Quarterly Activities Report
Quarterly Activities Report for the Period Ended 30 September 2008
HIGHLIGHTS
Wetar Copper Project
* Construction of the 5 tpd demonstration cathode plant is ongoing
and all components now received in Indonesia. Commissioning
re-scheduled for end November with full cathode production rate
expected in December.
* The impact of current lower copper prices on projected cash flow
from the demonstration plant is significantly mitigated by reduced
costs resulting from lower oil prices. Direct operating costs for
the demonstration plant are estimated to be less than an average of
US$1/lb Cu during the initial 12 month production period.
* The Feasibility Study for the full scale 25,000 tpa copper project
remains on track under Ausenco management, with progress milestones
completed including:
o Project layout including cost analysis for expansion to Lerokis.
o Equipment and consumable inquiries sent to capable suppliers.
o Engineering process design and operating cost simulations.
o Power study including transmission and fuel storage.
* Independent mining consultant AMDAD (Australian Mine Design and
Development) has commenced the estimation of mining reserves using
JORC guidelines and based upon resource modelling from Hellman and
Schofield.
* On September 16th the Environment Impact Control Committee
(BAPEDALDA) of the Maluku provincial government, Indonesia,
approved the KA-ANDAL for the full scale project, the penultimate
stage of environmental approval.
* In the light of recent drastic changes in the economic climate, and
also potential easing of supplier capacity restrictions, a full
review of underlying assumptions for the feasibility study has been
initiated with a view to minimizing the capital footprint of the
full scale project development.
Ojolali Gold-Silver Project
* Confirmation of epithermal style gold-silver mineralization at the
new Suban prospect extends the known target area within the Ojolali
project leases by around 3 km north of previously known
mineralization at Jambi.
* District exploration continued with extensive infill soil sampling,
results are still pending.
Corporate
* During and since the end of the quarter, the Company carried out a
successful fund-raising, involving a placement to sophisticated
investors, institutions and Directors of approximately 8.6 million
shares at AUD$ 0.60 or GBP 0.28 each to raise approximately AUD$5.4
million, which was completed on October 22, plus a shareholder
purchase plan at the same price which raised another AUD$163,000.
* Key additions to the Company's management comprising the
appointment of Mr Robert Thomson as General Manager, Development,
and Mr Chin Haw Lim as Chief Financial Officer, will considerably
strengthen the Company as it undergoes the transition to producer
status.
Image 1 Crusher and Leach Pad at Wetar Demonstration Plant - see
attached
1. Wetar Copper Project, Indonesia
Finders 72.4%* and earning
*Based on expenditures as of 31 Dec 2006, estimated ~90% 1 Sept 2008
subject to audit
Background Information
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 | Cu% | Cont. | Tonnes | Cont. |
| | | (M) | | Cu | (M) | 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 grade | Inferred | 0.6 | 1.8 | 11 | 0.4 | 7.7 |
|---------------+-----------+--------+-----+-------+--------+-------|
| | 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 grade | Total | 3.2 | 2.4 | 76 | 2.3 | 55.1 |
|---------------+-----------+--------+-----+-------+--------+-------|
| | Overall | 9.8 | 2.5 | 241 | 7.1 | 174.2 |
+-------------------------------------------------------------------+
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 the end of 2009, subject to accelerated schedules
for engineering design work and project funding. For further
information on results previously reported please visit our website
www.findersresources.com.
Demonstration Plant
The demonstration plant will replicate all aspects of the planned
full scale 20-25,000 tpa cathode operation from mining to the
production of copper cathode.
As previously reported, the Company has experienced significant
supplier delays for key components of the plant. We are pleased to
report that the last of these items, the trunk busbars, are now
in-country and in the process of passing through customs.
The final shipment of equipment to site is expected to arrive ready
for installation during the first week of November and, as such,
commissioning of the demonstration plant has been rescheduled for
late November with copper cathode production expected in December.
The updated project status is a follows:
o Fabrication of trunk busbar complete, expected on site within 3
weeks subject to customs clearance in Indonesia.
o Crusher/stacker installation and fabrication is advanced with
final electrical motor installation and cabling outstanding with view
to commissioning and stacking commencing in mid-November.
o Final shipment of electro-winning plant components due in early
November for immediate installation on arrival at site.
o Final SX plant civil works are complete and installation of tanks,
pumps and piping due to commence.
