Western Flank sulphide mineralization amenable to flotation processing with concentrate grades up to 312 g/t gold

Project Generates After-tax 43.1% IRR and US$474 Million NPV7%with Initial CAPEX of US$346 million

Includes 234.3 metres of 0.79 g/t AuEq

February 17, 2015

Confirmation of high-grade mineralization between the Western Flank and the historic Kinsley Mine

March 10, 2015

Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to announce the final results from the 2014 exploration program at TV Tower. The property has delivered five gold, silver and copper-gold discoveries over the past 4 years, and hosts numerous untested targets.

Majority Owner and Operator of District Scale Project in NW Turkey

Kinsley North to receive first ever drill test

March 25, 2015

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to announce its financial results and company highlights for the year ended December 31, 2014 and provides an update on company activities at our key projects.

“Pilot Gold finished 2014 in a very strong position,” stated Matt Lennox-King, Pilot Gold President & CEO. “We have continued to grow with significant discoveries at Kinsley and TV Tower, and a compelling new development scenario at Halilaga. We have the structure and financial strength to advance our projects in Nevada and Turkey, and maintain flexibility to pursue other value opportunities that may arise.”

2015 Outlook

We anticipate that 2015 will be another year of discovery at Kinsley and TV Tower. The Company expects to complete 32,000 metres of drilling in 2015, focused on exploration and resource definition drilling at both Kinsley and TV Tower. 

At Kinsley, we continue building on our success at the Western Flank, and will be stepping out to test compelling new drill targets across the property and Kinsley North, while continuing to advance metallurgical and engineering studies.

The discoveries of the Hilltop and Valley porphyries at TV Tower highlight the potential of this emerging gold-copper district. Extensive epithermal and porphyry-related alteration across TV Tower has led to the development of compelling targets across the property for further investigation in 2015. The nearby advanced-stage Halilaga copper-gold project demonstrates robust preliminary economics in a recently finalized PEA.

Financial and operational highlights through and subsequent to year end:

• Increased our interest in TV Tower to 60% after completing the earn-in requirements.
• Advanced multiple targets, advanced the Hilltop porphyry and made two new discoveries at TV Tower, including the Valley and Columbaz copper-gold porphyries.
• Completed a total of 38,792 metres of drilling at our projects as part of the 2014 programs.
• Released a revised preliminary economic assessment ("PEA") for the Halilaga copper-gold porphyry deposit (15 km to the east of the Valley and Hilltop porphyries at TV Tower).
• Acquired Cadillac Mining Corporation ("Cadillac"), adding the prospective past-producing Goldstrike-Utah property to our portfolio of assets. 
• Reported high-grade gold results including near surface oxide mineralization from several targets at Kinsley.
•  Reported results of preliminary metallurgical testing of sulphide material at the Western Flank target at Kinsley, suggesting that it is amenable to production of a high-grade concentrate with excellent recovery.
• Reported a maiden resource on TV Tower, defining Turkey’s 3rd largest silver deposit with significant gold credits.
• Raised C$20 million from the issuance of 13,072,000 common shares of the Company by way of a bought deal financing through a syndicate of underwriters led by National Bank Financial Inc. and Scotiabank.
• Ended the year with $17.8 million in working capital.

Exploration highlights and significant events through and subsequent to year end:

Kinsley Mountain

Kinsley is a Carlin-style, sedimentary-rock hosted gold system and past-producer located along the Long Canyon Trend in North Eastern Nevada.

The year ended December 31, 2014 was pivotal for the project, with results from drilling demonstrating that gold is concentrated at the intersections of NW and NNE-trending structures and that the largely untested Secret Canyon Shale horizon, host to the high-grade mineralization in the Western Flank, is a viable target over the entire property.  The recurrence of these structural intersections across the property suggests a strong probability of further discoveries over the property. 

As part of the 2014 drill program we completed 26,244 metres of drilling in 38 core holes and 45 RC holes, and discovered gold mineralization along a 3.5 kilometre-long corridor in the Secret Canyon Shale horizon at the Western Flank, Right Spot, Secret Spot, and Silica Knob targets.

Highlights from drilling along the Western Flank include (see press release dated December 9, 2014):

• 10.1 g/t Au over 39.6 metres in PK186C,
• 6.19 g/t Au over 45.7 m in PK175CA, and
• 21.3 g/t Au over 29 m in PK 137.

During the year we also reported results of metallurgical testing of sulphide mineralization at the Western Flank illustrating gold recoveries from flotation and cyanidation of the tails ranging from 89% to 95% and concentrate grades up to 312 g/t gold, suggesting that the sulphide mineralization is amenable to flotation processing and potential production of a marketable gold concentrate. The Company also received an amendment to the Plan of Operations providing for an additional 23 acres of disturbance on the never-before drilled Kinsley North claims (see press release dated January 19, 2015).

In the year ended December 31, 2014 approximately $6.32 million in direct expenditures were capitalized at Kinsley (year ended December 31, 2013, $3.85 million). Expenditures and activity through the year include: drilling and assaying ($4.25 million), salaries ($0.79 million) and road construction ($0.38 million). 

The successes in 2014 have set the stage for our team to capitalize on our understanding of the stratigraphy and controls on mineralization at the property’s Western Flank and historic pits, and test several high-priority targets in the recently permitted Kinsley North area. The 2015 program and budget currently approved for Kinsley is $2.01 million, and includes an 11,000 metre drill program.

A subsidiary of Nevada Sunrise Gold Corporation holds the remaining 20.9% interest in the property. The Company and its partner are each obligated to fund their pro rata share.

TV Tower

TV Tower is an extensive epithermal gold-silver and porphyry copper-gold property located in the Biga district of northwestern Turkey. Pilot Gold currently holds a 60% beneficial interest in TV Tower.  The Company satisfied all requirements to complete the option to earn-in during Q1 2015. “TMST,” a subsidiary of Teck Resources Limited, is the Company’s 40% joint venture partner at TV Tower.

During 2014, as operator, the Company advanced a number of targets and made new discoveries at the 90km2 TV Tower project, including two gold-copper porphyries: Valley and Columbaz. We completed 9,158 metres of drilling at the Hilltop and Valley porphyry targets and K2 epithermal gold targets, and 3,390 metres of drilling at Columbaz as part of the 2014 program. Drilling highlights include (see press releases dated June 19, 2014, and October 22, 2014):

• Valley: 1.59 g/t Au and 0.48% Cu, or 2.41 g/t gold-equivalent ("AuEq"[1]), over 130.9 metres in KRD014, including 3.12 g/t Au and 0.85% Cu (4.57 g/t AuEq1) over 49.9 m;
• Hilltop: 0.22 g/t Au and 0.26% Cu, or 0.67 g/t AuEq1, over 261.3 m in KRD006, including, 0.54 g/t Au and 0.36% Cu over 57.8 m;
• Columbaz : 0.60 g/t Au and 0.11% Cu, or 0.80 g/t AuEq1, over 357.7 m in CD008C, including, 8.41 g/t Au over 7.8 m.

In 2014 the Company also completed an initial independent resource estimate for the KCD gold-silver-copper deposit in the northern part of the TV Tower property (see press release dated January 23, 2014) and we continued to test the four kilometre-long K2 oxide gold trend in the property’s south.

During the year ended December 31, 2014, Pilot Gold incurred approximately $4.6 million in exploration expenditures at TV Tower (year ended December 31, 2013: $10.2 million). Expenditures during the year ended December 31, 2014, included: drilling and assaying of $1.65 million, salaries of $1.82 million and consultant’s costs of $0.54 million, with the remainder including camp costs and transportation.   

The 2015 exploration and drill program will focus on infill and exploration drilling at the project’s porphyry copper-gold and oxidized high sulphidation epithermal gold targets. The proximity to Halilaga and the result of the revised PEA on that project illustrate that smaller-scale, copper-gold porphyries can be designed to be low CAPEX, provide high returns and a rapid payback. Although the proximity to Halilaga does not mean Pilot Gold will obtain similar results at TV Tower, the Company hopes to progress the copper-gold porphyries at TV Tower to a point where the parameters of the revised Halilaga PEA may illustrate the potential of the district.

A large area of the property displays extensive epithermal and porphyry-related alteration and remains relatively unexplored. Upon receipt of additional permits, testing exploration targets on the rest of the tenure is also planned.  The $7.59 million program will be funded pro-rata by Teck and Pilot Gold.

Halilaga

The Company holds a 40% interest in Halilaga, a copper-gold porphyry project located 20 kilometres southeast of TV Tower.  On January 29, 2015, we released a revised PEA, illustrating a robust, flexible project that yields:

• $474 million after-tax NPV7%,
• 43% after-tax IRR,
• after-tax cash flow of $802.9 million.

The project, as under the revised PEA, requires $346 million in pre-production capital expenditures; paid-back from operations in 1.3 years, after-tax.

Pilot Gold’s share of budgeted expenditures for 2014 was $0.60 million (2013: $0.23 million). The Company’s share of actual expenditures through the end of 2014 was $0.59 million (2013: $0.28 million).  

Pilot Gold expects to continue discussing alternatives with TMST and various third-parties on a process to unlock the value and potential of this unique development opportunity. Pilot Gold’s share of the budget for 2015 is approximately $0.33 million.

The revised PEA is preliminary in nature; it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be characterized as mineral reserves, and there is no certainty that the preliminary assessment and economics set forth in the PEA will be realized. 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.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our consolidated financial statements for the years ended December 31, 2014, 2013 and 2012, as prepared in accordance with International Financial Reporting Standards. All dollar figures are expressed in USD unless otherwise stated. 

