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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 reports solid performance as Wetar moves towards commercial production

Wednesday, July 28, 2010

In its quarterly operations report, Finders Resources (LON:FND, ASX:FND) noted a solid performance as it moves the Wetar copper project in Indonesia towards commercial production. During the second quarter to end-June 2010, the company completed upgrades to Wetar’s demonstration plant ahead of schedule.

The company highlighted that revised capital cost estimates for Stage 1 are nearing completion, and it is currently carrying out detailed engineering and optimisation design work for Stage 2.

Finders said that the demonstration plant’s current performance has been steady, with 416 tonnes of ‘Grade A’ cathode being produced in the quarter, equating to 4.6 tonnes of copper per day. The company sold 439 tonnes during the period with an average price of US$7,100 per tonne.

Through Stage 1, Finders said it has now completed its detailed engineering; all quotes have been completed and contractor responses to major works are being reviewed; project finance term sheets are being shortlisted; and capital estimates are expected by the end of July.

In reference to the Stage 2 expansion - which will take production to 23,000tpa - the company said that it is making steady progress with permitting. A revised capital estimate is targeted for December 2010, while engineering design work and earthworks optimisation is currently underway.

Elsewhere, Finders' Ojolali project was boosted during the period by high-grade gold and silver assays from the Jambi oxide prospect. Finders said that the results support the presence of high-grade zones within the deposit, and enhance the potential for extensions to depth.

Encouraging gold grades from Jambi drilling include 7m grading 9.6 grams per tonne gold, 24m at 3.1g/t gold and 7m at 4.3g/t. The assays also established a high-grade gold-silver feeder zone, with 6m grading 7.1g/t gold and 161g/t silver.

Finders believes that Ojolali has strong potential to become the company’s second development project. The company owns 72% interest in the project.

Last week, chairman Russell Fountain commented: “The wide zones of near surface oxide gold mineralization will enhance the potential for a start‐up oxide gold mine at Jambi. In addition, resolution of the structural controls opens up the means for effective targeting of the outstanding deep exploration potential of the Ojolali area"

"The exploration success being achieved at Ojolali combined with the planned expansion at Finders’ Wetar copper project later this year leaves the company in an excellent position.”

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