SYDNEY (Yosefardi) – Hillgrove Resources Ltd has taken the decision to wind down the exploration activity for both Bird’s Head project in Papua and Masu project in Sumba, East Nusa Tenggara to preserve cash.
“There is interest in the projects from major mining groups, however all companies are reviewing their investment into greenfield areas. A number of potential funding partners have reviewed the data for both assets, with meetings held in Australia and Indonesia as well as two site tours conducted,” Hillgrove said in quarterly review submitted to Australia Stock Exchange this morning.
Hillgrove has an 80% interest in PT Fathi Resources, which holds mining concessions in Sumba Island, East Nusa Tenggara.
Hillgrove also holds 80% beneficial interest in PT Akram Resources, which holds exploration licenses in the Bird’s Head Region, West Papua province.