October 14, 2003

News Release: $3.15 Million Financing Arranged

PilaGold Inc. ('Pila') is pleased to announce that it has arranged a non-brokered private placement whereby Pila will raise up to $3,150,000 by selling 3,500,000 units at a price of $0.90 per unit. Each unit will consist of one share and one-half of a share purchase warrant. Each full warrant will entitle the holder to purchase one additional share of Pila at a price of $1.00 exercisable for one year. A finder's fee is payable in connection with this financing.

The proceeds of this private placement will be used to finance the exploration of Pila's portfolio of gold targets in eastern Guatemala and Nicaragua. ON BEHALF OF THE BOARD

Simon T. Ridgway, President

Shares Issued: 15.3 million

PilaGold Inc. Simon T. Ridgway President (604) 801-5432 or Toll Free: 1-888-627-9378 (604) 662-8829 (FAX) Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.pilagold.com

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