Activities at site - Wetar Demonstration plant
Image 2 Primary Crusher & Conveyors (see attached)
Image 3 On-Site Metallurgical Lab (see attached)
Image 4 Last pour of concrete at SX location (see attached)
Image 5 Pre-stripped test pit (see attached)
Feasibility Study
The feasibility study for the full scale 20-25,000 tpa cathode
operation is running in parallel with the construction of the
demonstration plant and Ausenco Services Pty Ltd has been retained as
study manager.
Current changes in the economic climate, and also potential easing of
supplier capacity restrictions, have prompted the Company to
undertake a full review of underlying assumptions for the feasibility
study with a view to minimizing the capital footprint of the full
scale project development.
The review, to date, has focussed on the following aspects
* Project layout optimisation particularly considering earthworks
volumes and utilisation of waste rock from the Kali Kuning deposit
* Analysis of electrical transmission and pipeline costs for initial
production from Kali Kuning and later expansion to Lerokis.
* Revised equipment and consumable enquiries sent to capable
suppliers.
* Operating cost simulations which are particularly sensitive to oil
prices; current modelling of process operating cost estimates alone
vary by approx. 3c/lb Cu for every 10c/l change in landed fuel
price.
Ausenco has completed substantial portions of the process engineering
work required for the Feasibility Study and is on track to complete
work by December.
Refined models of the leach kinetics and copper recovery curves are
underway with a view to optimising mining, stacking and plant
throughput.
AMDAD has commenced the estimation of mining reserves using JORC
guidelines.
Hellman and Schofield is finalising an upgraded resource model based
on the in-fill drilling undertaken in conjunction with the
geotechnical drilling in the previous quarter.
During the quarter the Company lodged documents with the Environment
Impact Control Committee (BAPEDALDA) of the Maluku provincial
government pertaining to the environmental permitting process for the
full scale project and on September 16th approval was obtained by the
Company for the KA-ANDAL (terms of reference), the penultimate stage
of environmental approval.
The final environmental monitoring and closure plan is currently
being drafted by ENSR and Institut Pertanian Bogor.
Metallurgical test work
During the period, the Company initiated further column test work at
the onsite laboratory at Wetar using fresh ore material from the Kali
Kuning test pit. The main aim of the tests is to compare the Cu
recovery and acid generation effects at different feed acid
conditions.
Two 1.8m columns are being operated with two different initial
raffinate acidities of 12gpl and 20gpl. Both tests involve solvent
extraction and the latter test is not being controlled with respect
to raffinate acidity.
Image 6 Recovery Curves from onsite test columns (see attached)
Results to date indicate that copper recovery is faster and PLS
grades higher with higher acid concentrations and over 40% copper
recovery achieved within 50 days. It should be noted that these
progress results are based on extrapolation from solution assays, and
that definitive recovery figures will require solids assays and mass
balances on completion of the tests.
Test work on columns using BioheapTM technology at the Ammtec Ltd
laboratory is ongoing and the two 3m columns are being continued. An
updated recovery table is as follows:
+-------------------------------------------------------------------+
| Column Height / Crush | Ore Body | Fe (%) | Cu (%) | Zn (%) |
| Size | | | | |
|--------------------------+-------------+--------+--------+--------|
| 1m / 6.3mm - terminated | Lerokis | 18.2 | 85.3 | 84.5 |
|--------------------------+-------------+--------+--------+--------|
| 1m / 19mm - terminated | Lerokis | 10.7 | 44.7 | 82.7 |
|--------------------------+-------------+--------+--------+--------|
| 3m / 19mm | Lerokis | 15.7 | 75.4 | 93.1 |
|--------------------------+-------------+--------+--------+--------|
| 1m / 6.3mm - terminated | Kali Kuning | 8.7 | 84.4 | 89.5 |
|--------------------------+-------------+--------+--------+--------|
| 1m / 19mm - terminated | Kali Kuning | 6.2 | 88.4 | 109.1 |
|--------------------------+-------------+--------+--------+--------|
| 3m / 19mm | Kali Kuning | 7.3 | 61.2 | 61.4 |
+-------------------------------------------------------------------+
Ongoing BioHeapTM Test results (22/10/08)
Metals Reporting to Solution (+pending mass balance calculations)
2. Ojolali Project, Indonesia
Finders Resources Limited ~72% with option
Background Information
Finders believe 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.