For the year ended  December 31, 2014, we reported a net loss of $6.71 million compared to a net loss of $9.14 million and $8.02 million for the years ended December 31, 2013 and 2012, respectively. The most significant contributors to the loss for the year ended December 31, 2014 were the cost of wages and benefits of $1.82 million (2012: $1.73 million; 2012: $2.13 million), non-cash stock-based compensation of $1.22 million (2013: $2.28 million; 2012: $1.72 million), office and general expenses of $1.21 million (2013: $1.29 million; 2012: $1.34 million) and a decline in the fair value of financial instruments of $0.90 million in 2013 (2013: 1.58 million, 2012: $0.16 million). For the years ended December 31, 2013 and 2012 there were $1.37 million and $1.52 write downs in deferred exploration expenditures respectively versus $0.14 million in 2014.

Expenses for the years ended December 31, 2014, 2013 and 2012 were offset by finance income of $0.32 million (2013: $0.36 million; 2012: $0.19 million), and in 2012, the reversal of a previous impairment of the VAT receivable in Turkey ($0.31 million). The loss per share for the year ended December 31, 2014 was $0.07 (2013: $0.10; 2012: $0.12).

Total assets increased to $86.85 million (2013: $71.37 million, 2012: $72.39 million) reflecting the April 2014 bought deal financing with aggregate gross proceeds of $18.13 million as well as the acquisition of Cadillac for a total consideration of $7.16 million.

During the year ended December 31, 2014, $2.33 million was capitalised to TV Tower (2013: $15.70 million including direct expenditures, consideration paid for the acquisition of Karaayi, a portion of which was paid with Pilot Gold common shares, the value of common shares issued in connection with the earn-in, and the impact of foreign exchange), and $6.32 million was capitalised to Kinsley (2013: $6.27 million). The increase to total assets was offset by the impact of foreign exchange on our Canadian dollar denominated assets.

Liabilities at December 31, 2014, 2013 and 2012 reflect primarily accounts payable and accruals recorded at year end arising from ongoing activities.

The Company’s cash and cash equivalents balance increased by $4.04 million over the course of the year, due to the cash inflows from financing activities of $18.22 million offset by cash operating outflows of $5.05 million, cash outflows due to investing activities of $8.20 million and foreign exchange losses on cash of $0.94 million.

Moira Smith, Ph.D., P.Geo., Chief Geologist, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the scientific and technical information contained in this release is accurate. TV Tower and Kinsley are both early stage exploration projects and, except for the mineral resources at the KCD deposit at TV Tower, neither contain any mineral resource estimates as defined by NI 43-101. The potential to define a mineral resource at the copper-gold K2 zone of TV Tower, and on the Western Flank zone and Kinsley North area at Kinsley is conceptual in nature and there has been insufficient exploration to define a mineral resource thereat. It is uncertain if further exploration at either TV Tower or Kinsley will yield any mineral resources at Kinsley or additional resources at TV Tower.

This press release should be read in conjunction with Pilot Gold’s audited consolidated financial statements and Management’s Discussion and Analysis for the year ended December 31, 2014. These documents can be found on the Company’s website (www.pilotgold.com) or under the Company’s profile on SEDAR at www.sedar.com. Shareholders may receive a printed copy of the audited consolidated financial statements, free of charge, upon request. All amounts are presented in United States dollars unless otherwise stated. Pilot Gold will be hosting its annual general meeting on May 14, 2015, in Vancouver, British Columbia.

Resignation of Director

Mr. John Dorward has resigned as a director of the Company effective March 25, 2015 in order to focus on other professional obligations. Mr. Dorward has served on Pilot Gold’s board of directors since its inception in 2011. The Company would like to thank Mr. Dorward for his contributions.

ABOUT PILOT GOLD

With a proven technical team and strong treasury, Pilot Gold continues to discover and upgrade high-quality projects featuring strong grades, meaningful size and mining-friendly locales. Our cornerstone assets include interests in the TV Tower and Halilaga projects in Turkey and the Kinsley project in Nevada, each a foundational asset. The Company also has a pipeline of projects defined by strong gold occurrences, large land positions and district-scale potential.

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

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.

Unless stated otherwise, information of a scientific or technical nature in this press release regarding the TV Tower, Halilaga or Kinsley Mountain properties are summarized, derived or extracted from, the following technical reports: “Independent Technical Report for the TV Tower Exploration Property, Canakkale, Western Turkey”, effective January 21, 2014 and dated February 20, 2014, prepared by Casey M. Hetman, P.Geo. with SRK Consulting (Canada) Inc., James N. Gray, P. Geo. of Advantage Geoservices Ltd., and Gary Simmons, BSc, Metallurgical Engineering, of G L Simmons Consulting, LLC; “Revised Preliminary Economic Assessment Technical Report Halilaga Project, Turkey,” effective December 20, 2014 and dated February 16, 2015, prepared by Gordon Doerksen, P. Eng, Dino Pilotto, P.Eng and Stacy Freudigmann, P.Eng. of JDS Energy and Mining Inc.; Greg Abrahams, P.Geo and Maritz Rykaart, P.Eng of SRK; Gary Simmons of GL Simmons Consulting LLC.; Garth Kirkham, P.Geo. of Kirkham Geosystems Ltd.; and James Gray, P.Geo. of Advantage Geoservices Ltd; and “Updated Technical Report on the Kinsley Project, Elko and White Pine Counties, Nevada, U.S.A.”, effective March 1, 2015, dated March 19, 2015 and prepared by Michael M. Gustin, CPG, Moira Smith, Ph.D., P.Geo. and Gary Simmons, B.Sc. MMSA. For further detail on TV Tower, Kinsley Mountain or the Halilaga PEA, refer to the respective technical reports filed on the Company’s website at www.pilotgold.com or under Pilot Gold’s SEDAR profile at www.sedar.com.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Pilot Gold within the meaning of applicable securities laws, including statements with respect to the anticipated timing and closing of the Offering, anticipated use of proceeds of the Offering, those that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, copper, silver and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pilot Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the Kinsley property, reliance on technical information provided by our joint venture partner or other third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; satisfaction of Turkish requirements relating to the periodic submissions of Environmental Impact Assessments; possible claims against the Company or its joint venture partners; the inability to finalize the conveyance of the Karaayi license; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 24, 2015 in the section entitled "Risk Factors", under Pilot Gold’s SEDAR profile at www.sedar.com.

Although Pilot Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pilot Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

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

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

May 13, 2015

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

"The first quarter has been another notable period for Pilot with the revised PEA at Halilaga demonstrating the robust nature of the project, and highlighting the commercial potential of NW Turkey copper-gold projects," stated Matt Lennox-King, President and CEO of Pilot Gold. "At TV Tower and Kinsley we released our final results from 2014 and received outstanding metallurgical results from Kinsley Mountain."

Financial and operational highlights through and subsequent to quarter end:

TV Tower

• Completed our earn-in to a 60% interest.
   
• Launched a $7.60 million exploration program, which includes 21,000 metres of drilling funded pro-rata by Teck Resources and Pilot Gold.
   
• Released final drill results from the 2014 program, further demonstrating the potential of this emerging gold-copper district.Highlights include1:

  –Valley Porphyry: 0.82 g/t gold equivalent* ("AuEq”) (0.46 g/t gold ("Au") and 0.21% copper ("Cu") over 138.7 m ") in KRD021C

  –Hilltop Porphyry: 0.66 g/t AuEq* (0.30% Cu and 0.15 g/t Au) over 235.8 m in KRD029C, including: 1.51 g/t AuEq* (0.75% Cu and 0.22 g/t Au) over 58.5 m.

  –Columbaz Porphyry: 0.59 g/t AuEq* (0.36 g/t Au and 0.13% Cu) over 499.1 m in CD0012C, including 0.79 g/t AuEq* (0.48 g/t Au and 0.18% Cu) over 234.3 m.

   * at $1200/oz Au and $3.00/lb Cu, and assuming 100% recovery.

May 15, 2015

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to announce voting results from the Company’s Annual Meeting of Shareholders held on May 14, 2015 (the “Meeting”). A total of 63,192,706 common shares were voted, representing the votes attached to 58.90% of all outstanding common shares. Shareholders voted in favour of the election of all director nominees. The percentage of votes cast for each is as follows:

Shareholders also voted in favour of re-approving and ratifying the Company’s Advance Notice Policy and approved the reappointment of PricewaterhouseCoopers LLP, Chartered Accountants as auditor of the Company.

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

ABOUT PILOT GOLD

With a proven technical team and strong treasury, Pilot Gold continues to discover and upgrade high-quality projects featuring strong grades, meaningful size and mining-friendly locales. Our cornerstone assets include interests in the TV Tower and Halilaga projects in Turkey and the Kinsley project in Nevada, each a foundational asset. The Company also has a pipeline of projects defined by strong gold occurrences, large land positions and district-scale potential.

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

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

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

2015 program to focus on district scale potential

New zone of Mineralization Similar to the Western Flank Target

June 23, 2015

Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to report results from the initial 2015 drill program at the Kinsley Mountain Project in eastern Nevada.

Drill results from an area approximately 150 metres northeast of the high-grade Western Flank intercepted high-grade gold in two key stratigraphic horizons, indicating the presence of a new mineralized zone that remains open to the east and west.

