, six other large windows to the northwest of the Historic Mine Trend expose the basal Claron Formation, and all contain drill-tested oxide gold mineralization. In particular, the Mineral Mountain area, located approximately 4 km north of the Historic Mine Trend and as described in the Report (as defined below), contains a current Inferred Resource of 41,144 ounces of gold, contained in 3.4 million tons of material grading 0.0122 ounces per ton (0.418 g/t) of gold. Additional drilling may expand the mineralized footprint of this zone, which is open in several directions, and is planned for 2016.

Gold is also present in Mississippian through Permian carbonate shelf strata immediately underlying the Claron Formation, where they constitute the principal host rocks in the westernmost two pits on the Historic Mine Trend. While these rocks are more typical of Carlin-style host rocks, and are exposed over the entire southern half of the property, they have not been extensively tested. The overall potential in these rocks is relatively unknown, but presumed to be significant.

(1) Previous mining data sourced from: Willden, R., 2006, Goldstrike Mining District, Washington County, Utah: in bon, R.L., Gloyn, R.W., and Park, G.M., eds., Mining Districts of Utah: Utah Geological Association Publication 32, p. 458-476.

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 36-90% of the reported lengths. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.20 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NACN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS. QA/QC for all drill samples consists of 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. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

Goldstrike is an early-stage exploration project and, except for that which is noted below, does not contain any mineral resource estimates as defined by 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 being delineated as a mineral resource. A NI 43-101 technical report was prepared for a previous operator entitled, "Technical Report on the Mineral Mountain Property, Washington County, Utah, USA", dated February 16, 2010, was prepared by Kenneth P. Puchlik, of Puchski GeoConsultants (the "Report"). As at the date of the Report, Mr. Puchlik was a “Qualified Person” as defined by NI 43-101. The Report pertains to a small area in the northwestern part of the property, and does not extend to the Historical Mine Trend.

ABOUT PILOT GOLD
Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

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 potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, assumptions about future prices of gold, 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, 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, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; 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 Annual Information Form of the Company dated March 17, 2016 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 unless required by law.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. The mineral resource estimates referenced in this press release use the terms “Indicated Mineral Resources” and “Inferred Mineral Resources”. While these terms are defined in and required by Canadian regulations (under NI 43-101), these terms are not recognized by the U.S. Securities and Exchange Commission (“SEC”). "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Pilot Gold is not an SEC registered company

Drilling to target high-grade mineralization in the Secret Canyon Shale

47.2 m grading 1.14 g/t Au; 24.4 m grading 1.05 g/t Au  

May 10, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce additional drill results from 12 Reverse Circulation (RC) drill holes at the 100% controlled Goldstrike Oxide Gold Project in southwestern Utah. The primary target is Carlin-style shallow, oxide gold mineralization on the 7 km long “Historic Mine Trend”, between and down-dip to the north of historic open pits.

Highlights from infill and step-out drilling on the 7 km-long, 2 km-wide Historic Goldstrike Mine Trend include: 

• 1.14 grams per tonne gold (g/t Au) over 47.2 metres (m) in PSG027

• 0.80 g/t Au over 25.9 m in PSG032

• 1.05 g/t Au over 24.4 m, including 1.68 g/t over 10.7 m in PSG035

• 0.60 g/t Au over 39.6 m in PSG039

Key Points:

• Drilling to date confirms that, as modeled, a sheet of nearly continuous oxide gold mineralization extends at shallow depth between and immediately below all of the historic pits in the eastern Historic Mine Trend. 

• Variations in the grade of intercepts are attributed to proximity to high-angle mineralizing feeder structures.

• Holes drilled to date represent infill and step-out drilling targeting the basal Claron Formation in the easternmost portion of the Historic Mine Trend. 

• Long intervals assaying 0.30 to 0.40 g/t gold were also encountered on the margins of the mineralized zone. 

• 75% of holes encountering significant mineralization in the basal Claron Formation as well as continuing into Paleozoic strata to depth.

For a complete table of drill results for the current 12 holes, please click here.

For a complete table of results for all drilling by Pilot Gold at Goldstrike in 2015 and to date in 2016, please click here.

For a map of drill collars and traces for the current release, please click here.

RC drilling is ongoing, with on average 5 RC drill holes completed per week.

In addition to the ongoing RC drilling program, a 10-hole metallurgical and infill core drill program is also underway, with results pending for four holes drilled to date.  Eight of the core holes are, or will be, located in the eastern portion of the Historic Mine Trend (Km 6 N and Km 5 N), with two located in the western part of the Historic Mine Trend. For a map showing the planned and executed locations of core and RC holes, please click here.

2016 RC and Core Drilling Program
The objective of the 2016 RC and core drilling program is to target unmined and/or undrilled areas between and around the historic pits, and to drill test down-dip to the north of, and laterally beyond, the Historic Mine Trend into areas where gold has been confirmed but not systematically drilled off. The holes will average approximately 150 metres in length. The scope of the program is open-ended and dependent on results. At least 100 RC drill holes are covered in the Phase 1 2016 drill budget. The core holes and metallurgical study costs are a supplement to the RC drill program budget. The metallurgical program will test the amenability of oxide material in newly-discovered areas of mineralization to leaching, over a range of particle sizes. Historical mining at Goldstrike (1988-1994) was 100% run of mine material that returned approximately 75% recovery on the heap leach pads(1).

The goal is to advance the Goldstrike Project to a resource estimate by year end, incorporating new and historical RC drill hole data over a broad area.

Goldstrike Property
Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Kinsley Mountain and Newmont’s Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-type systems located off the main Carlin and Cortez trends in largely underexplored parts of the Great Basin.  The Goldstrike Property comprises 96 km2 of US federal lode claims, patented (private) claims and Utah State leases.  Previous mining at Goldstrike occurred from 1988 to 1994, with 209,000 ounces of gold produced from 12 shallow pits, at an average grade of 1.2 g/t Au.

(1) Previous mining data sourced from: Willden, R., 2006, Goldstrike Mining District, Washington County, Utah: in bon, R.L., Gloyn, R.W., and Park, G.M., eds., Mining Districts of Utah: Utah Geological Association Publication 32, p. 458-476.

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-90% of the reported lengths. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NACN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS. QA/QC for all drill samples consists of 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. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

Goldstrike is an early-stage exploration project and, except for that which is noted in the Report (as defined below), does not contain any mineral resource estimates as defined by 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 being delineated as a mineral resource. NI 43-101 technical report prepared for a previous operator entitled, "Technical Report on the Mineral Mountain Property, Washington County, Utah, USA", dated February 16, 2010, prepared by Kenneth P. Puchlik, of Puchski GeoConsultants (the "Report"). As at the date of the Report, Mr. Puchlik was a “Qualified Person” as defined by NI 43-101.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:

Evelyn Cox, Director Corporate Communications

Phone: 604-632-4677 or Toll Free 1-877-632-4677

This email address is being protected from spambots. You need JavaScript enabled to view it.

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 potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, assumptions about future prices of gold, 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, 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, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; 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 Annual Information Form of the Company dated March 17, 2016 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 unless required by law.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. There is also no certainty that these inferred mineral resources will be converted to measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. The mineral resource estimates referenced in this press release use the terms “Indicated Mineral Resources” and “Inferred Mineral Resources”. While these terms are defined in and required by Canadian regulations (under NI 43-101), these terms are not recognized by the U.S. Securities and Exchange Commission (“SEC”). "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. Pilot Gold is not an SEC registered company.

May 12, 2016

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 12, 2016) - Pilot Gold Inc. (TSX:PLG) ("Pilot Gold" or the "Company") is pleased to announce its financial and operating results for the three months ended March 31, 2016. 

Company highlights through and subsequent to March 31, 2016:

• Appointed Cal Everett as President and CEO.
• Closed a C$4.47 million non-brokered private placement.
• Commenced infill and step-out drilling along the 7 km-long, 2 km-wide "Historic Mine Trend" at Goldstrike targeting unmined and/or undrilled areas between, around and immediately below the historic pits.
• Reported initial results from the 2016 drill program at Goldstrike, with 15 of 20 RC holes intercepting oxide gold mineralization over significant widths. Highlights include1:
  
  • 35.1 m grading 2.10 g/t Au, including 13.7 m grading 4.42 g/t Au in hole PGS019;
  • 30.5 m grading 1.07 g/t Au in hole PGS020;
  • 27.4 m grading 1.56 g/t Au, including 19.8 m grading 1.98 g/t Au in hole PGS025;
  • 57.9 m grading 1.19 g/t Au, including 30.5 m grading 1.65 g/t Au in hole PGS026;
  • 47.2 m grading 1.14 g/t Au in hole PGS027; and
  • 24.4 m grading 1.05 g/t Au, including 10.7 m grading 1.68 g/t in hole PGS035.
• Commenced a ten hole, large diameter core drilling and initial metallurgical program at Goldstrike, with four holes completed to date.
• Commenced a four hole RC drill program (approximately 1,700 metres) targeting high-grade gold mineralization in the Secret Canyon Shale immediately below and southwest of Kinsley's historic Main Pit.

Goldstrike - Utah

Results from the initial 20 infill- and step-out drill holes of the 2016 program include significant oxide intercepts over the eastern portion of the 7 km-long Historic Mine Trend, further confirming that gold is widespread and predictable within a particular stratigraphic interval, the basal Claron Formation. 15 of 20 RC holes intercepted oxide gold mineralization over significant widths, with 30% of these first 2016 holes returning at least 1 g/t gold over an average of at least 37 metres.

The scope of the program is open-ended and dependent on results. The objective is to advance Goldstrike to a resource estimate by year end, incorporating new and historical RC drill hole data over a broad area. At least 100 drill holes, including 10 core drill holes and an initial metallurgical program, are covered in the amended Phase 1 2016 drill budget, with the program progressing as anticipated.

Pilot Gold owns 100% of Goldstrike. For the three months ended March 31, 2016, expenditures capitalized to Goldstrike were $0.66 million, including: drilling and assaying ($0.19 million), lease and claims fees ($0.19 million), salaries ($0.12 million) and analyses and surveys ($0.03 million). 

