Finders updates ore reserve for Wetar Copper project
Wednesday, July 17 2013 - 02:30 AM WIB
ASX-listed Finders Resources Ltd updated its ore reserve and mineral resource estimates for its Wetar Copper Project in Indonesia.
It said that the combined ore reserve now stands at 8.9 Mt at an average copper grade was 2.4% for approximately 210,000t of contained copper, an increase of 10,000 tons.
"This equates to over US$50m of incremental revenue and US$35m of additional pre-tax cashflow at current copper prices," the company said in the statement on Wednesday.
Reporting of mineral resource estimates have been upgraded to follow JORC 2012 guidelines and are restated at 9.2 Mt with an average copper grade of 97% of the mineral resources have been successfully converted into ore reserves.
In addition, there are a number of promising prospects within Finders? existing tenements including Meron, Karkopang and the South Coast of Wetar which have the potential to significantly expand the resource base of the project.
Chris Farmer, Managing Director of Finders, commented. ?The updated Ore Reserves and Mineral Resource estimates represent the first tangible step in the efforts currently being undertaken by the development team at Finders to deliver a new enhanced and streamlined project development plan which will culminate in an updated Feasibility Study. We expect to update the market on progress over the coming weeks.?
Editing by Adianto P. Simamora