A victim of tax loss selling The market now values Pilot Gold at about $59 million. Their cash balances at year-end are likely to be around $16 million, so more than a quarter of that valuation is cash. They may not have any project nearing production yet, but according to their estimation the first is likely to be in construction during 2016 and on-stream 2 years later. Moreover their partner (Teck) is likely to publish the first estimate of gold, silver and copper in that deposit in Turkey, 40% owned by Pilot Gold, within weeks. A second Turkish deposit is just one year behind.In Nevada they are busy drilling a whole bevy of deposits where they are the operator and are likely to build on their 2011 successes.To my mind at present valuations they make a compelling buy while people are clearing out their losers.