Finders raises funds to finance Wetar copper project FS

Australian mining firm Finders Resources agreed on Friday to place 20 million shares to raise A$5.6 million.

The funds raised will be applied to the completion of Wetar Copper Project feasibility study and working capital.

?This raising will put the company in a strong position to move rapidly towards our goal of fast track development of the full scale 20,000 TPA copper project at Wetar,? the company said.

Finders Resources, Listed on AIM and ASX, is the operator of the Wetar Copper in Maluku (92% and earning), and Ojolali Gold-Silver Projects (72% with option) in Jambi.

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. (alex)