new target price by whtm, page-3

To clarify - Wilson HTM did not publish on HGO specifically yesterday.

What they did was put out a general note on the resources sector, with valuations and price targets updated for their new commodity price assumptions.

There is a bit of inconsistency between different pages of the report, but the key paragraph on HGO reads:


?? Hillgrove Resources Ltd (HGO) - BUY: We are becoming increasingly
positive on HGO following resolution of share limiting events in late 2011. This
includes, ramp up being on track, resolution of the contractor claim, delivery of
concentrate to port and associated first sale. The recent announcement of the
granting of an exploration licence of the Birdshead project is a positive surprise
and we expect first results towards the end of the June half 2012. With first
revenue received, the risk of a cash squeeze has materially reduced. We retain
the BUY recommendation, valuation and target price are unchanged at
$0.48/sh $0.56/sh respectively. In addition, we are expecting HGO to release
an updated reserve and resource statement later in the June half 2012. The
upgrade will be significant towards determining the economics of expanding
Kanmantoo to 3.5mtpa, which could lift production from 21ktpa of copper
payable to 30ktpa.