FND Finders Res.

    Wetar Copper Project-Progress Report
             



                      FINDERS RESOURCES LIMITED

                Wetar Copper Project-Progress Report
     Initial pilot plant production now expected late September
          Feasibility study remains on track for year's end

Finders  Resources  (FND)  reports  that   as  a  result  of   delays
experienced in the supply of  several key components, initial  copper
cathode production from  the Wetar Copper  Project pilot plant  under
construction is expected to be delayed until late September, compared
to the initial target of  early August.  Despite this delay,  Finders
still expects to complete the overall Wetar Copper feasibility  study
by December 2008.

As part of Finders Resources' definitive feasibility study to  assess
20-25,000t per year  copper cathode  production at  the Wetar  Copper
Project, Finders is  currently constructing  a semi-commercial  scale
demonstration plant, comprising a 100,000 tonne bacterial heap  leach
feeding a  SXEW  plant rated to  produce 5 tonnes  per day of  copper
cathodes. Key  elements in  the  project development  are  summarised
below, and a more extensive review of the project will be included in
the forthcoming June quarter quarterly report.

*          Apart from several key electrical components, all major
  plant and equipment are manufactured, and either on site, or in
  transit. Construction and earthworks are well advanced.
*          Fabrication delays and extended transit times for key
  electrical components for the SXEW plant- Trunk Busbars from South
  Africa, and a Rectiformer ex Vermont USA, will result in delay of
  initial copper cathode production until late September, compared to
  initial target of early August.
*          Increased fuel costs (85c/litre to 120c/litre), additional
  ship charters and an extra 2 months operating costs will increase
  the estimated capital cost of the demonstration plant from US$6.25
  million to approximately US$7.2 million
*          In addition to the original planned capital items, Finders
  has purchased and refurbished a second hand 100t/hour crushing
  plant, and a new stacking plant capable of servicing the planned
  full scale operation, at a cost of $1.4 million, which represents a
  major saving from the purchase of an all new system.
*          Ausenco Services Pty Ltd have been retained to review full
  scale project feasibility study and development schedule, and in
  particularly, to identify long lead time items which will impact
  the planned December 2009 commencement of commercial copper
  production.


Managing Director, Chris Farmer said:  "The delay in production  from
our demonstration  plant, which  has largely  resulted from  supplier
issues  beyond   our  control,   while  disappointing,   should   not
significantly affect the overall  schedule to full scale  production.
The Wetar copper project with its  high grade, simple mining and  low
projected capital  costs remains  very well  positioned to  become  a
highly competitive low cost producer  and to benefit from  continuing
high copper prices."

For further information please contact

Finders Resources Ltd:
Russell Fountain, Executive Chairman, +61 2 9211 8299
Chris Farmer, Managing Director, info@findersresources.com

Financial PR:
Doug Macdonald, +61 424 255 959, Capital Group (in Australia)
Paddy Blewer or Nick  Elwes, +44 20 7457  2020, College Hill (in  the
UK)

RFC Corporate Finance Ltd - Nomad and Corporate Adviser:
Rob Adamson, +61 2 9250 0000 or Stuart Laing, + 61 8 9480 2500


Background

Finders, listed on AIM and ASX,  is the operator of the Wetar  Copper
(~73% 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  Copper Project,  Finders has  previously announced  the
following  resource  estimates  for  the  Kali  Kuning  and   Lerokis
deposits:

                                                 Attributable (72.4%)
             Category  Tonnes (M) Cu%  Cont. Cu  Tonnes (M) Cont. Cu
                                         (KT)                 (KT)
Kali Kuning  Measured     3.3     2.7     89        2.4       64.6
0.5% Cu      Indicated    2.6     2.4     63        1.9       45.3
Cut-off      Inferred     0.6     1.8     11        0.4        7.7
grade
             Total        6.6     2.5    165        4.8       119.1
Lerokis      Indicated    2.9     2.5     71        2.1       51.6
0.5% Cu      Inferred     0.4     1.7     7         0.3        4.9
Cut-off      Total        3.2     2.4     76        2.3       55.1
grade


As part  of a  definitive feasibility  study, a  demonstration  SX-EW
plant with 5t per day copper cathode capacity is being installed with
planned cathode production from mid-2008.
The Company is  targeting commercial production  of 20-25,000  tonnes
per year cathode by the end of 2009.

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  since late  2005, comprising  detailed
drilling to  establish  and  initial mining  resource,  supported  by
extensive  surface  geophysical  and  geochemical  surveys  aimed  at
unlocking the  larger  potential of the  district. 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. Other  prospects have  outstanding
potential for  the discovery  of  additional resources  using  modern
geophysical techniques to optimize drill targeting.
For further information  on results  previously reported  and a  full
resource statement please visit our website www.findersresources.com.

Competent Person Signoff
The Australasian Code for  Reporting of Exploration Results,  Mineral
Resources and  Ore  Reserves  (the  'JORC  Code')  sets  out  minimum
standards, recommendations  and guidelines  for Public  Reporting  in
Australasia  of  Exploration  Results,  Mineral  Resources  and   Ore
Reserves. The  information contained  in this  announcement has  been
presented  in  accordance  with  the  JORC  Code  and  references  to
"Indicated" and "Inferred Resources" are to those terms as defined in
the JORC Code.
The geological and Mineral Resource information in this  announcement
has been reviewed  by and is  based on information  compiled by Dr  R
Fountain  who  is   a  Fellow  of   the  Australasian  Institute   of
Geoscientists and a Director of  Finders. Dr Fountain has  sufficient
experience that is relevant to the styles of mineralisation and types
of deposits  under  consideration and  to  the activity  that  he  is
undertaking to qualify  as Competent  Person as defined  in the  JORC
Code. He  consents  to the  inclusion  in this  announcement  of  the
matters based on  his information in  the form and  context in  which
they appear.

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