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Market: AIM, ASX
Sector: General Mining
Epic: FND
News: Latest news
Web Site: Finders Resources
Other Articles: 26-08-201024-08-201012-08-2010

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Saturday September 04, 06:00Serving up support at Babcock

Support services have been among the worst performing sectors over the past month as revenue fears from the government’s austerity measures weigh heavily on the sector.

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Friday September 03, 11:40 Goldcorp snatches Andean Resources in $3.6bn deal, trumping Eldorado`s earlier bid

Both companies are vying for Andean`s Cerro Negro gold project, which is an advanced-stage, high-grade vein system, comprising 215 square kilometers. It currently has indicated resources of 2.54 million ounces of gold and 23.56 million ounces of silver, while inferred resources total 523,000 ounces of gold and 3.12 million ounces of silver.

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Wednesday September 01, 10:25Green Dragon Gas reports significant growth as China’s thirst for energy continues

China's thirst for energy resources has continued with an increased focus on domestic supplies of gas, Green Dragon Gas chairman Randeep Grewal said today. In the company's interim results, [...]

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Finders Resources

Finders Resources

Finders Resources' operations include development of the wetar copper project, exploration for copper and gold in Indonesia and investment in resource-based companies. The Company has 93.97% interest in wetar copper project, Indonesia. The Company’s interests in the wetar project and the ojolali project are held through its subsidiaries, Banda Minerals Pty Ltd and Way Kanan Resources Pty Ltd. The Company operates in two geographical locations, being Australia and Indonesia. Its minerals business is based in Indonesia where it is developing a copper project on the island of Wetar and conducting mineral exploration on Wetar Island and Sumatra.

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Wednesday, July 28, 2010

Finders Resources reports solid performance as Wetar moves towards commercial production

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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