Dear Shareholder/Finders Follower;
Finders Resources Ltd. (FND) is pleased to announce the maiden shipment of 61 tonnes of copper cathode from the Wetar Copper Project on March 6th 2009.
This shipment represents the first production of high quality cathode copper using heap leach and SX-EW technology within Indonesia. Significantly, the Wetar Copper Project is in full accord with the push for increased levels of in-country processing required by the new Indonesian mining law.
The five tonne per day cathode demonstration plant has operated continuously since February 15 and for the past two weeks has been exceeding design capacity by 16%.
Chris Farmer, Finders' Indonesian Based Managing Director:
"Progress at the demonstration plant strongly vindicates our faith in the technical robustness of the Wetar copper project.
As the first producer of value added copper metal in Indonesia, both the project and programs in place which assist local community development, are strongly supported locally. On Friday March 6th 2009, with our local partner PT Batutua Kharisma Permai, commemorative plaques of the first cathode were presented to the Governor of Maluku and Regent of Maluku Barat Daya.
The cash flow from production from the demonstration plant will provide a solid operating base for the company as we proceed towards developing the expanded 20,000 tpa copper mining and processing facility at Wetar."
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
FinnCap - Finders' Broker for the AIM market:
Mathew Robinson Corporate Finance Director +44 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 (~92% 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 Project, 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 early 2010, subject to accelerated schedules for engineering design work 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 and initial mining resource, supported by extensive surface geophysical and geochemical surveys. 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.
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.
For further information on results previously reported and a full resource statement please visit our website www.findersresources.com
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