Resource Capital supports Finders? Indonesia gold and silver project
Tuesday, January 24 2012 - 09:19 AM WIB
It said a total of 4.02 million Finders shares had been issued at an issued price of $0.36 per share, in full settlement of the note, including interest payable to the maturity date.
?We welcome RCF?s continued support for Finders as we move into the development phase of our high grade Wetar Copper Project. RCF?s election to convert the Note is a strong endorsement of the robust quality of the Wetar project,? Finders Managing Director, Chris Farmer said in a media statement.
Finders is the operator of the Wetar Copper Project (with 95 percent interest), and the Ojolali Gold-Silver Project (72 percent with option), both located in Indonesia.
The Wetar Copper Project comprises two high grade deposits, Kali Kuning and Lerokis, which are located within 3 km from the coast and suitable for open pit mining.
The project benefits from having existing infrastructure in place, particularly a wharf, camp and roads and partially pre-stripped copper ore bodies from a prior gold mining era.
From February 2009 to December 2010, Finders successfully operated a 5 tons per day Solvent Extraction/Electro Winning (SX/EW) demonstration plant to test copper sulphide leach kinetics, optimise process design and provide data required for project finance.
The demonstration plant produced and sold about 2,500 tons of LME Grade A copper cathode, all of which was sold at a premium to the LME price and without specification issues.
The test heaps are at heights similar to commercial operations worldwide and the SX/EW technology being used is industry standard. SX/EW technology is currently responsible for approximately 22 percent of the world?s copper production.
The development of the Wetar Copper Project comprises the brown-fields expansion of the existing demonstration plant to 7,000 tons per annum (TPA) capacity, followed by incorporation of the Whim Creek plant to lift production to 25,000 TPA.
Editing by Roffie Kurniawan