12-01

Pilot Gold Inc. (TSX:PLG) is pleased to report a project-first, independent resource estimate for the Halilağa copper-gold porphyry deposit in northwestern Turkey.

The mineral resource estimate is based on results from 30,004 metres of drilling in 72 drill holes (69 core; 3 reverse circulation), and consists of:

Sulphide Resource, using a 0.2% copper equivalent cut-off grade:

• An Indicated Resource of 1.665 million ounces gold at an average grade of 0.31 g/t gold, and 1.112 billion pounds of copper at an average grade of 0.30% copper (168,167,000 tonnes)

• An Inferred Resource of 1.661 million ounces gold at an average grade of 0.26 g/t gold, and 1.007 billion pounds of copper at an average grade of 0.23% copper (198,668,000 tonnes).

(See table below).

Due to the differing metallurgical characteristics and anticipated metal extraction methods, the oxide resources are reported below separately. Although the gold resources are extractable, it is not expected that the base metals within the oxide zone will be recoverable.

Oxide Resource, using a 0.2 g/t gold cut-off grade:

• An Inferred Resource of 95,000 ounces gold at an average grade of 0.60 g/t gold (4,914,000 tonnes)

The resource estimate was completed by James N. Gray, P.Geo. of Advantage Geoservices Ltd., an Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).  Further details of the estimation methods and procedures will be available in an updated NI 43-101 report, which will be filed on SEDAR (www.sedar.com), within 45 days from the date of this release.  

Halilağa is a joint venture between Pilot Gold (40%) and Teck Madencilik Sanayi Ticaret A.S. (TMST) (60%), a Turkish subsidiary of Teck Resources Limited (Teck).

Drilling at Halilağa has focused on defining a significant resource at the property’s Kestane Zone where copper-gold porphyry mineralization currently extends over a strike length of 1,200 metres and a width of up to 850 metres, with mineralized intercepts of over 600 metres. Drilling has intersected a higher grade copper-gold zone starting at surface with 19 intersections assaying an average of 0.8% copper and 0.6 g/t gold over intervals of 12 to 60 metres. The resource remains open down plunge to the east and along portions of its southern margin.  Assays from 10 additional holes completed in 2011, but not included in the resource, are pending.

PROJECT  RESOURCE  (as of Oct. 17, 2011)

Pilot Gold and Teck will continue to efficiently advance Halilağa through 2012 with a work-program comprised of:

• Infill and exploration drilling
   

• Ongoing community relations
   

• Completion of a Preliminary Economic Assessment by year-end.
   

Pilot Gold was created as part of Newmont Mining Corporation’s acquisition of Fronteer Gold Inc. in April 2011. Pursuant to the Plan of Arrangement, Pilot Gold retained its interest in both Halilağa and the neighbouring TV Tower project, a new gold discovery in the region.

ESTIMATION METHODS

The mineral resources for the Halilağa Property disclosed in this press release were estimated by Mr. James N. Gray, P.Geo., of Advantage Geoservices Ltd., in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves, adopted by CIM Council, as amended. Block grades were estimated by inverse distance weighting to the second power (ID2) within domains based on the interpretation of geologic parameters logged in 72 drill holes. Sections spaced at 50 to 100 metres were used for the basic interpretations. Quality-control data, generated during the various drill programs conducted at Halilağa, were independently verified by Mr. Garth Kirkham, P.Geo., of Kirkham Geosystems Ltd.,  as part of the project review. The mineral resources are confined within an optimized Lerchs-Grossman (LG) pit shell to ensure reasonable prospects of economic extraction. The pit shell was generated using a copper price of US$4.00/lb, applied to copper equivalent grade, and an overall pit slope of 45°. Copper equivalence (CuEq) was calculated using a ratio of Cu : Au : Mo of 1 : 370 : 5, and recoveries of 90%, 70% and 50%, respectively. At a 0.2% CuEq cut-off, the strip ratio within the LG shell is 2.5:1. Tonnage estimates are based on 2,466 bulk density measurements which were used to assign average values to lithologic domains of the block model. Bulk density for the main Halilağa mineralised rock averages 2.61 tonnes/m3. Mr. Kirkham and Mr. Gray are co-authors of a Technical Report on the Mineral Resource Estimate for the Halilağa deposit, to be filed within 45 days of this news release. Mr. Gray and Mr. Kirkham are independent of Pilot Gold and are “Qualified Persons” as defined by NI 43-101. Mr. Gray has reviewed and validated the resource information contained in this release.

CAUTIONARY NOTES

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. These mineral resource estimates include inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. 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.

ABOUT PILOT GOLD

Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include interests in the Halilağa and TV Tower projects in Turkey, each of which alone has the ability to drive the company forward, and the Kinsley Mountain project in Nevada, a gold system analogous to Long Canyon. 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:

Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Affairs
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.

For further details on Halilaga, please view the current NI 43-101 compliant technical report entitled "NI 43-101 Technical Report on the Halilağa Exploration Property, Canakkale, Western Turkey," dated February 15, 2011, as amended June 7, 2011, prepared by Ian R. Cunningham-Dunlop, P. Eng. and VP Exploration and Chief Operating Officer, Pilot Gold (formerly VP Exploration, Fronteer Gold Inc.) under Pilot Gold’s Issuer Profile on www.sedar.com.

All statements in this release, other than statements of historical fact, are "forward-looking information" with respect to Pilot Gold ("Pilot Gold") within the meaning of applicable Canadian securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the future price of gold, copper and molybdenum, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, the timing of a preliminary economic assessment or other study, proposed exploration and development of our exploration properties and the estimation of mineral resources.  Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", “plan”, "continue", estimate”, “expect”, "may", "will", "project", "predict", "potential", "targeting", “intends”, "could", "might", "should", "believe", “potential”,  and similar expressions.  These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to differ materially from those anticipated in such forward-looking information.  Although Pilot Gold believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information.  Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, risks related to the interpretation and actual results of current exploration and development activities, reliance on technical information provided by third parties on any of our 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 or financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company’s Amended Annual Information Form for the year ended December 31, 2010 dated May 12, 2011 (amended June 7, 2011), which is available 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.

Forward-looking statements are made as of the date hereof and, accordingly, are subject to change after such date.  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, except as required by applicable law. Readers should not place undue reliance on forward-looking information.

12-02

Pilot Gold Inc. (PLG – TSX) reports that our initial drilling has returned impressive intervals of gold mineralization at Kinsley Mountain, a system we believe is strongly analogous to the nearby Long Canyon gold deposit in northeastern Nevada.

Kinsley Mountain shares the same unique combination of stratigraphy, structure and mineralization as Long Canyon, a deposit our technical team defined and advanced to a multi-million-ounce resource prior to its acquisition by Newmont Mining Corp. in April last year. Kinsley Mountain is located approximately 90 kilometres to the southeast of Long Canyon. Pilot Gold has an option to earn up to a 65% interest on the Kinsley Mountain project (See Sept. 21, 2011 press release).

Our first work-program included 1,250 metres (six holes) of diamond-core drilling designed to confirm mineralization in historic reverse circulation holes near the margins of open pits at the past-producing Kinsley Mountain Mine. Many of the historic drill holes, averaging 65 metres in depth, stopped short of potentially mineralized zones. Approximately 138,000 oxide ounces were mined from seven pits by Alta Gold, which ceased operations in the late 1990s due to financial difficulties and low gold prices.

Our first six holes are near-twins of existing holes in two locations, one to the north of the main pit and one located between two satellite pits to the southeast. These drill results highlight the exceptional, untapped potential of this system.

Drill highlights from the 2011 program include (full table at bottom of release):

• 5.91 g/t gold over 18.4 metres, including 11.93 g/t gold over 7.8 metres in hole PK-04;
   

•  6.75 g/t gold over 7.5 metres, including 13.52 g/t gold over 3.2 metres in PK-03;
   

• 6.23 g/t gold over 8.7 metres, including 12.05 g/t gold over 3.0 metres in hole PK-02.
   

Primary drill composites were calculated using a cut-off of 0.30 g/t, with variably higher cut-offs for the sub-intervals. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 60-100% of the reported lengths.

“Our technical team carries forward Fronteer Gold’s in-depth, working knowledge of Long Canyon and our strategy in Nevada was to identify a project with the same attributes and exploration potential as Long Canyon,” says Dr. Moira Smith, Pilot Gold’s Chief Geologist and previously Fronteer Gold’s Chief Geologist for Nevada. “I believe Kinsley Mountain has the framework for discovery and a clear path to building a significant, high-quality deposit in the near-term.”

2012 WORK PROGRAM

Kinsley Mountain is one of Pilot Gold’s three priority assets to be advanced in 2012. We plan on advancing Kinsley Mountain through detailed geological analysis, aggressive drilling and deposit modeling. The Kinsley Mountain project is under a joint venture option agreement with Nevada Sunrise Gold Corp. We anticipate earning an initial 51% interest in the project by Q2 2012. Our planned 2012 work-program includes:

• Deposit modelling: Extensive historic databases were compiled and merged with new surface mapping and sampling. These data are being used to create a three-dimensional model of geology and mineralization to aid in selection of new drill targets. 
   

• Drilling: 12,000 metres of infill and step-out drilling on mineralized zones identified in historic drill programs. In addition to near-mine and resource definition drilling, a comprehensive effort to identify new targets will be undertaken, encompassing both the original 141 claims as well as 128 claims staked by Pilot Gold to the north, a largely unexplored area.
   

• Resource estimation: Anticipated completion of a project-first resource by year-end.
   

• Development activities: Preliminary metallurgical work, hydrological, environmental and baseline studies; and, submission of a Plan of Operation to the U.S. federal government to allow for property-wide drilling.    

 FOR DOWNLOAD

• Drill results map:http://www.pilotgold.com/sites/default/files/KinsleyMountain_DrillMap_1202.pdf
   

•  Long Canyon comparison / Mineralization: http://www.pilotgold.com/sites/default/files/KinsleyMountain_MineralizationComparison_1202.pdf
   

• Project overview: http://pilotgold.com/our-projects/kinsley
   

2011 DRILL RESULTS

Moira Smith, P. Geo., Pilot Gold Chief Geologist, 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 0.30 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 60-100% 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. QA/QC included 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 72-element geochemical suite by ICP-MS. Data citing ounces mined from historical production is attributed to www.metalseconomics.com

ABOUT PILOT GOLD                                                                      

Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include interests in the Halilaga and TV Tower projects in Turkey, each of which alone has the ability to drive the company forward, and the Kinsley Mountain project in Nevada, a gold system analogous to Long Canyon. 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:

Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Affairs
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 release, other than statements of historical fact, are “forward-looking information" with respect to Pilot Gold Inc. (“Pilot Gold”) within the meaning of applicable Canadian securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the future price of gold, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, or other study, proposed exploration and development of our exploration properties and the estimation of mineral resources. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “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. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to differ materially from those anticipated in such forward-looking information.  Such forward-looking information, including, but not limited to, completion of expenditure obligations under the Kinsley Mountain Option Agreement, proposed exploration and development of the Kinsley Mountain property, future issuances of Common Shares to acquire the Kinsley Mountain Option Agreement from Animas Resources Ltd.; estimated future working capital, funds available, uses of funds, future capital expenditures, exploration expenditures and other expenses for specific operations; information with respect to exploration results, the timing and success of exploration activities generally, 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.

Such factors include, among others, risks related to the interpretation and actual results of historical production at Kinsley Mountain, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Kinsley Mountain property as well as specific historic data associated with and drill results from the property, information from Nevada Sunrise LLC and Nevada Sunrise Gold Corporation, the license and lease owners respectively on the Kinsley Mountain property, current exploration and development activities; 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, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company’s Amended Annual Information Form for the year ended December 31, 2010 dated May 12, 2011 (amended June 7, 2011), which is available 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. Accordingly, readers should not place undue reliance on forward-looking information.

Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Except as otherwise indicated by Pilot Gold, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Pilot Gold does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.

12-05

Pilot Gold Inc.  (“Pilot Gold” or the “Company”)  (PLG – TSX) is pleased to announce it has completed its earn-in to 51% of the Kinsley Mountain gold property and has elected to increase its interest to 65% within 5 years.

Over the past seven months, we have tested some key exploration concepts at Kinsley Mountain with encouraging results, and have quickly earned a controlling interest in this project.  Results from our Phase 1 program included 5.91 g/t gold over 18.4 metres starting at a depth of 42.7 metres in drill hole PK-04 (see February 10th, 2012 press release).

The Kinsley Project in northeastern Nevada is the site of a past-producing, open pit, oxide heap leach mine. Building on an extensive historical exploration archive, Pilot Gold is focusing its efforts on testing numerous targets at different stratigraphic levels both proximal to, and to the north of, the historic pits. Our 2012 exploration program commenced on March 20th with 4,000 metres of a planned 12,000 metres completed to date. Assays for all 2012 drill holes are pending.  In addition, an extensive geochemistry and geological mapping program will take place outside of the historic mine area to identify additional drill targets.

Phase 1 earn-in details:
Under the terms of the earn-in agreement, Pilot Gold was required to spend $US 1.18 million in exploration by March 30, 2013 to earn the initial 51% interest. After meeting these requirements, the project will be held in a joint-venture company owned 51% by Pilot Gold and 49% by Intor Resources Corporation a subsidiary of Nevada Sunrise Gold Corporation.  Pilot Gold has elected to increase its interest to 65% by incurring an additional $US 3-million in exploration expenditures within 5 years.

Technical report:
For more detailed information on the Kinsley Mountain project, please refer to the recently published NI 43-101 technical report dated March 26, 2012, entitled Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A. available on SEDAR at www.sedar.com.

ABOUT PILOT GOLD    
Pilot Gold is a gold exploration company with interests in three key assets: the Kinsley Mountain project in Nevada and the Halilaga and TV Tower projects in Turkey. In addition, Pilot Gold has a pipeline of 15 exploration-stage Nevada projects characterized by large land positions and district-wide potential both on and off major gold trends. For more information, visit www.pilotgold.com or contact:

Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Affairs
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.

Ian Cunningham-Dunlop, P. Eng., VP Exploration and Chief Operating Officer for Pilot Gold, and a “Qualified Person” within the meaning of NI 43-101, is responsible for compiling the technical information contained in this release. 

All statements in this release, other than statements of historical fact, are “forward-looking information" with respect to Pilot Gold Inc. (“Pilot Gold”) within the meaning of applicable Canadian securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the future price of gold, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, or other study, proposed exploration and development of our exploration properties and the estimation of mineral resources. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “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. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to differ materially from those anticipated in such forward-looking information.  Such forward-looking information, including, but not limited to, completion of expenditure obligations under the Kinsley Mountain Option Agreement, proposed exploration and development of the Kinsley Mountain property, future issuances of Common Shares as consideration to complete the acquisition of the Kinsley Mountain Option Agreement from Animas Resources Ltd.; estimated future working capital, funds available, uses of funds, future capital expenditures, exploration expenditures and other expenses for specific operations; information with respect to exploration results, the timing and success of exploration activities generally, 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.

Such factors include, among others, risks related to the interpretation and actual results of historical production at Kinsley Mountain, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Kinsley Mountain property as well as specific historic data associated with and drill results from the property, information from Nevada Sunrise LLC and Nevada Sunrise Gold Corporation, the license and lease owners respectively on the Kinsley Mountain property, current exploration and development activities; 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, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company’s Annual Information Form for the year ended December 31, 2011 dated March 28, 2012, which is available 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. Accordingly, readers should not place undue reliance on forward-looking information.

Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Except as otherwise indicated by Pilot Gold, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Pilot Gold does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.

12-06

Pilot Gold Inc. (PLG-TSX) (“Pilot Gold” or the “Company”) reports financial results for the first quarter ended March 31, 2012, and announces work plans for 2012.

“We have made several key advances already in 2012, including earning a majority interest in the Kinsley Mountain project, and completing a project first resource estimate at Halilaga,” says Pilot Gold President and CEO Matt Lennox-King.  “We look forward to building on our success to date with aggressive exploration and drilling programs in 2012 at Kinsley, TV Tower and Halilaga.”

HIGHLIGHTS TO DATE

• Reported a project-first independent resource estimate on the Halilaga copper-gold porphyry.

• Released drill results from a Phase One 1,267 metre six-hole core drill program at Kinsley Mountain, including 5.91 g/t gold over 18.4 metres.

• Subsequent to period end, earned an initial 51% interest at the Kinsley Mountain Project, and elected to earn-in to a 65% interest in the property.

2012 WORK PROGRAMS

Kinsley Mountain Project  - 12,000 metre drill program
Our 2012 work program includes 12,000 metres of RC drilling and detailed geologic modelling and analysis. It is designed to confirm and expand the historic gold footprint and to test priority exploration targets at depth and along strike. Drilling commenced on March 20, 2012.  We also recently submitted an amendment to the existing Notice of Intent on the property to the United States Bureau of Land Management ("BLM") to increase our allowable area of disturbance on the property.  We plan to submit a Plan of Operations with the BLM early in 2012 to further increase the area on which we can actively explore. Having achieved the initial 51% earn-in on May 9, 2012, Pilot Gold has elected to earn an additional 14% interest (to an aggregate of 65%) in the project by making a further $3 million in expenditures on the property before May, 2017. We have already invested $0.9 million in exploration expenditures toward this second option. Nevada Sunrise Gold Corporation is Pilot Gold’s joint venture partner.  Our total budget at Kinsley Mountain for the year is $2.7 million.

TV Tower Project  - 12,000 metre drill program
Our 2012 work program includes approximately 12,000 metres of core drilling with a focus on the Kucukdag and Kayali targets, along with detailed geological mapping, geochemical sampling, ground geophysics, and reconnaissance in the western areas of the property.  Initial groundwork has commenced with drilling expected to begin in Q2, 2012.  Teck Resources Limited’s Turkish subsidiary, TMST, is Pilot Gold’s 60% joint venture partner for the project. Our share of budgeted expenditures for 2012 is currently $1.2 million.

Halilaga Project - 15,000 metre drill program  On February 8, 2012, we announced the first resource estimate for the Halilaga project. We plan to build on this resource with 15,000 metres of infill and exploration drilling. Phase One of the program commenced on March 27, 2012, and includes 5,000 metres of infill core drilling with a focus on resource expansion and conversion. Additional economic, engineering and metallurgical studies have also been initiated. TMST is also the Company’s 60% partner for this project. Budgeted expenditures for 2012 are $4.87 million, with Pilot Gold’s share totalling $1.95 million. 

FINANCIAL DATA
The following selected financial data is derived from our consolidated financial statements for the three month period ended March 31, 2012, as prepared in accordance with International Financial Reporting Standards. As described in our audited consolidated financial statements, a portion or the comparative period reflects the application of continuity of interest accounting.

• For the three months ended March 31, 2012, we reported a net loss of $1.46 million compared to a net loss of $0.41 million for the three months ended March 31, 2011.  The loss per share for the three months ended March 31, 2012 was $0.02 (three months ended March 31, 2011: $0.01).  The most significant contributors to the losses for the three months ended March 31, 2012 were stock based compensation ($0.52 million) and wages ($0.46 million), however, these costs were offset by an income inclusion resultant from a change in fair value of our financial instruments ($0.8 million). In the comparative period, the most significant contributors to the losses were allocated depreciation and wages. 
• The net balance of other comprehensive income for the three months ended March 31, 2012 was $0.32 million (March 31, 2011: income of $0.20 million).  The three months ended March 31, 2012 includes a $0.47 million gain (March 31, 2011: gain of $0.02 million) from the impact of exchange gains and losses arising from exchange differences further to the translation of our foreign operations with a non-United States dollar functional currency, and a net value loss on financial assets of $0.15 million during the three months ended March 31, 2012 (three months ended March 31, 2011, gain of $0.18 million) relating to the revaluation of common shares we hold in other publicly listed companies. The impact from exchange differences will vary from period to period depending on the rate of exchange; in the period between January 1, 2011 and March 31, 2012, there was a 1% change in the exchange rate between the United States and Canadian dollars.
   
• Current assets decreased to $15.74 million as at March 31, 2012 (December 31, 2011: $18.90 million), and comprise primarily cash and short-term investments of $15.18 million (December 2011: $18.42 million).  The decrease reflects cash outflows related to exploration and corporate activities through the three months ended March 31, 2012. The remaining balance of current assets comprises receivables and prepayments of $0.56 million (December 31, 2011: $0.48 million) which have increased primarily due to receivables from Blue Gold for management services as well as from our associates due to work performed on properties.

This press release should be read in conjunction with Pilot Gold’s unaudited condensed interim consolidated financial statements and Management’s Discussion and Analysis for the quarter ended March 31, 2012. These documents can be found on the Company’s website (www.pilotgold.com) or on SEDAR at www.sedar.com. All amounts are presented in United States dollars unless otherwise stated.

ABOUT PILOT GOLD

Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include interests in the Halilaga and TV Tower projects in Turkey, each of which alone has the ability to drive the Company forward, and the Kinsley Mountain Project in Nevada, a past-producing sediment hosted gold system. 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:

Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Development
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.

Ian Cunningham-Dunlop, P. Eng., VP Exploration and Chief Operating Officer for Pilot Gold, and a “Qualified Person” within the meaning of NI 43-101, is responsible for compiling the technical information contained in this release. 

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Pilot Gold Inc. ("Pilot Gold") within the meaning of applicable Canadian securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the future prices of gold, copper and molybdenum, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, the timing of a preliminary economic assessment or other study, proposed exploration and development of our exploration properties and the estimation of mineral reserves and 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. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to differ materially from those anticipated in such forward-looking information. Such forward-looking information, including, but not limited to, completion of expenditure obligations under the Kinsley Mountain Option Agreement; Pilot Gold’s ability to fund cash-calls made by our joint venture partners for ongoing expenditures on our joint venture properties; current and proposed exploration and development, estimated future working capital, uses of funds, future capital expenditures; information with respect to exploration results, the timing and success of exploration activities generally; the costs and timing of the development of new deposits, potential quantity and/or grade of minerals, potential size of mineralized zone, potential expansion of mineralization, potential type of mining operation; the timing, timeline and possible outcome of permitting or license renewal applications; the ability to maintain or convert the underlying licenses in accordance with the requirements of the Turkish Mining Law, government regulation of exploration and mining operations, environmental risks, including satisfaction of Turkish requirements relating to the periodic submissions of Environmental Impact Assessments, title disputes or claims, and limitations on insurance coverage 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. Such factors include, among others, 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, financing or in the completion of exploration as well as those factors discussed in our AIF for the year ended December 31, 2011, 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. Accordingly, readers should not place undue reliance on forward-looking information. Further details relating to Pilot Gold are also available in the Company’s Annual Information Form (“AIF”) for the year ended December 31, 2011 dated March 28, 2012, available under Pilot Gold’s SEDAR profile at http://www.sedar.com.

12-08

Pilot Gold (PLG – TSX) (“Pilot Gold” or “the Company”) is pleased to report that the 2012 work program at the Halilaga copper-gold porphyry in northwestern Turkey is underway. The 2012 program launched on March 27th, 2012 with two drill rigs. Drilling will be dedicated to expansion of the initial Halilağa resource area, resource conversion and infill drilling in the near surface high grade zone.

Teck Resources Limited’s Turkish Subsidiary, “TMST”, is Pilot Gold’s 60% joint venture partner and operator. TMST has informed Pilot Gold that the necessary operation permits have been received to keep the operation licenses covering the resource area in good standing until 2019. In conjunction with the drill program, metallurgical, hydrological and environmental studies are planned. Approximately 2,100 metres have been completed in 8 drill holes to date.

