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

The mineral resource estimate is based on results from 30,004 metres of drilling in 72 drill holes (69 core; 3 reverse circulation), and consists of:
Sulphide Resource, using a 0.2% copper equivalent cut-off grade:
An Indicated Resource of 1.665 million ounces gold at an average grade of 0.31 g/t gold, and 1.112 billion pounds of copper at an average grade of 0.30% copper (168,167,000 tonnes)
An Inferred Resource of 1.661 million ounces gold at an average grade of 0.26 g/t gold, and 1.007 billion pounds of copper at an average grade of 0.23% copper (198,668,000 tonnes).

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

Oxide Resource, using a 0.2 g/t gold cut-off grade:
An Inferred Resource of 95,000 ounces gold at an average grade of 0.60 g/t gold (4,914,000 tonnes)
The resource estimate was completed by James N. Gray, P.Geo. of Advantage Geoservices Ltd., an Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Further details of the estimation methods and procedures will be available in an updated NI 43-101 report, which will be filed on SEDAR (www.sedar.com), within 45 days from the date of this release.
Halilağa is a joint venture between Pilot Gold (40%) and Teck Madencilik Sanayi Ticaret A.S. (TMST) (60%), a Turkish subsidiary of Teck Resources Limited (Teck).

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

PROJECT RESOURCE (as of Oct. 17, 2011)
Pilot Gold and Teck will continue to efficiently advance Halilağa through 2012 with a work-program comprised of:
Infill and exploration drilling
Ongoing community relations
Completion of a Preliminary Economic Assessment by year-end.

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

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

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

ABOUT PILOT GOLD
Pilot Gold is a gold exploration company led by a proven technical team that continues to discover and define high-quality projects featuring strong grades, meaningful size and mining-friendly addresses. Our three key assets include interests in the Halilağa and TV Tower projects in Turkey, each of which alone has the ability to drive the company forward, and the Kinsley Mountain project in Nevada, a gold system analogous to Long Canyon. We also have a pipeline of projects, characterized by large land positions and district-wide potential, that can meet our growth needs for years to come.