SYDNEY (Yosefardi) – ASX-listed Hillgrove Resources Limted contnues to maintain care and maintenance teams at its advanced exploration projects at Bird’s head and Sumba island.
The company’s interest was generated towards potential investment in its advanced projects, from both a pure investment perpective for future copper discoveries and from a potential direct involvement.
Interest in exploration is particularly strong from local Indonesian investors. Projects are continuing to receive support for further exploration expenditure based on the quality of the assets.
With the focus of the two peojects in advanced exploration stage, the recent ban on mining exports does not have an impact on the value of the potential progress of the next stage works.
Local landholder relationships are being maintained at the projects, and an update review of next step targets on both projects will be undertaken during the first half.
Hillgrove is an 80% shareholder in PT Fathi Resources which holds mining license (IUP 322) on the island of Sumba, covering 750 km2 and valid until December 2016.
It also holds 80% stake in PT Akram Resources which holds IUP 40/2010 in the Bird’s Head region of West Papua, covering 992.3km2 and valid until March 2017.