exciting broker report

http://www.hillgroveresources.com.au/downloads/media-broker/HGO20101108.pdf

Valuation at $0.34.

Extremely cheap at this price for multi resourced company.

HGO has raised debt and equity to bring its Kanmantoo copper mine in
South Australia into production. More significantly from the perspective of
investment leverage, the company has raised sufficient capital to continue
aggressively exploring its two very prospective exploration properties in
Indonesia, namely Sumba Island and Birds Head. Both properties are
considered prospective for both epithermal gold mineralisation as well as
porphyry copper-gold style mineralisation. Early 2011 will see deep drilling
focussed on the latter. Our valuation is now $0.31/sh (previously $0.34/sh)
which includes a very conservative $19m (2cps) for exploration value.