I'm not Maven expert, but I don't think you can build h-core module by itself (seperately from cache-ehcache, testing etc - not tools), as it depends on the it's parent. It _may_ be enough to just download that parent pom and put it in the parent directory, or have it installed in your local repo.
But anyway, to build hibernate-core export from
Code:
http://anonsvn.jboss.org/repos/hibernate/core/trunk
Then go into that directory and type mvn install to get the build installed into your local repo.
Then you can go into the core dir and whenever you want to rebuild it, just type mvn install or mvn package and you'll get your jar.
NB: you will need to have the JBoss repositories in your maven settings.xml and you will also need either maven > 2.0.8 (i think) or a trunk build of maven.
_some_ info here:
http://www.hibernate.org/422.html