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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

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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.

Finders Resources acquires Whim Creek SX-EW plant for Wetar copper project in A$5 million all-share deal

Wednesday, December 23, 2009

Finders Resources (AIM: FND) exercised its option to acquire the Whim Creek SX-EW (solvent extraction and electrowinning) plant from a subsidiary of Straits Resources Ltd for A$5 million in shares, giving Straits a 10.06% interest in the company.

To complete the transaction, Finders issued 12.7 million shares to Straits at 39.38 cents per share, representing a roughly 8% premium to yesterday’s closing price of 36 cents, and has paid the A$0.25 million option fee to Straits by the issue of a further 0.7 million shares at 34.5 cents per share.

The Whim Creek plant has a producing capacity of 18,000 tonnes of copper cathode per annum and is suited to Finders’ needs at its Wetar copper project in Indonesia, where a recently completed definitive feasibility study incorporated use of the plant.

The plant will be relocated to Wetar Island in about three months following the commencement of its dismantling in January 2010.

“Acquisition of the Whim Creek SX-EW plant represents a major advance towards development of the full scale Wetar copper project, by providing certainty of both supply and timing for key components for the development, as well as significant cost savings compared to the purchase of new equipment. We also appreciate the confidence in the project shown by Straits Resources in their willingness to accept Finders shares in full payment for the transaction,” said Chairman of Finders Resources Russell Fountain.

The combined resource estimate for Kali Kuning and Lerokis deposits at the project stands at 8.18 Mt (million tonnes) at 2.5% copper, or 205,000 tonnes of contained copper, of which +98% is classified as JORC Measured and Indicated categories.

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