RSS UpdatesCompany Information for Hillgrove Resources Ltd
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 ASX; HGO
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Company Statement
Hillgrove in its present form has operated since February 2003 when it was reinstated to official quotation on the Australian Stock Exchange (ASX: HGO) following a restructuring and capital raising.
The original viewpoint worked to in establishing Hillgrove was that the resources sector was one that had been largely ignored for a number of years. The board of Hillgrove believed there were opportunities in this sector which were undercapitalised, under funded, under explored or generally unappreciated and which, if secured, would form the basis of a medium sized mining group. This was reflected in the diminishing number of resources companies, the declining level of exploration and generally suppressed commodities prices.
Hillgrove’s initial focus is on opportunities with a demonstrated head start and which can be brought quickly into production. Hillgrove’s major projects are characterised by having clearly defined value adding steps that can result in above average total returns to shareholders.
The company’s focus can be split into three main areas:
Strategic Investment – Eastern Star Gas Limited (ASX: ESG: 19.9%) and InterMet Resouces Limited (ASX: ITT: 84.8%);
Brownfield Development – Copper-Gold, Kanmantoo Mine, South Australia; and
Greenfield Exploration – Gold, Sumba, Indonesia; Copper,Gold at Bird's Head, West Papua; Gold at Mt. Rhine, South Australia; Silver, Lead, Zinc at Mt. Torrens, South Australia; and Lead-Zinc at Wheal Ellen, South Australia.
Current Operations
Hillgrove Resources Limited are working on a number of projects. These projects are listed below:
Alford (Hillgrove 20%)
Exploration Project
Hillgrove entered into an option agreement with Kelaray Pty Ltd, a wholly owned subsidiary of Argonaut Resources N.L. (ASX: ARE). Under the terms of the option Hillgrove expended $220,000 on exploration and paid Argonaut $30,000 in 2005 in order to earn the right to initiate a Farm-in Joint Venture and take a 20% interest in the tenement. The Joint Venture Agreement then provided that Hillgrove may earn a further 50% interest by spending $4,000,000 in five years provided exploration expenditures do not fall below $150,000 in any one year.
Eastern Star Gas (Hillgrove Investment 23.1% fully diluted)
Gas Development Company
Hillgrove sold its 32.5% farm-in in the PEL 238 coal bed methane development project in New South Wales in October 2006 for a 19.9% stake in Eastern Star Gas (ASX:ESG). ESG's interests concentrate on gas reserves and extend from New South Wales down through Victoria.
Kanmantoo Copper/Gold Project (Hillgrove 100%)
Brownfield Development
Hillgrove has consolidated a series of tenements in South Australia which give it control of the important Kanmantoo Trough including the former Kanmantoo Copper-Gold Mine.
Geographical Spread
Australia
Board of Directors and Key Management
| The Hon. Dean Brown | Chairman |
| David Archer | Managing Director |
| Ron Belz | Non-Executive Director |
| John Gooding | Non-Executive Director |
| John Quirke | Non-Executive Director |
| Dale Ferguson | General Manager – Exploration & Operations |
| Russell Middleton | Company Secretary and Chief Financial Officer |
Company AddressSuite 4103 Level 41Australia Square Tower 264 - 278 George Street
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Related News
15/02/10 - The Earth Moves For Hillgrove Resources: Cash In The Bank, Short-Term Cashflow, And A Potential New Porphyry In Indonesia15/07/09 - Hillgrove Now Has A King-Sized Cashpile To Support Its Hunt For Golden Elephants In Indonesia
02/02/09 - Hillgrove Swings North To Focus On Gold In Indonesia, Just As The Gold Price Looks Set For Another Run
11/12/08 - Hillgrove Has Plenty Of Balance Sheet Strength To Sustain It While It Waits For The Right Partner And The Right Copper Price
22/04/08 - Hillgrove Draws In The Professionals As The Amateurs Sell
Most Recent Statement
17/03/10 - Sumba Drilling Programme02/03/10 - Resource Extension Drilling Underway at Kanmantoo
26/02/10 - Quarterly Activities and Cashflow Report
11/02/10 - Potential for Copper Gold Porphyry System at West Delta
22/01/10 - HGO Share Purchase Plan
21/01/10 - Auzex signs Heads of Agreement over Khartoum tenement