Drill highlights include:

• 2.34 grams per tonne (“g/t”) gold over 9.1 metres (Dunderberg shale host), AND

  • 3.46 g/t gold over 18.3 metres (Secret Canyon Shale host) in PK208 including

    • 13.7 g/t Au over  3.0 metres

• 2.95 g/t Au over 13.7 metres (Secret Canyon Shale host) in PK210

The new intercepts are from the Dunderberg (Candland) Shale and the Secret Canyon Shale units which contain most of the known gold mineralization at Kinsley and are believed to underlie a significant portion of the Kinsley property.

“We are very excited to kick-off the 2015 program at Kinsley on a high note with the discovery of a new high-grade zone 150 metres northeast of the high-grade Western Flank Zone,” stated Matt Lennox-King, President and CEO. “It is our belief that the Western Flank Zone is not an isolated occurrence and there is a high probability of ongoing discoveries at Kinsley. These results confirm our exploration model for the discovery of new areas of mineralization.”

2015 PROGRAM

The initial 2015 field program at Kinsley is currently budgeted at US$2.0 million and will include up to 10,000 metres of RC and 1,000 metres of diamond core drilling. Thus far, 4,300 metres have been completed in 9 holes (and one lost hole), including three that were drilled for the purpose of conducting an IP survey. The remaining program will focus on following up the new discovery and will also test a number of high-priority targets across the property. Exploration of this nature is drill-intensive and iterative; the program will be continually evaluated in light of data and interpretations from each and every drill hole.  

On the basis of these results the exploration program is being modified to expand and connect the new zone to the Western Flank and target the ‘high-grade’ northwest trending structures in the historic mine trend.

For a table of 2015 Kinsley Mountain drill results to date, please click here:

http://pilotgold.com/sites/default/files/NR1513drillresults.pdf

For drill maps outlining the Western Flank and new discovery area, please click here:

http://pilotgold.com/sites/default/files/NR1513drillmap2a.jpg

http://pilotgold.com/sites/default/files/NR1513drillmap2b.jpg   

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

ABOUT KINSLEY MOUNTAIN

Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems. The property consists of 469 claims on U.S. Bureau of Land Management land plus 6 leased patents totalling 9,520 acres (3,853 hectares) and hosts a past-producing mine with an extensive exploration database and numerous, untested gold targets. The Company owns approximately 79.1% of Kinsley. Intor Resources Corporation ("Intor"), a subsidiary of Nevada Sunrise Gold Corp., is the Company's joint venture partner at Kinsley.

Kinsley Mountain 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 on Kinsley is available in the technical report entitled "Updated Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A.", effective March 1, 2015 and dated March 19, 2015, prepared by Michael M. Gustin, CPG, Moira Smith, Ph.D., P.Geo. and Gary L. Simmons, MMSA under Pilot Gold's Issuer Profile on SEDAR (www.sedar.com).

ABOUT PILOT GOLD

With a proven technical team and strong treasury, Pilot Gold continues to discover and advance high-quality projects featuring strong grades, meaningful size and mining-friendly locales. Our cornerstone assets include interests in the TV Tower and Halilaga projects in Turkey and the Kinsley project in Nevada, each a foundational asset. The Company also has a pipeline of projects defined by strong gold occurrences, large land positions and district-scale potential.

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

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 within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, copper, silver and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, the absence of any ground water at Kinsley and the related impact on permitting, the availability of equipment, accuracy of any mineral resources, the amenability of mineralization to produce a high-grade concentrate (as there can be no assurances as to the results of the metallurgical testing and no inferences should be drawn therefrom), the accuracy of any metallurgical testing completed to date, successful resolution of disputes (if any) and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pilot Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the Kinsley property, reliance on technical information provided by our joint venture partner or other third parties as related to Kinsley; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company or its joint venture partners; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 24, 2015 in the section entitled "Risk Factors", under Pilot Gold’s SEDAR profile at www.sedar.com.

Although Pilot Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pilot Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Mineralization amenable to flotation processing,with concentrate grades up to 52 g/t gold

July 13, 2015

Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to report additional metallurgical results designed to test the amenability of gold mineralization hosted in the Dunderberg (Candland) Shale at the Kinsley Mountain property to produce a saleable concentrate. The Dunderberg Shale was the primary host rock in the historical mining operation, and is the shallow host rock at the Western Flank.  Previous concentrate testing of deeper Secret Canyon Shale-hosted gold mineralization produced up to 89.6% recovery and up to 312 g/t concentrate grade in metallurgical testing (see press release of January 19, 2015).

Matt Lennox-King, Pilot Gold’s President & CEO commented, “These recent metallurgical test results demonstrate that Kinsley’s main host rocks can produce medium to high-grade concentrates with very good to excellent gold recoveries and the potential of low capital cost options for possible mining and processing at Kinsley.”

The test work, initiated in March 2015, used the same flowsheet developed for mineralization hosted in the Secret Canyon Shale.

Summary Highlights:

Overall, these results indicate that the Dunderberg Shale material, like that from the Secret Canyon Shale, may be amenable to production of a concentrate.  The results may be improved with further study of primary and regrind sizes and flowsheet refinements particular to the Dunderberg shale. 

Flotation testing of Dunderberg Shale-hosted mineralization was undertaken after analyses revealed a relatively medium grain size for gold-bearing pyrites, relatively low sulfide sulfur concentrations and high gold to sulfide sulfur ratios (ranging from 2.3 to 2.6) relative to typical Carlin-style sediment-hosted gold deposits. These data suggested that the mineralized material may be amenable to producing a concentrate of sufficient grade to support low cost on-site or off-site treatment, over more expensive whole ore treatment options such as roasting or autoclaving.

Two composites with calculated feed grades of 4.82 and 2.81 g/t gold were selected.  The scope of work was intended to provide a preliminary determination as to how the two composites would respond to the flowsheet developed previously for Western Flank Secret Canyon Shale-hosted gold mineralization (see press release of January 19, 2015). In the case of the latter, samples were subjected to rougher and scavenger flotation testing over a range of conditions including variations in grind size, followed by cyanidation of the flotation tails.  Combined concentrate recoveries ranged from a low of 76% to a high of 89.6%.  Combined with cyanidation of the flotation tails, the total recovery increased to 89.0% to 95.0%.  The concentrate grades ranged from a low of 98.6 g/t gold to a high of 312 g/t gold, with gold recovery to concentrate highest in the higher-grade and less oxidized samples.

The two composites from Dunderberg Shale-hosted gold mineralization returned concentrate grades of 52.3 and 42.0 g/t gold, corresponding to overall recoveries of 83.0 and 82.6%, respectively.  The mineralized material was not oxidized, and no benefit was realized from cyanide leaching of the tails.  However this method would likely result in recovery of additional gold from partially oxidized material. 

Concentrates were assayed for deleterious elements and were found to contain arsenic and antimony.  Arsenic in the concentrate tested ranged from 1.55% to 3.14% and averaged 2.35% while antimony in the concentrate tested ranged from 0.048% to 0.067% and averaged 0.058%.  While arsenic and antimony are elevated, it is believed the levels would not preclude direct sale to a typical Nevada refractory ore processing facility.

KINSLEY MOUNTAIN METALLURGICAL PROGRAM

The program was carried out at Hazen Research, Inc. in Golden, Colorado under the direction of consulting metallurgist Gary Simmons. Mr. Simmons has more than 35 years of experience with mining companies in project management, process development, mill operations, design engineering, research and development and corporate due diligence. He played key roles with Fronteer Gold on the flagship Long Canyon and Northumberland projects, and was Senior Technical Director, Metallurgy and Technology for Newmont Mining Corporation.

Gary Simmons, of GL Simmons Consulting, LLC (B.S. Extractive Metallurgy), a Qualified Professional with the Mining and Metallurgical Society of America and Pilot Gold consultant, is the Qualified Person, within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), who has overseen the collection and verification of the data for this release and has reviewed and approved this release's content. Mr. Simmons is independent of Pilot Gold. Metallurgical testing was conducted at Hazen Research, Inc. in Denver, Colorado.

Moira Smith, Ph.D., P.Geo., Chief Geologist, Pilot Gold, is the Company's designated Qualified Person for this news release and has reviewed and validated that the information contained in the release is accurate.

ABOUT KINSLEY MOUNTAIN

Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems. The property consists of 469 claims on U.S. Bureau of Land Management land plus 6 leased patents totalling 9,520 acres (3,853 hectares) and hosts a past-producing mine with an extensive exploration database and numerous, untested gold targets. The Company owns approximately 79.1% of Kinsley. Intor Resources Corporation ("Intor"), a subsidiary of Nevada Sunrise Gold Corp., is the Company's joint venture partner at Kinsley.

Kinsley Mountain 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 on Kinsley is available in the technical report entitled "Updated Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A.", effective March 1, 2015 and dated March 19, 2015, prepared by Michael M. Gustin, CPG, Moira Smith, Ph.D., P.Geo. and Gary L. Simmons, MMSA under Pilot Gold's Issuer Profile on SEDAR (www.sedar.com).

ABOUT PILOT GOLD

With a proven technical team and strong treasury, Pilot Gold continues to discover and advance high-quality projects featuring strong grades, meaningful size and mining-friendly locales. Our cornerstone assets include interests in the TV Tower and Halilaga projects in Turkey and the Kinsley project in Nevada, each a foundational asset. The Company also has a pipeline of projects defined by strong gold occurrences, large land positions and district-scale potential.

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

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 within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, copper, silver and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, the absence of any ground water at Kinsley and the related impact on permitting, the availability of equipment, accuracy of any mineral resources, the amenability of mineralization to produce a high-grade concentrate (as there can be no assurances as to the results of the metallurgical testing and no inferences should be drawn therefrom), the accuracy of any metallurgical testing completed to date, successful resolution of disputes (if any) and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pilot Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the Kinsley property, reliance on technical information provided by our joint venture partner or other third parties as related to Kinsley; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company or its joint venture partners; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 24, 2015 in the section entitled "Risk Factors", under Pilot Gold’s SEDAR profile at www.sedar.com.

