Highlights

• Jaguar Bankable Feasibility Study results confirm scoping study projections.
• Geotechnical studies – positive results indicate that extraction of up to 95% of the resource can be expected.
• Metallurgical studies indicate good recoveries of Cu, Ag and Zn concentrate grades.
• Title and environmental issues proceeding satisfactorily.
• Pilbara has purchased the Cadjebut treatment plant, powerhouse and camp for $1.4 million.
• Joint Venture partner, Inmet, is returning to site during first week of May 2004 to begin a follow-up diamond drill program targeting strong downhole EM conductors.
• Pilbara sold 3.1 million PowerTel shares for $2.93 million to fund the purchase of the Cadjebut plant and working capital.