Finders Resources Limited

Finders Resources Limited (ASX Code: FND) was incorporated on 30 March 2004. It listed on the Australian Securities Exchange on 8 June 2007.

The Company is an Indonesia-focused operator with its two key projects being the Wetar Copper Project (~95% interest and earning) and the Ojolali Gold-Silver Project (72% interest with option to increase to 100%).

Finders' corporate objectives include:

• Brownsfields development of the Wetar Copper Project to 25,000 tpa copper cathode;
• An aggressive exploration program to extend mine life at Wetar;
• Developing synergies based on leaching know how and potential by-products from Wetar;
• Exposure to further exploration success at the Ojolali project; and
• Identifying new undervalued assets for acquisition.

WETAR COPPER PROJECT

The Wetar Copper Project comprises the development, mining and processing of sulphide copper deposits at Kali Kuning and Lerokis located on Wetar Island, Indonesia.

Mining will be carried out by conventional open pit methods initially at Kali Kuning and from Year 3 also at Lerokis with ore hauled from the open pits to the Kali Kuning ROM pad.

Finders has operated a 1,825 tpa Cu demonstration plant on site that incorporates heap leaching, solvent extraction (SX) and electrowinning (EW) in its flowsheet. The demonstration phase of the Wetar Copper Project was successful, significantly de-risking the technical aspects of the project, with the following key achievements:

• The plant achieved nameplate production during the first six months of 2010; an outstanding accomplishment which reflected the efforts of the site team to optimize heap and plant performance during the latter half of 2009.
• Recoveries from Heap 3 exceeded DFS design reaching 80% copper recovery after ~21 months.
• Reconciliation of heap residual material confirmed leaching of chalcopyrite, covellite and chalcocite. The confirmed chalcopyrite leaching is a global first for Finders.
• Effective testing of all aspects of the planned commercial operation from mining to logistics and international sales, including training and development of local staff.
• Over 1.2 million work hours have now been completed on the project with only 3 lost-time injuries.

The Expanded Demonstration Plant (EDP) project phase involves the expansion of the existing heap leach SX EW demonstration plant to a nominal capacity of 7,000 tpa of cathode copper. The EDP will be operated in conjunction with the Main 18,000 tpa SX-EW Plant relocated from Whim Creek. Neutralisation is also included, as the demonstration heap leach has shown that the ore is acid generating rather than acid consuming.

The processing route for the ore has been designed to handle up to 1.65 Mtpa of sulphide ore to produce a total of 25,000 tpa of LME A Grade copper cathode from both plants.

The Bankable Feasibility Study (BFS) describes the technical and financial position of the project as at May 2011. 

For more information on the Wetar Copper Project please click here.

OJOLALI GOLD-SILVER PROJECT

(Finders - 72% with option to increase to 100%)

The Ojolali Project is an advanced gold-silver prospect in Lampung Province of southern Sumatra covering a 13km2 system with numerous shoots. Ojolali lies within the highly productive Sumatran Gold Belt, which includes Martarbe (+3.7 moz) Lebong Donok (1.5 moz), Lebong Tandai (1.3 moz), Pongkor (3 moz), Cibalung (0.4 moz) and Way Linggo deposits (0.25 moz).

The project has a defined oxide gold resource of 175,000oz at Jambi, high grade drill intercepts at Tambang and strong surface showings of gold and silver along its length suggesting at least 1m oz gold potential.

Throughout the field only a few holes have been drilled to >100m depth, while epithermal systems commonly persist to depths of 500m and more, which leaves great opportunities for further discoveries at depth.

Jambi Hill Oxide resource

Finders controls the whole known mineralised system at Ojolali, under a 5,912 km2 IUP (No. B.34/DPE-WK/HK/2011) which has been recently renewed to 17 March 2013.

The Ojolali Project's principal target areas are shown below.

For more information please Click here.

Russell Fountain: BSc, PhD, FAIG – Non Executive Chairman

Dr Fountain has over 40 years of successful international experience in all aspects of mineral exploration, project feasibility and development of mining projects.

Chris Farmer BSc(Hons), MBA, PhD – Managing Director

Dr Farmer has over 19 years of international experience in all aspects of exploration, with a strong emphasis on business development.

Robert P Thomson 

BE (Mining) MBA, FAusIMM 

- Director, Development 

Mr Thomson has over 30 years of Australian and international mining experience. He has worked on 5 Asian development projects in the last 13 years including GM Development, Chatree Gold Mine in Thailand and Project Director, Sepon Gold Mine in Laos. Mr Thomson was CEO of Climax Mining Limited from 2003 to 2006 and Asian Mineral Resources Limited from 2006 to 2008.

James H Wentworth LLB, BCom - Finance Director      

Mr Wentworth is a qualified solicitor with over 17 years of financial and commercial experience, including a number of transactions in the mining and mining services industries.  Prior to joining the Company, he spent nine years with Sydney-based private equity firm CHAMP Ventures where he was a director and member of the investment committee.

Stephen J Lonergan LLB, LLM - Independent Non-Executive Director

Mr Lonergan is a commercial lawyer based in Sydney with more than 25 years experience in the Australian and international mining industry, having been General Counsel of Pancontinental Mining Group, a partner at Baker & McKenzie Sydney, and General Counsel and Company Secretary of Savage Resources Limited. Mr Lonergan is currently General Counsel and Company Secretary of CBH Resources Limited.

Stephen R de Belle BA, MSc, MTCP - Independent Non-Executive Director

Mr de Belle has been closely involved with the start-up and operation of iron ore, coal, base metals, gold and petroleum projects and companies, and has particular expertise in the development and financing of projects in the resources and infrastructure sectors both in Australia and overseas. He is currently managing director of a geothermal and power technology company.

T Quinn Roussel BSc (Mining Engineering), MBA - Non-Executive Director

Mr Roussel is a Principal of Resource Capital Funds (RCF), a mining-focussed private equity firm. Prior to joining RCF in 2006, he was Director of Business Development at one of RCF's portfolio companies in China. He has also worked as an engineer in both mining and the oil & gas industries.

Chin Haw Lim BCom, CA - Chief Financial Officer

Mr Lim qualified as a Chartered Accountant in 1984 and has been involved in the mining industry since that time.  His mining and Indonesian experience included 8 years with Straits Resources Limited which operated the Girilambone copper mine (heap leach SX-EW) in New South Wales and the Sebuku coal mine in Indonesia and 5 years with Triako Resources Limited.  He was also the company secretary of those companies.

Ian Morgan B Bus, CA, ACIS, MAICD, ASIA – Company Secretary

Mr Morgan is a Chartered Accountant and Chartered Company Secretary, with over 25 years experience.  He provides secretarial and advisory services to a range of companies, and is company secretary of other publicly listed companies.

For share information please click here.