Release: Finders Resources: Key project milestones achieved, Wetar project
Monday, January 21 2008 - 05:38 AM WIB
? Major capital items ordered: first equipment shipment has departed for site by landing craft.
? Key operational staff appointed.
? Receipt of principal permits.
Finders? is targeting copper cathode production from a Stpd SX-EW plant from mid-2008.
All key elements of engineering design work for the test heaps and demonstration plant have been completed, enabling the company to issue orders for capital items in a timely fashion; such as the rectifier, anodes and cathodes, which have longer lead times,.
Plant and equipment for the development will be mobilised to the project area in two main shipments, the first of which departed Surabaya on January 17th. This shipment includes contract earthmoving equipment, generators and fuel and water tanks. Initial work will focus on road refurbishment, environmental protection measures and construction of the heap pad area.
The Company has expanded its senior project team with experienced appointments in key disciplines. The technical team for the project is now largely in place.
? Mine Superintendant
? Construction Supervisor
? Processing Superintendant
? Purchasing Supervisor
? Environmental Officer
On the 4th January 2008, the Company received notification that the Environment Impact Control Committee (BAPEDALDA) of Maluku had approved the Company?s environmental management and control plans (UKL/URL) for the demonstration plant after review by the provincial AMDAL commission on December 12th 2007.
On the 14th January 2008, further permits for a 100,000t bulk sample and pilot-scale processing were received from the Regency of Maluku Tenggara Barat.
Managing Director, Chris Farmer said
The first shipment of equipment to Wetar marks the start of an exciting phase for the Company as we make the transition towards being a copper producer. Our ability to hire quality staff in a highly competitive market is a strong endorsement of both the project quality and Finders? corporate culture.
With the principal permits in place, we remain on track to meet our targets for copper production and look forward to reporting the outcomes of a very busy year ahead for us we attempt to build a profitable project which has tangible benefits for all stakeholders
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)