Although Pilot Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pilot Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

August 12, 2015

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce its financial and operating results for the three and six months ended June 30, 2015.  All amounts are presented in United States dollars unless otherwise stated.

"Despite ongoing capital market challenges for exploration and development companies, we have continued upgrading our projects by extending high grade gold mineralization at Kinsley Mountain, commencing expansion drilling at TV Tower and carrying-out metallurgical and engineering studies," stated Matt Lennox-King, President and CEO of Pilot Gold.  “Through the second half of the year we plan to continue building value at our projects while tailoring our budgets and programs to reflect market conditions.” 

Financial and operational highlights through and subsequent to quarter end:

• Working capital at June 30, 2015 of $12.68 million (C$15.8 million)1.
• Completed the $21 million earn-in to a 60% interest at TV Tower, and commenced the 2015 drill campaign focused on delineating copper-gold porphyry and oxide gold systems discovered or confirmed in 2013 and 2014.
• Reported initial results from the 2015 program at Kinsley2 , including:
  - 2.34 g/t Au over 9.1 m and 3.46 g/t Au over 18.3 m including 13.7 g/t Au over 3.0 m in drill hole PK208, indicating a new mineralized zone located 150 m east of the high-grade Western Flank zone.
  - Additional metallurgical studies that demonstrate that the upper host rock horizon can produce concentrates through flotation with strong gold recoveries, augmenting the potential for low capital cost mining and processing.

Exploration highlights and significant events through and subsequent to June 30, 2015:

TV Tower                                                          

TV Tower is a joint venture between Pilot Gold (60%) and a Turkish subsidiary of Teck Resources Limited ("Teck") (40%). Pilot Gold is project operator and completed an earn-in to 60% in March 2015 through sole funding exploration over a two-and-a-half-year period. Since becoming project operator in June 2012, the Company has made or advanced six gold, silver and copper-gold discoveries. The project hosts numerous untested gold and copper targets.

A drill campaign focused on advancing and delineating the district scale copper-gold porphyry systems is the focus of the planned 2015 program.  Drilling is underway and follows an intensive surface mapping and 3D modeling effort designed to maximize drilling program efficiencies. Results from initial drill holes are pending, as are results of preliminary metallurgical studies on the high-grade copper-gold Valley Porphyry. Although the planned budget for the 2015 exploration program at TV Tower contemplates up to $7.59 million funded pro-rata by each partner (Pilot Gold share: $4.55 million), we anticipate adjusting the program as necessary while continuing to advance the project in a manner that reflects industry and market influences. To date, execution of the planned program and budget for the year has been managed reflective of market conditions.

Kinsley Mountain

Kinsley is a Carlin-style, sedimentary rock-hosted gold system and past-producer located along the Long Canyon Trend in northeastern Nevada.  Pilot Gold owns approximately 79% of Kinsley. A subsidiary of Nevada Sunrise Gold Corporation holds the remaining 21% interest in the property. Each entity is funding its pro rata share of activity on the property in 2015.   

The recently completed phase-one limited drill campaign at Kinsley drill-tested new exploration targets in the west-central part of the property.  Initial results from the 2015 program indicate a new mineralized zone located approximately 150 metres east of the high-grade Western Flank zone. Encouraging gold recovery and concentrate grades generated in preliminary metallurgical studies completed this year and in 2014 suggest the potential for low capital cost mining and processing scenarios at Kinsley.

The 2015 exploration program at Kinsley currently contemplates a budget of $2.0 million (the Company’s share of which is $1.58 million).  The Company anticipates executing this program in a controlled manner, and may adjust the planned program and budget as circumstances and market conditions dictate.

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

TV Tower and Kinsley are both early stage exploration projects and, except for the mineral resources at the KCD deposit at TV Tower ("KCD"), neither contains any mineral resource estimates as defined by NI 43-101. Furthermore, the potential quantities and grades disclosed herein are conceptual in nature and, except for the mineral resource estimate at KCD, 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. The potential to define an additional mineral resource at TV Tower, or a resource at Kinsley is conceptual in nature and there has been insufficient exploration to define a mineral resource thereat. It is uncertain if further exploration will yield any mineral resources at Kinsley or additional resources at TV Tower.  

SELECTED FINANCIAL DATA

The following selected financial data is derived from and should be read in conjunction with the unaudited condensed interim consolidated financial statements and related notes thereto for the six months ended June 30, 2015 (the "Interim Financial Statements"), and related Management’s Discussion and Analysis (“MD&A"). These documents can be found on the Company’s website (www.pilotgold.com) or on SEDAR at www.sedar.com. All amounts are presented in United States dollars unless otherwise stated.

The most significant contributors to the losses in the three and six months ended June 30, 2015 were the write down of the Gold Bug property by $0.74 million, the cost of wages and benefits ($0.40 million and $0.78 million, respectively), and the impact of non-cash stock based compensation of $0.20 million and $0.68 million, respectively. The most significant contributors to the three and six month comparative period losses were wages and benefits ($0.39 million and $0.88 million respectively) as well as non-cash stock based compensation of $0.22 million and $0.67 million, respectively. The loss per share remained constant at $0.04 for each of the six month periods ended June 30, 2015 and 2014. 

The net other comprehensive gain for the three months ended June, 2015 was $0.41 million compared to $2.23 million in 2014. The net other comprehensive loss for the six months ended June, 2015 was $3.99 million (June 30, 2014: $0.79 million gain).  The six months ended June, 2015 includes a $3.97 million loss (June 30, 2014: $0.26 million gain) relating to exchange differences on the translation of the Company’s foreign operations with a non-United States dollar functional currency.  The impact from exchange differences will vary from period to period depending on the rate of exchange; in the period between January 1, 2015 and June 30, 2015, the United States dollar appreciated 6.0% relative to the Canadian dollar.

Total assets comprise primarily exploration properties and deferred exploration expenditures of $75.30 million and cash, cash equivalents and short term investments of $12.48 million.  Satisfaction of the Earn-in Option and assumption of control at TV Tower on March 12, 2015 was accounted for as an exchange of assets with the total carrying value of the Earn-in Option at the time ($17.63 million), and the Company’s then 40% interest in TV Tower ($8.29 million) treated as the consideration exchanged for a controlling 60% interest in the project.  Upon assumption of control the Company began to consolidate the entity that holds TV Tower, resulting in a $43 million increase in total assets, with the majority of value allocated to the project.  The 40% share of the project owned by Teck is included as a component of the $22.06 million non-controlling interest on the Company’s statement of financial position. Total assets also include $12.47 million in cash, cash equivalents and short-term investments, $1.26 million in receivables, and prepayments, and $5.71 million in value recorded for the Company’s 40% interest in the PEA-stage Halilaga copper-gold project in Turkey.

The decrease since year end in working capital reflects costs incurred toward the 2015 exploration programs ($3.04 million), cash outflows for operating expenditures ($1.93 million), and the impact of changing foreign exchange rates ($1.14 million).

Liabilities at June 30, 2015 and at December 31, 2014 primarily reflect accounts payable and accruals recorded at period end arising from ongoing activities as well as a deferred tax liability arising from the impact of foreign exchange on the carrying value of TV Tower.

ABOUT PILOT GOLD

With a proven technical team and strong treasury, Pilot Gold continues to discover and upgrade high-quality projects featuring strong grades, meaningful size and mining-friendly locales. Our cornerstone assets include interests in the TV Tower and Halilaga projects in Turkey and the Kinsley project in Nevada, each a foundational asset. The Company also has a pipeline of projects defined by strong gold occurrences, large land positions and district-scale potential.

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

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. 

Unless stated otherwise, information of a scientific or technical nature in this press release regarding the TV Tower, Halilaga or Kinsley Mountain properties are summarized, derived or extracted from, the following technical reports: “Independent Technical Report for the TV Tower Exploration Property, Canakkale, Western Turkey”, effective January 21, 2014 and dated February 20, 2014, prepared by Casey M. Hetman, P.Geo. with SRK Consulting (Canada) Inc., James N. Gray, P. Geo. of Advantage Geoservices Ltd., and Gary Simmons, BSc, Metallurgical Engineering, of G L Simmons Consulting, LLC; “Revised Preliminary Economic Assessment Technical Report Halilaga Project, Turkey,” effective December 20, 2014 and dated February 16, 2015, prepared by Gordon Doerksen, P. Eng, Dino Pilotto, P.Eng and Stacy Freudigmann, P.Eng. of JDS Energy and Mining Inc.; Greg Abrahams, P.Geo and Maritz Rykaart, P.Eng of SRK; Gary Simmons of GL Simmons Consulting LLC.; Garth Kirkham, P.Geo. of Kirkham Geosystems Ltd.; and James Gray, P.Geo. of Advantage Geoservices Ltd; and “Updated Technical Report on the Kinsley Project, Elko and White Pine Counties, Nevada, U.S.A.”, effective March 1, 2015, dated March 19, 2015 and prepared by Michael M. Gustin, CPG, Moira Smith, Ph.D., P.Geo. and Gary Simmons, B.Sc. MMSA. For further detail on TV Tower, Kinsley Mountain or the Halilaga PEA, refer to the respective technical reports filed on the Company’s website at www.pilotgold.com or under Pilot Gold’s SEDAR profile at .

