Finders provides highlights of Indonesian ops
Thursday, July 31 2008 - 02:39 AM WIB
HIGHLIGHTS
Wetar Copper Project, Maluku
Finders Resources Limited ~72% and earning through expenditure
? Demonstration plant
- Commissioning of the 5 tonnes per day (tpd) cathode plant now scheduled for late September. The schedule has slipped from the previous target of early August due to:
* Engineering design work behind planned schedule.
* Fabrication delays and extended transit times for key electrical components for the EW plant including busbars.
- Final capital plus operating costs for the demonstration plant are now expected to increase around 20% to around US$8m due to:-
* Overbudget capital items and extra costs associated with engineering redesign work and delays (including fuel, freight and on-site operating costs)
* Additional expenditure of around A$2.Om on items acquired opportunistically in preparation for the full scale project e.g. crushers, conveyors
? Feasibility Study
- Ausenco Services Pty Ltd have been retained to
* Review existing results and develop an implementation plan for the study as project managers
* Review the development schedule in order to identify long lead time items required to achieve the late 2009 production target
- Ongoing results from laboratory studies confirm high copper recoveries with possible insensitivity to crush size
Ojolali Gold-Silver Project, Lampung
Finders Resources Limited ~72% with option
? An updated resource estimate for the iambi gold deposit, incorporating results from an additional 93 reverse circulation drill holes, has resulted in a 33% increase in the contained gold in Indicated and Inferred resources to 138,000 02 at a 0.5 g/t Au cut-off.
? Approximately 75% of the estimated resource is now classified as Indicated Resources under the JORC code, compared to none in the previous estimate, with over 85% of the resource (at a 0.5 g/t cut off) oxidized or partially oxidized.
? High silver grades at iambi are interpreted to represent supergene enrichment at the base of oxidation. Essentially untested potential exists for a similar zone of silver enrichment at the Tambang vein system, which has potential for roughly 3 million tonnes of additional oxide material to a depth of 30m.
? Detailed soil geochemical surveys have now been completed over in excess of 35 km2 of the. Ojolali licence areas, generating a large number of new gold-silver anomalous target zones, and extending the known gold mineralized system for at least 3 km to the north of Jambi. (end )