+---------------------------------------------------------------------------------+
| Cut | Indicated | Inferred | Total | Cont. | Attrib. |
| off | | | | Au | Finders |
| | | | | | 72% |
|-----+-------------------+-----------------+-------------------+-------+---------|
|Au |Mt |Au g/t|Ag |Mt |Au |Ag |Mt |Au g/t|Ag |koz |Au koz |
|g/t | | |g/t | |g/t |g/t | | |g/t | | |
|-----+------+------+-----+-----+-----+-----+------+------+-----+-------+---------|
|0.5 |2.98 |1.10 |8.3 |1.1 |0.9 |5.7 |4.08 |1.05 |7.6 |138 |99 |
|-----+------+------+-----+-----+-----+-----+------+------+-----+-------+---------|
|0.7 |1.97 |1.36 |8.4 |0.6 |1.2 |6.0 |2.57 |1.32 |7.8 |109 |78 |
|-----+------+------+-----+-----+-----+-----+------+------+-----+-------+---------|
|1.0 |1.13 |1.74 |8.5 |0.3 |1.6 |6.7 |1.43 |1.71 |8.1 |78.6 |57 |
+---------------------------------------------------------------------------------+
May 2008 Jambi Deposit Mineral Resource Estimates
(Mt equals millions of tonnes, koz equals thousands of ounces.
Subject to rounding errors.)
Other prospects have outstanding potential for the discovery of
additional resources using modern geophysical techniques to optimize
drill targeting.
Finders has previously announced Inferred Resources at the Tambang
Prospect (7.9 Mt @ 167g/t Ag and 0.7 g/t Au at a 1 g/t Au equivalent
cut-off using drilling data from a previous explorer).
For further information on results previously reported and a full
resource statement please visit our website www.findersresources.com
Suban Gold Prospect
At the newly named Suban prospect, three km north of Jambi, a high
gold and silver anomaly coincides with a small window of bedrock
exposed in an old erosion surface, with very low relief,
characterized by extensive sub-rounded to angular float of epithermal
quartz and petrified wood, and overlain by extensive areas of recent
unconsolidated volcanic ash up to 2 m thick, which will serve to
effectively mask previous soil geochemical surveys. Further follow-up
at Suban will comprise auger soil geochemistry and ground IP surveys
to define the source of the extensive vein float material. The Suban
prospect marks the most northerly of a string of gold geochemical
anomalies extending north from Jambi, and is currently interpreted to
be a continuation of the Jambi structure.
Tambang Gold-Silver Prospect
During the quarter, a new phase of local miner activity has developed
with mining superficial concentrations of manganese oxides along the
surface trace of the Tambang vein system over a strike length of
around 400m and to maximum depths of about 4m. This has provided some
good exposures of the Tambang vein and a program of systematic
channel sampling at 25m spacing has been implemented to help assess
potential for oxide gold and silver mineralization.
Geochemical Soil Sampling
During the quarter, exploration work at Ojolali focused on infill
soil sampling to follow up of regional soil anomalies reported in the
June quarterly report, supported by reconnaissance geological mapping
of these areas. This work comprised collection of 1,121 samples over
28 line km. Results of this sampling have not yet been received.
Image 7 see attached
3. Corporate
Management Additions
The Company is pleased to announce two key appointments, which
considerably strengthen the management team:
* Mr Robert Thomson was appointed General Manager, Development,
effective October 8 2008 and with prime responsibility for
successful completion of feasibility studies and subsequent
development of the Wetar copper project. Rob brings a strong track
record of delivering successful construction projects in
challenging south-east Asian environments.
* Mr Chin Haw Lim, with extensive mining and also Indonesian
operating experience with Straits Resources, will be joining as the
Company's Chief Financial Officer from mid November.
Corporate Structure
On September 3rd, the Company announced that it intended to raise up
to AUD$5.0 million, depending on exchange rate fluctuations and
subject to shareholder approval at its AGM on October 16th.
Commitments from investors for approximately 5,690,000 shares at
AUD$0.60 per share and 1,725,000 shares at a price of GBP 0.28 per
share had been received up to September 3rd, including a total of
AUD$600,000 committed by the Company's directors.
In addition, to enable current ASX shareholders and Depository
Interest holders to participate in the fund raising on similar terms
to the placement, the Company offered a Share Purchase Plan (SPP),
whereby existing shareholders as of record date 3 September 2008 were
invited to subscribe up to AUD$5,000 (equiv.) for shares at a price
of AUD$0.60 or GBP 0.28 per share.
