Finders says FS ontrack on Maluku copper-gold project

UK miner Finders Resources Limited announced Monday that feasibility studies into development of the Wetar copper project, Maluku into a 25,000 tpa copper producer are continuing.

The company said positive results in all key areas of the project, including copper grades increase by 10% in updated Kali Kuning Resource model, making combined resources now stood at 9.8Mt @ 2.5% Cu (0.5% Cu cut-off)

Increased copper recovery and better concentrate grades are indicated by flotation test work. Indicative results range from 85% to 92% copper recovery with corresponding concentrate grades of 21% and 16%, it said.

The company also said that revised capital cost estimates of US$ 40-45 million for 25,000 tpa off-site Albion plant are in line with its scoping study estimate with mixed-bag of precious metal recoveries as by-product from hydrometallurgical test work.

?We are currently reviewing all aspects of this work, and expect to make a final process decision in early 2007,? the company said.

Finders has around 70 percent stake in the project. (alex)