Hillgrove finalizing two drilling projects in RI
Monday, August 6 2012 - 01:07 AM WIB
ASX-listed firm Hillgrove Resources Limited said that the company is finalizing two drilling campaigns in Indonesia of epithermal gold on the Island of Sumba and porphyry copper/gold deposits in West Papua.
?At the end of these programs, as is usual, we will assess the next phase of the projects in terms of work programs and funding,? the company said in its letter to the shareholders.
Hillgrove has recently completed $10 million share placement to raise fund for the company building profitable mining business including in Indonesia.
?With the recent successful completion of an unconditional $10 million share placement the company now has working capital outside the Kanmantoo Copper Mine, and our attention can turn to encouraging shareholders to participate in the Share Purchase Plan (SPP) and to support the resolutions for the Extraordinary General Meeting (EGM),? the letter says.
?So whilst the Board and staff are focused on our copper concentrate production at Kanmantoo and the resulting cash-flows over the next quarter, you can expect to receive more news on Indonesia from the exploration team later in the financial year as assays are completed,? it says.
Editing by Adianto P. Simamora