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To: GARY P GROBBEL who wrote (30667)	2/23/2005 11:21:45 AM
From: GARY P GROBBEL	Read Replies (2) \| Respond to of 120405

HLB.TO...these 9mo (we are waiting on year end) numbers reflect only a portion of the company's reserves and no production at all from the newly acq Tennessee properties which are detailed at some length in the company's PR's. There are many add'l properties in Canada still in the preliminary stage prior to drill/production. The Tennesseee properties will be immediately cash accretive. Coal will be the new black gold IMO- HILLSBOROUGH RESOURCES: HILLSBOROUGH ANNOUNCES THIRD QUARTER EARNINGS AND NINE MONTH RESULTS FOR RELEASE: October 26, 2004 Hillsborough Resources Limited (TSX: “HLB”) is pleased to announce third quarter net earnings of $115,649, with coal revenue for the quarter of $4.1 million and income from coal operations of $911,705. Coal revenue was derived from contract sales as there were no spot market deliveries during the quarter. However, Hillsborough is currently building inventory to meet an international spot market delivery in the fourth quarter. Net earnings for the nine months ending September 30, 2004 are $1,638,411, or $0.05 per share, on coal revenue of $18.5 million and income from coal operations of $4.2 million. Net earnings for the comparative nine months ended September 30, 2003 were $466,371, or $0.02 per share. The balance sheet remains strong, with a working capital ratio of better than 3 to 1. Year to date coal sales through September 30th totalled 382,000 tonnes, and Hillsborough anticipates total coal sales for the 2004 year will be in the 500,000 to 520,000 tonne range, compared to 284,000 tonnes for 2003, with prices remaining strong. In order to meet the substantial increase in demand, which is projected to continue through at least 2005, production rates have been increased by 40% during 2004, with a number of new personnel being added to the workforce. On the Bingay Creek metallurgical coal property in the Elk Valley, drilling to further delineate the coal reserve has been completed, and background environmental studies are in progress in connection with a 100,000 tonne bulk sample permit application. As announced previously, agreement has been reached with the B.C. Government relative to Quinsam Coal's title to coal bed methane in its freehold coal beds. Hillsborough is working with our operating partner, Texas Canada Venture Inc., on the preparation of an exploration strategy, and the steps necessary to obtain permitting for exploratory drilling are in process.