FND Finders Res.

 
TIDMFND 
 
For Release: 9(th) April 2010 
 
                           FINDERS RESOURCES LIMITED 
 
          Final Environmental Permit Obtained for Wetar Copper Project 
               Cathode Production at Nameplate for March Quarter 
                        Detailed Project Design on Track 
 
Finders   Resources  Limited  (FND  AIM/ASX)  is  pleased  to  report  that  the 
Environmental  Impact Assessment (known  as AMDAL in  Indonesia) relating to the 
Wetar Copper Project has been approved by the Governor of Maluku; as recommended 
by the Regional Environmental Impact Management Agency (BAPEDALDA). 
 
The  AMDAL  covers  an  independent  and  comprehensive  assessment of major and 
significant  impacts  likely  to  result  from  the  proposed project activity. 
Approval has been received for several key documents which cover the entire mine 
life of the Wetar Copper Project and include the: 
 
  * Environmental Impact Analysis (ANDAL), containing definition of the 
    environmental baseline; 
  * Environmental Management Plan (RKL), together with mine closure objectives; 
    and 
  * Environmental Monitoring Plan (RPL). 
 
 
The  AMDAL submission was  based on best  practice environmental standards along 
with  extensive consultation  with all  stakeholder groups  and incorporates the 
Company's  agreements with the local community.  Its approval is a pre-requisite 
for,  and now enables  Finders to finalise,  documents supporting the mining and 
processing licenses. 
 
Finders is also pleased to report that the demonstration plant at Wetar achieved 
nameplate  production for the  March 2010 quarter.  Copper  cathode produced was 
453 tonnes,  slightly  in  excess  of  the  450 tonne nameplate capacity for the 
quarter.   This production  result builds  on the  operational experience gained 
over  the past year and provides an excellent platform from which to develop the 
project to full commercial scale. 
 
Development activities have progressed on schedule during this period.  Detailed 
design for the 7,000 tonnes per year Stage 1 expansion of the project is planned 
to  be completed  in June  2010.  The design  managers are Brisbane based groups 
Electrowin  and Neubau Engineering who have extensive combined experience in the 
engineering, design and delivery of copper SX-EW operations. 
 
Various   tender  inquiries  are  in  progress  with  Indonesian  suppliers  and 
contractors.   Stage 2 detailed design based on  relocating the Whim Creek plant 
to Indonesia have commenced and are scheduled to complete in Q4 2010. 
 
Finders  have appointed Geoff Hiller as Project Manager Wetar and he will report 
to  Rob Thomson (Executive Director Development).   Geoff has a mining and civil 
engineering  background and for  the past 3 months  has been responsible for the 
successful decommissioning of the Whim Creek SX-EW plant in Australia.  The Whim 
Creek  plant disassembly has  been completed on  time and within  budget and its 
components are currently containerized ready for transportation. 
 
Finders' Managing Director, Chris Farmer commented: 
 
"The  award of the environmental permit is  a major milestone in the development 
of  the Wetar  Copper Project,  and is  the product  of a  successful definitive 
feasibility   study,   constructive  relationships  established  with  our  host 
community over 15 years and the firm support of both the Maluku and Maluku Barat 
Daya regional Governments in Indonesia. 
 
As  our transition from explorer to producer gathers momentum, the environmental 
approval  coupled with the excellent performance  of the demonstration plant and 
current  strong copper prices provide a firm platform for expansion of the Wetar 
Copper Project to its final design level of 23,000 tpa of copper cathode." 
 
 
 
For further information please contact 
 
 
 Finders Resources Ltd: 
 
 Russell Fountain Non-Executive Chairman     +61 2 9211 8299 
 
 Chris Farmer     Managing Director          info@findersresources.com 
                                             <mailto:info@findersresources.com> 
 
 Financial PR: 
 
 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 20 7600 1658 
 
 Joe Lunn         Analyst                    +44 20 7600 1658 
 
 
For  further  information  please  visit  our  website  www.findersresources.com 
<http://www.findersresources.com>. 
 
 
 
Finders Resources Ltd through its subsidiary PT Batutua Tembaga Raya and partner 
PT Batutua Kharisma Permai are proud sponsors of Sail Banda 2010 
 
http://www.sailbanda.com/ 
 
 
 
 
Background Information on Finders 
 
Finders,  listed on  AIM and  ASX, is  the operator  of the Wetar Copper Project 
(94%  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, subject to 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. 
 
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 disclaim  any obligation to  update or revise any 
such forward?looking statements. 
 
Competent Person Statement 
 
Geological information in this announcement and comments relating to exploration 
potential  and the  project in  general is  based on  information compiled by Dr 
Russell  Fountain, who  also accepts  responsibility for  the data  on which the 
resource  is based.  Dr  Fountain is a  Director of Finders  and a Fellow of the 
Australasian  Institute of Geoscientists. 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. 
 
 
 
 
 
 
 
 
[HUG#1401703] 
 

Finders Resources (LSE:FND)
Historical Stock Chart
From Jun 2024 to Jul 2024

Finders Resources (LSE:FND)
Historical Stock Chart
From Jul 2023 to Jul 2024