SELECTED FINANCIAL DATA

The following selected financial data is derived from the unaudited condensed interim consolidated financial statements and related notes thereto for the three months ended March 31, 2016 (the "Interim Financial Statements"), as prepared in accordance with International Financial Reporting Standards. Details of these results are described in the Interim Financial Statements and related Management's Discussion and Analysis ("MD&A"). These documents can be found on the Company's website (www.pilotgold.com) or on SEDAR at www.sedar.com. 

1 See press releases dated April 12, 2016 and May 10, 2016.

All amounts are presented in United States dollars unless otherwise stated.

Total assets comprise primarily exploration properties and deferred exploration expenditures of $77.63 million and cash, cash equivalents and short term investments of $9.47 million. The 40% share of TV Tower owned by Teck and 20.9% of Kinsley owned by Nevada Sunrise comprise the balance of the $23.11 million non-controlling interest on the Company's statement of financial position. Total assets also include $0.82 million in receivables and prepayments, and $5.57 million in value recorded for the Company's 40% interest in the Halilaga copper-gold project in Turkey.

The increase in working capital since year end 2015, reflects the $3.30 million net proceeds from the private placement completed on March 4, 2016 and the impact of changing foreign exchange rates of $0.46 million, offset by the costs incurred toward the 2016 exploration programs of $0.96 million and cash outflows for operating expenditures of $1.35 million.

Total liabilities at March 31, 2016 and December 31, 2015, primarily reflect accounts payable and accruals recorded at period end arising from ongoing activities, and also includes a deferred tax liability ($0.35 million as at March 31, 2016) arising from the impact of foreign exchange on the carrying value of TV Tower, which is $0.13 million lower than as at December 31, 2015.

The most significant contributors to the losses in the three months ended March 31, 2016 were the cost of wages and benefits of $0.53 million, office and general costs of $0.39 million, as well as non-cash stock based compensation of $0.29 million. The loss per share decreased to $0.01 for each the three months ended March 31, 2016 a decrease of $0.01 over the same period in 2015.

The net other comprehensive income attributable to shareholders for the three months ended March 31, 2016, was $0.92 million compared to a loss of $4.40 million in 2015, and is driven by exchange differences on translation of foreign currency subsidiaries. The impact from exchange differences will vary from period to period depending on the rate of exchange; in the period between January 1, 2016 and March 31, 2016, the United States dollar depreciated 7.7% relative to the Canadian dollar (2015: 8.5% appreciation)

Moira Smith, Ph.D., P.Geo., Vice President Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the scientific and technical information contained in this release is accurate.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US projects characterized by large land positions and district-wide potential that can meet our growth needs for years to come.

Goldstrike and Kinsley are early stage exploration projects; the potential quantities and grades disclosed herein are conceptual in nature and, except for the mineral resource estimate at the Western Flank deposit at Kinsley, and a small resource determined for a previous operator at Goldstrike, there has been insufficient exploration to define a mineral resource for other targets disclosed herein. It is uncertain if further exploration will result in these targets being delineated as a mineral resource. The potential to define an additional mineral resource at Goldstrike or Kinsley is conceptual in nature and there has been insufficient exploration to define a mineral resource thereat. It is uncertain if further exploration will yield any additional mineral resources at the Company's mineral property interests. 

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 with respect to the anticipated timing and closing of the Offering, anticipated use of proceeds of the Offering, those that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, 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, the amenability of mineralization to produce a high-grade or high-quality concentrate (as there can be no assurances as to the results of the metallurgical testing and no inferences should be drawn therefrom), the accuracy of any metallurgical testing completed to date, the potential of low capital cost options for potential mining and processing at Kinsley or processing at a typical Nevada refractory ore processing facility, 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 involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by our joint venture partner or other third parties as related to the Company's mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; 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 Annual Information Form of the Company dated March 17, 2016 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 unless required by law.

RC: 38.1 m grading 3.28 g/t Au in PGS048; CORE: 30.5 m grading 1.85 g/t Au in PGS041C 

May 25, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to announce voting results from the Company’s Annual and Special Meeting of Shareholders held on May 25, 2016 (the “Meeting”). A total of 53,057,991 common shares were voted, representing the votes attached to 42.34% of all outstanding common shares. Shareholders voted in favour of the election of all director nominees. The percentage of votes cast for each is as follows:

Shareholders also voted in favour of approving and ratifying the Company’s Amended and Restated Advance Notice Policy, approved an increase to the maximum aggregate allowable number of restricted share units and deferred share units issuable under their respective plans, and approved the reappointment of PricewaterhouseCoopers LLP, Chartered Professional Accountants as auditor of the Company.

Voting results are released in accordance with Toronto Stock Exchange requirements. Detailed voting results for the Meeting are available on SEDAR at www.sedar.com.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US projects characterized by large land positions and district-wide potential that can meet our growth needs for years to come.

For more information about the Meeting, visit www.pilotgold.com or contact:

John Wenger, Chief Financial Officer and Corporate Secretary
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

Except for statements of historical fact relating to Pilot Gold Inc., certain information contained herein constitutes "forward-looking statements". Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Pilot Gold Inc.'s public filings, which may be accessed at www.sedar.com. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, results or otherwise.

June 16, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce the acquisition of 100% of the Mineral Gulch Property, from Western Pacific Resources Corporation ("Western Pacific"). Mineral Gulch is the past-producing Black Pine heap leach gold mine located in southeastern Idaho. The purchase price consisted of US $800,000 cash, 300,000 common shares of Pilot Gold and a grant of a 0.5% NSR to Western Pacific.

Pilot Gold’s goal is to advance a portfolio of past producing Carlin-style oxide gold mines (Goldstrike, Kinsley, Mineral Gulch) and high grade gold projects (Kinsley, Baxter Springs) in the western US.  Mineral Gulch has the potential to match our current success at Goldstrike. The Company will continue to search for additional acquisitions. 

Mineral Gulch contains a large, shallow, oxidized Carlin-style gold system, similar in nature and target size to Pilot Gold’s Kinsley, Nevada and Goldstrike, Utah projects.

Key Points:

• Large property: 345 federal lode claims, aggregate 26.3 km².
• Past Producer: 435,000 ounces of gold mined from 7 small shallow pits within a 12 km² area defined as the priority exploration target. 
  - Run of mine oxide/heap leach operation from 1992 to 1997.
  - Head grades averaged 0.7 g/t gold with reported historical recovery of 65%.

• Data-rich environment: data for 520 shallow drill holes are currently in Pilot Gold’s possession.
  • Oxide gold is present in historic (unmined) drill holes, pit walls and outcrop samples and extensive grid soil surveys.
  • 485 historic drill holes averaged only 96 metres in length; 35 recent holes drilled by Western Pacific averaged 206 metres in length.
  • A large number of holes contain unmined gold intercepts, including:
    - 12.2m grading 1.24 g/t Au and 6.1m grading 0.48 g/t Au
    - 24.4m grading 1.59 g/t Au
    - 4.6m grading 2.17 g/t Au and 10.7m grading 2.60 g/t Au
  • 27,000 assay intervals, of which 4,100 intervals returned >0.5 g/t Au and 1,800 intervals returned >1.0 g/t Au. 
  • Over 400 holes still unaccounted for but may be recoverable.

For more details about the Mineral Gulch Property, including location, geology and soil geochemistry maps, please click here: http://www.pilotgold.com/images/PilotGold/PLG-Mineral-Gulch-Section-June-2016.pdf

Pilot Gold will use the same detailed data compilation approach to the Mineral Gulch Property as was completed at the Goldstrike and Kinsley projects. The historical database will be digitized and matched with surface mapping and sampling results to generate a 3D interpretive model before a first-phase RC infill and step-out drill program is initiated. Preliminary interpretation suggests that gold is hosted within a low angle thrust fault system superimposed on receptive Pennsylvanian silty limestones.

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate.

About Mineral Gulch

The Mineral Gulch property is located in southeastern Idaho northwest of Snowville, Utah, between Utah State highway 30 and Interstate highway 15. It hosts a large, Carlin-style sediment-hosted gold system, the surface footprint of which extends over an approximately 12 square kilometre area. The mineralized zone was extensively drilled in the immediate pit areas, with mining carried out by Pegasus Gold Corp. from 7 shallow pits over a 6-year period from 1992 to 1997 in a run of mine heap leach operation. Mineralization consists of finely disseminated gold hosted in Pennsylvanian decalcified and jasperoidized calcareous siltstone correlative with the Oquirrh Formation. These rocks are present within a system of interleaved, low-angle thrust faults that is well-exposed in many parts of the property. In other areas, the prospective host horizon is believed to be present under the shallow cover of an overlying thrust plate; these areas are significantly underexplored. 

Mineral Gulch is an early-stage exploration project and does not contain any mineral resource estimates as defined by 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 any of the targets disclosed herein. Further information on Mineral Gulch is available in the technical report entitled “Technical Report on the Mineral Gulch Project, Cassia County, Idaho, USA”, dated May 29, 2013, prepared by David Shaddrick. M.Sc., P.Geo., and filed under Western Pacific’s SEDAR profile. As at the date of the Report, Mr. Shaddrick was a “Qualified Person” as defined by NI 43-101.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:

Evelyn Cox, Director Corporate Communications
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

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 with respect to those that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, receipt of final approval of the TSX, 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, the accuracy of any metallurgical testing completed to date, 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 involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by our joint venture partner or other third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; 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 Annual Information Form of the Company dated March 17, 2016 in the section entitled "Risk Factors", under Pilot Gold’s SEDAR profile at www.sedar.com.

The existence of similar features as at Kinsley and at Goldstrike does not mean that exploration results at Mineral Gulch will be of similar grade or quantity to that which is found at those other properties.  Closing of the transaction is subject to receipt of the approval of the Toronto Stock Exchange for the listing of the common shares.

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 unless required by law.

Core Hole PGS051C: 41.1 m grading 2.64 g/t Au, including 32.0 m grading 3.22 g/t Au

June 17, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce additional drill results from 5 Reverse Circulation (RC) and 2 diamond core holes at the 100% controlled Goldstrike Oxide Gold Project in southwestern Utah.  The primary target is Carlin-style shallow, oxide gold mineralization on the 7 km long, 2 km wide “Historic Mine Trend”, between and down-dip to the north of historic open pits.

