Hillsborough Resources Limited
TSX : HLB

Hillsborough Resources Limited

June 30, 2008 12:42 ET

Hillsborough Resources is Pleased to Announce Conversion of Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 30, 2008) - Hillsborough Resources Limited (TSX:HLB) -

Vitol SA converts 3,000,000 warrants to common shares at a conversion price of $0.60 resulting in a cash contribution to Hillsborough in the amount of $1,800,000.

Vitol acquired the Warrants earlier this month in an arms-length, non-brokered transaction with MinQuest Capital of Montreal, who had originally obtained the warrants as part of a 6,000,000 share and half-warrant, non-brokered private placement completed in November 2007.

"Once again Vitol SA has demonstrated its strong support for Hillsborough through this early conversion thereby strengthening Hillsborough's ability to capitalize on its extensive metallurgical and thermal coal resource base," said David Slater, President & CEO.

About Vitol

The Vitol Group is one of the largest traders in the world's energy marketplace. Vitol's main trading operation is located in Geneva, Switzerland. For further information, please visit www.vitol.com.

About the Corporation

Hillsborough Resources Limited is a coal mining company that operates the Quinsam underground thermal coal mine near Campbell River, British Columbia, serving the local and west-coast U.S. cement industry and is increasing export sales. The Company is a limited partner in the Peace River Coal Limited Partnership, which has substantial metallurgical coal properties both in production and under development near Tumbler Ridge, British Columbia. In addition, the Company is developing the proposed Wapiti thermal coal mine in the same region. Hillsborough also holds the Bingay Creek metallurgical coal property located in the Elk Valley region of southeast British Columbia.

This release may contain forward-looking statements regarding the Corporation's business or financial condition. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Corporation expects are forward-looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Actual results could differ materially from those described in this news release as a result of factors including but not limited to the following: adverse exploration or development results; adverse due diligence findings; re-assessments of corporate or development objectives and requirements; additional technical developments and considerations; unexpected increases in the costs of producing coal, changes in international coal or transportation markets, a rapid change in the value of the Canadian dollar particularly with respect to the US dollar, a fundamental slow down in the North American, Asian or worldwide economies; and other factors. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.

Contact Information

  • Hillsborough Resources Limited
    David Slater
    President & C.E.O.
    (604) 684-9288
    or
    Hillsborough Resources Limited
    Ian Kirk, C.A.
    C.F.O.
    (604) 684-9288
    (604) 684-3178 (FAX)
    Website: www.hillsboroughresources.com