Radius Gold Inc.
TSX.V: RDU     $0.27

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 June 02, 2004
Radius and PilaGold shareholders Vote to Approve Merger

 Amalgamation Overwhelmingly Approved By Shareholders

NR 2004-07

Vancouver, British Columbia - Radius Explorations Ltd. (RDU - TSXV) and PilaGold Inc. (PRI - TSXV) are pleased to announce that the amalgamation of the companies previously announced on March 3, 2004 (the "Amalgamation") has been overwhelmingly approved by over 99% of the shareholders of each of two companies. Under the Amalgamation, each of Radius and PilaGold are to amalgamate and continue as one company. The name of the amalgamated company (Amalco) will be "Radius Gold Inc.". Under the terms of the Amalgamation, Radius shareholders will receive 1 Amalco share for every 1 Radius share held and PilaGold shareholders will receive 1 Amalco share for every 2.25 PilaGold shares held.

Upon completion of the Amalgamation, the Board of Directors of Radius Gold Inc. will consist of Nicholas Glass, David Farrell, Bradford Cooke, Craig Bowe, Harmen Keyser, Mario Szotlender and Simon Ridgway, with Simon Ridgway being President and CEO of the new Company. The issued capital of the new Company will be 50,590,944 shares, with approximately $20,000,000 in working capital to fund operations.

Closing of the Amalgamation is still subject to the satisfaction of certain conditions precedent including court approval and final approval of the TSX Venture Exchange (conditional approval of the Exchange was previously received). The Companies anticipate that if all conditions precedent are satisfied, the closing of the Amalgamation will take place at midnight on June 30, 2004, being the end of the three month financial period of Radius and the end of the six month financial period for PilaGold. If closing occurs at such time, Radius and PilaGold shareholders will have their shares exchanged for shares in Radius Gold Inc. The shares of Radius Explorations Ltd. and PilaGold Inc. will then be de-listed from the Exchange and on the next trading day, which will be July 2, 2004, trading in the shares of Radius Gold Inc. will commence under the trading symbol "RDU" which is the current trading symbol for Radius Explorations Ltd.

For further information on Radius Explorations Ltd. or PilaGold Inc., please call toll free 1-888-627-9378 or visit our web sites (www.radiusgold.com and www.pilagold.com).

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.


ON BEHALF OF THE BOARD

"signed"

Simon Ridgway, President
PILAGOLD INC.
Symbol:TSXV-PRI
Shares Issued: 23.1 million


ON BEHALF OF THE BOARD

"signed"

Simon Ridgway, President
RADIUS EXPLORATIONS LTD.
Symbol: TSXV-RDU
Shares Issued: 40.3 million
 
 

You can view the Next News Releases item: Tue Jun 22, 2004, Radius upgrades high-grade trench results from El Pavon, Nicaragua

You can view the Previous News Releases item: Wed May 19, 2004, Radius Explorations / PilaGold Merger Plans & Exploration Update.

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