Hillsborough Resources Limited
TSX : HLB

Hillsborough Resources Limited

October 16, 2008 14:19 ET

Hillsborough Resources Limited: Press Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2008) - Hillsborough Resources Limited (TSX:HLB) announces that as a result of a review by the British Columbia Securities Commission, we are issuing the following press release to clarify our disclosure. Noted below are the documents reviewed and related results:

- Annual MD&A for the year ending December 31, 2007 - no restatement required

- Interim MD&A for the quarter ending March 31, 2008 - no restatement required

- Interim MD&A for the quarter ending June 30, 2008 - no restatement required

- Financial statements for the period ending March 31, 2008 - no restatement required

- Financial statements for the period ending June 30, 2008 - no restatement required

- AIF for the year ended December 31, 2007 - no restatement required

- Technical report NI 43-101 dated March 29, 2007 - the following amendments are required per the British Columbia Securities Commission:

-- Technical report - removal of the appearance of disclaiming responsibility for information with respect to legal title of the property

-- Technical report - elimination of confusion due to typing errors

-- Technical report - inclusion of images which were not uploaded in the document correctly

-- Consent of Author - a clearer consent of publication from the author

-- Certificate of Author - a more descriptive narrative of the qualifications of the author

-- Certificate of Author - updating references to the current version of the NI 43-101

- Technical report NI 43-101 dated March 28, 2007 - the following amendments are required per the British Columbia Securities Commission:

-- Consent of Author - a clearer consent of publication from the author

-- Certificate of Author - a more descriptive narrative of the qualifications of the author

-- Certificate of Author - updating references to the current version of the NI 43-101

Hillsborough Resources Limited has willingly complied with all requests and the revised technical reports and related documents are now filed on SEDAR.

About the Corporation

Hillsborough Resources Limited is a coal mining company that operates the Quinsam underground thermal coal mine in Campbell River, British Columbia, serving the local and west-coast U.S. cement industry. The Company is a limited partner in the Peace River Coal Limited Partnership, which has substantial metallurgical coal properties both in production start-up 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 as well as the Crossville metallurgical coal property located in Crossville, Tennessee.

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