Hill End Gold (HEG, HEGOB)

Options conversion underwriting agreement up to $10.4m

The Directors of Hill End Gold Limited have announced that the Company has

entered into an underwriting agreement with Bell Potter Securities Limited to underwrite the

conversion of up to $10.4m of HEGOB options for the issue of 41,600,000 HEG shares. Bell

Potter is to be paid an underwriting fee of 5% and a management fee of 3%.

The funds will provide a strong balance sheet for the Company to pursue the planned

expansion of the Hill End Gold Project and pre-development activities at the Hargraves Gold

Project.

Option holders are eligible to exercise the HEGOB options up to 5.00pm (AEST) on 30

September 2009 and are encouraged to use the personalised conversion notices recently

posted or the conversion form on the Company?s website ? www.hillendgold.com.au.

For further information:

Philip Bruce, Managing Director

0412 409 555

Doug Macdonald

0424 255 959

Capital Group