FND Finders Res.

 
TIDMFND 
 
For Release: 8th September 2009 
 
                      FINDERS RESOURCES LIMITED 
 
        Progress on Wetar Copper Definitive Feasibility Study 
 
 
Finders Resources Limited (FND AIM/ASX) is pleased to report that the 
definitive feasibility study (DFS) into  its Wetar Copper Project  is 
substantially complete, with all project planning concepts and design 
criteria covering infrastructure, mining and process now finalised. 
 
As described in the Company's June 2009 quarterly report, one of  the 
key design  criteria  for  the  project  has  been  the  decision  to 
incorporate the  18,500tpa Whim  Creek plant  (which Finders  has  an 
option to purchase for A$5 million) with an expansion of the existing 
demonstration plant  to 4,500tpa.   In this  regard the  Company  has 
carried out further engineering  design work than originally  planned 
to ensure the successful integration of the two plants to produce the 
planned 23,000tpa of copper cathode. 
 
A review of capital and operating costs generated by the DFS manager, 
Ausenco, is  underway.  Part  of this  process includes  analysis  of 
contractor  pricing,  and  some  delays  are  being  experienced   in 
receiving responses from participating contractors. 
 
In addition, ongoing operational results from the demonstration plant 
have been a key component of the DFS, providing vital information  to 
substantially de-risk the full-scale project.  The Company is pleased 
that the ongoing copper leaching characteristics of the demonstration 
ore heaps,  after making  appropriate  allowances for  the  different 
operating conditions between a  demonstration plant and a  full-scale 
project, are consistent with the design criteria adopted in the DFS. 
However, the demonstration plant leach  pads have seen higher  levels 
of acid generation  than those estimated  during the laboratory  test 
work phase and an acid neutralisation plant has been constructed  and 
commissioned at the demonstration plant.  This has also led to  extra 
test work in the  DFS to determine  the acid neutralisation  criteria 
required for the  full-scale project.   Adequate limestone  resources 
for the acid neutralisation required for the full-scale operation are 
available  from  within  the  immediate  project  area,  which   will 
substantially mitigate the additional costs of an acid neutralisation 
circuit to the full scale development. 
 
The Company now expects that with responses from contractors expected 
in the next few  weeks, and the  additional neutralisation test  work 
currently  being  performed,  the  DFS  results  will  be  ready  for 
distribution to the market in 4 to 5 weeks time. 
 
Finders Managing Director, Chris Farmer commented: "Although  lagging 
slightly behind our original schedule,  the additional scope for  the 
DFS to  include  both  acid neutralisation  and  a  fully  integrated 
development incorporating  expansion  of our  existing  demonstration 
plant with the Whim Creek  SX-EW process plant optioned from  Straits 
Resources will  significantly reduce  the development  risk for  what 
remains a low cost brownfields project." 
For further information please contact 
 
Finders Resources Ltd: 
Russell Fountain Non-Executive Chairman     +61 2 9211 8299 
Chris Farmer     Managing Director          info@findersresources.com 
 
Financial PR: 
Doug Macdonald   Capital     Group      (in +61 424 255 959 
                 Australia) 
Nick Elwes       College Hill (in the UK)   +44 20 7457 2020 
 
RFC Corporate Finance Ltd - Nomad:: 
Rob Adamson  Managing Director  +61 2 9250 0000 
Stuart Laing Executive Director +61 8 9480 2500 
 
FinnCap - Finders' Broker for the AIM market: 
Mathew Robinson  Corporate Finance Director +44 (0) 20 7600 1658 
Joe Lunn         Analyst                    +44 20 7600 1658 
 
 
 
Background on Finders Resources 
Finders, listed on AIM and ASX,  is the operator of the Wetar  Copper 
Project (92% and earning), and the Ojolali Gold-Silver Project  (72% 
with option), both located in Indonesia. 
At the Wetar Project,  as part of a  definitive feasibility study,  a 
demonstration SX-EW plant with 5t per day copper cathode capacity was 
commissioned in February 2009 and is permitted to process 100,000t of 
ore from  the  Kali  Kuning  deposit.   The  demonstration  plant  is 
producing LME Grade A copper  cathode at planned rates.  The  Company 
is targeting  commercial  production  of 20-25,000  tonnes  per  year 
cathode by 2010, subject to final feasibility, permitting 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 an initial mining resource, supported by extensive  surface 
geophysical and geochemical surveys. Finders believe that the Ojolali 
project has strong potential to  generate cash flow through open  pit 
CIL/CIP development  of the  gold resource  at the  Jambi Oxide  gold 
deposit. 
For further information  on results  previously reported  and a  full 
resource statement please visit our website www.findersresources.com. 
 
Disclaimer 
This announcement may or may not contain certain "forward-looking 
statements". All statements, other than statements of historical 
fact, which address activities, events or developments that Finders 
believes, expects or anticipates will or may occur in the future, are 
forward-looking statements. Forward-looking statements are often, but 
not always, identified by the use of words such as "seek", 
"anticipate", "believe", "plan", "estimate", "targeting", "expect", 
and "intend" and statements that an event or result "may", "will", 
"can", "should", "could", or "might" occur or be achieved and other 
similar expressions. These forward-looking statements reflect the 
current internal projections, expectations or beliefs of Finders 
based on information currently available to Finders. 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. Finders expressly disclaims any obligation to update 
or revise any such forward-looking statements 
 
=--END OF MESSAGE--- 
 
 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

Finders Resources (LSE:FND)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024

Finders Resources (LSE:FND)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024