2011 Drill results
Final assays from the remaining 12 holes of the 2011 drill program have been received. The final step out holes returned broad intervals of mineralization and demonstrate strong grades from outside the current resource area.  These results were received after the resource cut-off date, and as a result, these assays were not included in the Halilaga resource estimate, reported on February 8, 2012.  Of the final 12 holes, 8 were drilled as step out holes beyond the drill footprint of the Halilağa resource area with the remaining 4 holes testing exploration targets elsewhere on the property.

Highlights from the final 2011 drill holes include:

• 0.35 g/t gold and 0.19% copper over 278.0 metres, including 0.56 g/t gold and 0.30% copper over 47.4 metres in HD-107;

• 0.65 g/t gold and 0.25 % copper over 19.9 metres in HD-103;

• 0.28 g/t gold and 0.29% copper over 208.0 metres, including 0.31 g/t gold and 0.33% copper over 69.6 metres in HD-100; and

• 0.34 g/t gold and 0.22% copper over 107.8 metres, including 0.53 g/t gold and 0.28% copper over 32.8 metres in HD-99A.

All true widths are 60-90% of reported widths unless otherwise stated. All intervals of no sampling have been assigned zero grade for the purposes of compositing. For a comprehensive table of drill results to date, including new and non-reportable intercepts, please click: http://www.pilotgold.com/sites/default/files/HalilagaDrillResults1208.pdf

For a map highlighting recent drilling, please click:
http://www.pilotgold.com/sites/default/files/HalilagaDrillMap1208.pdf

All drill samples and analytical data for Halilağa are collected under the supervision of TMST, using industry standard QA-QC protocols.  Ian Cunningham-Dunlop, P. Eng, VP Exploration and Chief Operating Officer for Pilot Gold, and a “Qualified Person” within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), is responsible for compiling the technical information contained in this release.   Mr. Cunningham-Dunlop has not verified all the assay data generated by TMST as project operator, however the grades and widths reported here agree well with the Company’s past results on the project and TMST has given him no reason to doubt their authenticity.

ABOUT PILOT GOLD
Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades and meaningful size in mining-friendly addresses. Our three key assets include interests in the Halilağa and TV Tower projects in Turkey, and the Kinsley Mountain project, a past-producing sediment-hosted gold system in Nevada, each of which has the ability 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:

Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Affairs
Phone 604-632-4677 or Toll Free 1-877-632-4677
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For further details on Halilaga, please view the NI 43-101 technical report entitled "Resource Estimate for the Halilaga Copper-Gold Property NI 43-101 Technical Report" (the “Report”), dated March 23, 2012, prepared by Garth Kirkham, P.Geo. of Kirkham Geosystems Ltd., and James Gray, P.Geo. of Advantage Geoservices Ltd. filed under Pilot Gold’s Issuer Profile on SEDAR (www.sedar.com).  Mr. Gray and Mr. Kirkham are independent of Pilot Gold and are “Qualified Persons” as defined by NI 43-101.

Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" concerning the business, operations and financial performance and condition of Pilot Gold Inc. (“Pilot Gold’) within the meaning of applicable Canadian securities laws, 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. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to differ materially from those anticipated in such forward-looking information. Such forward-looking information, including, but not limited to statements that address future mineral production, reserve potential, exploration drilling, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, proposed exploration and development of our exploration properties, potential quantity and/or grade of minerals, potential type(s) of mining operation and the estimation of mineral reserves and resources as well as to Pilot Gold’s ability to fund cash-calls made by Teck Madencilik Sanayi Ticaret A.Ş. (“TMST”) for ongoing expenditure on the TV Tower and Halilaga properties, estimated future working capital, uses of funds, future capital expenditures, exploration expenditures and other expenses for specific operations; information with respect to exploration results, the timing and success of exploration activities generally; the costs and timing of the development of new deposits; the timing and possible outcome of any pending litigation, permitting timelines, the ability to maintain or convert the underlying licenses that comprise TV Tower and Halilaga in accordance with the requirements of the Turkish Mining Law, government regulation of exploration and mining operations, environmental risks, including satisfaction of Turkish requirements relating to the periodic submissions of Environmental Impact Assessments, title disputes or claims, limitations on insurance coverage and the results of any future development programs 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. Such factors include, among others, risks related to the interpretation and actual results of exploration at the Halilaga property, reliance on technical information provided by TMST at the Halilaga property; changes in project parameters as plans continue to be refined; current economic conditions; the future prices of gold, silver and copper, fluctuations in currency exchange rates; 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, financing or in the completion of exploration as well as those factors discussed in the section entitled "Risk Factors" in Pilot Gold’s Amended Annual Information Form for the year ended December 31, 2011 dated March 28, 2012, which is available 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. Accordingly, readers should not place undue reliance on forward-looking information. 

12-10

Pilot Gold (PLG – TSX) (“Pilot Gold” or “the Company”) is pleased to report strong intervals of gold mineralization in step-out holes at the Kinsley Mountain project, including 5.48 grams per tonne gold over 20.4 metres in hole PK014C, located 150 metres northeast of hole PK002 which returned 6.23 g/t gold over 8.7 metres in 2011 drilling.

“These results from the core drilling portion of our 2012 program demonstrate Kinsley’s ability to host gold mineralization to the north of the mined pits and previously identified gold trend.  Future drilling will continue to target frontier areas to the northeast and southwest of the mine to further expand the gold mineralized footprint and identify the high grade structures we are beginning to see,” said Moira Smith, Chief Geologist for Pilot Gold.

Assays from the 14 hole diamond core drilling program returned mineralization in step-out holes 100 metres to 150 metres north of the historic main pit area, where Pilot Gold’s 2011 drilling was focused.

Highlights from the 2012 core drilling program include:

•  5.48 g/t gold over 20.4 metres, including 16.43 g/t gold over 5.5 metres in PK014C;
• 1.40 g/t gold over 10.5 metres in PK019C; and,
•  0.92 g/t gold over 28.8 metres in PK031C.

All true widths are 60-90% of reported widths unless otherwise stated. All intervals of no sampling have been assigned zero grade for the purposes of compositing.

For a comprehensive table of drill results to date, including new and non-reportable intercepts, please click:   http://www.pilotgold.com/sites/default/files/KinsleyDrillResults_1210.pdf

For a map highlighting recent drilling, please click: http://www.pilotgold.com/sites/default/files/KinsleyDrillMap1210.pdf

Detailed mapping over the entire Kinsley Mountain claim block has identified a number of north, northeast and northwest-trending high-angle faults with jasperoid alteration up to 7 km north of the mine. Jasperoids are an important structural and alteration marker of Carlin-style sediment-hosteddeposits, as they are often indicative of deep hydrothermal mineralizing systems. Rock samples from the Kinsley jasperoids have returned up to 2.8 g/t Au and highly anomalous pathfinder elements consistent with the presence of sediment-hosted gold mineralization at depth.

The 2012, 12,000-metre drill program commenced on March 20th, with one diamond core drill and one RC drill. Drilling is primarily focused on expanding the mineralized footprint identified by previous operators in the 1980s and 1990s, and following up on the high grade intercepts from Pilot Gold’s initial drill program in late 2011. The majority of holes drilled to date by Pilot Gold have encountered gold mineralization, with deeper RC holes targeting gold in deeper stratigraphic intervals than were previously tested.

In conjunction with the 2012 drill program, regional exploration, data compilation and modeling, and environmental studies are underway. Activities include rock chip sampling, detailed geologic mapping and digitizing and 3D modeling of historic data including over 1,100 drill holes and 72,000 blast hole samples leading to the first comprehensive 3D model for the project. The model allows for more accurate targeting of mineralization and potential high-grade structures beyond the limit of historic workings. Additionally, a Plan of Operations permit application was submitted to U.S. Bureau of Land Management (BLM) which will allow for expanded exploration activities beyond the previously disturbed areas.

Exploration continues with one reverse circulation drill, operating over a wider area along the northern margin of the previously-defined zone of gold mineralization.  Results from the RC portion of the program are currently pending.    

Kinsley Mountain is a sediment-hosted gold system and past-producing mine. Stratigraphic and structural controls are similar to those at the nearby Long Canyon project (Newmont Mining Corp.) and Bald Mountain mine (Barrick Gold Corp.). Kinsley is being advanced by the same technical and management team that defined the Long Canyon project under Fronteer Gold.

Nevada Sunrise Gold Corporation is Pilot Gold’s 49% joint venture partner on Kinsley Mountain.  Pilot Gold is currently earning up to 65% of the project from its current 51% ownership.

Moira Smith, P. Geo., Pilot Gold Chief Geologist, 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 accurate.  Drill composites were calculated using a cut-off of 0.30 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-100% 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. QA/QC included 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 72-element geochemical suite by ICP-MS. Data citing ounces mined from historical production is attributed towww.metalseconomics.com

ABOUT PILOT GOLD

Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades and meaningful size in mining-friendly addresses. Our three key assets include interests in the Halilaga and TV Tower projects in Turkey, and the Kinsley Mountain project, a past-producing sediment-hosted gold system in Nevada, each of which has the ability 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:

Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Affairs
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.

For more detailed information on the Kinsley Mountain project, please refer to the recently published NI 43-101 technical report dated March 26, 2012, entitled Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A. available on SEDAR at www.sedar.com.

All statements in this release, other than statements of historical fact, are “forward-looking information" with respect to Pilot Gold Inc. (“Pilot Gold”) within the meaning of applicable Canadian securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the future price of gold, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, or other study, proposed exploration and development of our exploration properties and the estimation of mineral resources. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”,

“estimate”, “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. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to differ materially from those anticipated in such forward-looking information.  Such forward-looking information, including, but not limited to, completion of expenditure obligations under the Kinsley Mountain Option Agreement, proposed exploration and development of the Kinsley Mountain property, future issuances of Common Shares as consideration to complete the acquisition of the Kinsley Mountain Option Agreement from Animas Resources Ltd.; estimated future working capital, funds available, uses of funds, future capital expenditures, exploration expenditures and other expenses for specific operations; information with respect to exploration results, the timing and success of exploration activities generally, 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.

Such factors include, among others, risks related to the interpretation and actual results of historical production at Kinsley Mountain, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Kinsley Mountain property as well as specific historic data associated with and drill results from the property, information from Nevada Sunrise LLC and Nevada Sunrise Gold Corporation, the license and lease owners respectively on the Kinsley Mountain property, current exploration and development activities; 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, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company’s Annual Information Form for the year ended December 31, 2011 dated March 28, 2012, which is available 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. Accordingly, readers should not place undue reliance on forward-looking information.

Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Except as otherwise indicated by Pilot Gold, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Pilot Gold does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.

12-13

Pilot Gold (PLG – TSX) (“Pilot Gold” or “the Company”) is pleased to announce that it has commenced a 16,000 metre resource definition and exploration drill program at the TV Tower Project in northwestern Türkiye. As Operator, Pilot Gold plans to drill 9,000 metres by year-end, focused on the  Kücükdag (KCD) target, where previous drilling returned exceptional grades, including 4.28 g/t gold over 136.2 metres and silver grades up to 171.00 g/t silver over 47.50 metres.

“We are thrilled to commence our 2012 drill campaign at TV Tower. This is an extremely large and prospective land package that has already produced two significant new discoveries on the property, verified by drilling. We believe TV Tower will ultimately yield multiple additional discoveries, leading to a large mineral endowment property-wide. Our goal is to establish TV Tower as the premier gold exploration project in western Türkiye,” stated Matt Lennox-King, President and CEO of Pilot Gold.  

Initial work in 2010 identified seven primary targets which led to discoveries at the KCD and Kayali (KYD) targets in 2011. Pilot Gold’s team has been conducting surface exploration since mid-March of 2012, and has already identified a number of additional exploration targets, with large areas of the property still remaining virtually unexplored. The 2012 drill campaign will primarily focus on aggressive infill drilling of the discovery zone at the KCD target and additional surface exploration on the remaining targets. Two diamond core drills began operating in the first week of August, with a third drill scheduled to arrive in September. 

