Partners cut gold at Banderas (December 22, 2003)

Vancouver — Partners PilaGold (PRI-V) and Radius Explorations (RDU-V) intersected gold mineralization in all the 10 holes drilled recently at the Banderas project in eastern Guatemala.

Eight of the holes tested the M28 vein over a 350-metre strike length down to depths of 120 metres below surface. The results confirmed that the vein is 2-5 metres wide and dips moderately to the west.

The best results came in hole 8, which yielded 9.3 grams gold and 41 grams silver per tonne over 3.6 metres. Included in this section was a higher grade portion running 18.8 grams gold and 64 grams silver over 1.5 metres. Other highlights include the following:

— Hole 1 returned 6.2 grams gold and 99 grams silver per tonne over 0.5 metre.

— Hole 2 returned 2.9 grams gold and 57 grams silver over 1.8 metres.

— Hole 3 returned 21.5 grams gold and 147 grams silver over 0.4 metre.

— Hole 4 returned 14.8 grams gold and 5 grams silver over 0.7 metre.

— Hole 5 returned 7.4 grams gold and 84 grams silver over 1.5 metre.

— Hole 6 returned 6 grams gold and 76 grams silver over 1.7 metres.

— Hole 7 returned 7.5 grams gold and 33 grams silver over 1.6 metres.

The last two holes targeted a parallel vein system, known as Pyramid Hill, down to depths of 80 metres below surface. Here, hole 9 returned 3.1 grams gold and 31 grams silver over 1.5 metres, while hole 10 yielded 1.9 gram gold and 2 grams silver over 1.5 metres.

In total, the Banderas property hosts five epithermal vein systems in a volcanic dome field with silicified breccias identified over a strike length of 2.5 km.

Based on the results, a second bout of drilling is planned for January 2004.

PilaGold can earn a 60% interest in the project by spending $4 million over three years.