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Hidefield Gold PLC - News Release



Hidefield Gold - News Release ( http://cp20.com/Tracking/t.c?8BHV-5dDY-5CrcK5 ) September 30, 2009 Unaudited Interim Results for the Six Months Ended 30 June 2009 London, 30th September, 2009: Hidefield Gold plc ("Hidefield" or the "Company"), the gold company with advanced projects in Argentina, Brazil and Alaska, including the Don Nicolas gold project in Santa Cruz Province, Argentina announces its unaudited interim results for the six months ended 30 June 2009.

HIGHLIGHTS - Updated resource estimate at Don Nicholas gold project - Potential disposal of Golden Zone gold property in Alaska - Sale of Estelle gold project in Alaska - Settlement of loan facility via the issuance of common shares ABOUT HIDEFIELD Hidefield is a gold company with a focus on the exploration and development of gold projects in Argentina including the Don Nicolas gold project in Santa Cruz Province, Argentina.

In Argentina Hidefield is actively exploring the advanced stage Don Nicolas gold project where it has reported a mineral resource estimate, prepared in compliance with JORC reporting standards, of 1,078,000 tonnes at 5.8 grammes per tonne ("gpt") gold for 200,700 ounces of gold in the Indicated Category and 1,075,000 tonnes at 4.6 gpt for 158,400 ounces of gold, in the Inferred Category.

Both resource calculations were performed using a 90 gpt high grade cut off.

In addition, the Company is exploring an extensive portfolio of gold exploration licences in the Patagonian provinces of Santa Cruz and Chubut, Argentina.

The Companys other gold projects including the Cata Preta project in Brazil and the Golden Zone project in Alaska are the subject of negotiations to conclude the sales of these projects.

These negotiations are part of Hidefields strategy to consolidate the Companys exploration activities in the southern Patagonian provinces of Argentina.

For more information on Hidefield go to www.hidefieldgold.com ( http://cp20.com/Tracking/t.c?8BHV-5dDZ-5CrcK6 ).

For further information on this release, please contact: Hidefield Gold Plc Ken Judge, Chairman: + 44 773 300 1002 Investor Relations Jon Bey (North America): + 1 800 689 2599 Hanson Westhouse Limited (Nomad and Broker) Tim Feather / Matthew Johnson: + 44 113 246 2610
Executive Chairmans Statement I am pleased to report the progress your Company made during 2009 to date and provide the unaudited interim results for the six months ended 30 June 2009, which have neither been audited nor reviewed pursuant to guidelines issued by the Auditing Practices Board.

During the half year under review, the Company was particularly active in its efforts to conclude negotiations for the sale or farm out of its projects in Alaska and Brazil.

I am pleased to report that during this period an agreement was reached for the sale of Hidefields interest in the South Estelle gold project in Alaska to Millrock Resources Inc.

In addition the Company announced on 19 August 2009 that it had entered into a memorandum of understanding with Fire River Gold Corp for the potential disposal of Hidefields interest in the Golden Zone gold project also in Alaska.

Both disposals would provide important funding to assist the Company to continue exploration on our Argentina projects.

Efforts to conclude similar transactions for the Cata Preta gold project in Brazil are continuing and we remain optimistic that the Company should be able to conclude a transaction on this project during the second half of the year.

Despite encouraging recent strength in the gold price, the difficult general economic environment and the limited capital market interest in supporting junior exploration companies continues to negatively affect the Companys ability to fund its ongoing activities at the Don Nicolas gold project in Argentina.

Encouragingly, other participants in the gold sector seem to share our optimism about the possibility of the Don Nicolas project eventually becoming a mine so we are continuing to evaluate the possibility of third party involvement with this project as a means to ensure the project is able to progress forward.

This process has inevitably raised the possibility of Hidefield potentially being acquired and as shareholders will have noted, we recently announced that discussions were underway with a third party which may lead to an offer being made for Hidefield.

There is of course no certainty that such an offer will be made and if made, will be successfully concluded but shareholders will be advised as and when there is further news to report.

In the meantime, we will continue with our efforts to ensure that the value of our portfolio of gold projects and other investments in listed securities is properly reflected in the market capitalisation of the Company.

I also wish to record our gratitude to the lenders and shareholders who provided Hidefield with the financial resources that enabled the Company to continue with relatively uninterrupted activity during the latter part of 2008 and through the first half of 2009.

Moreover and equally important, these lenders which included Hamilton Capital Partners Limited, a company with which I am associated, agreed to convert their loans to equity and that agreement was approved by shareholders in late July 2009, substantially reducing the Companys debt as reported in these interim financial statements.

Finally, I wish to record the important contribution made by my fellow directors and our senior management in Argentina and Canada in our efforts to continue our exploration and business development activities in Argentina, Brazil and the USA during this period of economic uncertainty.

Without this support the Companys affairs would certainly have suffered greatly and we may not have attracted the potential takeover interest to which I have referred in this note and in our recent news release.

Interim results and going concern The unaudited results of our activities and transactions completed during the period under review and ended 30 June 2009 reflect a decrease in the level of our exploration activities on our Don Nicolas gold project in southern Argentina.

The loss for the period was �694,992 (2008: �423,214) which included a property impairment of �303,104 that was not applicable in the comparable period of 2008.

In addition to its ongoing working capital requirements, the Group must secure sufficient funding for ongoing mineral property exploration and development.

However, management remains confident that the existing cash and investment securities are sufficient to meet current operating requirements, and that any significant project development costs can be met from the raising of new finance or by attracting an industry partner.

However, at the balance sheet date, these development plans were uncommitted.

Kenneth P Judge 30 September 2009 For the complete copy of this announcement, including the Unaudited Interim Results for the Six Months Ended 30 June 2009 ( http://cp20.com/Tracking/t.c?8BHV-5dDa-5CrcK3 ), visit the Hidefield website: http://cp20.com/Tracking/t.c?8BHV-5dDb-5CrcK4 For more information on Hidefield go to: www.hidefieldgold.com ( http://www.hidefieldgold.com/ ) Join our Email List ( https://app.campaignerpro.com/campaignerpro/public/form.aspx?fid=58536 ) | Home ( http://www.hidefieldgold.com/ ) | Corporate ( http://www.hidefieldgold.com/s/CorporateInfo.asp ) | News ( http://www.hidefieldgold.com/s/NewsReleases.asp ) | Projects ( http://www.hidefieldgold.com/s/MineralProperties.asp ) | Investors ( http://www.hidefieldgold.com/s/InvestorInfo.asp ) | Contact ( http://www.hidefieldgold.com/s/ContactUs.asp ) | You are subscribed to this newsletter as .

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