PROPERTY OVERVIEW
Located on the Biga Peninsula of northwest Türkiye, TV Tower is host to numerous high-sulphidation epithermal gold-silver prospects. The large 7,109 hectare (71km2) project is road accessible, and is located immediately west of the Kirazli gold project (Alamos Gold) and approximately 10 kilometres northwest of the Halilaga copper-gold project (Teck/Pilot Gold). Pilot Gold currently owns 40% of TV Tower and is earning in to a majority 60% interest from Teck Madencilik Sanayi Ticaret A.S. (“TMST”), a Turkish subsidiary of Teck Resources Limited (“Teck”).

KCD target highlights:
The KCD target is the premier discovery at TV Tower to date, where recent drilling has outlined a high-grade gold zone overlain by a high-grade silver zone.  The discovery zone has a significant footprint, measuring approximately 600 x 400 metres and remains open for expansion in multiple directions. Past drilling has returned some of the highest gold, silver and copper grades in the Biga District, including:

• 4.28 grams/tonne gold over 136.2 metres, including 9.51 g/t gold over 57.8 metres in KCD-02;
• 1.87 g/t gold over 48.0 metres, including 13.83 g/t gold over 5.4 metres in KCD-15;
• 171.00 g/t silver over 47.5 metres, including 259.67 g/t silver over 27.9 metres in KCD-18;
• 50.25 g/t silver over 114.9 metres, including 132.60 g/t silver over 7.5 metres in KCD-28; and
• 61.61 g/t silver over 39.0 metres, including 96.03 g/t silver over 15.3 metres in KCD-37.

See May 10, 2011, October 4, 2011 and May 18,2012 press releases. All true widths are 30-90% of reported widths unless otherwise stated. All intervals of no sampling have been assigned zero grade for the purposes of compositing. For a comprehensive table of drill results to date, including new and non-reportable intercepts, please click: http://www.pilotgold.com/sites/default/files/TVTowerDrillResults1209.pdf

The 2012 drilling program at the KCD target is designed to aggressively infill the discovery zone and to significantly expand the mineralization both laterally and at depth.

Property-wide potential
TV Tower is covered largely by strongly altered volcanic rocks.  Alteration types include vuggy silica and advanced argillic alteration typical of a high sulphidation epithermal environment. High sulphidation gold-silver deposits typically comprise some of the largest gold deposits in the world, including Yanacocha, South America’s largest gold producer with over 25 million ounces in past production and resources, and Pueblo Viejo in the Dominican Republic, also with a resource of over 25 million ounces of gold.  Other deposit types on the property include low sulphidation gold-silver veins with bonanza grades, and copper-gold porphyry.

At Kayali (KYD), the site of the second gold discovery in 2011, drilling to date has returned significant intervals of gold mineralization with KYD-01 returning 0.87 g/t gold over 114.5 metres, and KYD-02 returning  0.78 g/t gold over 88.6 metres. Gold mineralization is associated with oxidized, intensely silicified and either fractured or locally brecciated intervals within a high sulphidation system. Oxidation at Kayali is deep, averaging 100-200m in depth. Our surface work in 2012 provides clear guidance for future drilling with a high probability of success.

Ongoing programs of rock and soil sampling across the remainder of the property continue to yield new areas of interest and early-stage targets.  Progress and results to date have been extremely encouraging, and large altered and highly prospective areas of this property still remain unexplored. As a result, the current surface program is designed to assess the seven targets originally defined, and to generate additional targets through the application of geophysics, geochemistry, structural interpretation and geologic mapping. 

The program has met with significant success to date, with several new zones of mineralization identified by the Pilot Gold team since the start of field work in March. Highlights include the Sarp-Columbaz target (drill-tested in 2011), where two new areas have been identified for future drill testing, including low-sulphidation veins assaying 39g/t gold and 294 g/t silver in recent sampling.

 For a location map of TV Tower, please click: http://www.pilotgold.com/sites/default/files/TVTowerLocationMap1213.pdf

 For a property map of TV Tower, please click:
http://www.pilotgold.com/sites/default/files/TVTowerPropertyMap1213.pdf

All drill samples and analytical data for TV Tower to date were collected under the supervision of TMST, using industry standard QA-QC protocols.  Ian Cunningham-Dunlop, P. Eng, VP Exploration and Chief Operating Officer for Pilot Gold, and a “Qualified Person” within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), has been responsible for compiling the technical information disclosed in previous releases and has approved the technical information in this press release.  Mr. Cunningham-Dunlop has not verified all of the assay data generated by TMST as previous project operator.  However, the grades and widths reported in prior releases agree well with the Company’s past results on the project and TMST has given him no reason to doubt their authenticity. The potential quantity and grade of the mineralization described herein are currently conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

 UPDATED TECHNICAL REPORT

Pilot Gold is also pleased to announce the filing of a NI 43-101 technical report entitled “Updated Technical Report on the TV Tower Exploration Property, Çanakkale, Western Türkiye”, dated August 3rd, 2012, in support of future exploration at the TV Tower project.

The report was prepared by Paul Gribble of Tetra Tech WEI Inc.  Mr. Gribble is independent of Pilot Gold and is a “Qualified Person” as defined by NI 43-101. Mr. Gribble, as a Qualified Person for the TV Tower project, has reviewed, verified and approved the contents of this release. The full NI 43-101 Technical Report will be available on www.sedar.com and on Pilot Gold’s web site at www.pilotgold.com.  

ABOUT PILOT GOLD
Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size in mining-friendly addresses. Our three key assets include interests in the Halilaga and TV Tower projects in Türkiye, and the Kinsley Mountain project in Nevada, each of which has the ability 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:

Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Affairs
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.

For further details on TV Tower, please view the NI 43-101 technical report entitled "Updated Technical Report on the TV Tower Exploration Property, Çanakkale, Western Türkiye”, effective July 15, 2012 and dated August 3, 2012, prepared by Paul Gribble, B.Sc., C.Eng., FIMMM, UK Manager, Geology for Tetra Tech WEI Inc. under Pilot Gold’s Issuer Profile on SEDAR (www.sedar.com).

Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" concerning the business, operations and financial performance and condition of Pilot Gold Inc. (“Pilot Gold’) within the meaning of applicable Canadian securities laws, 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. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to differ materially from those anticipated in such forward-looking information. Such forward-looking information, including, but not limited to statements that address future mineral production, reserve potential, exploration drilling, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, proposed exploration and development of our exploration properties, potential quantity and/or grade of minerals, potential type(s) of mining operation and the estimation of mineral reserves and resources as well as to Pilot Gold’s ability to fund cash-calls made by Teck Madencilik Sanayi Ticaret A.Ş. (“TMST”) for ongoing expenditure on the Halilaga property, successful earn-in on the TV Tower project, including the ability to incur the minimum annual expenditure requirements, estimated future working capital, uses of funds, future capital expenditures, exploration expenditures and other expenses for specific operations; information with respect to exploration results, the timing and success of exploration activities generally; the costs and timing of the development of new deposits; the timing and possible outcome of any pending litigation, permitting timelines, the ability to raise sufficient funds through future issuances of Common Shares to continue to execute on the Company’s programs, and the results of any future development programs 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. Such factors include, among others, risks related to the interpretation and actual results of exploration at the TV Tower property, reliance on technical information provided by TMST at the TV Tower property; changes in project parameters as plans continue to be refined; current economic conditions; the future prices of gold, silver and copper, fluctuations in currency exchange rates; 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 ability to maintain or convert the underlying licenses that comprise TV Tower and Halilaga in accordance with the requirements of the Turkish Mining Law, government regulation of exploration and mining operations, environmental risks, including satisfaction of Turkish requirements relating to the periodic submissions of Environmental Impact Assessments, title disputes or claims, limitations on insurance coverage, the ability to raise adequate funds, or to complete exploration, as well as those factors discussed in the section entitled "Risk Factors" in Pilot Gold’s Amended Annual Information Form for the year ended December 31, 2011 dated March 28, 2012, which is available 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. Except as required by law, 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. Accordingly, readers should not place undue reliance on forward-looking information.

12-16

Pilot Gold (PLG – TSX) (the “Company”) is pleased to report that step-out drilling on the western flank of the Company’s Kinsley Mountain Project in Nevada has returned up to 6.03 g/t gold over 13.7 metres, 600 metres northwest of the nearest historic pit. Recent drilling in the Western Flank area has identified a north-trending zone of higher-grade mineralization that is at least 400 metres by 100 metres and remains open in all directions.

Pilot Gold is nearing the end of the 2012 drill program at Kinsley; however, drilling on the Western Flank area on the west side of the range has been expanded with additional holes targeting higher-grade intercepts. Assays are pending from the final 6 holes of the 12,000 metre program. 

“These exciting results validate the ‘Long Canyon’ model developed by our technical team that predicted the presence of north to northeast trending mineralized zones extending from the historic, northwest-trending pits,” stated Matt Lennox-King, President and CEO. “In addition, high grades are being intercepted at deeper stratigraphic levels than previously encountered, and as a result the potential for the presence of a large, untapped system continues to grow.”

NEW DRILL RESULTS

Western Flank of Kinsley Range:Reverse Circulation drilling in an area approximately 600 metres northwest of the nearest historic pit and 120 metres north of PK057 (2.30 g/t gold over 19.8 metres; see news release dated August 27th, 2012) returned:

• 6.03 g/t gold over 13.7 metres in PK061;

o   including 15.18 g/t gold over 4.6 metres;

o   and 6.25 g/t gold over 1.5 metres.

• 3.91 g/t gold over 3.0 metres in PK063.
• 1.52 g/t gold over 6.1 metres in PK058.

All true widths are 30-100% of reported widths unless otherwise stated. All intervals of no sampling have been assigned zero grade for the purposes of compositing. For a comprehensive table of drill results to date, including new and non-reportable intercepts, please click: http://www.pilotgold.com/sites/default/files/KinsleyDrillResults1216.pdf

For a map highlighting recent drilling, please click: http://www.pilotgold.com/sites/default/files/KinsleyDrillMap1216.pdf

A subsidiary of Nevada Sunrise Gold Corporation (“NEV”) is Pilot Gold’s 49% joint venture partner on Kinsley Mountain.  To earn a further 14% interest in the project Pilot Gold must spend $3 million in exploration.  To date, the Company has incurred approximately $2.4 million toward the second earn-in, and anticipates earning a 65% interest at Kinsley in 2013.  NEV will be responsible to fund its share of expenditures from that point forward.

Moira Smith, P. Geo., Pilot Gold Chief Geologist, 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 accurate.  Drill composites were calculated using a cut-off of 0.30 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-100% 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. QA/QC included 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. Data citing ounces mined from historical production is attributed to www.metalseconomics.com

ABOUT PILOT GOLD

Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades and meaningful size in mining-friendly addresses. Our three key assets include interests in the Halilaga and TV Tower projects in Turkey, and the Kinsley Mountain project in Nevada, each of which has the ability 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:

Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Affairs
Phone 604-632-4677 or Toll Free 1-877-632-4677
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For more detailed information on the Kinsley Mountain project, please refer to the recently published NI 43-101 technical report dated March 26, 2012, entitled Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A. available on SEDAR at www.sedar.com.

All statements in this release, other than statements of historical fact, are “forward-looking information" with respect to Pilot Gold Inc. (“Pilot Gold”) within the meaning of applicable Canadian securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the future price of gold, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, or other study, proposed exploration and development of our exploration properties and the estimation of mineral resources. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “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. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to differ materially from those anticipated in such forward-looking information.  Such forward-looking information, including, but not limited to, completion of expenditure obligations under the Kinsley Mountain Option Agreement, proposed exploration and development of the Kinsley Mountain property, future issuances of Common Shares as consideration to complete the acquisition of the Kinsley Mountain Option Agreement from Animas Resources Ltd.; estimated future working capital, funds available, uses of funds, future capital expenditures, exploration expenditures and other expenses for specific operations; information with respect to exploration results, the timing and success of exploration activities generally, 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.

