IN THIS UPDATE:
- GREATLY
IMPROVED RESOURCE POTENTIAL FROM JAMBI DRILLING
- MINIMAL IMPACT FROM OPES
PRIME
- ESCROW SHARES RELEASED
Finders continues to advance
towards first copper production from an initial test plant at its Wetar Copper Project and to receive promising exploration
results from its Ojolali gold-silver
project.
Finders also remains well funded to pursue its programs at both
projects, with around A$6m cash and a further
undrawn US$5m finance facility.
JAMBI
PROSPECT - OJOLALI PROJECT
- Final
or preliminary gold assays have now been received for the 96 hole, 8237m
Jambi reverse circulation drilling program. These results:
- Confirm
continuity of low grade gold mineralization in the central mineralized
zone
- Provide
evidence of higher grade feeder vein systems at depth (e.g. BKJR 125,
4m of 8.34 g/t Au from 100m depth), and
- Define
a coherent zone of high silver values through the south-eastern portion
of the drilled area.
- The
resource remains open to the north-east, south and at depth. In
particular, intercepts in hole BKJR126 (14m at 2.76 g/t Au from the
surface and 6m at 2.2 g/t Au from 20m) are located approximately 80m
north-east of any previously known mineralization at Jambi.
- This
drilling will form the basis for a new resource estimate to be
undertaken by Hellman and Schofield Pty Ltd during April
Russell Fountain, Executive Chairman of
Finders said:
�These results
consolidate the excellent results reported from the initial part of this
drill program. We anticipate a significant
increase in the core Jambi resource from the previously reported 100,000 Oz gold
Inferred Resource. Furthermore, we consider that the failure of this
program to establish the limits to the Jambi system, laterally or at depth,
highlights the significant potential for additional discoveries.�
For more information view the entire press release at our website http:/www.findersresources.com
IMPACT OF OPES PRIME LIQUIDATION
Finders
is aware that, like many other ASX listed junior resource companies, some of
its shares were held under margin lending facilities operated by the
collapsed Australian margin lending and stockbroking
group, Opes Prime.
Furthermore, Finders understands that the receivers and/or administrators of
the Opes Prime companies have already sold most of
the Finders� shares held under
such facilities on market. Based on current enquiries,
Finders believes that the last of the line of shares held under the Opes Prime lending facility were sold on Friday 4th
April.
Finders also wishes to advise that none of the
interests of Finders directors in Finders shares are or were held under
margin lending facilities operated by the Opes
Prime Group.
SHARES RELEASED FROM ESCROW
ASX Limited approved, effective 22 March 2008, the release from escrow of
17,955,761 ordinary fully paid shares and 1,713,414 options, each option
providing the option holder with the right to acquire one ordinary fully paid
share at an exercise price of GBP 24 pence (1,322,881 shares) and AUD 50
cents (390,533 shares).
These securities were released from escrow effective 23 March 2008.
Other news and releases can be accessed from the following pages on our
website:
Finders Press Releases
Finders Company Reports
For detailed information included in this release please visit our website
www.findersresources.com
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 (Finders� Nominated Adviser for the AIM market):
Rob Adamson, +61 (0)2 9250 0000
Stuart Laing, +61 (0)8 9480 2506, stuartl@rfc.com.au
Competent Person Statement
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.
Geological and Mineral Resource information in this announcement 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.
Statements by Finders Resources Ltd
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.
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 Measured, Indicated and
Inferred Resources at a 0.5% copper cut-off grade, of 9.8 million tonnes at
2.5% copper for 248,000 tonnes contained copper in two deposits, Kali Kuning and Lerokis. The company
is planning to develop an open cut heap leach SX-EW copper mining operation to
produce 20-25,000 tonnes of cathode copper per year from mid 2009. A key component of
the feasibility study for this project is the construction of a
semi-commercial scale test heap and pilot plant, designed to produce 5 tonnes
per day of copper cathode from July 2008, with an estimated capital cost of
US$6.25 million.
At the Ojolali
Project, Finders has previously announced Inferred Resources at the Jambi
Oxide gold deposit (3.2 Mt @ 1.0 g/t Au, 6.9 g/t Ag at a 0.5 g/t Au cut-off,
and including mining dilution) and 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).
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
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