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Pilot Gold within the meaning of applicable securities laws, including statements with respect to the anticipated timing and closing of the Offering, anticipated use of proceeds of the Offering, those that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, copper, silver and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, the amenability of mineralization to produce a high-grade or high-quality concentrate (as there can be no assurances as to the results of the metallurgical testing and no inferences should be drawn therefrom), the accuracy of any metallurgical testing completed to date, the potential of low capital cost options for potential mining and processing at Kinsley or processing at a typical Nevada refractory ore processing facility, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pilot Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at TV Tower, Kinsley or Halilaga, reliance on technical information provided by our joint venture partner or other third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; satisfaction of Turkish requirements relating to the periodic submissions of Environmental Impact Assessments; possible claims against the Company or its joint venture partners; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 24, 2015 in the section entitled "Risk Factors", under Pilot Gold’s SEDAR profile at www.sedar.com.

Although Pilot Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pilot Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

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

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

Mineralization amenable to flotation processing with concentrate grades up to 40% copper and 84 g/t gold

September 16, 2015

Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to report metallurgical results from the Valley Porphyry at TV Tower. The metallurgical program was designed to test the amenability of mineralization to produce gold and copper concentrates. The Valley Porphyry was discovered in June 2014 (see press release dated June 11, 2014) and is one of three copper-gold porphyry systems that Pilot and its partner, Teck Resources have discovered in the region.  Along with the Hilltop porphyry, Columbaz porphyry and the neighbouring Halilaga deposit, these discoveries have laid the foundation of an emerging porphyry district in western Turkey.

“Metallurgical testing is a key factor in demonstrating a path forward at the Valley zone,” commented Matt Lennox-King, Pilot Gold’s President & CEO. “These initial results demonstrate that the Valley porphyry could potentially be a satellite to our 40% owned Halilaga copper-gold project, 15 kilometres to the east.”

The test work used the same flowsheet developed for the Halilaga deposit with minor adjustments for reagents, flotation times, regrind size and number of stages of cleaning.  These results are from open-cycle laboratory batch tests.  Process parameter optimization and locked-cycle testing have the potential to improve copper and gold recoveries at a modest reduction in concentrate grades.

Summary Highlights:

Overall, these results indicate that the Valley porphyry is amenable to flotation producing a concentrate with strong recoveries and grades in both copper and gold. The metallurgical flow sheet used suggests that mineralized material from the Valley Porphyry can be processed through a mill designed to process ore from Halilaga.  Mineralogical examinations of the two composites showed that pyrite is the major sulphide mineral with lesser or subordinate amounts of chalcopyrite, bornite, chalcocite and traces of covellite.

VALLEY PORPHYRY METALLURGICAL PROGRAM

The previously developed Halilaga flowsheet consists of a primary grind P80 of ~140μm followed by rougher flotation using lime to adjust to pH=9 and potassium amyl xanthate (PAX) as the collector. The rougher concentrate is reground to a P80 of ~20μm and two stages of cleaning are used to produce a final copper concentrate product.

Five composites, including four hypogene samples and one transitional sample, were chosen for testing. Testing was carried out with a variety of primary and regrind sizes.  The results suggest that the optimal regrind size is approximately 15 microns, and that only two cleaner stages are needed, in contrast to three for Halilaga.  For the hypogene samples, rougher flotation recoveries range from 87.3% to 91.9% for copper, and 63.3% to 78.6% for gold.  Second Cleaner flotation recoveries range from 84.0% to 84.6% for copper, and 58.5% to 66.1% for gold.  Cyanide leaching of the tails did not markedly increase gold recovery.  Recoveries were relatively poor for the transitional sample, thus additional testing will be needed to optimize recovery.  To date, very little transitional material has been identified in association with the Valley Porphyry system.

The program was carried out at Hazen Research, Inc. in Golden, Colorado under the direction of consulting metallurgist Gary Simmons and in cooperation with John Gathje Consulting, LLC. Mr. Simmons has more than 35 years of experience with mining companies in project management, process development, mill operations, design engineering, research and development and corporate due diligence. He played key roles with Fronteer Gold on the flagship Long Canyon and Northumberland projects, and was Senior Technical Director, Metallurgy and Technology for Newmont Mining Corporation.

Gary Simmons, of GL Simmons Consulting, LLC (B.S. Extractive Metallurgy), a Qualified Professional with the Mining and Metallurgical Society of America and Pilot Gold consultant, is the Qualified Person, within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), who has overseen the collection and verification of the data for this release and has reviewed and approved this release's content. Mr. Simmons is independent of Pilot Gold. Metallurgical testing was conducted at Hazen Research, Inc. in Denver, Colorado.

Moira Smith, Ph.D., P.Geo., Chief Geologist, Pilot Gold, is the Company's designated Qualified Person for this news release and has reviewed and validated that the information contained in the release is accurate.

ABOUT TV TOWER

TV Tower is a joint venture between Pilot Gold (60%) and Teck Madencilik Sanayi Ticaret A.S. (40%), a subsidiary of Teck Resources Limited. Pilot Gold is project operator at TV Tower.

Further information is available in the technical report “Independent Technical Report for the TV Tower Exploration Property, Canakkale, Western Turkey”, effective January 21, 2014 and dated February 20, 2014 (the “Report”) prepared by Casey M. Hetman, P.Geo. with SRK Consulting (Canada) Inc.; James N. Gray, P. Geo. of Advantage Geoservices Ltd.; and Gary Simmons, BSc, Metallurgical Engineering, of G L Simmons Consulting, LLC, under Pilot Gold’s Issuer Profile on SEDAR (www.sedar.com).  Mr. Hetman, Mr. Gray and Mr. Simmons are “Qualified Persons” as defined by NI 43-101.

The proximity to Halilaga does not mean Pilot Gold will obtain similar results at Hilltop, Columbaz, Valley or other targets on the TV Tower tenure.  TV Tower is an early stage exploration project and, except for the mineral resources at the KCD deposit as summarized in the Report, does not contain any mineral resource estimates as defined by NI 43-101. The potential to define a mineral resource at the Hilltop, Columbaz, Valley, or other targets is conceptual in nature and there has been insufficient exploration to define a mineral resource thereat. It is uncertain if further exploration at these or other targets at TV Tower will yield a mineral resource.

ABOUT PILOT GOLD

With a proven technical team and strong treasury, Pilot Gold continues to discover and advance high-quality projects featuring strong grades, meaningful size and mining-friendly locales. Our cornerstone assets include interests in the TV Tower and Halilaga projects in Turkey and the Kinsley project in Nevada, each a foundational asset. The Company also has a pipeline of projects defined by strong gold occurrences, large land positions and district-scale potential.

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

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 within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, copper, silver and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining renewals for existing licences and permits, and obtaining any new required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, the amenability of mineralization to produce a high-grade or high-quality concentrate (as there can be no assurances as to the results of the metallurgical testing and no inferences should be drawn therefrom), the accuracy of any metallurgical testing completed to date, the potential for mineralized material from the Valley Porphyry to be processed through a mill designed to process ore from Halilaga, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pilot Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at TV Tower or Halilaga, reliance on technical information provided by our joint venture partner or other third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; satisfaction of Turkish requirements relating to the periodic submissions of Environmental Impact Assessments; possible claims against the Company or its joint venture partners; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 24, 2015 in the section entitled "Risk Factors", under Pilot Gold’s SEDAR profile at www.sedar.com.

Although Pilot Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pilot Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

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

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

Drilling intersects up to 4.5% supergene copper

October 19, 2015

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to report results from a 21-hole diamond drilling program at the TV Tower Property in western Turkey.  Drilling focused on the recently-identified Valley and Hilltop copper-gold porphyry systems and associated oxide gold and supergene copper targets. Drilling more than doubled the mineralized footprint of the Hilltop porphyry system to approximately 600 metres by 500 metres. 

“The results from the supergene copper zone at Hilltop add a significant, high-grade element to TV Tower’s porphyry systems,” commented Matt Lennox-King, Pilot Gold’s President & CEO. “These results continue to show the Hilltop and Valley porphyries as potential satellites to our 40% owned Halilaga copper-gold project, 15 kilometres to the east, with the potential to grow into a stand-alone project.”

Highlights from drilling include:

• 68.5 metres grading 0.24 g/t Au and 0.47% Cu (1.04 g/t AuEq1) in KRD058;
  • including 20.2 metres of 0.23 g/t Au and 1.23% Cu (2.34 g/t AuEq), and 51 metres of 0.23 g/t Au and 0.15% Cu (0.49 g/t AuEq), including 20.3 metres of 0.37 g/t Au and 0.24% Cu (0.78 g/t AuEq).
• 154.9 metres, starting from 2.1 metres, of 0.14 g/t Au and 0.22% Cu (0.53 g/t AuEq) in KRD046;
  • including 22.4 metres of 0.12 g/t Au and 0.70% Cu (1.32 g/t AuEq), and 98.8 metres of 0.20 g/t Au and 0.17% Cu (0.49 g/t AuEq).
• 125.5 metres from surface of 0.28 g/t Au and 0.20% Cu (0.62 g/t gold equivalent (AuEq) in KRD042;
  • including 17.5 metres of 0.49 g/t Au and 0.49% Cu (1.34 g/t AuEq).

• 137.9 metres, starting from 2.0 metres, of 0.26 g/t Au and 0.17% Cu (0.54 g/t AuEq) in KRD048;
  • including 95.2 metres grading 0.29 g/t Au and 0.19% Cu (0.63 g/t AuEq).

1 “Gold Equivalency” (AuEq) reported using $1200/oz Au and $3.00/lb Cu and 100% recovery.

