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Additional information
Additional Information
Market: AIM, ASX
Sector: General Mining
Epic: FND
News: Latest news
Web Site: Finders Resources
Other Articles: 10-03-201029-01-201023-12-2009

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Finders Resources

Finders Resources

Finders Resources' operations include development of the wetar copper project, exploration for copper and gold in Indonesia and investment in resource-based companies. The Company has 93.97% interest in wetar copper project, Indonesia. The Company’s interests in the wetar project and the ojolali project are held through its subsidiaries, Banda Minerals Pty Ltd and Way Kanan Resources Pty Ltd. The Company operates in two geographical locations, being Australia and Indonesia. Its minerals business is based in Indonesia where it is developing a copper project on the island of Wetar and conducting mineral exploration on Wetar Island and Sumatra.

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Tuesday, November 24, 2009

Finders Resources ticks off achievements at AGM

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Finders Resources' (ASX: FND) Wetar Copper Project comprises two high grade deposits, Kali Kuning and Lerokis, which are located within 3km from the coast and suitable for open pit mining.

As part of a definitive feasibility study, a demonstration SX‐EW plant with 5 tonnes per day copper cathode capacity has been operational since February 2009 and is permitted to process 100,000 tonnes of ore from the Kali Kuning deposit.

The combined resource estimate for Kali Kuning and Lerokis, at a 0.5% copper cutoff, of 8.18 Mt at 2.5% copper, or 205,000 tonnes of contained copper, of which +98% is classified as JORC Measured and Indicated categories.

After reviewing the recent DFS results, Finders approved the ordering of long lead items to fastrack Stage 1 and a further review of mining schedules, waste and ore movement, and mining indirect costs relating to the Stage 2 expansion.

At the Company’s other project, the Ojolali Gold-Silver property, Finders intends to increase  the oxide gold resource to +300,000 ounces of gold.

Finders Resources (ASX:FND) provided an update on progress of both projects at the AGM today.

The company ticked off the following list of achievements at its flagship Wetar Copper Project (94% and earning):

- Demonstration Plant operating
- Positive Feasibility Study
- 3 Stage expansion to 23,000 tpa Cu
- Ordering long lead items for Stage 1 Expansion (to 5,000 tpy)
- Permitting process well advanced
- Progressive release of regulations for New Indonesian Mining Law
- All local access and compensation agreements completed
- Financing Discussions with 4 banking groups

At its Ojolali Gold-Silver Project (72% with option), the company reported the progress:

- Targeting 30-50,000 oz Au pa start –up resource
- Quality new targets defined by recent trench sampling
- Drill testing to commence early December

Development plans for both projects were outlined:

Develop Full scale Wetar Copper Expansion:

- Stage 1(5ktpa Cu)- 5 months from permitting
- Stage 2 (23ktpaCu)- 12 months from Stage 1
- ~9 year mine life

Growth- Ojolali Au-Ag, Wetar Exploration:

- Targeting Jambi feasibility study end 2010
- Wetar outside prospects

The Finders share price was trading up 3.9%, to $0.40. 

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