Such factors include, among others, risks related to the interpretation and actual results of historical production at Kinsley Mountain, reliance on technical information provided by third parties on any of our exploration properties, including access to historical information on the Kinsley Mountain property as well as specific historic data associated with and drill results from the property, information from Nevada Sunrise LLC and Nevada Sunrise Gold Corporation, the license and lease owners respectively on the Kinsley Mountain property, current exploration and development activities; 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, financing or in the completion of exploration, as well as those factors discussed in the section entitled "Risk Factors" in the Company’s Annual Information Form for the year ended December 31, 2011 dated March 28, 2012, which is available 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. Accordingly, readers should not place undue reliance on forward-looking information.

Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Except as otherwise indicated by Pilot Gold, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Pilot Gold does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.

12-17

Pilot Gold Inc. (PLG - TSX) is pleased to report that the first two drill holes of the 2012 program at the Kucukdag (KCD) target at the TV Tower project in Turkey have returned long intervals of high grade gold, silver and copper. Highlighted is drill hole KCD-39, which returned 5.94 grams per tonne gold, 12.6 g/t silver and 0.53% copper over 137.1 metres, which extends the high-grade gold/silver/copper breccia zone in discovery hole KCD-02 over 50 metres to the south.  Pilot Gold assumed operatorship of the project in July, 2012 (see press release dated June 21, 2012).

“We are thrilled with the fact that this is the highest gram x metre gold interval ever drilled by our team on any of our projects over the years,” stated Matt Lennox-King, President & CEO of Pilot Gold. “These first holes drilled by Pilot Gold reinforce TV Tower as the premier exploration project in northwest Turkey.”

Drill Highlights include:

• 5.94 g/t gold, 12.6 g/t silver, and 0.53% copper over 137.1 metres in KCD-39, including
  • 18.88 g/t gold, 13.1 g/t silver and 1.36% copper over 27.0 metres, including
    • 55.75 g/t gold, 30.7 g/t silver and 3.33% copper over 3.0 metres.
• 0.93 g/t gold, 7.0 g/t silver, and 0.51% copper over 69.0 metres in KCD-38.

For a full table of 2012 drill results, please click:
http://www.pilotgold.com/sites/default/files/TVTowerDrillResults1217.pdf

For a map highlighting recent drilling, please click:
http://www.pilotgold.com/sites/default/files/TVTowerDrillMap1217.pdf

These results mark the start of an aggressive exploration program consisting of 16,000 metres of diamond core drilling, property-wide airborne geophysics and ongoing surface mapping and geochemical sampling. 

Nine thousand metres of drilling will be focused on the KCD target and is designed to infill and expand the mineralized footprint. Approximately 2,500 metres comprising 12 holes have been completed to date, with assays pending for 10 holes.  A third drill was recently added to the project, with a fourth rig anticipated to arrive by the end of September.  All drilling for the remainder of 2012 will focus on infill and step-out drilling in the KCD (northern) target area, followed by systematic testing of other high-priority targets in early 2013.

Past drilling at the KCD zone has returned some of the highest-grade gold, silver and copper drilling intervals in northwestern Turkey, including:

• 4.28 g/t gold, 15.82 g/t silver and 0.68% copper over 136.2 metres, including 9.51 g/t gold, 34.54 g/t silver and 1.51% copper over 57.8 metres in KCD-02;
• 1.87 g/t gold, 7.26 g/t silver and 0.19% copper over 48.0 metres, including 13.83 g/t, 25.29 g/t silver and 0.31% copper gold over 5.4 metres in KCD-15;
• 171.00 g/t silver over 47.5 metres, including 259.67 g/t silver over 27.9 metres in KCD-18; and,
• 50.25 g/t silver over 114.9 metres, including 132.60 g/t silver over 7.5 metres in KCD-28.

See May 10, 2011, October 4, 2011 and May 18, 2012 press releases. All true widths are 30-90% of reported widths unless otherwise stated. All intervals of no sampling have been assigned zero grade for the purposes of compositing. For a comprehensive table of previous drill results, including non-reportable intercepts, please click:
http://www.pilotgold.com/sites/default/files/TVTowerDrillResults1209.pdf

About TV Tower:
Located on the Biga Peninsula of northwest Turkey, TV Tower encompasses 71 km2 containing a large number of targets ranging from high- and low-sulphidation epithermal gold-silver to porphyry gold-copper. The project is road accessible, and is located immediately west of the Kirazli gold project (Alamos Gold) and approximately 10 kilometres northwest of the Halilaga copper-gold project (Teck/Pilot Gold). Drilling in 2010 resulted in new discoveries at the KCD high grade breccia and Kayali oxide gold targets. Ongoing exploration by Pilot Gold continues to uncover robust new targets, including the bonanza-grade Columbaz epithermal vein system that returned 39 g/t gold and 290 g/t silver in recent rock chip sampling. 

Pilot Gold is project operator at TV Tower and can increase its interest in the project to 60%, through sole funding of exploration over a three year period. TV Tower is a joint venture between Pilot Gold (40%) and Teck Madencilik Sanayi Ticaret A.S. (“TMST”) (60%), a Turkish subsidiary of Teck Resources Limited (“Teck”).

The TV Tower project 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 the targets disclosed herein.

It is uncertain if further exploration will result in these targets being delineated as a mineral resource. Further information is available in the technical report entitled "Updated Technical Report on the TV Tower Exploration Property, Çanakkale, Western Turkey”, effective July 15, 2012 and dated August 3, 2012, prepared by Paul Gribble, B.Sc., C.Eng., FIMMM, UK Manager, Geology of Tetra Tech WEI Inc., under Pilot Gold’s Issuer Profile on SEDAR (www.sedar.com). 

Moira Smith, Ph.D., P. Geo., Pilot Gold Chief Geologist, 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 cut-offs of 0.30, 3.0 and 10.0 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-100% of the reported lengths. Drill samples were assayed by AcmeLabs in Vancouver, B.C. for gold by Fire Assay of a 30 gram (1 assay ton) charge by ICP-ES, or if over 10.0 g/t were re-assayed and completed with a gravimetric finish. Ag and Cu were determined by ICP-MS, with overlimits (>100 ppm Ag or >10,000 ppm Cu) completed by fire assay with gravimetric finish (Ag) or 4-acid digestion with ICP-ES finish (Cu).  QA/QC included 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.

ABOUT PILOT GOLD
Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include the TV Tower and Kinsley gold projects and a 40% interest in the Halilaga copper gold porphyry project, each of which alone has the ability to drive the Company forward. For more information, visit www.pilotgold.com or contact:

Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Affairs
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.

For further details on TV Tower, please view the NI 43-101 technical report entitled "Updated Technical Report on the TV Tower Exploration Property, Çanakkale, Western Turkey”, effective July 15, 2012 and dated August 3, 2012, prepared by Paul Gribble, B.Sc., C.Eng., FIMMM, UK Manager, Geology of Tetra Tech WEI Inc., under Pilot Gold’s Issuer Profile on SEDAR (www.sedar.com). 

All 2012 assay data presented herein have been verified by Moira Smith, Ph.D.,P.Geo. a Qualified Person and Chief Geoscientist for Pilot Gold.  Drill samples and analytical data for TV Tower prior to 2012 reported in this release were collected under the supervision of Teck Madencilik Sanayi Ticaret A.Ş. (“TMST”), using industry standard QA-QC protocols. Pilot Gold has not verified all of the assay data generated by TMST, However, the grades and widths previous reported agreed well with the Company’s past results at TV Tower and TMST gave Pilot Gold no reason to doubt their authenticity.

Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" concerning the business, operations and financial performance and condition of Pilot Gold Inc. (“Pilot Gold’) within the meaning of applicable Canadian securities laws, 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 statements that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to differ materially from those anticipated in such forward-looking information. Such forward-looking information, including, but not limited to statements that address future mineral production, reserve potential, exploration drilling, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, proposed exploration and development of our exploration properties, potential quantity and/or grade of minerals, potential type(s) of mining operation and the estimation of mineral reserves and resources, Pilot Gold’s ability to fund cash-calls made by TMST for ongoing expenditure on the  Halilaga property, successfully completing the earn-in on the TV Tower project, including the ability to incur the minimum annual Expenditure Requirements, estimated future working capital, uses of funds, future capital expenditures, exploration expenditures and other expenses for specific operations; information with respect to exploration results, the timing and success of exploration activities generally; achievement of identified tangible project milestones on the Kinsley Mountain, TV Tower or Halilaga properties, the costs and timing of the development of new deposits; the timing and possible outcome of any pending litigation, permitting timelines, the ability to maintain or convert the underlying licenses that comprise TV Tower and Halilaga in accordance with the requirements of the Turkish Mining Law, government regulation of exploration and mining operations, environmental risks, including satisfaction of Turkish requirements relating to the periodic submissions of Environmental Impact Assessments, title disputes or claims, limitations on insurance coverage and the results of any future development programs 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. Such factors include, among others, risks related to the interpretation and actual results of exploration at the TV Tower property, reliance on technical information provided by TMST at the TV Tower property; changes in project parameters as plans continue to be refined; current economic conditions; the future prices of gold, silver and copper, fluctuations in currency exchange rates; 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, financing or the completion of exploration as well as those factors discussed in the section entitled "Risk Factors" in Pilot Gold’s Annual Information Form for the year ended December 31, 2011 dated March 28, 2012, which is available 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.

FOR IMMEDIATE RELEASE
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

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 led by National Bank Financial Inc., and including Canaccord Genuity, CIBC World Markets Inc., Haywood Securities Inc. and Scotia Bank (collectively, the “Underwriters”) pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 12,500,000 units of the Company (the “Units”) at a price of C$1.65 per Unit (the “Issue Price”) for gross proceeds to the Company of C$20,625,000 (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$2.20 at any time prior to the date which is two years following completion of the Offering.

In addition, Pilot Gold has granted the Underwriters an option (the “Underwriters’ Option”), exercisable in whole or in part, to sell up to 1,875,000 additional Common Shares and/or 937,500 additional Warrants on the same terms and conditions as the Offering, until the date that is 30 days after the date of the closing of the Offering.

The net proceeds of the offering will be used to fund exploration and development of Pilot Gold’s mineral projects 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 October 17, 2012. 

The Offering is scheduled to close on or about November 1, 2012 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.

The offered securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and may not be offered or sold to, or for the account or benefit of, any person in the United States or a “U.S person”, as such term is defined in Regulation S under the Securities Act, absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

ABOUT PILOT GOLD
Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include the TV Tower and Kinsley gold projects and a 40% interest in the Halilaga copper-gold porphyry project, each of which has the ability to drive the Company forward. For more information, visit www.pilotgold.com or contact:

MattLennox-King, President & CEO
PatrickReid, VP Corporate Affairs
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 Inc. ("Pilot Gold") within the meaning of applicable securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the future prices of gold, copper and molybdenum, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, the timing of a preliminary economic assessment or other study, proposed exploration and development of our exploration properties and the estimation of mineral reserves and 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. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to 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; the exercise by TMST or Newmont of their rights to participate in the Offering; the ability to fund cash-calls made by our joint venture partners for ongoing expenditures on our joint venture properties; future issuances of Common shares as consideration to complete earn-in agreements relating to the TV Tower project, the  Kinsley Mountain and the Griffon property, current and proposed exploration and development, estimated future working capital, uses of funds, future capital expenditures; information with respect to exploration results, the timing and success of exploration activities generally; the costs and timing of the development of new deposits, potential quantity and/or grade of minerals, potential size of mineralized zone, potential expansion of mineralization, potential type of mining operation; the timing, timeline and possible outcome of permitting or license renewal applications; the ability to maintain or convert the underlying licenses in accordance with the requirements of the Turkish Mining Law, government regulation of exploration and mining operations, environmental risks, including satisfaction of Turkish requirements relating to the periodic submissions of Environmental Impact Assessments, title disputes or claims, and limitations on insurance coverage 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.

