Release: Finders Resources: Completion of A$15.8 million financing for Wetar copper project

(11 January 2008)--Finders Resources Limited is pleased to advise of the completion of its previously announced financing arrangement with metals trading company, Tennant Metals Pty Ltd and its associated shareholder, Meridian International Capital Limited, by the issue of a total of 5,165,289 shares at A$1.10 per share (raising A$5.68 million), and the provision of a secured loan facility for US$5.0 million.

This transaction, together with the recent placement of 4 million shares at A$1.10 per share (raising A$4.4 million) arranged by Southern Cross Equities, completes the A$15.8 million financing, which will be used to construct the Wetar Copper Project?s demonstration plant (expected capital cost of US$6.25 million) and to provide the company with additional working capital

Finders Executive Chairman Dr Russell Fountain said today:
?Completion of this financing during a period of market uncertainty is a major success for Finders, and leaves the company in a very stmng financial position to take advantage of strong copper prices as we benefit from the 5 tonne per day copper cathode demonstration plant coming on stream mid year and move towards the completion of a definitive feasibility study at Wetar by year end.?

Background:
Finders, listed on AIM and ASX, is the operator of the Wetar Copper (~73% and earning), and Ojolali Gold-Silver Projects (72% with option) in Indonesia, and holds an investment in Geopacific Resources NL, an ASX-listed company with active exploration programs for gold and copper in Fiji.

At the Wetar Copper Project, Finders has previously announced Measured, Indicated and Inferred Resources at a 0.5% copper cut-off grade, of 9.8 million tonnes at 2.5% copper for 248,000 tonnes contained copper in two deposits, Kali Kuning and Lerokis. The company is planning to develop an open cut heap leach SX-EW copper mining operation to produce 20-25,000 tonnes of cathode copper per year from mid 2009. A key component of the feasibility study for this project is the construction of a semi-commercial scale test heap and pilot plant, designed to produce 5 tonnes per day of copper cathode from July 2008, with an estimated capital cost of US$6.25 million.

At the Ojolali Project, Finders has previously announced Inferred Resources at the Jambi Oxide gold deposit (3.2 Mt @ 1.0 g/t Au, 6.9 g/t Ag at a 0.5 g/t Au cut-off, and including mining dilution) and Inferred Resources at the Tambang Prospect (7.9 Mt @ 167g/t Ag and 0.7 g/t Au at a 1 g/t Au equivalent cut-off using drilling data from a previous explorer).

Finders? believes that the Ojolali project has strong potential to generate short-term cash flow through open pit CIL/CIP development of the gold resource at the Jambi Oxide gold deposit. Other prospects have outstanding potential for the discovery of additional resources using modern geophysical techniques to optimize drill targeting. (end of release)