Highlights from infill and step-out drilling include: 

• 1.06 grams per tonne gold (g/t Au) over 47.2 metres (m) in PGS044C – core hole
• 0.76 g/t Au over 36.6 m in PGS047
• 0.68 g/t Au over 33.5 m in PGS050
• 2.64 g/t Au over 41.1 m in PGS051C, including 3.22 g/t Au over 32.0 m – core hole
• 0.44 g/t Au over 35.1 m in PGS052
• 0.76 g/t Au over 24.4 m in PGS057
   

Six of the seven released holes contain measurable oxide gold grades over an average drill hole length of 36.4 m.  The mineralized intercept in drill hole PGS051C is a follow-up to PGS026, which returned 57.9 m grading 1.19 g/t Au (see press release dated April, 12 2014) and PGS027, which returned 47.2 m grading 1.14 g/t Au (see press release dated May 10, 2016). This is a new zone of mineralization down-dip of a historic surface showing and demonstrates the potential for discovery of higher-grade mineralization in the shallow subsurface.  For a section showing these results, please click here:http://www.pilotgold.com/images/PilotGold/Goldstrike_Section_PR16_14.pdf.   

Key Points:

• Continued drilling of the main gold host horizon, the Claron Formation has resulted in the discovery of new areas with high grade feeder structures.  A more concentrated RC drill pattern will be used to define these mineralized zones.
• Continued drilling to date confirms gold mineralization with significant width and grade over virtually the entire Goldstrike Graben over an east-west distance of 1.4 km by 400 metres north-south.
• An additional 60 drill sites are proposed within this area before extending the infill step-out drill program 4.5 km to the west and 1 km to the east following the historical mine trend.
• To date approximately 75% of holes drilled by Pilot Gold have encountered significant gold mineralization in the basal Claron Formation, as well as a number of holes containing mineralization hosted in underlying Paleozoic strata.

The 10-hole large diameter core program has been completed.  Metallurgical testing, including column testing, will commence following receipt of assays pending for 7 holes.  Core drilling has provided new insights into the stratigraphic and structural controls on mineralization, as well as the nature of alteration and mineralization. 

For photographs of representative core samples and corresponding assays for the full mineralized intercepts in core holes PGS41C, PGS44C and PGS51C, please click here:

http://www.pilotgold.com/images/PilotGold/GoldstrikeCorePhotos.pdf   

Mineralization in most holes is strongly oxidized, with AuCN assays typically between 70 and 100% of conventional fire assays. 

For a complete table of drill results for the current 7 holes, please click here:
http://www.pilotgold.com/images/PilotGold/GS_Intercepts06162016.pdf

For a complete table of results for all drilling by Pilot Gold at Goldstrike in 2015 and to date in 2016, please click here: http://www.pilotgold.com/images/PilotGold/GS_Intercepts2015to06162016.pdf

For a map of drill collars and traces for the current release, please click here:
http://www.pilotgold.com/images/PilotGold/GoldStrike_Map_PR16_14.pdf     

RC drilling is ongoing, with on average 5 RC drill holes completed per week.

Goldstrike Property

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Kinsley Mountain and Newmont’s Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-type systems located off the main Carlin and Cortez trends in largely underexplored parts of the Great Basin.  The Goldstrike Property comprises 96 km2 of US federal lode claims, patented (private) claims and Utah State leases.  Previous mining at Goldstrike1 occurred from 1988 to 1994, with 209,000 ounces of gold produced from 12 shallow pits, at an average grade of 1.2 g/t Au.

Previous mining data sourced from: Willden, R., 2006, Goldstrike Mining District, Washington County, Utah: in bon, R.L., Gloyn, R.W., and Park, G.M., eds., Mining Districts of Utah: Utah Geological Association Publication 32, p. 458-476.

Kinsley Property – Nevada Update

A four hole RC drill test of a structural, stratigraphic and induced polarization target southwest of the Main Pit was recently completed at Kinsley Mountain, with assays pending. The target is high-grade gold mineralization similar to that drilled in the Western Flank zone.  Kinsley hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems.  It contains a past-producing mine with an extensive exploration database and numerous, untested gold targets. Kinsley is owned 79.1% by Pilot Gold and 20.9% by Nevada Sunrise Gold Corporation.

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-90% of the reported lengths. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS. QA/QC for all drill samples consists of 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. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

Goldstrike is an early-stage exploration project and does not contain any mineral resource estimates as defined by NI 43-101, except for that which is noted in a NI 43-101 technical report prepared for a previous operator entitled, "Technical Report on the Mineral Mountain Property, Washington County, Utah, USA", dated February 16, 2010, prepared by Kenneth P. Puchlik, of Puchski GeoConsultants, a “Qualified Person” as defined by 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 being delineated as a mineral resource. 

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:

Evelyn Cox, Director Corporate Communications
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

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 potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, assumptions about future prices of gold, 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, 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, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; 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 Annual Information Form of the Company dated March 17, 2016 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 unless required by law.

Core Hole PGS054C: 58.8 m grading 2.24 g/t Au, including 36.2 m grading 2.77 g/t Au

June 27, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce additional drill results from 6 Reverse Circulation (RC) and 4 diamond core holes at the 100% controlled Goldstrike Oxide Gold Project in southwestern Utah.  The primary target is Carlin-style shallow, oxide gold mineralization on the 7 km long, 2 km wide “Historic Mine Trend”, between and down-dip to the north of historic open pits.

Highlights from infill and step-out drilling include: 

• 0.87 grams per tonne gold (g/t Au) over 45.4 metres (m) in PGS046C – core hole
• 0.76 g/t Au over 67.1 m in PGS053, including 1.91 g/t Au over 6.1 m
• 2.24 g/t Au over 58.8 m in PGS054C, including 2.77 g/t Au over 36.2 m, including 6.04 g/t Au over 3.0 m – core hole
• 0.96 g/t Au over 76.2 m in PGS058, including 1.98 g/t Au over 19.8 m 
• 0.46 g/t Au over 29.5 m in PGS059CA – core hole
• 0.52 g/t Au over 25.9 m and 0.42 g/t Au over 25.9 m in PGS064

Nine of the ten released holes contain reportable oxide gold intercepts.  The mineralized intercept in drill hole PGS054C is a follow-up to PGS026, which returned 57.9 m grading 1.19 g/t Au (see press release dated April 12, 2016), PGS027, which returned 47.2 m grading 1.14 g/t Au (see press release dated May 10, 2016) and PGS51C, which returned 41.1 m grading 2.64 g/t Au (see press release dated June 17, 2016). This is a new zone of mineralization down-dip of a historic surface showing and demonstrates the potential for discovery of higher-grade and more extensive mineralization in the shallow subsurface. 

Key Points:

• Continued drilling of the main gold host horizon, the Claron Formation, has resulted in the discovery of new areas with high grade feeder structures, including mineralization encountered in PGS058.  A more concentrated RC drill pattern will be used to define these mineralized zones.
• Continued drilling to date confirms gold mineralization with significant width and grade over virtually the entire Goldstrike Graben over an east-west distance of 1.4 km by 200 to 400 m north-south.
• An additional 30 drill holes are proposed within this area before extending the infill step-out drill program up to 4.5 km to the west and 1 km to the east following the historical mine trend.
• New drill intercepts indicate the possibility of thicker zones of mineralization in newly-tested areas, with some intercepts, including PGS058, of up to 76 m drilled thickness.

For photographs of representative core samples and corresponding assays for the full mineralized intercepts in core holes PGS46C, PGS54C, PGS056C and PGS59CA, please click here: http://pilotgold.com/images/news/GoldstrikePR1615CorePhotos.pdf   

Mineralization in most holes is strongly oxidized, with AuCN assays typically between 70% and 100% of conventional fire assays. 

For a complete table of drill results for the current 10 holes, please click here: http://pilotgold.com/images/news/GS_Intercepts06202016.pdf

For a complete table of results for all drilling by Pilot Gold at Goldstrike in 2015 and to date in 2016, please click here: http://pilotgold.com/images/news/GS_Intercepts2015to06202016.pdf

For a map of drill collars and traces for the current release, please click here: http://pilotgold.com/images/news/GoldStrike_PR16_15Map.pdf     

RC drilling is ongoing, with on average 5 RC drill holes completed per week.

Goldstrike Property

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Kinsley Mountain and Newmont’s Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-type systems located off the main Carlin and Cortez trends in largely underexplored parts of the Great Basin.  The Goldstrike Property comprises 96 km2 of US federal lode claims, patented (private) claims and Utah State leases.  Previous mining at Goldstrike1 occurred from 1988 to 1994, with 209,000 ounces of gold produced from 12 shallow pits, at an average grade of 1.2 g/t Au.

(1) Previous mining data sourced from: Willden, R., 2006, Goldstrike Mining District, Washington County, Utah: in Bon, R.L., Gloyn, R.W., and Park, G.M., eds., Mining Districts of Utah: Utah Geological Association Publication 32, p. 458-476.

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-90% of the reported lengths. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS. QA/QC for all drill samples consists of 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. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

Goldstrike is an early-stage exploration project and does not contain any mineral resource estimates as defined by NI 43-101, except for that which is noted in a NI 43-101 technical report prepared for a previous operator entitled, "Technical Report on the Mineral Mountain Property, Washington County, Utah, USA", dated February 16, 2010, prepared by Kenneth P. Puchlik, of Puchski GeoConsultants, a “Qualified Person” as defined by 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 being delineated as a mineral resource. 

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:

Evelyn Cox, Director Corporate Communications
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

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 potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, assumptions about future prices of gold, 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, 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, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; 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 Annual Information Form of the Company dated March 17, 2016 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 unless required by law.

July 7, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce it has signed an Option Agreement with Logan Resources Ltd (“Logan”) under which Logan may earn up to an 80% interest in up to four of its nine Great Basin Portfolio Properties (the “Properties”).  The Properties are located within the eastern Great Basin, in eastern Nevada and western Utah, and include the Drum, Griffon, Antelope, Sandy, Easter, Brik, Stateline, Viper, and Anchor gold properties.

Pilot Gold will continue to focus its own exploration efforts on its 100%-controlled Goldstrike oxide gold project in southwestern Utah, the 79%-controlled Kinsley oxide and high grade sulphide gold project in Nevada, the newly acquired 100%-owned Mineral Gulch oxide gold project in southern Idaho and the 100%-owned Baxter Springs low sulphidation epithermal gold-silver project in Nevada.