To view a table of full drill results, please click here: TVTDrillResults1517.pdf

To view the latest drill map, please click here: DrillMap1517.pdf

The Hilltop and Valley porphyry systems are a copper and gold rich target area in the south of TV Tower with preliminary metallurgy from the Valley porphyry showing that mineralization is amenable to flotation producing a concentrate with strong recoveries and grades up to 40% copper and 84 g/t gold (see press release of September 16, 2015).  Drilling by Pilot Gold in 2015 focused on growing the mineralized zones and targeting the higher grade supergene enrichment zone.  Of note, KRD048 represents a 100 metre step-out to the southwest from the nearest drill hole (KRD051), and a ~300 metre step-out from 2014 drilling.

The supergene enrichment zone is located at the transition from the overlying oxidized high-sulphidation zone to the porphyry zone, with elevated copper over a 70 metre thick interval and individual assay intervals up to 4.56% copper.  The grades intersected in the supergene zones are significantly higher than those in the primary porphyry.  Further drilling is planned to define the extents of mineralization in the Hilltop porphyry and to target the overlying supergene copper zone.

About TV Tower:

TV Tower is a joint venture between Pilot Gold (60%) and Teck Madencilik Sanayi Ticaret A.S. (“Teck”) (40%), a Turkish subsidiary of Teck Resources Limited. Pilot Gold is project operator at TV Tower.

TV Tower encompasses 92 square kilometres in the heart of an emerging mineral district in northwest Turkey. It contains a large number of targets ranging from high- and low-sulphidation epithermal gold-silver to porphyry gold-copper. Pilot Gold has advanced five significant gold, silver and copper-gold discoveries on the project over the past four years. The property hosts numerous additional untested gold and copper targets.

The project has an extensive road network and targets to date all lie on land administered by Turkey’s Ministry of Forestry. The project is road-accessible and is located in a region featuring advanced stage gold and copper-gold projects, numerous open pit coal, quartz and clay mines, ceramics factories and a major power plant. It is located approximately 15 kilometres northwest of the Halilaga copper-gold project (Teck/Pilot Gold).

Moira Smith, Ph.D., P.Geo., Chief Geologist, Pilot Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and verified that the information contained in the release is accurate. Drill composites were calculated using cut-offs of 0.3, 0.5, 1.0 and 2.0 g/t AuEq. Drill intersections are reported as drilled thicknesses. True width of the mineralized interval is interpreted to be approximately 50% of the reported length. 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.  

Further information is available in the technical report entitled “Independent Technical Report for the TV Tower Exploration Property, Çanakkale, Western Turkey", effective January 21, 2014 and dated February 28, 2014 (the “Report”), co-authored by Casey M. Hetman, P.Geo. with SRK Consulting (Canada) Inc.; James N. Gray, P. Geo. of Advantage Geoservices Ltd.; and Gary Simmons, BSc, Metallurgical Engineering, of GL Simmons Consulting, LLC.,  filed under Pilot Gold’s Issuer Profile on SEDAR at http://www.sedar.com.  Mr. Hetman, Mr. Gray and Mr. Simmons are “Qualified Persons” as defined by NI 43-101.

The proximity to Halilaga does not mean Pilot Gold will obtain similar results at Hilltop, Valley, or other targets on the TV Tower tenure.  TV Tower is an early stage exploration project and except for the mineral resources at the KCD deposit as summarized in the Report, does not contain any mineral resource estimates as defined by NI 43-101. The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource for the targets discussed in this release. It is uncertain if further exploration will result in these, or other targets at TV Tower yielding a mineral resource.

ABOUT PILOT GOLD

Pilot Gold is led by a proven technical and capital markets team that continues to discover and define high-quality assets featuring strong grades, meaningful size and mining-friendly addresses. Our key assets include interests in the TV Tower and Halilaga projects in Turkey, the Kinsley Mountain project in Nevada and the Goldstrike project in Utah, each of which has the potential to become a foundational asset. We also have a pipeline of projects characterized by large land positions and district-wide potential that can meet our growth needs for years to come.

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

Investors:
Patrick Reid, VP, Corporate Affairs
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Pilot Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, 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, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pilot Gold and there is no assurance they will prove to be correct.

Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including risks related to TV Tower, reliance on technical information provided by our joint venture partner or other third parties as related to TV Tower; changes in project parameters as plans continue to be refined; 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 exploration and 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 partner; the impact of archaeological, cultural or environmental studies within the property area, labour disputes; delays in obtaining governmental approvals or financing as well as those factors discussed in the Annual Information Form for the year ended December 31, 2014, dated March 24, 2015 in the section entitled "Risk Factors",  under Pilot Gold’s SEDAR profile at www.sedar.com.

Although Pilot Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pilot Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Indicated resource of 284,000 ounces grading 6.0 g/t gold at Western Flank

November 4, 2015

Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) is pleased to announce the first independent resource estimate for its Kinsley Property in Nevada.  The resource estimate defines a significant high-grade zone at the Western Flank along with near-surface oxide ounces. Gold mineralization at Kinsley is sedimentary rock-hosted, similar to that mined in Nevada’s prolific Carlin and Cortez trends. The potential for resource expansion is excellent due to widespread alteration, prospective geology and gold at surface, and over 80% of the property is untested by drilling.

The resource estimate for all mineralization types, using multiple cut-offs, is:

Matt Lennox-King, President and CEO stated, “With a large number of untested targets with attributes similar to the Western Flank Zone, we believe that this resource represents a stepping stone along the way to defining a much larger gold endowment at Kinsley. From north to south, we have over 12 km of prospective geology, alteration and geochemical targets to explore. We are confident that the Western Flank is one of many high-grade zones of its type at Kinsley and we are aggressively pursuing the next one.”

Mineralization hosted in the Secret Canyon Shale in the Western Flank zone includes 284,000 Indicated ounces at an average grade of 6.04 g/t gold.  At a 3 g/t cut-off grade, most of the resource remains, delineating 248,000 Indicated ounces at an average grade of 9.15 g/t gold (see Sensitivity Table below). The grade improves 51%, while the gold content is only reduced by 13%.  Metallurgical testing of mineralized material from this zone suggests that it is amenable to production of a flotation concentrate with grades up to 312 g/t gold and recovery of up to 95% (see press releases, July 13, 2015 and January 19, 2015).  The outstanding metallurgical response indicated by testing to date allows for consideration of a potentially low cost development scenario that may minimize financial and permitting challenges of typical refractory ore bodies in Nevada. This in turn allows for lower cut-off grades than might ordinarily be used in modeling Carlin-type sulphide material.

To view the resource block model, please click here: http://pilotgold.com/sites/default/files/KinsleyResource2015.pdf

The resource estimate, effective October 15, 2015, includes three separate cut-off grades, reflecting depth from surface, oxidation, and metallurgical considerations.  These include shallow oxidized rock (0.2 g/t Au cut-off); shallow transitional and sulphide mineralization, primarily hosted in the Dunderberg Shale (1.3 g/t Au cut-off), and Secret Canyon Shale-hosted sulphide and transitional mineralization (1.0 g/t Au cut-off).  Cut-off grades assume an open-pit mining scenario, using a pit floor elevation generated using Whittle software, reasonable assumptions for mining and milling costs, and a US$1,300/oz gold price.

Table 2: Sensitivity Table

Resource Estimate:

The resource estimate was completed by Michael Gustin, Ph.D, CPG, of Mine Development Associates, Inc. (MDA) of Reno, Nevada, an Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended.  Estimation methods are summarized below. Further details of the estimation methods and procedures will be available in a NI 43-101 technical report, to be co-authored and released by MDA, which will be filed on SEDAR (www.sedar.com), within 45 days from the date of this release.  

The resource estimate is based on results from 77,097 metres of historical drilling in 1158 drill holes (9 core and 1149 reverse circulation or rotary), as well as 59,852 metres in 222 holes, including 74 core holes and 148 reverse circulation holes drilled by Pilot Gold. Quality-control data generated during the various drill programs  were independently verified by MDA as part of the project review. The resource model consists of a detailed three-dimensional geological model including lithological, structural, and gold domains derived from 25 metre-spaced sections. The low, medium, and high-grade gold domains, in turn, were used to constrain the interpolation of gold grades.  Blocks measure 5 x 5 x 5 metres. A total of 10,016 individual assay intervals averaging 1.527 metres in length were composited into a total of 10,037 composite intervals of 1.524 metre length. Gold assay data was reviewed statistically and visually to determine appropriate grade capping levels by domain.  A total of 21 gold assays were capped prior to compositing based on the evaluation of probability plots by gold domain. In addition to the capping of assay data, the impact of anomalously high gold values was controlled by restricting their range of influence in the estimation process.  Gold grades were interpolated using inverse distance to the third power (ID3).

For mineralization to be classified as Indicated, the following criteria were used:

• Indicated (Secret Canyon Shale): minimum of three composites; minimum of 2 holes within an average distance of 25 metres from the block
• Indicated (All Other Mineralization): minimum of three composites; minimum of 2 holes within an average distance of 20 metres from the block

All remaining estimated blocks that were not classified as Indicated and that meet the elevation criteria summarized below were classified as Inferred.

