Proactive investors

THE WETAR COPPER PROJECT

The Wetar Copper Project was acquired by Finders, in cooperation with its Indonesian partner, PT Batutua Kharisma Permai (“BKP”), by means of an Exploration KP licence granted in December 2004.

Finders currently holds a ~85% interest in the project, held through an Australian incorporated company, Banda Minerals Pty Ltd (“Banda”). Finders is earning increasing equity through sole funding work on the project.

The Wetar deposits were discovered by CSR Ltd during a regional exploration program in 1986. The holding company for the then Contract of Work was sold to Billiton Indonesia BV (“BMI”) in 1988. BMI carried out extensive drilling comprising 513 holes for 10,500 meters to define
gold-silver mineralisation at two main deposits;

Kali Kuning, located around 3km from the coast at elevations of around 150m, and Lerokis, located around 6km from the coast at around 500m above sea level.

BMI discovered copper mineralization immediately underlying the gold ore in both deposits and a smaller satellite deposit was also discovered at Meron, around 2km east of Kali Kuning.

Gold-silver-barite ores were mined by BMI from shallow open pits at Lerokis and Kali Kuning over the period 1990-1997.

Based on the previous drilling data and 73 new diamond drilled holes by Finders, Kali Kuning and Lerokis have independently estimated Measured, Indicated and Inferred Mineral Resources of

9.8 million tonnes, grading 2.5% Cu and 0.7 g/t Au, using a 0.5% Cu cut-off grade.

The deposits are mineable by low strip ratio open pits and benefit from having a coastal location. Additional copper and gold mineralisation exists at Meron, and rights to three additional exploration Tenements were acquired by Finders in October 2006, covering known occurrences of similar style copper-gold mineralization on the south coast of Wetar Island.

Project Location

The Wetar Copper project is located on the north coast of the largely uninhabited Wetar Island, in the Mollucas Province of the Republic of Indonesia. Access is via a boat trip from neighbouring islands, either Alor or West Timor, both of which have direct air connections to the major city of Kupang (which is serviced by regular flights both to Jakarta and to Darwin). (Read More)

OJOLALI GOLD-SILVER PROJECT

Finders acquired its initial interest in the project area in April 2005, under a Cooperation Agreement with PT Batutua Kharisma Permai (“BKP”) and Great Northern Resources Ltd, through the grant of exploration KPs covering 3450 Ha to BKP. In March 2006, Finders increased its interest in the project to 71.7%, with potential to increase its equity to 100% if the partners elect not to fund their share of development after completion of a positive feasibility study.

In February 2007, the old KPs were restructured in the name of a project specific company, PT Batutua Way Kanan Minerals (“BWKM”) and an additional KP granted, covering extensions to the mineralized system, bringing the total area controlled by the project to ~5,900 Ha.

Previous exploration on the property was mainly carried out by Antares Mining and Exploration Corporation (“Antares”) which completed 22,000 m of shallow diamond drilling, in 212 holes, between 1997 and 1999, targeting two main prospect areas, the Jambi gold prospect and the Tambang Silver-gold prospect.

Since acquiring the project, Finders has carried out an intensive exploration program, comprising diamond drilling to confirm the resource base at the Jambi and Tambang prospects, and an extensive program of grid geological mapping, followed up by detailed gradient array IP surveys to define and rank additional prospect within the project area.

Jambi, with a near surface oxide gold resource (JORC Inferred) of at least 100,000 oz Au comprises a near term open pit development prospect.

Tambang, which is also unclosed at depth and along strike to the north, has a current Inferred Mineral Resource of 39.5 million ounces of silver, plus 170,000 ounces of gold.

Other prospects have outstanding potential for the discovery of additional resources using modern geophysical techniques to optimize drill targeting. Widely spaced drilling has clearly indicated potential for high grades of both gold and silver, and the overall potential is enhanced by continued activity by “local“ miners in areas not previously subject to drill testing.

Project Location

The Ojolali Project is approximately 6km from the town of Bara Datu, in the Kabupaten of Way Kanan. Bara Datu is serviced by the Sumatra power grid and is a four-hour drive along the Trans Sumatra Highway from the nearest airport at Banda Lampung.

Ojolali is located within the highly productive Sunda Arc gold belt which hosts a number of significant gold deposits owned by other parties, including Gunung Pongkor (6Mt @ 17g/t Au, 162 g/t Ag) and the Lebong district. In the latter district, epithermal gold deposits have produced approximately 3 million oz Au at Lebong Tandai and Lebong Donok. Sixty kilometres south of Ojolali, feasibility studies have been completed at Way Linggo which has proven and probable reserves of 408,472t at 9.1 g/t Au and 145g/t Ag. (Read More)