Prior to the closing of the transaction (the “Closing Date”), Logan will complete a non-brokered private placement (the “Logan Financing”) in order to fund the initial exploration, holding and development costs as outlined below.  Once the Logan Financing is closed, Logan will issue 9.9% of the issued and outstanding shares of Logan to Pilot Gold.  Pilot Gold maintains its right of ownership interest in Logan provided it owns 5% or more of Logan.  Logan will also reimburse Pilot Gold for 100% of the 2016 annual holding costs paid by Pilot Gold to date for the Properties.

Terms of the Option Agreement are as follows:

1. Logan may earn an initial 51% interest in 4 of the 9 Properties by:
   • Incurring US$1,000,000 in cumulative exploration, holding and development costs within 12 months of the Closing Date.
   • Returning 5 of the 9 Properties to Pilot Gold within 12 months of the Closing Date, with 100% of the 2017 holding costs paid.
   • Maintaining the Properties in good standing, including making all lease payments, advanced royalty payments and satisfying any minimum expenditure requirements on the Properties.
2. Logan may earn an additional 19% (total of 70%) interest in the 4 selected Properties by incurring an additional US$2,000,000 in exploration expenditures within 36 months of the Closing Date and issuing an additional 1,000,000 shares to Pilot Gold on completion of the 70% earn-in requirement.
3. Logan may earn an additional 10% (total of 80%) interest in any of the selected Properties by completing a prefeasibility study on that Property, prepared in accordance with National Instrument 43-101.

Pilot Gold is pleased to be partnering with Logan in advancing this portfolio of gold exploration projects in the Great Basin, Nevada and Utah and will provide land status support to Logan, as well as assist in building the field exploration group.

Closing of the Option Agreement is subject to regulatory and other customary approvals, including the TSX Venture Exchange.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:

Evelyn Cox, Director Corporate Communications
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

_{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 closing of the Option Agreement and Logan’s ability to complete various milestones, potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, assumptions about future prices of gold, 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, 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, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; 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 Annual Information Form of the Company dated March 17, 2016 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 unless required by law.}

Hole PGS076: 6.1 m grading 29.1 g/t Au; PGS048: 7.9 m grading 1.97 g/t Au

August 4, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce additional drill results from 26 Reverse Circulation (RC) and 2 diamond core holes at the 100% controlled Goldstrike Oxide Gold Project in southwestern Utah. The primary target is Carlin-style, shallow, oxide gold mineralization on the 7 km-long, 2 km-wide “Historic Mine Trend”, between and down-dip to the north of historic open pits.  Pilot Gold is also pleased to provide an update on the metallurgical program at Goldstrike.

GOLDSTRIKE MAIN TREND
Current RC drilling is focussed on defining the edges of the Main Zone, to prepare it for inclusion in a resource estimate, projected for completion in Q1 2017.

• An additional 15 to 20 RC drill holes are projected to fill in this area, covering approximately 1400 metres (m) by 300 m of strike of the Historical Mine Trend.
• On completion, approximately 5 to 10% of the High Priority area within the Historic Mine Trend will be drill defined.
• A second drill is being added to the project in early September 2016, to begin testing other areas along the Historic Mine Trend.  Additional drills will be added based on results and access to proposed drill sites.

For a map of future drill targets, please click here:
http://pilotgold.com/sites/default/files/GoldstrikeFutureDrillingPR2016_17.png

HIGHLIGHTS OF DRILL HOLE RESULTS

• 0.91 grams per tonne gold (g/t Au) over 12.2 m in PGS065
• 0.49 g/t Au over 21.3 m and 0.52 g/t Au over 28.0 m in PGS067C (core hole)
• 1.97 g/t Au over 7.6 m in PGS068
• 0.50 g/t Au over 42.7 m in PGS073C (core hole)
• 29.1 g/t Au over 6.1 m, including 102 g/t Au over 1.5 m in PGS076
• 0.42 g/t Au over 33.5 m and 0.80 g/t Au over 9.1 m in PGS080
• 0.69 g/t Au over 19.8 m in PGS089

Drilling is focussed on drilling off the edges of the Main Zone around the historical Main, Hassayampa, Hamburg and Goldtown Pits.  Of note is an intercept grading 29.1 g/t Au over 6.1 m in PGS076.  This intercept is hosted in jasperoid in the Chainman Shale, a Paleozoic unit lying below the Claron Formation unconformity.  Drill hole PGS076 is located 135 metres south of a similar intercept grading 175 g/t Au over 4.6 m in historical hole 88-011(1) mined in the Hassayampa Pit.  The Chainman Shale is a new target for Pilot Gold and has also been historically mined 3.5 km to the west in the Covington Pit. The results represent assaying of four sample intervals using metallic screen methods, which confirmed the presence of coarse free gold.  Coarse gold was also confirmed in PGS090 through visual analysis of panned concentrates of drill chip material and metallic screen assay. 

Of 28 holes reported, 12 holes intersected notable widths of at least 0.32 to 0.45 g/t oxide gold mineralization and 5 holes had no significant results.

For photographs of representative core samples and corresponding assays for the full mineralized intercepts in core holes PGS067C and PGS073C, please click here:
http://pilotgold.com/sites/default/files/GoldstrikeCorePhotosPR2016_17.pdf

For a complete table of drill results for the current 10 holes, please click here:
http://pilotgold.com/sites/default/files/GS_Intercepts08032016.pdf

For a complete table of results for all drilling by Pilot Gold at Goldstrike in 2015 and to date in 2016, please click here: http://pilotgold.com/sites/default/files/GS_Intercepts2015to08032016.pdf

For a map of drill collars and traces for the current release, please click here:
http://pilotgold.com/sites/default/files/GoldStrikeMap_PR2016_17.jpg

After completing drilling at the Main Zone in late August, drilling will target other areas along the Historic Mine Trend, starting with the Peg Leg Graben, parallel to and south of the Goldstrike Graben. The Peg Leg Graben is 1.5 km-long, up to 250 m wide and has been tested in historic drilling by only 3 holes, all returning significant intercepts⁽¹⁾:

• Drill hole 90-035: 0.76 g/t Au over 6.1 m and 0.66 g/t Au over 9.1 m and 1.10 g/t Au over 12.2 m, starting from 61 m downhole.
• Drill hole 91-078: 0.67 g/t Au over 27.4 m, starting from 82.3 m downhole.
• Drill hole 91-077: 0.43 g/t Au over 4.6 m and 0.57 g/t Au over 10.7 m, starting from 18.3 m down hole.

The next target that will be tested is the 2 km2 Dip Slope Trend, host to the historical Padre, Hassayampa and Goldtown pits.  Several significant unmined intercepts are present in this area, including 1.99 g/t Au over 13.7 m in historic drill hole 81-009⁽²⁾.   Ongoing drilling efforts will continue to test priority targets over the entire 7 km-long and 2 km-wide Historic Mine Trend, which is confirmed to be gold bearing based on 1,242 historical drill holes.  Pilot Gold is currently drilling hole PGS099.

GOLDSTRIKE METALLURGY UPDATE

With the receipt of all assay data for the ten core holes, composites for metallurgical testing, including column testing, are being prepared.  In addition to column testing, metallurgical testing will encompass comminution test work and bottle roll tests, in order to provide sufficient data for modeling and prediction of gold recovery over a wide range of feed sizes.  Receipt of the final report is expected in Q4 2016. Cyanide soluble test results from the metallurgical core holes are shown in the table below. While portions of some holes contain transitional or sulphide material, most holes contain oxide with a very high percentage of cyanide soluble gold.  In particular, the hole with the highest overall grade, PGS051C, returned an average 97.1% cyanide solubility. 

Goldstrike Property

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Kinsley Mountain and Newmont’s Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-type systems located off the main Carlin and Cortez trends in largely underexplored parts of the Great Basin.   Previous mining at Goldstrike(3) occurred from 1988 to 1994, with 209,000 ounces of gold produced from 12 shallow pits, at an average grade of 1.2 g/t Au.

(1) Historic drill intercepts from the Peg Leg Graben area were sourced from historic Tenneco Mining Co files and assay certificates.  QA/QC procedures and processes have not been audited by Pilot Gold. Historical results are not necessarily indicative of future results.

(2) Historic drill intercepts from the Dip Slope area were sourced from historic Houston International Minerals files and assay certificates.  QA/QC procedures and processes have not been audited by Pilot Gold. Historical results are not necessarily indicative of future results.

(3) Previous mining data sourced from: Willden, R., 2006, Goldstrike Mining District, Washington County, Utah: in Bon, R.L., Gloyn, R.W., and Park, G.M., eds., Mining Districts of Utah: Utah Geological Association Publication 32, p. 458-476.  Historical results are not necessarily indicative of future results.

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed, approved and verified that the information contained in the release is accurate. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-90% of the reported lengths. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS.  Metallic screen techniques may be employed where the presence of coarse free gold is suspected. Approximately 1000 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.QA/QC for all drill samples consists of 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. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

Goldstrike is an early-stage exploration project and does not contain any mineral resource estimates as defined by NI 43-101 and the presence of mineral deposits on properties adjacent to or in close proximity to Goldstrike is not necessarily indicative of mineralization on Goldstrike.  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 being delineated as a mineral resource. 

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:

Evelyn Cox, Director Corporate Communications

Phone: 604-632-4677 or Toll Free 1-877-632-4677

This email address is being protected from spambots. You need JavaScript enabled to view it.

_{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 potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, projected completion of a resource estimate at Goldstrike and the expected receipt of a final metallurgical test report. 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 others, assumptions about future prices of gold, 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, timing and likelihood of deployment of additional drill rigs, successful delivery of results of metallurgical testing, the release of an initial resource report, 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, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the uncertainty and interpretation of results including drill results and metallurgical test results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; 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 Annual Information Form of the Company dated March 17, 2016 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 unless required by law.}

August 10, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce its financial and operating results for the six months ended June 30, 2016.   All dollar amounts are presented in United States dollars unless otherwise stated.

