David Archer, CEO of Hillgrove Resources Ltd. expects the mine to be funded from other parties, with the cash earmarked for potential acquisitions and work on its West Papua tenements. He said, “We are in the process of offering joint-venture participation to a range of potential Chinese and other investors.”

Hillgrove Resources Ltd. reported consolidated earnings results for the half year ended July 31, 2009. For the period, the company reported profit before income tax of $81,144,663 and profit attributable to ordinary equity holders of the company of $53,973,885 or $0.131 per diluted share on revenue from continuing operations of $135,117 compared to the loss before income tax of $2,874,400 and loss attributable to ordinary equity holders of the company of $2,208,242 or $0.008 per diluted share on revenue from continuing operations of $98,773 for the same period year ago. Net cash used in operating activities of $3,558,484 compared to the $1,761,014 for the same period year ago. Payments for plant and equipment was $5,516,770 compared to the $4,222,786 for the same period year ago. Since the end of the half-year the directors have declared two separate dividends of 1 cent per ordinary share, fully franked based on tax paid at 30%. The amount of each of the proposed dividends to be paid is $4.13 million on 6 October 2009 and $4.13 million 30 November 2009, totalling $8.26 million. These amounts are to be paid from retained earnings at 31 July 2009 are not recognised as liabilities at the half-year. The company has not paid a dividend since the end of the previous financial year.

Hillgrove Resources Ltd. announced earnings results for the full year ended January 31, 2009. For the year, the company has reported EBITD of AUD 21.4 million or AUD 0.03462 per share, EBIT of AUD 21.2 million or AUD 0.06596 per share, pre tax profit of AUD 19.5 million and profit after tax of AUD 11.1 million or AUD 0.03462 per share on total revenue of AUD 46.8 million compared to negative EBITD of AUD 5.3 million or AUD 0.02065 per share, negative EBIT of AUD 5.4 million or AUD 0.02102 per share, pre tax loss of AUD 6.5 million and loss after tax of AUD 4.9 million or AUD 0.01903 per share on total revenue of AUD 0.6 million for the same period last year. Operating cash flow was negative at AUD 4.9 million against negative operating cash flow of AUD 3.2 million reported last year. Return on equity was 13.2% against negative return on equity of 8.8% and return on assets was 7.9% against negative return on assets of 6.6% reported last year.