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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	FND
Latest Price:	0.44 (3.53% )
52-week High:	0.51
52-week Low:	0.34
Market Cap:	122.99M

1 year chart

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Finders Resources Limited Full Finders Resources Limited profile here

Finders Resources (ASX:FND) operations include development of the Wetar Copper Project and the Ojolali Gold/Silver project. The Company has 95% interest in the Wetar Copper Project, Indonesia which has completed its demonstration phase and is moving into the construction phase of its 250,000 tpa SX-EW operation.

Ojolali is a highly promising gold/silver prospect in South Sumatra.

FinnCap issues upbeat note on Finders Resources after Wetar copper project update

Thursday, June 25, 2009

Broker FinnCap issued a note following Finders Resources PLC’s (AIM: FND) update on the feasibility study for the company’s Wetar copper project in Indonesia, saying it expects the project execution risk to materially diminish going forward.

Finders Resources said it is making“ excellent progress” with the study, and that it is on schedule for review in August 2009.

“We expect H2 2009 to bring a series of announcements which will materially reduce project execution risk and increase the market’s value towards our 0.75x NPV valuation of 69p per share,” the broker said.

The large number of independent consultants being used by the company should provide comfort to the market that due process is being followed.

The update increases FinnCap’s confidence that the demo plant will produce 680 tonnes of refined copper for fiscal 2009 resulting in US$3m of revenue. But the real upside lies with the main project which it expects, assuming financing is secured, to produce 6,000 tonnes of copper in 2010 followed by 20,000 tonnes in 2011, it said.

“We think the current market value of Finders, at 2.4x 2010 earnings based on a copper price of $2/lb, significantly overplays project execution risk,” FinnCap added.

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