Company highlights through and subsequent to June 30, 2016:
–     Continued to report results at Goldstrike¹ from the ongoing infill and step-out drill program, focused along the 7 km-long, 2 km-wide "Historic Mine Trend". Drilling from Reverse Circulation ("RC") and diamond core drills continue to intercept primarily oxide gold mineralization over significant widths.

o   Highlights to date include:

§  1.85 g/t Au over 30.5 m in PGS041C – core hole

·        including 2.63 g/t Au over 18.3 m

§  3.28 g/t Au over 38.1 m in PGS048

·        including 4.92 g/t Au over 22.9 m

·        including 8.27 g/t Au over 10.7 m

§  1.06 g/t Au over 47.2 m in PGS044C – core hole

§  2.64 g/t Au over 41.1 m in PGS051C, including 3.22 g/t Au over 32.0 m – core hole

§  2.24 g/t Au over 58.8 m in PGS054C, including 2.77 g/t Au over 36.2 m, including 6.04 g/t Au over 3.0 m – core hole

§  0.96 g/t Au over 76.2 m in PGS058, including 1.98 g/t Au over 19.8 m 

o   Drilling confirms gold mineralization with significant width and grade over an east-west distance of 1.4 km by 200 to 400 m north-south

–     Commenced core drilling pursuant to conducting initial metallurgical studies, including column testing, comminution test work and bottle roll tests². Cyanide-soluble assaying indicates that most holes contain oxide material with a very high percentage of cyanide soluble gold.

–     Acquired Mineral Gulch, the former Black Pine heap leach gold mine in Idaho³.

–     Entered into an exploration project option agreement on our portfolio properties with Logan Resources⁴.

Goldstrike – Utah (100% owned)

Results from the drill program for the first half of 2016 continue to show significant oxide intercepts over the eastern portion of the Historic Mine Trend, further confirming that gold is widespread and predictable within a particular stratigraphic interval, the basal Claron Formation.  40 of 45 reported holes have intersected reportable gold intercepts, including 32 holes with greater than 10 gram meters⁵.

The 2016 RC drilling program will continue into the second half of the year, with an average of 5 RC drill holes completed per week.  Areas of focus are expected to include other areas along the Historic Mine Trend, including the Peg Leg Graben zone, over an area 1.5 km-long, and up to 250 m wide, and the 2 km² Dip Slope Trend, host to the historical "Padre", "Hassayampa" and "Goldtown" pits.  A second RC drill is being added to the project in early September 2016.  Additional drills will be added based on results and access to proposed drill sites.  With the receipt of all assay data for the ten core holes, composites for metallurgical testing, including column testing, are being prepared.  In addition to column testing, metallurgical testing will encompass comminution test work and bottle roll tests, in order to provide sufficient data for modeling and prediction of gold recovery over a wide range of feed sizes.  Receipt of the final report is expected by the end of 2016.

For the six months ended June 30, 2016, expenditures capitalized to Goldstrike were $2.12 million, including: drilling and assaying ($1.16 million), lease and claims fees ($0.23 million), salaries ($0.25 million) and analyses and surveys ($0.13 million). 

SELECTED FINANCIAL DATA

The following selected financial data is derived from the unaudited condensed interim consolidated financial statements and related notes thereto for the six months ended June 30, 2016 (the "Interim Financial Statements"), as prepared in accordance with International Financial Reporting Standards. Details of these results are described in the Interim Financial Statements and related Management’s Discussion and Analysis (“MD&A"). These documents can be found on the Company’s website (www.pilotgold.com) or on SEDAR at www.sedar.com.  

Total assets comprise primarily exploration properties and deferred exploration expenditures of $80.67 million and cash, cash equivalents and short term investments of $6.25 million. Total assets also include $0.83 million in receivables and prepayments, and $5.61 million in value recorded for the Company’s 40% interest in the Halilaga copper-gold project in Turkey. The 40% share of TV Tower owned by Teck and 20.9% of Kinsley owned by Nevada Sunrise (in aggregate $23.09 million) included in the total balance of deferred exploration expenditures are accounted for as a non-controlling interest on the Company’s statement of financial position.

The decrease in working capital since year end 2015, reflects the costs incurred toward the 2016 exploration programs of $3.80 million and cash outflows for operating expenditures of $2.19 million including the acquisition of the Mineral Gulch property, offset by the $3.30 million net proceeds raised in the private placement completed on March 4, 2016, and a positive impact of foreign exchange rates of $0.49 million.

Total liabilities at June 30, 2016 and December 31, 2015, primarily reflect accounts payable and accruals recorded at period end arising from ongoing drilling activities, and also includes a deferred tax liability ($0.43 million as at June 30, 2016) arising from the impact of foreign exchange on the carrying value of TV Tower, which is $0.05 million lower than as at December 31, 2015.

The most significant contributors to the losses in the three and six months ended June  30, 2016 were the cost of wages and benefits of $0.45 million and $0.98 million, respectively; office and general costs of $0.24 million and $0.62 million, respectively; as well as non-cash stock based compensation of $0.05 million and $0.34 million, respectively. The loss per share halved over the comparative 2015 periods to $0.01 and $0.02 for the three and six months ended June 30, 2016 respectively.

The net other comprehensive income attributable to shareholders for the three and six months ended June 30, 2016, was $0.22 million and $1.44 million respectively, compared to $0.41 million and a loss of $3.99  in the three and six months ended June 30, 2015 respectively. In 2016, this is driven by net fair value gains on our available-for-sale financial assets of $0.33 million in the six months ended June 30, 2016 compared to losses of $0.02 million over the same period in 2015.  Exchange differences on translation of foreign currency subsidiaries also contribute to the year on year differences. The impact from exchange differences will vary from period to period depending on the rate of exchange; in the period between January 1, 2016 and June 30, 2016, the United States dollar depreciated 6.39% relative to the Canadian dollar (2015: 8.5% appreciation).

Moira Smith, Ph.D., P.Geo., Vice President Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed, approved and verified that the scientific and technical information contained in this release is accurate.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our two core projects are Goldstrike in Utah and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:
Evelyn Cox, Director Corporate Communications
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

Goldstrike is an early stage exploration project; the potential quantities and grades disclosed herein are conceptual in nature; there has been insufficient exploration to define a mineral resource for other targets disclosed herein. The potential to define a mineral resource at Goldstrike is conceptual in nature and there has been insufficient exploration to define a mineral resource thereat. It is uncertain if further exploration will yield any additional mineral resources at the Company’s mineral property interests. 

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 with respect to those that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, the timing and likelihood of deployment of additional drill rigs to Goldstrike or the release of an initial resource report at Goldstrike, the successful delivery of results of metallurgical testing and positive results thereof and the timing and certainty of closing the exploration project option with Logan Resources. 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 others, 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 and geo-political conditions, availability of equipment, accuracy of any mineral resources, the amenability of mineralization to produce a grade or quality of concentrate sufficient to be economic (as there can be no assurances as to the results of the metallurgical testing and no inferences should be drawn therefrom), the accuracy of any metallurgical testing completed to date, 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 involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by our joint venture partner or other third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company or its joint venture partners; labour disputes and other risks of the mining industry; the uncertainty of negotiating with foreign governments, expropriation or nationalization of property without fair compensation, adverse determination or rulings by governmental authorities delays in obtaining governmental approvals, government regulation of exploration and mining operations, and the application thereof in accordance with the rule of law, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 17, 2016 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 unless required by law.

PGS097: 45.7 m grading 1.08 g/t Au; PGS096: 18.3 m grading 0.90 g/t Au

August 31, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce additional drill results from 7 Reverse Circulation (RC) drill holes in the Main Zone of the 100% controlled Goldstrike Oxide Gold Project in southwestern Utah. The primary target is Carlin-style shallow, oxide gold mineralization on the 7 km-long, 2 km-wide “Historic Mine Trend”, between and down-dip to the north of historic open pits. 

GOLDSTRIKE MAIN ZONE

Current drill highlights include:

• 0.43 grams per tonne gold (g/t Au) over 10.7 metres (m) and 1.10 g/t Au over 3.0 m in PGS092
• 0.67 g/t Au over 9.1 m in PGS095
• 0.90 g/t Au over 18.3 m including 1.32 g/t Au over 7.6 m in PGS096
• 1.08 g/t Au over 45.7 m including 3.06 g/t Au over 6.1 m in PGS097
• 0.68 g/t Au over 29.0 m including 1.61 g/t Au over 4.6 m in PGS098

Of the 7 holes reported, 5 holes intersected notable widths grading between 0.67 and 1.08 g/t Au.

RC drilling continues to be focussed on defining the edges of the Main Zone, on the east end of the Historic Mine Trend, to prepare it for inclusion in a resource estimate, projected for completion in Q1 2017.  

• An additional 15 RC drill holes are projected to fill in this area, covering approximately 1400 m by 300 m of strike of the Historic Mine Trend. This area represents less than 10% of the Priority 1 target area as defined by 1242 historical drill holes and by Pilot Gold’s 2015 / 2016 drilling to date.
• The Main Zone is currently defined by over 700 historical RC holes, 10 historical core holes and 80 RC and 10 core holes completed by Pilot Gold since late 2015.
• On completion of these 15 holes, the drill will be moved southwest to the Peg Leg Graben. 
• A second RC drill is being mobilized to site on September 8th. The second drill will be focused on drilling north of the Main Zone in the Dip Slope area.
• Drill hole intercept density is on the order of 25 to 50 m.

For a complete table of drill results for the current 7 holes, please click here:  http://pilotgold.com/sites/default/files/GS_Intercepts08302016.pdf

For a complete table of results for all drilling by Pilot Gold at Goldstrike in 2015 and to date in 2016, please click here: http://pilotgold.com/sites/default/files/GS_Intercepts2015to08302016.pdf

For a map of drill collars and traces for the current release, please click here: http://pilotgold.com/sites/default/files/GoldStrikeMap_PR2016_19.jpg

PEG LEG GRABEN

The Peg Leg Graben is located sub-parallel and southwest of the Main Zone.  It is 1.5 km long, up to 250 m wide and has only been drill tested by 3 historic holes, all of which returned significant oxide gold intercepts, including(1):

• Drill hole 90-035: 0.76 g/t Au over 6.1 m and 0.66 g/t Au over 9.1 m and 1.10 g/t Au over 12.2 m, starting from 61 m downhole.
• Drill hole 91-078: 0.67 g/t Au over 27.4 m, starting from 82.3 m downhole.
• Drill hole 91-077: 0.43 g/t Au over 4.6 m and 0.57 g/t Au over 10.7 m, starting from 18.3 m down hole.

