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.
Finders Resources ticks off achievements at AGM
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.