Such factors include, among others, 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, 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, 2011, dated March 28, 2012, 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. 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.

12-21

FOR IMMEDIATE RELEASE
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Pilot Gold Inc. (PLG-TSX) (“Pilot Gold” or the “Company”) is pleased to announce that it has increased its previously announced bought deal financing from C$20,625,000 to C$25,575,000. Lead underwriter National Bank Financial Inc., along with Canaccord Genuity, CIBC World Markets Inc., Haywood Securities Inc. and Scotia Bank (collectively, the “Underwriters”) have agreed to purchase, on a bought deal basis, 15,500,000 units of the Company (the “Units”) at a price of C$1.65 per Unit (the “Issue Price”) for gross proceeds to the Company of C$25,575,000 (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$2.20 at any time prior to the date which is two years following completion of the Offering.

In addition, Pilot Gold has granted the Underwriters an option (the “Underwriters’ Option”), exercisable in whole or in part, to sell up to 2,325,000 additional Common Shares and/or 1,162,500 additional Warrants on the same terms and conditions as the Offering, until the date that is 30 days after the date of the closing of the Offering.

The net proceeds of the offering will be used to fund exploration and development of Pilot Gold’s mineral projects 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 October 17, 2012.

The Offering is scheduled to close on or about November 1, 2012 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.

The offered securities have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and may not be offered or sold to, or for the account or benefit of, any person in the United States or a “U.S person”, as such term is defined in Regulation S under the Securities Act, absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

ABOUT PILOT GOLD
Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include the TV Tower and Kinsley gold projects and a 40% interest in the Halilaga copper-gold porphyry project, each of which has the ability to drive the Company forward. For more information, visit www.pilotgold.com or contact:

Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Affairs
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 Inc. ("Pilot Gold") within the meaning of applicable securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the future prices of gold, copper and molybdenum, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, the timing of a preliminary economic assessment or other study, proposed exploration and development of our exploration properties and the estimation of mineral reserves and 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. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to 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;; the ability to fund cash-calls made by our joint venture partners for ongoing expenditures on our joint venture properties; future issuances of Common shares as consideration to complete earn-in agreements relating to the TV Tower project, the Kinsley Mountain and the Griffon property, current and proposed exploration and development, estimated future working capital, uses of funds, future capital expenditures; information with respect to exploration results, the timing and success of exploration activities generally; the costs and timing of the development of new deposits, potential quantity and/or grade of minerals, potential size of mineralized zone, potential expansion of mineralization, potential type of mining operation; the timing, timeline and possible outcome of permitting or license renewal applications; the ability to maintain or convert the underlying licenses in accordance with the requirements of the Turkish Mining Law, government regulation of exploration and mining operations, environmental risks, including satisfaction of Turkish requirements relating to the periodic submissions of Environmental Impact Assessments, title disputes or claims, and limitations on insurance coverage 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.

Such factors include, among others, 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, 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, 2011, dated March 28, 2012, 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. 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.

FOR IMMEDIATE RELEASE
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

12-21

Pilot Gold Inc. (PLG-TSX) (“Pilot Gold” or the “Company”) is pleased to announce that it has received a notice (the “Notice”) of intention from Teck Madencilik Sanayi Ticaret A.Ş. (“TMST”) a subsidiary of Teck Resources Limited, to subscribe for units of the Company (“Units”) at a price of C$1.65 per Unit on a private placement basis (the “Placement”).  Pursuant to a participation right granted by the Company to TMST in connection with the TV Tower property joint venture letter agreement dated June 20, 2012, TMST has the right (the “Participation Right”) to subscribe for and purchase Units on the same terms as the bought deal financing announced October 12, 2012 (the “Offering”), such that TMST is able to maintain its current shareholding of 5.41% of the common shares of the Company after giving effect to the Offering.

On October 12, 2012, the Company notified TMST that the Participation Right would arise in connection with the Offering and on October 16, 2012, TMST delivered the Notice to the Company.  Units issued to TMST will consist of one common share and one-half of one common share purchase warrant (each whole warrant, a Warrant”).  Each Warrant will entitle TMST to acquire one common share of Pilot Gold at a price of C$2.20 at any time prior to the date which is two years following completion of the Offering and Placement.

Pursuant to the Notice, TMST has also advised Pilot Gold that if the Company issues any securities pursuant to the over-allotment option granted to the Underwriters in connection with the Offering, that TMST intends to subscribe for such additional number of securities such that TMST is able to maintain its then current shareholding of common shares of the Company after giving effect to such over-allotment option.

No fees will be payable to the Underwriters of the Offering for any securities that are issued to TMST under the Placement. The net proceeds of the Placement will be used to fund exploration and development of Pilot Gold’s mineral projects and for general working capital purposes.

The Placement is scheduled to close on or about November 1, 2012, concurrent with the Offering, 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.  Securities issued to TMST under the Placement and in connection with the over-allotment option will be subject to a four month hold period from the closing date. 

ABOUT PILOT GOLD
Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include the TV Tower and Kinsley gold projects and a 40% interest in the Halilaga copper-gold porphyry project, each of which has the ability to drive the Company forward. For more information, visit www.pilotgold.com or contact:

MattLennox-King, President & CEO
PatrickReid, VP Corporate Affairs
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 Inc. ("Pilot Gold") within the meaning of applicable securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the future prices of gold, copper and molybdenum, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, the timing of a preliminary economic assessment or other study, proposed exploration and development of our exploration properties and the estimation of mineral reserves and 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. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to 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 or the Placement, anticipated use of proceeds of the Offering or the Placement, the ability to fund cash-calls made by our joint venture partners for ongoing expenditures on our joint venture properties; future issuances of common shares as consideration to complete earn-in agreements relating to the TV Tower project, the Kinsley Mountain project and the Griffon property, current and proposed exploration and development, estimated future working capital, uses of funds, future capital expenditures; information with respect to exploration results, the timing and success of exploration activities generally; the costs and timing of the development of new deposits, potential quantity and/or grade of minerals, potential size of mineralized zone, potential expansion of mineralization, potential type of mining operation; the timing, timeline and possible outcome of permitting or license renewal applications; the ability to maintain or convert the underlying licenses in accordance with the requirements of the Turkish Mining Law, government regulation of exploration and mining operations, environmental risks, including satisfaction of Turkish requirements relating to the periodic submissions of Environmental Impact Assessments, title disputes or claims, and limitations on insurance coverage 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.

Such factors include, among others, 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, 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, 2011, dated March 28, 2012, 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. 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 www.sedar.com.

FOR IMMEDIATE RELEASE
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

12-22 

Pilot Gold Inc. (PLG-TSX) (“Pilot Gold” or the “Company”) is pleased to announce that it has received a notice (the “Notice”) of intention from Newmont Mining Corporation (“Newmont”), to subscribe for units of the Company (“Units”) at a price of C$1.65 per Unit on a private placement basis (the “Placement”).  Pursuant to a participation right granted by the Company to Newmont in connection an arrangement agreement among Newmont, Fronteer Gold Inc. and the Company dated February 3, 2011, Newmont or an affiliate has the right (the “Participation Right”) to subscribe for and purchase Units on the same terms as the bought deal financing announced October 12, 2012 (the “Offering”), such that Newmont is able to maintain its current shareholding of 16.15% of the common shares of the Company after giving effect to the Offering.

On October 12, 2012, the Company notified Newmont that the Participation Right would arise in connection with the Offering and on October 17, 2012, Newmont delivered the Notice to the Company.  Units issued to Newmont will consist of one common share and one-half of one common share purchase warrant (each whole warrant, a “Warrant”).  Each Warrant will entitle Newmont to acquire one common share of Pilot Gold at a price of C$2.20 at any time prior to the date which is two years following completion of the Offering and Placement.

Pursuant to the Notice, Newmont has also advised Pilot Gold that if the Company issues any securities pursuant to the over-allotment option granted to the Underwriters in connection with the Offering, that Newmont intends to subscribe for such additional number of securities such that Newmont is able to maintain its then current shareholding of common shares of the Company after giving effect to such over-allotment option.

No fees will be payable to the Underwriters of the Offering for any securities that are issued to Newmont under the Placement. The net proceeds of the Placement will be used to fund exploration and development of Pilot Gold’s mineral projects and for general working capital purposes.

The Placement is scheduled to close on or about November 1, 2012, concurrent with the Offering, 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.  Securities issued to Newmont under the Placement and in connection with the over-allotment option will be subject to a four month hold period from the closing date. 

ABOUT PILOT GOLD
Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include the TV Tower and Kinsley gold projects and a 40% interest in the Halilaga copper-gold porphyry project, each of which has the ability to drive the Company forward. For more information, visit www.pilotgold.com or contact:

MattLennox-King, President & CEO
PatrickReid, VP Corporate Affairs
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 Inc. ("Pilot Gold") within the meaning of applicable securities laws, including statements that address future mineral production, reserve potential, exploration drilling, the future prices of gold, copper and molybdenum, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, the timing of a preliminary economic assessment or other study, proposed exploration and development of our exploration properties and the estimation of mineral reserves and 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. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Pilot Gold to 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 or the Placement, anticipated use of proceeds of the Offering or the Placement, the ability to fund cash-calls made by our joint venture partners for ongoing expenditures on our joint venture properties; future issuances of common shares as consideration to complete earn-in agreements relating to the TV Tower project, the Kinsley Mountain project and the Griffon property, current and proposed exploration and development, estimated future working capital, uses of funds, future capital expenditures; information with respect to exploration results, the timing and success of exploration activities generally; the costs and timing of the development of new deposits, potential quantity and/or grade of minerals, potential size of mineralized zone, potential expansion of mineralization, potential type of mining operation; the timing, timeline and possible outcome of permitting or license renewal applications; the ability to maintain or convert the underlying licenses in accordance with the requirements of the Turkish Mining Law, government regulation of exploration and mining operations, environmental risks, including satisfaction of Turkish requirements relating to the periodic submissions of Environmental Impact Assessments, title disputes or claims, and limitations on insurance coverage 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.

Such factors include, among others, 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, 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, 2011, dated March 28, 2012, 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. 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 www.sedar.com.

12-23

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

Pilot Gold Inc. (PLG-TSX) (“Pilot Gold” or the “Company”) is pleased to announce that it has completed its previously announced bought deal financing, including the full amount of the over-allotment option, for aggregate gross proceeds of C$29,411,250 (the “Offering”). In addition, Pilot Gold has raised a further C$8,085,078 through private placements with subsidiaries of Newmont Mining Corporation (“Newmont”) and Teck Resources Limited (“Teck”), each of which has subscribed for and purchased additional securities in connection with participation rights each hold to maintain their pro rata interest in Pilot Gold.

The net proceeds of the Offering will be used to fund exploration and development of Pilot Gold’s mineral projects in Turkey and Nevada, and for general working capital purposes.

“TV Tower and Kinsley Mountain are Pilot Gold’s cornerstone projects, and this funding will allow us to continue advancing exploration and development of these key properties,” said Matt Lennox-King, President & CEO, Pilot Gold. “We appreciate the strong response to the Offering, and are pleased that Teck and Newmont – two global mining leaders – have shown confidence in our team and our projects through their investments today.” 

Lead underwriter National Bank Financial Inc., along with Canaccord Genuity Corp., CIBC World Markets Inc., Haywood Securities Inc. and Scotia Bank purchased, on a bought deal basis, 17,825,000 units of the Company (the “Units”) at a price of C$1.65 per Unit. Each Unit consists of one common share of Pilot Gold 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 of Pilot Gold at a price of C$2.20 until October 31, 2014. The Warrants will be listed on the Toronto Stock Exchange under the symbol "PLG.WT".