A total of 10,400 options were exercised at a price of 50c during the
period.
At the end of the period 74,921,825 fully paid shares were on issue
and a total of 4,913,248 options (with various exercise prices and
expiry dates).
During the course of the Quarter, a final draw down US$1,250,000 was
completed from the US$5.0 million secured loan facility with Meridian
International Capital Limited.
The Company's cash held at 30 September 2008 totalled AUD 785,000.
Subsequent Events
By October 22nd, the Company received all placement monies in respect
of the share placement approved by Finders shareholders on October
16th. Gross funds raised under the placement totaled approximately
AUD$5.4 million from the issue of 8,650,020 new shares. The placement
consisted of 6,925,020 shares issued at AUD$0.60 per share through
RFC Corporate Finance Ltd and 1,725,000 shares issued to parties in
the UK at GBP 0.28 per share through FinnCap, Finders' AIM broker.
Finders would like to welcome the specialist resource investor,
Resource Capital Funds ("RCF"), as a new substantial shareholder,
with an interest of around 6% in Finders expanded issued share
capital.
Following closure of the SPP, 271,657 new shares were issued to raise
approximately AUD$163,000.
Updated Top 20 Shareholders:
+-------------------------------------------------------------------+
| Shareholder | # Shares | Voting Power |
|---------------------------------------+------------+--------------|
| 1 Exsolutions Pty Limited | 6,281,202 | 7.5% |
|---------------------------------------+------------+--------------|
| 2 Mr Ian David Neuss | 5,736,543 | 6.8% |
|---------------------------------------+------------+--------------|
| 3 Tennant Metals Pty Limited | 5,437,561 | 6.5% |
|---------------------------------------+------------+--------------|
| 4 Dr Christopher Ben Farmer | 5,389,535 | 6.4% |
|---------------------------------------+------------+--------------|
| 5 Lujeta Pty Ltd | 5,000,000 | 6.0% |
|---------------------------------------+------------+--------------|
| 6 Resource Capital Fund IV LP | 4,990,020 | 6.0% |
|---------------------------------------+------------+--------------|
| 7 HSBC Global Custody Nominee (UK) | 4,455,000 | 5.3% |
|---------------------------------------+------------+--------------|
| 8 HSBC Custody Nominees | 3,022,366 | 3.6% |
| (Australia) Limited | | |
|---------------------------------------+------------+--------------|
| 9 Mr Stephen De Belle | 2,254,664 | 2.7% |
|---------------------------------------+------------+--------------|
| 10 Darley Pty Limited | 2,253,000 | 2.7% |
|---------------------------------------+------------+--------------|
| 11 National Nominees Limited | 1,700,000 | 2.0% |
|---------------------------------------+------------+--------------|
| 12 Clodene Pty Ltd | 1,595,102 | 1.9% |
|---------------------------------------+------------+--------------|
| 13 Lomacott Pty Ltd | 1,500,000 | 1.8% |
|---------------------------------------+------------+--------------|
| 14 Merrill Lynch (Australia) | 1,000,000 | 1.2% |
| Nominees Pty Limited | | |
|---------------------------------------+------------+--------------|
| 15 Mr Stephen Jack Fountain | 936,000 | 1.1% |
|---------------------------------------+------------+--------------|
| 16 Barclayshare Nominees Limited | 785,427 | 0.9% |
|---------------------------------------+------------+--------------|
| 17 Mr Henry Wiechecki | 750,000 | 0.9% |
|---------------------------------------+------------+--------------|
| 18 Hoodless Brennan Plc | 729,879 | 0.9% |
|---------------------------------------+------------+--------------|
| 19 Mechanised Mining Services Pty | 725,000 | 0.9% |
| Ltd | | |
|---------------------------------------+------------+--------------|
| 20 Treecity Pty Ltd | 692,886 | 0.8% |
|---------------------------------------+------------+--------------|
| Others | 28,609,317 | 34.1% |
|---------------------------------------+------------+--------------|
| TOTAL | 83,843,502 | 100.0% |
+-------------------------------------------------------------------+
The mining exploration entity quarterly report (Appendix 5b) is
appended.