Pilot Gold plans to construct 14 drill sites spaced approximately 80 m apart along the graben, with up to 4 holes projected to be drilled per site.

For a map showing the areas of future drill at Goldstrike, please click here: http://pilotgold.com/sites/default/files/GoldstrikeFutureDrilling.jpg 

GOLDSTRIKE PROJECT – LAND ACQUISITION

Pilot Gold has staked additional claims surrounding the Goldstrike Project to cover projected extensions of the mineralized system.  The 3 new targets aggregate approximately 8 km² and are located to the west, north and east of the Historic Mine Trend:

1. ATF Block – adjoins the western property boundary to cover 1.2 km of linear jasperoid exposures in Paleozoic carbonate rocks along strike of the Historical Mine Trend.
2. Live Oak – located north of the project area to cover a 1.8 km² historical gold-in-soil geochemical anomaly.  The exploration target includes skarn associated with a faulted margin of an intrusive body.
3. Big Mac – a Goldstrike look-alike target located approximately 2 km southeast of the main project area, with gold in surface samples in the favoured basal Claron Formation.

For a map showing the Goldstrike claims, please click here: http://pilotgold.com/sites/default/files/Goldstrike_Expansion.jpg  

Goldstrike Project

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Kinsley Mountain and Newmont’s Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-type systems located off the main Carlin and Cortez trends in largely underexplored parts of the Great Basin.   Previous mining at Goldstrike(2) occurred from 1988 to 1994, with 209,000 ounces of gold produced from 12 shallow pits, at an average grade of 1.2 g/t Au.

(1) Historic drill intercepts from the Peg Leg Graben area were sourced from historic Tenneco Mining Co files and assay certificates.

(2) Previous mining data sourced from: Willden, R., 2006, Goldstrike Mining District, Washington County, Utah: in Bon, R.L., Gloyn, R.W., and Park, G.M., eds., Mining Districts of Utah: Utah Geological Association Publication 32, p. 458-476.

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-90% of the reported lengths. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS.  Metallic screen techniques may be employed where the presence of coarse free gold is suspected. Approximately 1000 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.QA/QC for all drill samples consists of 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. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

Goldstrike is an early-stage exploration project and does not contain any mineral resource estimates as defined by NI 43-101, except for that which is noted in a NI 43-101 technical report prepared for a previous operator entitled, "Technical Report on the Mineral Mountain Property, Washington County, Utah, USA", dated February 16, 2010, prepared by Kenneth P. Puchlik, of Puchski GeoConsultants, a “Qualified Person” as defined by 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 being delineated as a mineral resource. 

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our core projects are Goldstrike in Utah, Mineral Gulch in Idaho and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:
Evelyn Cox, Director Corporate Communications
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

_{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 potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, assumptions about future prices of gold, 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, timing and likelihood of deployment of additional drill rigs, successful delivery of results of metallurgical testing, the release of an initial resource report, 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, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; 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 Annual Information Form of the Company dated March 17, 2016 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 unless required by law.}

PGS104: 67.1 m grading 0.86 g/t Au, including 15.2 m grading 2.35 g/t Au

October 6, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce drill results from an additional 7 Reverse Circulation (RC) drill holes in the Main Zone of the 100% controlled Goldstrike Gold Project in southwestern Utah. The primary target is shallow Carlin-style, oxide gold mineralization within the 14 km2 “Historic Mine Trend”, between and down-dip of historic open pits.  

Current drill highlights include:

• 0.90 grams per tonne gold (g/t Au) over 12.2 metres (m) in PGS099
• 1.06 g/t Au over 10.7 m and 0.60 g/t over 6.1 m in PGS100
• 0.51 g/t Au over 27.4 m in PGS101
• 0.44 g/t Au over 6.1 m and 0.49 g/t Au over 18.3 m in PGS102
• 0.60 g/t Au over 13.7 m in PGS103
• 0.86 g/t Au over 67.1 m including 2.35 g/t Au over 15.2 m and 0.74 g/t over 10.7 m in PGS104
• 0.44 g/t Au over 32.0 m and 0.43 g/t Au over 21.3 m in PGS105

All 7 holes intersected notable widths grading between 0.44 and 2.35 g/t Au.

KEY POINTS

• RC drilling has concluded in the Main Zone (located on the eastern end of the Historic Mine Trend) to prepare it for inclusion in a resource estimate, projected for completion in Q1 2017.  
• 22 Main Zone drill holes are currently pending assay results.
• A second drill rig was mobilized to the property on September 15.
• One rig has begun drilling on the Peg Leg graben target, a sub-parallel structure to the Goldstrike Graben located southwest of the main zone. Fourteen drill sites are permitted in this area, which extends over a distance of 1.5 km x 250 m.
• The second drill rig is being mobilized to the “Dip Slope” zone, located to the north of the main zone in the footwall of the Hassayampa fault.  This area hosts the historic Hassayampa, Goldtown and Padre pits, with unmined gold intercepts in historic holes throughout the area.

For a complete table of drill results for the current 7 holes, please click here: 
http://pilotgold.com/sites/default/files/GS_Intercepts09292016.pdf

For a complete table of results for all drilling by Pilot Gold at Goldstrike in 2015 and to date in 2016, please click here: 
http://pilotgold.com/sites/default/files/GS_Intercepts2015to09292016.pdf

For a map of drill collars and traces for the current release, please click here:
http://pilotgold.com/sites/default/files/GoldStrike_PR2016-20.jpg

For a map showing the areas of new drilling and the location of historic hits at Goldstrike, please click here:
http://pilotgold.com/sites/default/files/GoldstrikeFutureDrilling.jpg 

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Kinsley Mountain and Newmont’s Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-type systems located off the main Carlin and Cortez trends in largely underexplored parts of the Great Basin.   Previous mining at Goldstrike(1) occurred from 1988 to 1994, with 209,000 ounces of gold produced from 12 shallow pits, at an average grade of 1.2 g/t Au.

(1) Previous mining data sourced from: Willden, R., 2006, Goldstrike Mining District, Washington County, Utah: in Bon, R.L., Gloyn, R.W., and Park, G.M., eds., Mining Districts of Utah: Utah Geological Association Publication 32, p. 458-476.

GOLDSTRIKE PROJECT, UTAH – METALLURGICAL UPDATE

Cyanide soluble test results from the metallurgical core holes were released on August 4, 2016 and most holes contain oxide gold with a very high percentage of cyanide soluble gold.  Eight out of the ten core holes returned an average of 88.4% cyanide solubility. 

Bottle rolls results, which will provide information necessary to design and cost a potential gold processing circuit, are anticipated to be received and released to the market by the end of October 2016.

BLACK PINE PROJECT (MINERAL GULCH), IDAHO – COMPILATION UPDATE

Pilot Gold has recently recovered a large historical digital database from the recently acquired (see news release dated June 16, 2016), past-producing Black Pine heap leach gold mine located in southeastern Idaho.  The database includes drill data for 1,866 holes (191,481m), as mined topography CAD files and 4,950 rock samples.  The drill hole data includes collar and survey data, fire assay gold, acid soluble gold and silver, lithology and alteration.

The data is currently being compiled and verified pursuant to generating a 3D model to direct drill targeting.  Compilation work will be released in a timely basis and targets will be generated in advance of in-fill and step-out drilling planned for the summer of 2017.  The recovery of over 1,300 additional drill holes is expected to save millions of dollars and several years of permitting and drilling. 

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations, but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS.  Metallic screen techniques may be employed where the presence of coarse free gold is suspected. Approximately 1000 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.QA/QC for all drill samples consists of 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. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

Goldstrike and Black Pine are early-stage exploration projects and do not contain any mineral resource estimates as defined by 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 being delineated as a mineral resource. 

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our core projects are Goldstrike in Utah, Mineral Gulch in Idaho and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:
Evelyn Cox, Director Corporate Communications
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

_{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 potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, assumptions about future prices of gold, 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, timing and likelihood of deployment of additional drill rigs, successful delivery of results of metallurgical testing, the release of an initial resource report, 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, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; 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 Annual Information Form of the Company dated March 17, 2016 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 unless required by law.}

October 7, 2016

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") reports that the Company has filed a National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") technical report entitled "Technical Report on the Goldstrike Project, Washington County, Utah, U.S.A.”, with an effective date of April 1, 2016 (the "Report"), dated October 7, 2016, on SEDAR at www.sedar.com.  The Report has also been posted on the Company's website.

The Report was prepared by Michael M. Gustin, C.P.G. of Mine Development Associates of Reno, Nevada and by Moira T. Smith, Ph.D., P.Geo., Vice President, Exploration and Geosciences, Pilot Gold.  Mr. Gustin and Dr. Smith are “Qualified Persons” as defined by NI 43-101.

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Goldstrike represents part of a growing number of Carlin-type systems located off the main Carlin and Cortez trends in largely underexplored parts of the Great Basin.  

Goldstrike is an early-stage exploration project and does not contain any mineral resource estimates as defined by NI 43-101.  There has been insufficient exploration to define a mineral resource at Goldstrike and it is uncertain if further exploration will result in targets thereat will be delineated as a mineral resource. 

Pilot Gold also announces the resignation of Alex Holmes as Vice President, Business Development.  Pilot Gold’s Board of Directors thanks Mr. Holmes for his contributions during his tenure and wishes him the best in his future endeavours.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our core projects are Goldstrike in Utah, Mineral Gulch in Idaho and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:
Evelyn Cox, Director Corporate Communications
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it. 

_{Except for statements of historical fact relating to Pilot Gold Inc., certain information contained herein constitutes "forward-looking statements". Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Pilot Gold Inc.'s public filings, which may be accessed at www.sedar.com. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, results or otherwise.}

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by RBC Capital Markets and National Bank Financial Inc. (collectively, the “Underwriters”) pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 20,900,000 units of the Company (the “Units”) at a price of C$0.60 per Unit (the “Issue Price”) for gross proceeds to the Company of C$12,540,000 (the “Offering”). Each Unit will consist of one common share of Pilot Gold (each, a “Common Share”) and one half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of Pilot Gold at a price of C$0.90 at any time prior to the date which is 2.5 years following completion of the Offering.

In addition, Pilot Gold has granted the Underwriters an option (the “Underwriters’ Option”), exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the financing, to purchase up to an additional 15% of the number of Units solely to cover over-allotments, if any, and for market stabilization purposes. The Underwriters can elect to exercise the option for Units, common shares only, or warrants only, or any combination thereof.