Newmont, Teck participate in concurrent private placements
Pursuant to rights granted under the arrangement agreement dated February 3, 2011 between the Company, Newmont and Fronteer Gold Inc., Newmont, the Company's largest shareholder with approximately 16.15% of the Company's issued and outstanding shares, has subscribed for and purchased 3,669,482 Units of the Company on the same terms as those issued under the Offering to maintain its pro rata interest (the “Newmont Subscription”).

Pursuant to rights granted under the TV Tower Property Joint Venture Letter Agreement dated June 20, 2012 between the Company, Teck, Teck Madencilik Sanayi Ticaret A.Ş. (“TMST”) and Orta Truva Madencilik Sanayi ve Ticaret A.Ş., TMST has subscribed for and purchased 1,230,565 Units on the same terms as those issued under the Offering to maintain its pro rata interest (the “Teck Subscription”).  TMST, a subsidiary of Teck, is the Company's joint venture partner at the Halilaga and TV Tower properties in northwest Turkey and holder of approximately 5.41% of the Company's issued and outstanding shares, Units purchased by Newmont and TMST will be subject to a four-month statutory hold period.  Proceeds of the Newmont Subscription and the Teck Subscription will be used to fund exploration and development of Pilot Gold’s mineral projects and for general working capital purposes.

The offered securities have not been registered under the United States Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and may not be offered or sold to, or for the account or benefit of, any person in the United States or a “U.S. person”, as such term is defined in Regulation S under the Securities Act, absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

ABOUT PILOT GOLD
Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include the TV Tower and Kinsley gold projects and a 40% interest in the Halilaga copper-gold porphyry project, each of which has the ability to drive the Company forward. For more information, visit www.pilotgold.comor contact:

Investors:
Matt Lennox-King, President & CEO
Patrick Reid, VP Corporate Affairs
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.

Media:
Ian Noble, Director, Corporate Communications
Phone: 604-809-8750
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 Inc. ("Pilot Gold") within the meaning of applicable securities laws, including statements that address intended use of proceeds and timing of exploration and development plans at the Company’s mineral projects. 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, molybdenum 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 and mineral reserves, 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, including, but not limited to, anticipated use of proceeds and timing of exploration and development plans at the Company’s mineral projects, 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.  Such factors include, among others, 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; 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 (final) short form prospectus of the Company dated October 25, 2012, 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. Accordingly, readers should not place undue reliance on forward-looking information. Further details relating to Pilot Gold are also available in our Annual Information Form, available under Pilot Gold’s SEDAR profile at www.sedar.com.

Third set of assay results confirm and expand continuity of high-grade target
 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2012) - Pilot Gold Inc. (TSX:PLG) ("Pilot Gold" or the "Company") is very pleased to report that assay results from eight new diamond drill holes from the 2012 program at the TV Tower project in Türkiye continue to return long intervals of gold, silver and copper mineralization with areas of exceptionally high grades.

Drill hole KCD-50 highlights the third consecutive set of strong assay results at the Kucukdag (KCD) target, returning 193 g/t gold, 9.8 g/t silver and 0.46% copper over 12.0 metres. Visible gold (see photo: http://media3.marketwire.com/docs/plg123_VG.jpg) was confirmed in several veins within this interval, which is located at a vertical depth of 100 metres from surface.

"Our recent results reinforce that our drilling program is targeted and effective, and will help us further refine our drilling strategy to highlight high-potential targets going forward," said Moira Smith, Pilot Gold's Chief Geologist. "The location of the intercept and the near-perpendicular orientation of the gold-bearing veins relative to the hole orientation suggest this intercept may reflect true width of the zone. The intervals form part of a newly recognized stratiform zone of mineralization that may have significant dimensions."

Assays from this 12.0 metre interval in KCD-50 were sampled at 1.5 meter intervals, and range from a high of 681 g/t Au to a low of 12.8 g/t Au. Four samples out of a total of eight samples returned >100 g/t Au. Results in this high-grade interval in KCD-50 include:

Due to extremely high grades and the presence of visible gold, samples from this interval are undergoing metallic screen assay verification. Results will be released when received.

Hole KCD-50 was collared approximately 70 metres to the northwest of hole KCD-39, which returned 5.94 g/t gold, 12.6 g/t silver and 0.53% copper over 137.1 metres (released September 19th, 2012). KCD-50 is interpreted to lie within the same tabular stratiform zone that comprises the lower zone of mineralization in KCD-39.

The geologic model for the KCD zone has evolved from strictly breccia-hosted mineralization to a configuration involving high-grade stratiform mineralization, which increases the tonnage potential of KCD significantly. The stratiform mineralization is hosted in three or more gently dipping porous tuff and siltstone horizons, as seen in holes KCD-40 and KCD-47.

Additional recent drill highlights from the gold-silver-copper zone include:

• 2.11 g/t gold, 7.4 g/t silver and 0.046% copper over 43.1 metres, and 2.69 g/t gold, 4.0 g/t silver, 0.39% copper over 22.5 metres in KCD-58
• 1.11 g/t gold, 12.5 g/t silver, 0.318% copper over 23.9 metres in KCD-57

All true widths are 30-90% of reported widths unless otherwise stated. All intervals of no sampling have been assigned zero grade for the purposes of compositing. For a comprehensive table of previous drill results, including non-reportable intercepts, please click: http://media3.marketwire.com/docs/plg-DrillResults1226.pdf.

For a map highlighting recent drilling, please click: http://media3.marketwire.com/docs/plg-TV-Tower-DM_1226.pdf.

These results form part of an aggressive first-year exploration program consisting of 16,000 metres of diamond core drilling, property-wide airborne magnetic/EM geophysics and ongoing surface mapping and geochemical sampling. In excess of 9,000 metres of drilling will be focused on the KCD target to infill and expand the 300 metre by 500 metre mineralized footprint.

Approximately 8,400 metres in 45 holes at KCD have been completed, with assays pending for 24 holes. Drilling for the remainder of 2012 will continue to focus on infill and step-out drilling in the KCD target area, followed by systematic testing of other high-priority targets in early 2013.

About TV Tower:

Located on the Biga Peninsula of northwest Türkiye, the TV Tower project encompasses 71 square kilometres. It contains a large number of targets ranging from high- and low-sulphidation epithermal gold-silver to porphyry gold-copper. The project has an extensive road network and targets to date all lie on land administered by Türkiye's Ministry of Forestry. It is located immediately west of the Kirazli gold project (Alamos Gold) and approximately 10 kilometres northwest of the Halilaga copper-gold project (Teck/Pilot Gold).

First pass drilling in 2010 resulted in new discoveries at the KCD and Kayali epithermal gold systems. Ongoing exploration by Pilot Gold continues to uncover robust new targets, including the bonanza-grade Columbaz low sulphidation epithermal vein system that returned 39 g/t gold and 290 g/t silver in recent rock chip sampling.

TV Tower is a joint venture between Pilot Gold (40%) and Teck Madencilik Sanayi Ticaret A.S. ("TMST") (60%), a Turkish subsidiary of Teck Resources Limited ("Teck"). Pilot Gold is project operator at TV Tower and can increase its interest in the project to 60%, through sole funding of exploration over a three-year period. (See press release dated September 12, 2012 for full details of the deal terms.)

TV Tower is an early stage exploration project and does not contain any mineral resource estimates as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("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 yielding a mineral resource.

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 NI 43-101 and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using cut-offs of 0.30, 3.0 and 10.0 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-100% of the reported lengths. Drill samples were assayed by AcmeLabs in Ankara, Türkiye and Vancouver, B.C. for gold by Fire Assay of a 30 gram (1 assay ton) charge by ICP-ES, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. Ag and Cu were determined by ICP-MS, with overlimits (>100 ppm Ag or >10,000 ppm Cu) completed by fire assay with gravimetric finish (Ag) or 4-acid digestion with ICP-ES finish (Cu). QA/QC included 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. 

ABOUT PILOT GOLD

Pilot Gold is a well-funded gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include interests in the TV Tower and Halilaga projects in Türkiye, and the Kinsley Mountain project in Nevada, each of which has the ability 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 Development
Phone: 604-632-4677 or Toll Free 1-877-632-4677
//pilotgold.com/news/This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it.

Media:
Ian Noble, Director, Corporate Communications
Phone: 604-809-8750
//pilotgold.com/news/This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it.

Further information is available in the technical report entitled "Updated Technical Report on the TV Tower Exploration Property, Çanakkale, Western Türkiye", effective July 15, 2012 and dated August 3, 2012, prepared by Paul Gribble, B.Sc., C.Eng., FIMMM, UK Manager, Geology of Tetra Tech WEI Inc., under Pilot Gold's Issuer Profile on SEDAR (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 that address timing of exploration and development plans at the Company's mineral projects. 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 and mineral reserves, 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, including, but not limited to, statements that address reserve potential, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, proposed timing of exploration and development plans at the Company's mineral projects, and the estimation of mineral reserves and resources 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.

Such factors include, among others, risks related to the interpretation of results 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 exploration properties; changes in project parameters as plans continue to be refined; successfully completing the earn-in on the TV Tower project, including the ability to incur the minimum annual Expenditure Requirements and future issuance of common shares as consideration to complete the earn-in agreement; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; current and proposed exploration and development; 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; uses of funds in general including future capital expenditures, exploration expenditures and other expenses for specific operations; the timing and success of exploration activities generally; achievement of identified tangible project milestones at TV Tower; 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 (final) short form prospectus of the Company dated October 25, 2012, 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. Accordingly, readers should not place undue reliance on forward-looking information. Further details relating to Pilot Gold are also available in our Annual Information Form, available under Pilot Gold's SEDAR profile at www.sedar.com. Pilot Gold Inc. 

12-27

New assay results expand area of gold mineralization at Pilot Gold’s KCD target

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to report that new assay results from seven diamond drill holes at the Kucukdag (KCD) target show long runs of strong gold, silver and copper grades and further extend an area of shallow, high-grade gold mineralization at the TV Tower project in western Turkey.

Recent drill highlights include:

• 2.79 g/t gold (Au), 10.1 g/t silver (Ag) and 0.67% copper (Cu) over 61.3 metres in KCD-65, including
  • 8.64 g/t Au, 35.2 g/t Ag and 2.21% Cu over 10.5 metres;
• 3.31 g/t Au, 6.9 g/t Ag and 0.70% Cu over 46.7 metres in KCD-56, including
  • 10.02 g/t Au, 9.5 g/t Ag and 0.87% Cu over 8.5 metres;
• 2.37 g/t Au, 8.3 g/t Ag and 0.35% Cu over 33.7 metres in KCD-63, including
  • 4.81 g/t Au, 18.6 g/t Ag and 0.67% Cu over 6.9 metres

KCD-63 and KCD-65 extend gold mineralization 50 metres southeast of drill hole KCD-49, which was announced November 14, 2012 and returned 11.63 g/t gold over 32.5 metres. The central zone of gold mineralization now covers an area measuring 300 metres by 200 metres and contains previously announced high-grade drill holes including KCD-39 (5.94 g/t gold over 137.1 metres), KCD-50 (193 g/t gold over 12.0 metres¹), and KCD-46 (10.03 g/t gold over 15.2 metres). The gold zone is capped by a blanket-style, shallow silver zone. Testing of the silver zone over an area measuring approximately 300 metres by 500 metres shows the zone extends to the north and is wide open for expansion.

“Step-out holes KCD-65 and KCD-63 confirm that a substantial area of strong gold mineralization continues to grow and remains open down-dip to the north and along strike to the northwest and southeast,” said Moira Smith, Pilot Gold’s Chief Geologist. “We are encouraged that step-out drilling based on our geological model is predictive and successful and, in turn, the results have helped further refine our interpretation of key stratigraphic and structural controls.”

