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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (2459)	6/12/2007 10:32:35 PM
From: LoneClone	Respond to of 194541

Hillgrove's rise continues Article from: The Advertiser news.com.au ANTHONY KEANE June 13, 2007 02:15am SHARES in Hillgrove Resources leapt 21 per cent yesterday after the company announced a promising find at its Alford copper project on Yorke Peninsula. Hillgrove said it had re-tested drilling results from its Netherleigh Park copper prospect and identified "significant polymetallic mineralisation associated with the copper mineralisation", including cobalt, uranium and molybdenum. The news sent the company's share price climbing 10c to 57.5c. It has more than doubled in the past two months, largely because of ongoing success at its flagship Kanmantoo copper and gold project in the Adelaide Hills. Managing director David Archer said yesterday that molybdenum and cobalt could provide "valuable credits to any potential copper production from Alford". Molybdenum is used for alloying to give strength and corrosion resistance to stainless steel while cobalt is used in alloys, magnets and electroplating. "Molybdenum and cobalt prices are both around $US30 per pound, which is some ten times that of copper, with both metals experiencing high demand," Mr Archer said. He said the outlook for molybdenum prices was positive, given the dramatic rise in the nickel price. "Molybdenum effectively is a substitute for nickel in alloys," Mr Archer said. Hillgrove was also awaiting results from two recent drill holes that targeted the main copper zone at Alford. "That will be pretty interesting," Mr Archer said. Sydney-based Hillgrove holds 20 per cent of the Alford Project on northern Yorke Peninsula and can earn up to 70 per cent.