Finders is an emerging low cost copper cathode producer, developing a high grade 25,000 tpa copper mine on Wetar Island in Indonesia, plus a highly prospective, advanced gold-silver exploration project in Sumatra.
Finders Resources ships first copper cathode from Wetar Copper Project in Indonesia
In a timely move for shareholders and for future Indonesian copper production, Finders Resources (ASX/AIM:FND) has announced the maiden shipment of 61 tonnes of copper cathode from the Wetar Copper Project on March 6th 2009.
This shipment represents the first production of high quality cathode copper using heap leach and SX‐EW technology within Indonesia. Significantly, the Wetar Copper Project is in full accord with the push for increased levels of in‐country processing required by the new Indonesian mining law.
The five tonne per day cathode demonstration plant has operated continuously since February 15 and for the past two weeks has been exceeding design capacity by 16%.
Finders’ Indonesian based Managing Director, Chris Farmer said, “progress at the demonstration plant strongly vindicates our faith in the technical robustness of the Wetar copper project."
"As the first producer of value added copper metal in Indonesia, both the project and programs in place which assist local community development, are strongly supported locally. On Friday March 6th 2009, with our local partner PT Batutua Kharisma Permai, commemorative plaques of the first cathode were presented to the Governor of Maluku and Regent of Maluku Barat Daya."
"The cash flow from production from the demonstration plant will provide a solid operating base for the company as we proceed towards developing the expanded 20,000 tpa copper mining and processing facility at Wetar.”
About Finders Resources
Finders, listed on AIM and ASX, is the operator of the Wetar Copper (~92% and earning), and Ojolali Gold‐Silver Projects (72% with option) in Indonesia, and holds an investment in Geopacific Resources NL, an ASX listed company with active exploration programs for gold and copper in Fiji.
At the Wetar Project, as part of a definitive feasibility study, a demonstration SX‐EW plant with 5t per day copper cathode capacity is being installed and is permitted to process 100,000t of ore from the Kali Kuning deposit. The Company is targeting commercial production of 20‐25,000 tonnes per year cathode by early 2010, subject to accelerated schedules for engineering design work and project funding.
At the Ojolali Project, Finders controls what it considers to be a major new epithermal gold district, and has been undertaking an extensive exploration program comprising detailed drilling to establish and initial mining resource, supported by extensive surface geophysical and geochemical surveys. Finders’ believes that the Ojolali project has strong potential to generate short‐term cash flow through open pit CIL/CIP development of the gold resource at the Jambi Oxide gold deposit.