Chris Farmer
Managing Director
Further details for all projects including location maps, tenement
schedules and technical descriptions may be found on the Finders
website at www.findersresources.com
Statements
The information in this report that relates mineral resource
estimation is based on work completed by Dr Philip Hellman (Wetar)
and Mr Jonathon Abbott (Ojolali) who are full time employees of
Hellman and Schofield Pty Ltd and a member of the Australasian
Institute of Mining and Metallurgy. Both Dr Hellman and Mr Abbott
have sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which they are undertaking to qualify as a Competent Person
as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves'
and as a Qualified Person as defined in the AIM Rules. Dr Hellman and
Mr Abbott consent to the inclusion in the report of the matters based
on his information in the form and context in which it appears.
Geological information in this announcement and comments relating to
exploration potential and the project in general is based on
information compiled by Dr Russell Fountain, who also accepts
responsibility for the data on which the resource is based. Dr
Fountain is a Director of Finders and a Fellow of the Australasian
Institute of Geoscientists. 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.
All assaying of drill core samples was undertaken by the ITS
laboratory in Jakarta. ITS is one of the world's largest product and
commodity testing, inspection and certification organizations. The
Jakarta laboratory is ISO 17025 accredited and employs a Laboratory
Information Management System (LIMS) for sample tracking, quality
control and reporting.
Statements in this document that are forward-looking and involve
numerous risks and uncertainties that could cause actual results to
differ materially from expected results are based on the Company's
current beliefs and assumptions regarding a large number of factors
affecting its business. Actual results may differ materially from
expected results. There can be no assurance that (i) the Company has
correctly measured or identified all of the factors affecting its
business or the extent of their likely impact, (ii) the publicly
available information with respect to these factors on which the
Company's analysis is based is complete or accurate, (iii) the
Company's analysis is correct or (iv) the Company's strategy, which
is based in part on this analysis, will be successful.
For further information please contact:
Finders Resources Ltd:
Russell Fountain, Executive Chairman, +61 (0) 2 9211 8299
Chris Farmer, Managing Director, cbf@findersresources.com
Financial PR:
Doug Macdonald, +61 (0) 424 255 959, Capital Group (in Australia)
Paddy Blewer or Nick Elwes, 020 7457 2020, College Hill (in the UK)
RFC Corporate Finance Ltd - Nomad and Corporate Adviser:
Rob Adamson, +61 (0) 2 9250 0000 or Stuart Laing, + 61 (0) 8 9480
2500
FinnCap - Finders' Broker for the AIM market:
Matthew Robinson, +44 (0) 20 7600 1658 or Joe Lunn (Analyst), +44 (0)
20 7600 1658
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Name of entity
FINDERS RESOURCES LIMITED
ABN Quarter ended ("current quarter")
82 108 547 413 30 SEPTEMBER 2008
Consolidated statement of cash flows
Current Year to date
Cash flows related to operating activities quarter (.3.months)
$A'000 $A'000
1.1 Receipts from product sales and related
debtors
1.2 Payments for (a) exploration and evaluation (271) (271)
(b) development (5,522) (5,522)
(c) production - -
(d) administration (1,075) (1,075)
1.3 Dividends received
1.4 Interest and other items of a similar 41 41
nature received
1.5 Interest and other costs of finance paid - -
1.6 Income taxes paid - -
1.7 Other (provide details if material) - -
(6,827) (6,827)
Net Operating Cash Flows
Cash flows related to investing activities
1.8 Payment for purchases of:
(a)prospects - -
(b)equity investments - -
(c) other fixed assets (47) (47)
1.9 Proceeds from sale of:
(a)prospects - -
(b)equity investments - -
(c)other fixed assets - -
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other (provide details if material) - -
(47) (47)
Net investing cash flows
1.13 Total operating and investing cash flows (6,874) (6,874)
(carried forward)
1.13 Total operating and investing cash flows (6,874) (6,874)
(brought forward)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 5 5
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings 1,282 1,282
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other (provide details if material) - -
Share application monies received during
previous quarter (5) (5)
Net financing cash flows 1,282 1,282
Net increase (decrease) in cash held (5,592) (5,592)
1.20 Cash at beginning of quarter/year to date 4,988 4,988
1.21 Exchange rate adjustments to item 1.20 1,389 1,389
1.22 Cash at end of quarter 785 785
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the
related entities
Current quarter
$A'000
1.23 Aggregate amount of payments to the parties 233
included in item 1.2
1.24 Aggregate amount of loans to the parties NIL
included in item 1.10
1.25 Explanation necessary for an understanding of the transactions
NONE
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did
not involve cash flows
NONE
2.2 Details of outlays made by other entities to establish or
increase their share in projects in which the reporting entity
has an interest
NONE
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
$A'000 $A'000
3.1 Loan facilities (AUD equiv 5,499 5,499
of USD 5,000,000)
3.2 Credit standby arrangements NIL NIL
Notes: On Sept 3 the Company announced a placement of new shares
subject to Shareholder approval and a Share Purchase Plan (SPP) for
existing shareholders. Monies received, subsequent to the reporting
period, totalled $A5.3 million from the placement and approx.
