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Finders Resources Ltd

Publié le 08 avril 2008

April Update

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APRIL UPDATE

Finders Logo

Wetar Open Pit

Jambi Hill

 

APRIL 07 2008

 

 

IN THIS UPDATE:

  1. GREATLY IMPROVED RESOURCE POTENTIAL FROM JAMBI DRILLING
  2. MINIMAL IMPACT FROM OPES PRIME
  3. 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

Finders Resources Ltd

CODE : FND.AX
ISIN : AU000000FND9
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Finders est une société d’exploration minière de cuivre basée en Australie.

Finders détient divers projets d'exploration en Indonesie.

Ses principaux projets en exploration sont WETAR COPPER et OJOLALI en Indonesie.

Finders est cotée au Royaume-Uni et en Australie. Sa capitalisation boursière aujourd'hui est 2,0 milliards AU$ (1,3 milliards US$, 1,2 milliards €).

La valeur de son action a atteint son plus bas niveau récent le 04 mars 2016 à 0,11 AU$, et son plus haut niveau récent le 26 avril 2024 à 2,57 AU$.

Finders possède 761 270 016 actions en circulation.

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