Finders Resources
Finders Resources is an emerging copper producer through its Wetar copper project in eastern Indonesia (73% and earning), and has additional growth potential through its Ojolali gold-silver project in South Sumatra (72% with option). 2008 will see the first copper production at Wetar from a 5tpd cathode demonstration plant and a definitive feasibility study targeting copper cathode production of 20-25,000 tones per year. Finders has budgeted for up to 10,000m of drilling to expand on the gold and silver inferred resources (1 million Oz eq.) at the Ojolali Project. Finders has a highly accomplished management team, extensive Indonesian operating experience, and a strong focus on growth through development of quality mining projects.
Finders Resources anticipates first copper production in January
Finders Resources, the precious and base metals exploration and development company operating in Indonesia , delivered good news to investors just in time for the holidays.
Finders Resources is the operator of the Wetar Project and Ojolali Gold-Silver Projects, and holds an investment in Geopacific Resources, an ASX-listed company with active exploration programs for gold and copper in Fiji.
The company has been focused on completing a demonstration plant at the Wetar Copper Project, and announced today that commissioning was finally completed, and production of the first copper cathode is anticipated in "two to three weeks" from 24 December, 2008, when irrigation of the stacked ore will begin.
Finders also reported that it had upgraded the resource estimates for the Kali Kuning and Lerokis massive sulphide deposits, with more than 98% of the resource now in the indicated and measured categories. The combined resource estimate for Kali Kuning and Lerokis, at a 0.5% copper cut-off, now stands at 9 million tonnes at 2.4% copper, or 218,000 tonnes of contained copper. The majority of the resource is also expected to be upgraded to an ore reserve once additional mine planning and feasibility work are complete.
Furthermore, Finders reported additional metallurgical test work from the transitional mineralisation. Preliminary results were "very encouragaing" with 57% recoveries within 13 days.
"These results are significant for the expansion project, since the SX-EW plant is likely to achieve nameplate capacity much faster than previously expected due to the fast leaching nature of the Transition mineralisation," the company said.
Chris Farmer, Managing Director of Finders Resouces, said the establishment of the demonstration plant was a major milestone for the Company:
"We now believe that the logistical and supply delays relating to establishing the Wetar demonstration plant are largely behind us. The commencement of stacking of the heaps represents a major milestone towards copper production at Wetar.
We see the new Indonesian Mining Law as a positive for the Wetar project, and our work to date has been carried out on the understanding that the new Mining Law was likely to be implemented. Despite the current low copper price, the Directors believe that the Wetar copper project's grade and cost structure will continue to justify its early development. This will make us one of the few junior miners with prospects in exploration, development and
production."
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Other Finders Resources articles
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01/06/09 Finders Resources to acquire copper cathode plant, adds to project certainty
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20/03/09 Finders Resources boosts upside with A$5.6m placement for Wetar Copper Project
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12/03/09 Finders Resources – Indonesia’s first heap leach copper cathode producer
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09/03/09 Finders Resources ships first copper cathode from Wetar Copper Project in Indonesia
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16/01/09 Finders Resources secures convertible loans from Resource Capital and directors
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23/05/08 Copper: Long term fundamental demand
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22/02/08 Finders Resources: all eyes on Wetar Pilot Plant
Other Finders Resources news
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25/06/09 FinnCap issues upbeat note on Finders Resources after Wetar copper project update
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25/06/09 Finders Resources making ‘excellent progress’ on Wetar copper project feasibility study
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03/06/09 Finders Resources names Michael Stirzaker finance director
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11/05/09 Finders Resources receives notice of substantial shareholder
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27/04/09 Finders Resources to focus on feasibility study for Wetar copper cathode project
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25/03/09 Finders Resources appoints Resource Capital principal to board, will appoint a finance director
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17/03/09 Finders produces high grade LME cathode copper product from Wetar in Indonesia
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13/03/09 Chris Farmer, Managing Director of Finders Resources talks to Proactiveinvestors
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18/02/09 Finders Resources resumes copper cathode production at Wetar project
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10/02/09 Finders Resources starts copper plating at Wetar demonstration plant
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