Wetar Copper Project Update
24 Diciembre 2010 - 3:23AM
UK Regulatory
TIDMFND
For Release: 24(th) December 2010
Wetar Copper Project Update
The Regent of Maluku Barat Daya, who administers the area covering Finders
Resources' copper project on Wetar Island, has written to a number of companies
with exploration tenements in the district including Finders. The letter
requests the companies to finalise permits required for access to forestry areas
and to suspend activities until the permits are issued. Finders have taken
the view that it is prudent to shut down the demonstration plant temporarily in
response to this request.
Applications allowing Finders to recommence work in tenements within forestry
areas are at various stages in the approval process. At this stage Finders
expects the permits covering Finders' Wetar copper project to be issued in
January, in which case, Finders estimates that approximately 50t of budgeted
copper cathode production will be delayed by up to a month.
The application for the grant of a mining permit continues to be processed by
the local authorities. Detailed engineering activities continue in
preparation for a revised Stage 2 capital cost estimate. Transportation of the
Whim Creek plant to Indonesia is now planned for the end of the first quarter,
with a crew scheduled to dismantle the recently purchased stacker and
agglomerator in February.
For further information please contact
Finders Resources Ltd:
Russell Fountain, Chairman, +61 2 9211 8299
Chris Farmer, Managing Director, info@findersresources.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Finders Resources Limited via Thomson Reuters ONE
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