The net proceeds of the Offering will be used to fund exploration and development of Pilot Gold’s southwest United States gold and precious metal exploration portfolio, focused on the Goldstrike project in Utah, as well as the Black Pine project in Idaho, and the Kinsley deposit in Nevada and for general working capital purposes.

Pilot Gold intends to file with the securities commissions and other similar regulatory authorities in the provinces of Canada, other than Quebec, a preliminary short form prospectus relating to the issuance of the Units by November 2, 2016. 

The Offering is scheduled to close on or about November 16, 2016 and is subject to a number of conditions including, but not limited to, receipt of all necessary approvals including the approval of the Toronto Stock Exchange and applicable securities regulatory authorities.

THIS NEWS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE AND IS NOT AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF PILOT GOLD, NOR SHALL IT FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT FOR PURCHASE OR SUBSCRIPTION. THE COMMON SHARES OF PILOT GOLD WILL ONLY BE OFFERED IN ALL PROVINCES OF CANADA BY MEANS OF THE PROSPECTUS REFERRED TO ABOVE. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS, AND THESE SECURITIES MAY NOT BE OFFERED OR SOLD TO, OR FOR THE ACCOUNT OR BENEFIT OF, PERSONS IN THE UNITED STATES OR “U.S. PERSONS” (AS SUCH TERM IS DEFINED IN REGULATION S PROMULGATED UNDER THE U.S. SECURITIES ACT), ABSENT REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our core projects are Goldstrike in Utah, Mineral Gulch in Idaho and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:
John Wenger, Chief Financial Officer
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

_{Except for statements of historical fact relating to Pilot Gold Inc., certain information contained herein constitutes "forward-looking statements". Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, that objectives, strategic goals and priorities will not be achieved, and the performance generally of Pilot Gold will differ materially from those anticipated in such forward-looking information.}

_{Such forward-looking information, including, but not limited to, anticipated size, timing and closing of the Offering; anticipated use of proceeds of the Offering; future issuances of Common Shares and Warrants; current and proposed exploration and development, 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.}

_{These risks and uncertainties include but are not limited to: the need to satisfy legal and regulatory requirements with respect to the Offering; the timely receipt of regulatory approvals; risks related to the interpretation and actual results of historical production 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 other exploration properties; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, the uncertainty of negotiating with foreign governments, the potential for expropriation or nationalization of property without fair compensation, adverse determination or rulings by governmental authorities delays in obtaining governmental approvals, government regulation of exploration and mining operations, and the application thereof in accordance with the rule of law, financing or in the completion of exploration as well as those factors discussed in our Annual Information Form (“AIF”) for the year ended December 31, 2015, dated March 17, 2016, 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. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, results or otherwise. Accordingly, readers should not place undue reliance on forward-looking information. Further details relating to Pilot Gold are also available in our AIF, available under Pilot Gold’s SEDAR profile at http://www.sedar.com.}

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce its financial and operating results for the nine months ended September 30, 2016. All dollar amounts are presented in United States dollars unless otherwise stated.

Company highlights through and subsequent to September 30, 2016:

• Announced a bought deal financing of up to C$14.42 million (the “Bought-Deal”), the closing of which is expected on or about November 16, 2016, and is subject to a number of conditions. ^[1]
• Continued to report ongoing infill and step-out drill results from the Goldstrike Gold Project in southwestern Utah.  The primary target is shallow Carlin-style, oxide gold mineralization within the 7 km-long, 2 km-wide "Historic Mine Trend".  A second Reverse Circulation ("RC") drill was added to the project in early September 2016.
  • Highlights from drilling to date include: ^[2]
    
    • 3.28 grams per tonne (g/t) gold over 38.1 metres (m) in PGS048
    • 2.64 g/t gold over 41.4 m in PGS051C,
      • including 3.22 g/t gold over 32.0 m
    • 2.24 g/t gold over 58.8 m in PGS054C,
      • including 2.77 g/t gold over 36.2 m
    • 0.96 g/t gold over 76.2 m in PGS058,
    • 29.1 g/t gold over 6.1 m in PGS076,
    • 1.08 g/t gold over 45.7 m in PGS097,
    • 0.86 g/t gold over 67.1 m in PGS104.
  • Drilling confirms gold mineralization with significant width and grade over an east-west distance of 1.4 km and a north-south distance up to 400 m.
• Acquired the past-producing Black Pine heap leach gold mine (formerly referred to as the Mineral Gulch project) from Western Pacific Resources Corporation as part of our continuing effort to identify and secure oxidized Carlin-style gold systems, similar in nature and target size to Kinsley and Goldstrike.^[3]
• Entered into an Option Agreement with Logan Resources Ltd. ("Logan") under which Logan may earn up to an 80% interest in up to four of Pilot Gold’s 9 portfolio properties in Nevada and Utah, including the Drum, Griffon, Antelope, Sandy, Easter, Brik, Stateline, Viper, and Anchor properties.^[4]
• Reported preliminary cyanide soluble test results from metallurgical core holes drilled earlier in the year; most holes contain oxide gold with a very high percentage of cyanide soluble gold. Eight out of the ten core holes returned an average of 88.4% cyanide solubility.^[5]
• Staked additional claims around Goldstrike to cover projected extensions of the mineralized system, including 3 new target areas covering approximately 8 km2.

Goldstrike – Utah (100% owned)

The drill program continues to generate significant oxide gold intercepts throughout the eastern portion of the Historic Mine Trend, further confirming that gold is widespread and predictable within a particular stratigraphic interval.  Drilling through mid-September focused on defining a resource in a 1400 m x up to 400 m portion of the Goldstrike Graben known as the Main Zone.  Pilot Gold’s focus to date represents less than 10% of the total prospective area for gold mineralization in the 7 km-long Historic Mine Trend.

The 2016 drill program is expected to continue through mid-December with two RC drill rigs, with an average of 10 drill holes completed per week.  Key target areas for drilling along the Historic Mine Trend include the 1.5 km-long x 250 m-wide Peg Leg Graben zone, and the 2 km2 Dip Slope zone, host to several historically-mined open pits.  A field program continues at the project with mapping and target generation focused on three newly-staked blocks of claims to the west, north and east of the Goldstrike property. Metallurgical testing, using material recovered from 10 large-diameter core holes drilled earlier in the year, is underway.  Metallurgical testing will encompass bottle rolls, column testing and comminution test work, in order to provide sufficient data for modeling and prediction of gold recovery over a wide range of mineralization types and feed sizes.  Receipt of the final report is expected by early 2017.

For the nine months ended September 30, 2016, expenditures capitalized to Goldstrike were $3.17 million, including: drilling and assaying ($1.61 million), lease and claims fees ($0.38 million), salaries ($0.55 million) and analyses and surveys ($0.30 million).  In July 2016, the 2016 Budget was increased from $2.16 million to $4.77 million to allow for further RC drilling and initial metallurgical studies at Goldstrike. Forecast expenditures at Goldstrike through year end amount to $0.61 million, including the completion of an expected 6,000 m of RC drilling.  Initial data review and compilation will also begin toward year end on a project-first mineral resource estimate, the completion of which is expected early in the following year.

SELECTED FINANCIAL DATA

The following selected financial data is derived from the unaudited condensed interim consolidated financial statements and related notes thereto for the nine months ended September 30, 2016 (the "Interim Financial Statements"), as prepared in accordance with International Financial Reporting Standards. Details of these results are described in the Interim Financial Statements and related Management’s Discussion and Analysis. These documents can be found on the Company’s website (www.pilotgold.com) or at www.sedar.com.  

Total assets comprise primarily exploration properties and deferred exploration expenditures of $81.76 million and cash, cash equivalents and short term investments of $3.86 million. Total assets also include $0.89 million in receivables and prepayments, and $5.56 million in value recorded for the Company’s 40% interest in the Halilaga copper-gold project in Turkey. The 40% share of TV Tower owned by Teck Resources Limited, and the 20.9% share of Kinsley owned by Nevada Sunrise Gold Corporation included in the total balance of deferred exploration expenditures (in aggregate $23.22 million), are accounted for as a non-controlling interest on the Company’s statement of financial position.

The decrease in working capital since year end 2015 reflects the costs incurred toward the 2016 exploration programs of $4.44 million and cash outflows for operating expenditures of $3.00 million, including the acquisition of the Black Pine property in June 2016. The decrease is offset by the $3.30 million net proceeds raised in a private placement completed on March 4, 2016, and the positive impact of foreign exchange rates of $0.29 million.

Total liabilities at September 30, 2016 and December 31, 2015, primarily reflect accounts payable and accruals recorded at period end arising from ongoing drilling activities, and also includes a deferred tax liability ($0.56 million as at September 30, 2016) arising from the impact of foreign exchange on the carrying value of TV Tower, which is $0.10 million higher than as at December 31, 2015.

The most significant contributors to the losses in the three and nine months ended September 30, 2016 were the cost of wages and benefits of $0.34 million and $1.33 million, respectively; office and general costs of $0.26 million and $0.89 million, respectively; as well as non-cash stock based compensation of $0.05 million and $0.40 million, respectively.

Severance costs and recruitment fees for a new CEO led to a slight increase in wages and salaries, and office and general costs, over the comparative nine-month period. Professional fees and the cost of property investigation have increased as a result of additional corporate activities. Costs incurred for investor relations activities are higher due to increased efforts to advance and market the Company’s business and results.

The loss per share remained consistent over the three months ended September 30, 2015 and 2016 at $0.01 and decreased by $0.02 over the nine months ended September 30, 2016 to $0.03 from the comparative period in 2015.

The net other comprehensive loss (income) attributable to shareholders for the three and nine months ended September 30, 2016, was a $0.05 million loss and a $1.14 million gain, respectively, compared to losses of $1.72 million and $5.71 million in the three and nine months ended September 30, 2015, respectively. In 2016, this change is driven by net fair value gains on our available-for-sale financial assets of $0.47 million in the nine months ended September 30, 2016 compared to losses of $0.03 million over the same period in 2015.  Exchange differences on translation of foreign currency subsidiaries also contribute to the year on year differences. The impact from exchange differences will vary from period to period depending on the rate of exchange; in the period between January 1, 2016 and September 30, 2016, the United States dollar depreciated 6.5% relative to the Canadian dollar (2015: 12.4% appreciation).

