Hillgrove updates Indonesian gold, copper/gold projects

The following is an excerpt taken from Australian based minerals exploration and development firm Hillgrove Resources? quarterly report released on Thursday.

Indonesian Gold and Gold/Copper Exploration
Hillgrove continues to maintain care and maintenance teams at its advanced exploration projects at Bird's Head and Sumba Island.

There are several parties continuing to express their interest in a potential joint venture for the Indonesian projects. This includes major exploration companies and private investment groups, including direct investment from within Indonesia. Hillgrove is continuing to work with these groups, including providing access under confidentiality to the exploration database.

With the status of the two projects in advanced exploration stage, the recent ban on mining exports does not have a direct impact on the value or the potential progress of the next stage works. Local landholder relationships are being maintained at the Projects.

Bird?s Head Copper/Gold Project, West Papua
Hillgrove is an 80% shareholder in PT. Akram Resources which holds IUP40/2010 in the Bird?s Head region of West Papua. Hillgrove is responsible for the management of exploration and development activities up to a decision to mine. The IUP covers 992.3km? and is valid until March 2017.

The IUP overlies a variety of forestry class designations, with exploration within the licence restricted to an Izin Pinjam Pakai area of ~8000ha, which covers the primary porphyry target of West Delta.As previously reported, a number of drill targets have now been generated and progress on these will be determined by successful alternate funding arrangements.

Sumba Gold Project, East Nusa Tenggara
Hillgrove is an 80% shareholder in PT Fathi Resources which holds IUP 322 on the island of Sumba. Hillgrove is responsible for the management of exploration and development activities, up to a decision to mine. The IUP Explorasi (Exploration and Mining Business Licence) covers 750km? and is valid until December 2016.

At this stage there are a number of porphyry and epithermal targets which require drill testing. The timing for this work is dependent on the company?s assessment of funding arrangements. (end of excerpt)