$163,000 from the SPP
Estimated cash outflows for next quarter
$A'000
4.1 Exploration and evaluation 1,950
4.2 Development 3,680
Total 5,630
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as Current Previous
shown in the consolidated statement of cash flows) quarter quarter
to the related items in the accounts is as follows. $A'000 $A'000
5.1 Cash on hand and at bank 785 4,988
5.2 Deposits at call
- -
5.3 Bank overdraft
- -
5.4 Other (provide details)
- -
Total: cash at end of quarter (item 1.22) 785 4,988
Changes in interests in mining tenements
+------------------------------------------------------------------------------+
| | |Tenement reference |Nature of |Interest at |Interest |
| | | | interest |beginning of|at end of|
| | | |(see note) |quarter |quarter |
|----+-----------------+--------------------+-----------+------------+---------|
|6.1 |Interests in |NIL | |NIL |NIL |
| |mining tenements | | | | |
| |relinquished, | | | | |
| |reduced or lapsed| | | | |
|----+-----------------+--------------------+-----------+------------+---------|
|6.2 |Interests in |B.189/04-WK/HK/2007 | |NIL |71,8% |
| |mining tenements |B.187/04-WK/HK/2007 | |NIL |71,8% |
| |acquired or |B.186/04-WK/HK/2007 | |NIL |71,8% |
| |increased |B.188/04-WK/HK/2007 | |NIL |71,8% |
|------------------------------------------------------------------------------|
|* Narrative: All tenements represent one year extensions to exploration |
|tenements operated by a Finders subsidiary and owned by PT Batutua WayKanan |
|Mineral |
+------------------------------------------------------------------------------+
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or
conversion rights together with prices and dates.
Total number Number Issue Amount paid
quoted price per up per
security security
(see note (see note 3)
3) (cents)
(cents)
7.1 Preference N/A
+securities
(description)
7.2 Changes during N/A
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital,
buy-backs,
redemptions
7.3 +Ordinary
securities 74,921,825 74,740,007
7.4 Changes during
quarter
(a) Increases 10,400 10,400
through issues
(b) Decreases NIL NIL
through returns
of capital,
buy-backs
7.5 +Convertible debt N/A
securities
(description)
7.6 Changes during N/A
quarter
(a) Increases
through issues
(b) Decreases
through
securities
matured,
converted
7.7 Options Exercise Expiry date
(description and 3,090,367 NIL price 20.03.2009
conversion 1,322,881 NIL 50� 22.03.2009
factor) 500,000 NIL 24p 13.06.2010
68.75�
7.8 Issued during NIL NIL
quarter
7.9 Exercised during 10,400 NIL 50� 20.03.2009
quarter
7.10 Expired during NIL NIL
quarter
7.11 Debentures
(totals only)
7.12 Unsecured notes
(totals only)
Compliance statement
1 This statement has been prepared under accounting
policies which comply with accounting standards as defined in the
Corporations Act or other standards acceptable to ASX (see note 4).
2 This statement does /does not* (delete one) give a true
and fair view of the matters disclosed.
Sign here:
............................................................
Date: 31st October 2008
(Director/Company secretary)
Print name: ....Christopher Ben
Farmer...........................
Notes
1 The quarterly report provides a basis for informing the
market how the entity's activities have been financed for the past
quarter and the effect on its cash position. An entity wanting to
disclose additional information is encouraged to do so, in a note or
notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes
options in respect of interests in mining tenements acquired,
exercised or lapsed during the reporting period. If the entity is
involved in a joint venture agreement and there are conditions
precedent which will change its percentage interest in a mining
tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and
amount paid up is not required in items 7.1 and 7.3 for fully paid
securities.
4 The definitions in, and provisions of, AASB 1022:
Accounting for Extractive Industries and AASB 1026: Statement of Cash
Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the
use of International Accounting Standards for foreign entities. If
the standards used do not address a topic, the Australian standard on
that topic (if any) must be complied with.
== == == == ==
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