Moira Smith, Ph.D., P.Geo., Vice President Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed, approved and verified that the scientific and technical information contained in this release is accurate.

Goldstrike is an early stage exploration project; the potential quantities and grades disclosed herein are conceptual in nature; there has been insufficient exploration to define a mineral resource for other targets disclosed herein. The potential to define a mineral resource at Goldstrike is conceptual in nature and there has been insufficient exploration to define a mineral resource thereat. It is uncertain if further exploration will yield any additional mineral resources at the Company’s mineral property interests. 

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our core projects are Goldstrike in Utah, Black Pine in Idaho and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:

Evelyn Cox, Director Corporate Communications
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

_{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 with respect to those that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans, the expected closing of the Bought-Deal, or the release of an initial resource report at Goldstrike, and the successful delivery of results of metallurgical testing and positive results thereof. 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 others, 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, the anticipated size, timing and closing of the 2016 Bought-Deal; anticipated use of proceeds of the 2016 Bought-Deal; future issuances of Common Shares and Warrants; obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market and geo-political conditions, availability of equipment, accuracy of any mineral resources, the amenability of mineralization to produce a grade or quality of concentrate sufficient to be economic (as there can be no assurances as to the results of the metallurgical testing and no inferences should be drawn therefrom), the accuracy of any metallurgical testing completed to date, 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 involves known and unknown risks and uncertainties, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including,the need to satisfy legal and regulatory requirements with respect to the 2016 Bought-Deal; the timely receipt of regulatory approvals; risks related to the interpretation of results and/or the reliance on technical information provided by our joint venture partner or other third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company or its joint venture partners; labour disputes and other risks of the mining industry; the uncertainty of negotiating with foreign governments, expropriation or nationalization of property without fair compensation, adverse determination or rulings by governmental authorities delays in obtaining governmental approvals, government regulation of exploration and mining operations, and the application thereof in accordance with the rule of law, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 17, 2016 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 unless required by law.}

_{[1] See press release of October 27, 2016; Total dollar amount includes the exercise of the over-allotment option; Conditions by which Closing is subject include, but are not limited to, receipt of all necessary approvals including the approval of the Toronto Stock Exchange and applicable securities regulatory authorities
[2] See press releases of August 10, 2016, August 31, 2016 and October 6, 2016
[3] See press release of June 16, 2016
[4] See press release of July 7, 2016
[5] See press release of August 31, 2016} 

VANCOUVER, B.C. – Pilot Gold Inc. ("Pilot Gold" or the "Company") (TSX: PLG) is pleased to announce that it has closed its previously announced bought deal financing for aggregate gross proceeds of C$14,421,000 (the “Offering”).

Co-lead underwriters RBC Capital Markets and National Bank Financial Inc., along with Canaccord Genuity Corp, CIBC World Markets Inc., Haywood Securities Inc. and Macquarie Capital Markets Canada Ltd. (collectively, the “Underwriters”) purchased, on a bought deal basis, 20,900,000 units of the Company (the “Units”) at a price of C$0.60 per Unit (the “Issue Price”) for gross proceeds to the Company of C$12,540,000.  The underwriters also exercised the over-allotment option in full and purchased an additional 3,135,000 Units to cover over-allotments for additional gross proceeds to the Company of C$1,881,000. Each Unit consists of one common share of Pilot Gold (each, a “Common Share”) and one half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles the holder to acquire one Common Share at a price of C$0.90 at any time prior to May 16, 2019.

The net proceeds of the Offering will be used to fund exploration and development of Pilot Gold’s southwest United States gold and precious metal exploration portfolio, focused on the Goldstrike project in Utah, as well as the Black Pine project in Idaho, the Kinsley deposit in Nevada and for general working capital purposes.

THIS NEWS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE AND IS NOT AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF PILOT GOLD, NOR SHALL IT FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT FOR PURCHASE OR SUBSCRIPTION. THE COMMON SHARES OF PILOT GOLD WILL ONLY BE OFFERED IN ALL PROVINCES OF CANADA BY MEANS OF THE PROSPECTUS REFERRED TO ABOVE. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS, AND THESE SECURITIES MAY NOT BE OFFERED OR SOLD TO, OR FOR THE ACCOUNT OR BENEFIT OF, PERSONS IN THE UNITED STATES OR “U.S. PERSONS” (AS SUCH TERM IS DEFINED IN REGULATION S PROMULGATED UNDER THE U.S. SECURITIES ACT), NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES ABSENT REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our core projects are Goldstrike in Utah, Black Pine in Idaho and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:
John Wenger, Chief Financial Officer
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

_{Except for statements of historical fact relating to Pilot Gold Inc., certain information contained herein constitutes "forward-looking statements". Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "considers", "intends", "targets", or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, that objectives, strategic goals and priorities will not be achieved, and the performance generally of Pilot Gold will differ materially from those anticipated in such forward-looking information.}

_{Such forward-looking information, including, but not limited to, anticipated use of proceeds of the Offering and future issuances of Common Shares, and current and proposed exploration and development, 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.}

_{These risks and uncertainties include but are not limited to; risks related to the interpretation and actual results of historical production 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 other exploration properties; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, the uncertainty of negotiating with foreign governments, the potential for expropriation or nationalization of property without fair compensation, adverse determination or rulings by governmental authorities delays in obtaining governmental approvals, government regulation of exploration and mining operations, and the application thereof in accordance with the rule of law, financing or in the completion of exploration as well as those factors discussed in our Annual Information Form (“AIF”) for the year ended December 31, 2015, dated March 17, 2016, 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. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events, results or otherwise. Accordingly, readers should not place undue reliance on forward-looking information. Further details relating to Pilot Gold are also available in our AIF, available under Pilot Gold’s SEDAR profile at http://www.sedar.com.}

PGS129: 22.9 m grading 0.80 g/t Au and 27.4 m grading 0.84 g/t Au
PGS117: 22.9 m grading 1.20 g/t Au

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce additional drill results from the Main Zone at the 100% controlled Goldstrike Project in southwestern Utah. The primary target is shallow, Carlin-style, oxide gold mineralization within the 14 km2 “Historic Mine Trend”, between and down-dip of historic open pits. 

Highlights include:

• 2.00 g/t Au over 7.6 m in PGS107
• 0.88 g/t Au over 9.1 m in PGS 108
• 0.47 g/t Au over 25.9 m in PGS109
• 0.52 g/t Au over 10.7 m in PGS 110
• 0.51 g/t Au over 13.7 m in PGS 113
• 0.70 g/t Au over 25.9 m in PGS114
• 0.42 g/t Au over 10.7 m and 0.87 g/t Au over 10.7 m in PGS115
• 1.20 g/t Au over 22.9 m including 2.48 g/t over 6.1 m in PGS117
• 0.84 g/t Au over 10.7 m including 1.20 g/t over 6.1 m and 0.83 g/t Au over 10.7 m in PGS126
• 0.80 g/t Au over 22.9 m and 0.84 g/t Au over 27.4 m in PGS129

* Please note that due to having two drills on the property, assay results for the holes are not necessarily received in sequence.

KEY POINTS

• Drilling has concluded in the Main Zone (located on the eastern end of the Historic Mine Trend) to prepare it for inclusion in a resource estimate, projected for completion in Q1/Q2 2017. 
• Over 30 additional drill holes are currently pending assay results. Of the 21 released drill holes, 18 holes contained mineralized intercepts of at least 0.26 g/t Au and nine of those contained a second mineralized intercept.  Three holes had no significant results.
• Assay results are pending from 17 holes drilled in the Dip Slope target, an area approximately 2.5 km long and up to 750 m wide, located to the north of the Main Zone. This area hosts several historic pits with unmined gold intercepts in historic holes and much of the target area is very sparsely drilled. 
• One drill is currently focused on the Covington – Moosehead historical pit areas, testing the main graben-bounding Covington fault.
• A second drill is testing the Peg Leg Graben, located to the southwest of the Main Zone.  Results are pending from all of these holes. 
• Hole PGS129 fills an important gap in the Main Zone, with higher grade and shallower gold mineralization than expected.

For a complete table of drill results for the current holes, please click here: http://pilotgold.com/sites/default/files/GS_Intercepts11292016.pdf

For a complete table of results for all drilling by Pilot Gold at Goldstrike in 2015 and to date in 2016, please click here: http://pilotgold.com/sites/default/files/GS_Intercepts2015to11292016.pdf

For a map of drill collars and traces for the current release, please click here: http://pilotgold.com/sites/default/files/GoldStrike_PR2016-25.jpg

For a map showing the areas of new drilling and the location of historic hits at Goldstrike, please click here: http://pilotgold.com/sites/default/files/GoldstrikeFutureDrilling.jpg 

ABOUT GOLDSTRIKE

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Kinsley Mountain and Newmont’s Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-type systems located off the main Carlin and Cortez trends in largely underexplored parts of the Great Basin.  

Goldstrike is an early-stage exploration projects and does not contain any mineral resource estimates as defined by 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 being delineated as a mineral resource. 

Further information on Goldstrike is available in the technical report entitled "Technical Report on the Goldstrike Project, Washington County, Utah, U.S.A.", effective April 1, 2016 and dated October 7, 2016, prepared by Michael M. Gustin, C.P.G. and Moira Smith, Ph.D., P.Geo., available on the Company’s website at www.pilotgold.com or under Pilot Gold’s SEDAR profile at www.sedar.com. 

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100% of the reported lengths due to varying drill hole orientations, but are typically in the range of 60 to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS.  Metallic screen techniques may be employed where the presence of coarse free gold is suspected. Approximately 1000 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.QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards aonnd blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets. Our core projects are Goldstrike in Utah, Mineral Gulch in Idaho and Kinsley Mountain in Nevada. The Company also holds important interests in two Turkish assets, Halilaga and TV Tower, and has a pipeline of Western US 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 or contact:
Evelyn Cox, Director Corporate Communications
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

_{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 potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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 others, assumptions about future prices of gold, 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, timing and likelihood of deployment of additional drill rigs, successful delivery of results of metallurgical testing, the release of an initial resource report, 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, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; 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; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; 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 Annual Information Form of the Company dated March 17, 2016 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 unless required by law.}