To ensure reasonable prospects of economic extraction, the project resources were limited to elevation levels as defined by Whittle pit shells.   A pit optimization was run using a $1,300/oz gold price and parameters applicable to: (i) oxidized, potentially heap-leachable mineralization - $2.50/t processing cost, $1.41/t General and Administrative (“G&A”) cost, and a gold recovery of 75%; (ii) mixed and unoxidized mineralization that could potentially be processed by flotation, leaching of the flotation tails, and custom oxidation by roaster or autoclave - $32.00/t processing cost, $7.04/t G&A cost, and 85% recovery; and (iii) mineralization hosted within the Secret Canyon Shale, which potentially could also be processed by flotation, leaching of the flotation tails, and custom oxidation by roaster or autoclave  -  $28.30 processing cost, $7.04/t G&A cost, and 95% recovery. The pits were used to define the following maximum depths below the topographic surface for the potentially open-pit resources at Kinsley: 125 meters below the topographic surface on the east side of the Kinsley Mountains and 350 meters below the surface on the western side.

Tonnage estimates are based on 129 bulk specific gravity determinations completed by ALS Laboratories for Pilot Gold, as well as historical data, which were used to assign average values to oxidation domains of the block model.

Pilot Gold drill samples were assayed by ALS Laboratory in Vancouver, B.C. for gold by Fire Assay of a 30 gram (1 assay ton) charge with AAS finish, or if over 5.0 g/t, were re-assayed and completed with a gravimetric finish. 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. 

Michael M. Gustin, Ph.D., CPG, of Mine Development Associates, Inc. (MDA), and located in Reno, Nevada, is an  Independent Qualified Person within the meaning of NI 43-101 and is responsible for the Resource and the technical content of this press release and has reviewed and verified that such information is accurate and approves of written disclosure of same.

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 verified that the information contained in the release is accurate and approves of written disclosure of same.

ABOUT KINSLEY

Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems. The property consists of 513 unpatented lode claims on U.S. Bureau of Land Management land plus 6 leased patents totaling  4213 hectares, and hosts a past-producing mine with an extensive exploration database and numerous, untested gold targets.

The Company holds approximately 79.1% of Kinsley. Intor Resources Corporation ("Intor"), a subsidiary of Nevada Sunrise Gold Corp., is the Company's joint venture partner at Kinsley.

Further information on Kinsley is available in the technical report entitled "Updated Technical Report on the Kinsley Project, Elko County, Nevada, U.S.A.", effective March 1, 2015 and dated March 19, 2015, prepared by Michael M. Gustin, Ph.D., CPG, Moira Smith, Ph.D., P.Geo. and Gary L. Simmons, MMSA under Pilot Gold's Issuer Profile on SEDAR (www.sedar.com). An updated Technical Report will be available within 45 days of the date of this news release.

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 Kinsley project in Nevada and the TV Tower and Halilaga projects in Turkey, 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:

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 within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, copper, silver and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pilot Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the Kinsley property, reliance on technical information provided by our joint venture partner or other third parties as related to Kinsley; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company or its joint venture partners; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company for the year ended December 31, 2014 dated March 24, 2014 in the section entitled "Risk Factors", under Pilot Gold’s SEDAR profile at www.sedar.com.

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.

Although Pilot Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pilot Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

November 12, 2015

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) wishes to announce that Mr. Robert Pease, a current director of the Company has been appointed interim President and Chief Executive Officer.

Mr. Pease has accepted the interim mandate while the Board of Directors initiates a recruitment process with the objective of selecting a new full-time CEO with deep industry experience. Mr. Pease will work with and guide the existing management team in advancing the current portfolio and evaluating new opportunities in the market today. Mr. Pease is supported by a strong team of technical and capital market professionals that will continue to apply industry leading expertise and business savvy on behalf of shareholders.

Mark O’Dea, Chairman of Pilot Gold commented,  “On behalf of the Board, I would like to express our gratitude to Mr. Matt Lennox-King for his years of service to Pilot Gold. Matt assumed the role of President & CEO upon the spinout of Pilot Gold, from the Fronteer – Newmont transaction in 2011.  We wish Matt all the best in his future endeavours.”

Mr. Pease is the former President, CEO and Director for Sabina Gold & Silver Corp. and previously the founder, President, CEO and Director of Terrane Metals Corp. which was acquired in 2010 by Thompson Creek Metals Company. He was also formerly a Director and Strategic Advisor for Richfield Ventures, which was acquired by New Gold Inc. in 2011. Mr. Pease is also currently a Director of Red Eagle Mining, Pure Gold, Luna Gold and Endurance Gold.

Additionally, Mr. Pease was employed by Placer Dome for 25 years. Mr. Pease holds a B.Sc. in Earth Sciences from the University of Waterloo, is a Professional Geologist (British Columbia) and a Fellow of the Geological Association of Canada. He is a Past-Chairman of the Association for Mineral Exploration British Columbia, and in 2010 was named "BC Mining Person of the year" by the Mining Association of BC. 

ABOUT PILOT GOLD

Pilot Gold is 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 Kinsley project in Nevada and the TV Tower and Halilaga projects in Turkey, 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:

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.

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

November 12, 2015 

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) ("Pilot Gold" or the "Company") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2015.  All amounts are presented in United States dollars unless otherwise stated.

Financial and operational highlights through and subsequent to quarter end:

• Working capital at September 30, 2015 of $10.21 million (C$13.68 million)1.
• Reported an initial independent resource estimate at Kinsley. The resource estimate, using multiple cut-offs, delineates2:
  • 405,000 Indicated ounces in 5,529,000 tonnes averaging 2.27 g/t gold, and
  • 122,000 Inferred ounces in 3,362,000 tonnes averaging 1.13 g/t gold.

    Mineralization hosted in the Secret Canyon Shale in the Western Flank zone includes 284,000 Indicated ounces at an average grade of 6.04 g/t gold. 

• Published metallurgical results that demonstrate that Kinsley’s primary host rock horizons can produce concentrates through flotation, with very-good to excellent gold recoveries, suggesting potential for low capital cost mining and processing scenarios for sulphide ore at Kinsley3.
• Doubled the size of the mineralized footprint at TV Tower’s Hilltop porphyry system to approximately 600m by 500m, including discovery of a supergene copper zone, yielding assay intervals grading up to 4.5% copper, located at the transition from the overlying oxidized high-sulphidation zone to the porphyry zone4.
• Reported preliminary metallurgical results from the Valley Porphyry at TV Tower showing that mineralization is amenable to flotation producing a concentrate with strong recoveries and grades up to 40% copper and 84 g/t gold5.
• Launched an initial drill program of approximately 2,800 metres at the past-producing Goldstrike-Utah project.

Exploration highlights and significant events through and subsequent to September 30, 2015:

TV Tower

TV Tower is a joint venture between Pilot Gold (60%) and a Turkish subsidiary of Teck Resources Limited ("Teck") (40%). Pilot Gold is project operator and completed an earn-in to 60% in March 2015 through sole funding exploration over a two-and-a-half-year period. Since becoming project operator in June 2012, the Company has made or advanced six gold, silver and copper-gold discoveries. The project hosts numerous untested gold and copper targets.

The focus at TV Tower in 2015 has been the expansion of the footprint of the two copper-gold porphyry discoveries in the southern part of the property. Management is particularly encouraged with early indications from the supergene copper enrichment zone at the Hilltop porphyry.  Although the approved program and budget contemplated up to 20,000 metres of drilling funded pro-rata by each partner (Pilot Gold share: $4.55 million), management adjusted the program as a reflection of market conditions and completed 5,315 metres. The Company currently anticipates its share of total expenditures on the project for 2015 to be $1.86 million.  Although further drilling is planned to define the extent of mineralization at Hilltop, in particular the overlying supergene copper zone, and to complete initial resource estimates on each of the Valley and Hilltop porphyries, plans have not been finalized for 2016. 

The Company continues to assess market conditions and may determine to allocate additional capital to TV Tower in 2015.  Data compilation and other field activities are expected to continue through year end. Pilot Gold’s share of expenditures from January 1, 2015 to September 30, 2015, totalled $1.57 million. Expenditures during the nine months ended September 30, 2015 included: drilling and assay expenses of $0.49 million, salaries of $0.51 million and consultant’s costs of $0.15 million, with the remainder including camp costs and transportation. 

Kinsley Mountain

Kinsley is a Carlin-style gold system and past-producer located along the Long Canyon Trend in northeastern Nevada.  Pilot Gold owns approximately 79% of Kinsley. A subsidiary of Nevada Sunrise Gold Corporation holds the remaining 21% interest in the property. Each entity is funding its pro rata share of activity on the property in 2015.   

On November 5, 2015, the Company announced an initial resource estimate at Kinsley, including a significant high-grade zone at the Western Flank.  With a large number of untested targets with the same attributes as the Western Flank, we believe that this resource represents a stepping stone along the way to realizing the potential of a much larger gold system at Kinsley.  From north to south, there are over 12 km of prospective geology, alteration and geochemical targets for the Company to explore.   Management believes it is highly unlikely that the Western Flank is the only high-grade zone of its type at Kinsley and plans to pursue further discovery and expansion of this resource. The remainder of the 2015 exploration program at Kinsley, includes detailed interpretation, 3D modelling and target refinement. Pilot Gold will continue to assess market conditions in determining the timing of next steps for the project.

Although the approved program and budget contemplated up to 12,000 metres of RC drilling funded pro-rata by each partner (Pilot Gold share: $1.85 million), management adjusted the program as a reflection of market conditions and completed 5,400 metres in 13 drill holes, that included the discovery of a new mineralized zone located 150 m east of the high-grade Western Flank zone.  

The Company’s share of expenditures from January 1, 2015 to September 30, 2015, totalled $1.31 million. Expenditures and activity through the first nine months of the year included: drilling and assaying ($0.73 million), salaries ($0.4 million) and analyses and surveys ($0.10 million).  The Company currently anticipates its share of total expenditures on the project for 2015 to be $1.34 million.

