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 anticipates first copper production in January
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."