Detailed recent drill highlights from the gold, silver and copper zone include:

All true widths are 30-100% of reported widths unless otherwise stated. All intervals of no sampling have been assigned zero grade for the purposes of compositing. For a comprehensive table of previous drill results, including non-reportable intercepts, please click: http://www.pilotgold.com/sites/default/files/TVTowerDrillResults1227.pdf

For a map highlighting recent drilling, please click: http://www.pilotgold.com/sites/default/files/TVTowerDrillMap1227.pdf

These results form part of an aggressive first-year exploration program consisting of 16,000 metres of diamond core drilling, property-wide airborne magnetic/EM geophysics and ongoing surface mapping and geochemical sampling.

Approximately 10,750 metres in 54 holes at KCD have been completed, with assays pending for 26 holes.Drilling through January 2013 will continue to focus on infill and step-out drilling in the KCD target area, followed by systematic testing of other high-priority targets in early 2013.

¹Due to extremely high grades and the presence of visible gold, samples from KCD-50 are undergoing metallic screen assay verification. Results will be released when received.

About TV Tower:

TV Tower is a joint venture between Pilot Gold (40%) and Teck Madencilik Sanayi Ticaret A.S. (60%), a Turkish subsidiary of Teck Resources Limited (“Teck”). Pilot Gold is project operator at TV Tower and can increase its interest in the project to 60%, through sole funding of exploration over a three-year period. (See press release dated September 12, 2012 for full details of the deal terms.)

Located on the Biga Peninsula of northwest Turkey, the TV Tower project encompasses 71 square kilometres. It contains a large number of targets ranging from high- and low-sulphidation epithermal gold-silver to porphyry gold-copper. The project has an extensive road network and targets to date all lie on land administered by Turkey’s Ministry of Forestry. It is located immediately west of the Kirazli gold project (Alamos Gold) and approximately 10 kilometres northwest of the Halilaga copper-gold project (Teck/Pilot Gold).

First pass drilling in 2010 resulted in new discoveries at the KCD and Kayali epithermal gold systems. Ongoing exploration by Pilot Gold continues to uncover robust new targets, including the bonanza-grade Columbaz low sulphidation epithermal vein system that returned 39 g/t gold and 290 g/t silver in recent rock chip sampling.

TV Tower is an early stage exploration project and does not contain any mineral resource estimates as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“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 yielding a mineral resource.

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 NI 43-101 and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using cut-offs of 0.30, 3.0 and 10.0 g/t Au. Silver and copper intercepts reported in the table are referenced to gold intercepts.  Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-100% of the reported lengths. Drill samples were assayed by AcmeLabs in Ankara, Turkey and Vancouver, B.C. for gold by Fire Assay of a 30 gram (1 assay ton) charge with ICP-ES or AAS finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. Ag and Cu were determined by ICP-MS, with overlimits (>100 ppm Ag or >10,000 ppm Cu) completed by fire assay with gravimetric finish (Ag) or 4-acid digestion with ICP-ES finish (Cu). QA/QC included 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.  

ABOUT PILOT GOLD

Pilot Gold is a well-funded gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include interests in the TV Tower and Halilaga projects in Turkey, and the Kinsley Mountain project in Nevada, each of which has the ability 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 Development
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.

Media:
Ian Noble, Director, Corporate Communications
Phone: 604-809-8750
This email address is being protected from spambots. You need JavaScript enabled to view it.

Further information is available in the technical report entitled "Updated Technical Report on the TV Tower Exploration Property, Çanakkale, Western Turkey”, effective July 15, 2012 and dated August 3, 2012, prepared by Paul Gribble, B.Sc., C.Eng., FIMMM, UK Manager, Geology of Tetra Tech WEI Inc., under Pilot Gold’s Issuer Profile on SEDAR (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 that address timing of exploration and development plans at the Company’s mineral projects. 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 and mineral reserves, 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, including, but not limited to, statements that address reserve potential, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, proposed timing of exploration and development plans at the Company’s mineral projects, and the estimation of mineral reserves and resources 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.

Such factors include, among others, risks related to the interpretation of results 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 exploration properties; changes in project parameters as plans continue to be refined; successfully completing the earn-in on the TV Tower project, including the ability to incur the minimum annual Expenditure Requirements and future issuance of common shares as consideration to complete the earn-in agreement; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; current and proposed exploration and development; 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; uses of funds in general including future capital expenditures, exploration expenditures and other expenses for specific operations; the timing and success of exploration activities generally; achievement of identified tangible project milestones at TV Tower; 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 (final) short form prospectus of the Company dated October 25, 2012, 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. Accordingly, readers should not place undue reliance on forward-looking information. Further details relating to Pilot Gold are also available in our Annual Information Form, available under Pilot Gold’s SEDAR profile at www.sedar.com. 

 New assay results expand area of gold mineralization at Pilot Gold’s KCD target

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2012) - The following corrects and replaces the release issued for Pilot Gold at 7:00 am ET on December 18, 2012. In the detailed drill results table in the release, silver and copper drill results for KCD-056 were switched and therefore reported incorrectly. The results for KCD-056 are corrected in the following release.

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to report that new assay results from seven diamond drill holes at the Kucukdag (KCD) target show long runs of strong gold, silver and copper grades and further extend an area of shallow, high-grade gold mineralization at the TV Tower project in western Turkey.

Recent drill highlights include:

• 2.79 g/t gold (Au), 10.1 g/t silver (Ag) and 0.67% copper (Cu) over 61.3 metres in KCD-65, including
  
  • 8.64 g/t Au, 35.2 g/t Ag and 2.21% Cu over 10.5 metres;
• 3.31 g/t Au, 6.9 g/t Ag and 0.70% Cu over 46.7 metres in KCD-56, including
  
  • 10.02 g/t Au, 9.5 g/t Ag and 0.87% Cu over 8.5 metres;
• 2.37 g/t Au, 8.3 g/t Ag and 0.35% Cu over 33.7 metres in KCD-63, including
  
  • 4.81 g/t Au, 18.6 g/t Ag and 0.67% Cu over 6.9 metres

KCD-63 and KCD-65 extend gold mineralization 50 metres southeast of drill hole KCD-49, which was announced November 14, 2012 and returned 11.63 g/t gold over 32.5 metres. The central zone of gold mineralization now covers an area measuring 300 metres by 200 metres and contains previously announced high-grade drill holes including KCD-39 (5.94 g/t gold over 137.1 metres), KCD-50 (193 g/t gold over 12.0 metres¹), and KCD-46 (10.03 g/t gold over 15.2 metres). The gold zone is capped by a blanket-style, shallow silver zone. Testing of the silver zone over an area measuring approximately 300 metres by 500 metres shows the zone extends to the north and is wide open for expansion.

“Step-out holes KCD-65 and KCD-63 confirm that a substantial area of strong gold mineralization continues to grow and remains open down-dip to the north and along strike to the northwest and southeast,” said Moira Smith, Pilot Gold’s Chief Geologist. “We are encouraged that step-out drilling based on our geological model is predictive and successful and, in turn, the results have helped further refine our interpretation of key stratigraphic and structural controls.

Detailed recent drill highlights from the gold, silver and copper zone include:

All true widths are 30-100% of reported widths unless otherwise stated. All intervals of no sampling have been assigned zero grade for the purposes of compositing. For a comprehensive table of previous drill results, including non-reportable intercepts, please click: http://www.pilotgold.com/sites/default/files/TVTowerDrillResults1227.pdf

For a map highlighting recent drilling, please click: http://www.pilotgold.com/sites/default/files/TVTowerDrillMap1227.pdf

These results form part of an aggressive first-year exploration program consisting of 16,000 metres of diamond core drilling, property-wide airborne magnetic/EM geophysics and ongoing surface mapping and geochemical sampling.

Approximately 10,750 metres in 54 holes at KCD have been completed, with assays pending for 26 holes. Drilling through January 2013 will continue to focus on infill and step-out drilling in the KCD target area, followed by systematic testing of other high-priority targets in early 2013.

¹Due to extremely high grades and the presence of visible gold, samples from KCD-50 are undergoing metallic screen assay verification. Results will be released when received.

About TV Tower:

TV Tower is a joint venture between Pilot Gold (40%) and Teck Madencilik Sanayi Ticaret A.S. (60%), a Turkish subsidiary of Teck Resources Limited (“Teck”). Pilot Gold is project operator at TV Tower and can increase its interest in the project to 60%, through sole funding of exploration over a three-year period. (See press release dated September 12, 2012 for full details of the deal terms.)

Located on the Biga Peninsula of northwest Turkey, the TV Tower project encompasses 71 square kilometres. It contains a large number of targets ranging from high- and low-sulphidation epithermal gold-silver to porphyry gold-copper. The project has an extensive road network and targets to date all lie on land administered by Turkey’s Ministry of Forestry. It is located immediately west of the Kirazli gold project (Alamos Gold) and approximately 10 kilometres northwest of the Halilaga copper-gold project (Teck/Pilot Gold).

First pass drilling in 2010 resulted in new discoveries at the KCD and Kayali epithermal gold systems. Ongoing exploration by Pilot Gold continues to uncover robust new targets, including the bonanza-grade Columbaz low sulphidation epithermal vein system that returned 39 g/t gold and 290 g/t silver in recent rock chip sampling.

TV Tower is an early stage exploration project and does not contain any mineral resource estimates as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“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 yielding a mineral resource.

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 NI 43-101 and has reviewed and validated that the information contained in the release is accurate. Drill composites were calculated using cut-offs of 0.30, 3.0 and 10.0 g/t Au. Silver and copper intercepts reported in the table are referenced to gold intercepts.  Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-100% of the reported lengths. Drill samples were assayed by AcmeLabs in Ankara, Turkey and Vancouver, B.C. for gold by Fire Assay of a 30 gram (1 assay ton) charge with ICP-ES or AAS finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. Ag and Cu were determined by ICP-MS, with overlimits (>100 ppm Ag or >10,000 ppm Cu) completed by fire assay with gravimetric finish (Ag) or 4-acid digestion with ICP-ES finish (Cu). QA/QC included 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.  

ABOUT PILOT GOLD

Pilot Gold is a well-funded gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include interests in the TV Tower and Halilaga projects in Turkey, and the Kinsley Mountain project in Nevada, each of which has the ability 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 Development
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.

Media:
Ian Noble, Director, Corporate Communications
Phone: 604-809-8750
This email address is being protected from spambots. You need JavaScript enabled to view it.

Further information is available in the technical report entitled "Updated Technical Report on the TV Tower Exploration Property, Çanakkale, Western Turkey”, effective July 15, 2012 and dated August 3, 2012, prepared by Paul Gribble, B.Sc., C.Eng., FIMMM, UK Manager, Geology of Tetra Tech WEI Inc., under Pilot Gold’s Issuer Profile on SEDAR (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 that address timing of exploration and development plans at the Company’s mineral projects. 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 and mineral reserves, 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, including, but not limited to, statements that address reserve potential, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, proposed timing of exploration and development plans at the Company’s mineral projects, and the estimation of mineral reserves and resources 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.

Such factors include, among others, risks related to the interpretation of results 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 exploration properties; changes in project parameters as plans continue to be refined; successfully completing the earn-in on the TV Tower project, including the ability to incur the minimum annual Expenditure Requirements and future issuance of common shares as consideration to complete the earn-in agreement; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; current and proposed exploration and development; 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; uses of funds in general including future capital expenditures, exploration expenditures and other expenses for specific operations; the timing and success of exploration activities generally; achievement of identified tangible project milestones at TV Tower; 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 (final) short form prospectus of the Company dated October 25, 2012, 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. Accordingly, readers should not place undue reliance on forward-looking information. Further details relating to Pilot Gold are also available in our Annual Information Form, available under Pilot Gold’s SEDAR profile at www.sedar.com.