Goldstrike-Utah

At the Goldstrike-Utah project, following extensive compilation and data analysis an initial 2,800 metre drill program was initiated, designed to test project potential and to validate historic results. Goldstrike-Utah is a large, sediment-hosted gold property that produced 209,000 ounces of gold in a heap-leach operation in the 1990s. The program is underway targeting near-surface oxide gold, with initial results pending.  Pilot Gold believes that significant additional mineralization still remains on the property.   Assays are pending.

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

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

SELECTED FINANCIAL DATA

The following selected financial data is derived from and should be read in conjunction with the unaudited condensed interim consolidated financial statements and related notes thereto for the nine months ended September 30, 2015 (the "Interim Financial Statements"), and related Management’s Discussion and Analysis (“MD&A"). These documents can be found on the Company’s website (www.pilotgold.com) or on SEDAR at www.sedar.com. All amounts are presented in United States dollars unless otherwise stated.

Total assets comprise primarily exploration properties and deferred exploration expenditures of $75.90 million and cash, cash equivalents and short term investments of $10.50 million.  The 40% share of TV Tower owned by Teck is included as a component of the $22.52 million non-controlling interest on the Company’s statement of financial position. Total assets also include $0.60 million in receivables, and prepayments, and $5.33 million in value recorded for the Company’s 40% interest in the PEA-stage Halilaga copper-gold project in Turkey.

The decrease since year end 2014 in working capital reflects costs incurred toward the 2015 exploration programs ($4.97 million), cash outflows for operating expenditures ($2.08 million), and the impact of changing foreign exchange rates ($2.03 million).

Liabilities at September 30, 2015 and at December 31, 2014 primarily reflect accounts payable and accruals recorded at period end arising from ongoing activities as well as a deferred tax liability ($0.60 million) arising from the impact of foreign exchange on the carrying value of TV Tower.

The most significant contributors to the losses in the three and nine months ended September 30, 2015 were the write down of the Gold Bug property ($0.74 million) and Viper property ($1.05 million), at June 30, 2015 and September 30, 2015, respectively, the cost of wages and benefits ($0.40 million and $1.17 million, respectively), and the impact of non-cash stock based compensation of $0.19 million and $0.87 million, respectively. The most significant contributors to the three and nine month comparative period losses were wages and benefits ($0.31 million and $1.19 million respectively) as well as non-cash stock based compensation of $0.26 million and $0.93 million, respectively. The loss per share remained constant at $0.05 for each of the nine month periods ended September 30, 2015 and 2014. 

The net other comprehensive loss for the three months ended September, 2015 was $1.72 million compared to $2.78 million in 2014. The net other comprehensive loss for the nine months ended September, 2015 was $5.71 million (September 30, 2014: $1.99 million).  The nine months ended September 30, 2015 includes a $5.67 million loss (September 30, 2014: $2.60 million) relating to exchange differences on the translation of the Company’s foreign operations with a non-United States dollar functional currency.  The impact from exchange differences will vary from period to period depending on the rate of exchange; in the period between January 1, 2015 and September 30, 2015, the United States dollar appreciated 12% relative to the Canadian dollar.

With a proven technical team and strong treasury, Pilot Gold continues to discover and upgrade high-quality projects featuring strong grades, meaningful size and mining-friendly locales. Our cornerstone assets include interests in the TV Tower and Halilaga projects in Turkey and the Kinsley project in Nevada, each a foundational asset. The Company also has a pipeline of projects, including Goldstrike-Utah, defined by strong gold occurrences, large land positions and district-scale potential.

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

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. 

Unless stated otherwise, information of a scientific or technical nature in this press release regarding the TV Tower, Halilaga or Kinsley Mountain properties are summarized, derived or extracted from, the following technical reports: “Independent Technical Report for the TV Tower Exploration Property, Canakkale, Western Turkey”, effective January 21, 2014 and dated February 20, 2014, prepared by Casey M. Hetman, P.Geo. with SRK Consulting (Canada) Inc., James N. Gray, P. Geo. of Advantage Geoservices Ltd., and Gary Simmons, BSc, Metallurgical Engineering, of G L Simmons Consulting, LLC; “Revised Preliminary Economic Assessment Technical Report Halilaga Project, Turkey,” effective December 20, 2014 and dated February 16, 2015, prepared by Gordon Doerksen, P. Eng, Dino Pilotto, P.Eng and Stacy Freudigmann, P.Eng. of JDS Energy and Mining Inc.; Greg Abrahams, P.Geo and Maritz Rykaart, P.Eng of SRK; Gary Simmons of GL Simmons Consulting LLC.; Garth Kirkham, P.Geo. of Kirkham Geosystems Ltd.; and James Gray, P.Geo. of Advantage Geoservices Ltd; “Updated Technical Report on the Kinsley Project, Elko and White Pine Counties, Nevada, U.S.A.”, effective March 1, 2015, dated March 19, 2015 and prepared by Michael M. Gustin, CPG, Moira Smith, Ph.D., P.Geo. and Gary Simmons, B.Sc. MMSA, and the Company’s press release, dated November 5, 2015 relating to the resource estimate published for the Kinsley Mountain property (an updated Technical Report will be filed to SEDAR prior to year end).  For further detail on TV Tower, Kinsley Mountain or the Halilaga PEA, refer to the respective technical reports filed on the Company’s website at www.pilotgold.com or under Pilot Gold’s SEDAR profile at .

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Pilot Gold within the meaning of applicable securities laws, including statements with respect to the anticipated timing and closing of the Offering, anticipated use of proceeds of the Offering, those that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, copper, silver and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, the amenability of mineralization to produce a high-grade or high-quality concentrate (as there can be no assurances as to the results of the metallurgical testing and no inferences should be drawn therefrom), the accuracy of any metallurgical testing completed to date, the potential of low capital cost options for potential mining and processing at Kinsley or processing at a typical Nevada refractory ore processing facility, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pilot Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at TV Tower, Kinsley or Halilaga, reliance on technical information provided by our joint venture partner or other third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; satisfaction of Turkish requirements relating to the periodic submissions of Environmental Impact Assessments; possible claims against the Company or its joint venture partners; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 24, 2015 in the section entitled "Risk Factors", under Pilot Gold’s SEDAR profile at www.sedar.com.

Although Pilot Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pilot Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

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

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

Results highlight size potential of Carlin-style oxide gold system

December 17, 2015

VANCOUVER, B.C. – Pilot Gold Inc. (PLG - TSX) (“Pilot Gold” or the “Company”) has filed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) technical report entitled  "Updated Technical Report and Estimated Minerals Resources for the Kinsley Project" (the "Report"), effective October 15, 2015 and dated December 16, 2015, on SEDAR at http://www.sedar.com.

The Report relates principally to an initial independent resource estimate at the Kinsley property, announced on November 4, 2015.  The resource estimate addresses well-explored mineralization in the historic Kinsley Mine area, and contains a significant high grade component in the Secret Canyon shale unit in the western flank area at the northwest end of the Kinsley mine trend.  It is the first of several targets to be tested and to have sufficient work completed to demonstrate a resource. The majority of the property remains untested by drilling.

The resource estimate for all mineralization types, using multiple cut-offs, is:

Mineralization hosted in the Secret Canyon Shale in the Western Flank zone includes 284,000 Indicated ounces at an average grade of 6.04 g/t gold (see press release, November 4, 2015). 

The resource estimate, effective October 15, 2015, includes three separate cut-off grades, reflecting depth from surface, oxidation, and metallurgical considerations.  These include shallow oxidized rock (0.2 g/t Au cut-off); shallow transitional and sulphide mineralization, primarily hosted in the Dunderberg Shale (1.3 g/t Au cut-off), and Secret Canyon Shale-hosted sulphide and transitional mineralization (1.0 g/t Au cut-off).  Cut-off grades assume an open-pit mining scenario, using a pit floor elevation generated using Whittle software, reasonable assumptions for mining and milling costs, and a US$1,300/oz gold price. 

There are no material differences between the results announced in the November 4, 2015 news release and results contained in the Report. The Report has also been posted on the Company's website at www.pilotgold.com.

The Company is currently planning the 2016 program and budget for the property.

The Report was prepared by Michael M. Gustin, C.P.G., with Mine Development Associates, Inc. (MDA) of Reno, Nevada; Gary Simmons, BSc, Metallurgical Engineering, of G L Simmons Consulting, LLC; and Dr. Moira Smith, Ph.D., Mr. Gustin and Mr. Simmons are independent of Pilot Gold and are “Qualified Persons” as defined by NI 43-101.   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 approved the scientific and technical information contained herein.

ABOUT KINSLEY

Kinsley Mountain hosts near-surface mineralization similar to other Carlin-style, sediment-hosted gold systems. The property consists of 513 unpatented lode claims on U.S. Bureau of Land Management land plus 6 leased patents totaling  4213 hectares, and hosts a past-producing mine with an extensive exploration database and numerous, untested gold targets.

The Company holds approximately 79.1% of Kinsley. Intor Resources Corporation ("Intor"), a subsidiary of Nevada Sunrise Gold Corp., is the Company's joint venture partner at Kinsley.

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 Kinsley project in Nevada and the TV Tower and Halilaga projects in Turkey, 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:
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 within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, copper, silver and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Pilot Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results at the Kinsley property, the likelihood of repeat occurrences of similar deposits on the property, reliance on technical information provided by our joint venture partner or other third parties as related to Kinsley; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company or its joint venture partners; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company for the year ended December 31, 2014 dated March 24, 2015 in the section entitled "Risk Factors", under Pilot Gold’s SEDAR profile at www.sedar.com.

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.

Although Pilot Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Pilot Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.