Pilot Gold Highlights Gold-Copper Porphyry Discovery in Q2 Results

Pilot Gold Inc. (TSX:PLG) announced its financial and operating results for the three and six months ended June 30, 2014, also providing an update on exploration work at TV Tower and Kinsley Mountain.

One significant event during the second quarter was the discovery of another gold-copper porphyry system at TV Tower.

Financial results include:

 For the three and six months ended June 30, 2014, we reported a net loss of $1.26 million and $3.42 million respectively, compared to a net loss of $3.85 million and $6.35 million, for the same periods in the prior year.  The losses per share for the three and six-month periods ended June 30, 2014 were $0.01 and $0.04 respectively (three and six-months ended June 30, 2013: $0.04 and $0.07 per share).  The most significant contributors to the losses for the six-months ended June 30, 2014 were the cost of wages and benefits ($0.88 million) and non-cash stock-based compensation ($0.67 million). The most significant contributors to the comparative period loss were; the write-down of the New Boston property ($1.28 million), non-cash stock-based compensation ($1.56 million), and the change in fair value of financial instruments ($1.51 million).

Matt Lennox-King, president and CEO of Pilot, commented:

Building on our recent discovery of a new gold-copper porphyry system at TV Tower and continued exploration success at Kinsley Mountain, we remain focused on delivering results through the second half of 2014 and beyond. We believe the quality of our projects, our proven team, and healthy treasury sets us apart in today’s market, and position Pilot Gold as a standout in the sector.

Click here to read the full Pilot Gold Inc. (TSX:PLG) press release.