Wetar Copper Update
September 29 2006 - 3:51AM
UK Regulatory
RNS Number:6874J
Finders Resources Limited
29 September 2006
FOR IMMEDIATE RELEASE: 29th SEPTEMBER 2006
Excellent Hydrometallurgical and Drilling Results at Wetar
Finders Resources Ltd - Wetar Copper Update
HIGHLIGHTS
* Preliminary results from hydrometallurgical testing from Lerokis
concentrate yield +93% Cu recoveries, for both Albion and Outokumpu
HydroCopper processes, and show potential for significant zinc by product.
* Continued high grade copper intercepts from Kali Kuning, including
o 70m @ 4.43% Cu and 30m @ 4.18% Cu
* Feasibility studies underway, managed by Intermet Engineering, including
o Copper floatation test work at Optimet, Adelaide
o Tailings disposal and geotechnical assessment
o Environmental management
Chris Farmer, Managing Director, commented:
"With confirmation of the amenability of the Lerokis concentrate to processing
by both Albion and HydroCopper, we are now in a position to undertake a detailed
review of the capital and operating cost implications of both processes, leading
to a final selection decision by November.
Feasibility studies into concentrate production are accelerating under the
management of Interment Engineering, including work on optimising concentrate
production and floatation, tailings disposal, environmental management, and a
revised resource estimate for the Kali Kuning deposit incorporating data from an
additional 25 holes completed over the past three months.
The potential for a significant zinc by-product is an added bonus, and we remain
confident of being able to reach a production decision for the project in the
second half of 2007"
For further information please contact:
College Hill: Paddy Blewer or Nick Elwes, 020 7457 2020
Finders Resources Ltd: Chris Farmer, cbf@findersresources.com
Website: http://www.findersresources.com
WETAR COPPER PROJECT
(Finders earning with expenditure, approx 68% subject to audit)
Intensive work underway on all aspects of the Wetar copper project continues to
support Finders fast track development concept for the project
Hydrometallurgical Test Results
Initial results have been received for hydrometallurgical test work on Lerokis
concentrate samples undertaken using both the Albion Process and Outokumpu
HydroCopper technology, both of which processes can successfully treat the
elevated levels of arsenic, antimony and mercury that occur in the Wetar
concentrates.
These tests have been highly successful, with both processes yielding copper
recoveries of 93% from separate splits of the same concentrate sample, as well
as high (85 and 99% respectively) recovery of zinc.
Zinc is present in significantly higher levels (7.4% Zn) in Lerokis concentrate
compared to Kali Kuning concentrate which grades around 1.6% Zn, reflecting a
higher average zinc grade at Lerokis. Further work needs to be done regarding
the cost implications of zinc recovery, but the results to date indicate
potential for a significant zinc by-product credit from the Lerokis deposit.
Assay results are still awaited on Albion process precious metals recovery
test-work. A final report regarding the Albion process work, including modelled
capital and operating cost estimates is expected in the next few weeks, which
will provide a firm basis for selection of our preferred final processing route.
Kali Kuning Drilling
At the Kali Kuning deposit, 25 new diamond drill holes for a total of 1375m have
been completed, with the combined purpose of providing fresh samples for ongoing
metallurgical testing, evaluating suspected selective copper losses in previous
drill programs and to bring the whole Kali Kuning resource up to at least JORC
Indicated Resource standard.
This program continues to demonstrate the excellent continuity and high grade
nature of the Kali Kuning resource. Significantly intersections using a 0.5% Cu
cut-off are listed as follows:-
Hole Number Easting Northing RL Depth from Intercept Au g/t Cu %
(m) (m)
KKG025* 9306 4075 192 8.7 24.1 0.65 9.99
KKG026* 9280 4079 189 8.8 24.2 0.73 7.14
KKG027* 9279 4208 167 20.2 48.1 0.47 1.91
KKG028* 9245 4309 160 9 28.3 0.72 3.70
KKG029 9350 4202 189 17 34.8 0.72 1.31
KKG029 9350 4151 202 55.3 23.4 1.48 3.43
KKG030 9349 4146 202 1.8 23.5 0.71 1.43
KKG030A 9349 4146 202 1.1 32.2 0.75 3.25
KKG032 9346 4353 195 0.7 8.3 0.65 0.91
KKG032 20 8.3 0.59 2.28
KKG033 9335 4299 189 40.9 16.7 0.95 1.99
KKG034 9348 4248 187 43 13.8 0.75 3.39
KKG035 9285 4100 189 3 30 0.65 4.18
KKG035 41 23.3 0.12 1.69
KKG036 9276 4122 184 3 70 0.73 4.43
KKG037 9278 4147 180 5 66 0.39 2.49
KKG038 9276 4251 164 26.4 29.6 0.44 1.64
KKG039 9275 4352 175 8 46 0.77 3.59
* Previously reported, coordinates are local grid
A location map of all historical Kali Kuning drill holes that are relevant to
the copper resource follows is available on www.findersresources.com.
Feasibility Study
Feasibility studies into on site mining and production of concentrate, under the
management of Intermet Engineering Pty Ltd., Australia, are accelerating.
A 350Kg representative sample of Kali Kuning mineralization has been shipped to
Optimet laboratories in Adelaide for floatation optimization testing to provide
data for detailed mill design, and final tender evaluation is underway for
studies into all aspects of on-site geotechnical, environmental management and
tailings disposal, with a completion target of February 2007.
Finders' Directors remain confident that the project is on track for a
production decision in the second half of 2007, which would allow for first
production in late 2008 or early 2009.
Geological information in this announcement is based on information compiled by
Dr R Fountain who is a Fellow of the Australasian Institute of Geoscientists and
a Director of Finders. Dr Fountain has sufficient experience that is relevant to
the styles of mineralisation and types of deposits under consideration and to
the activity that he is undertaking to qualify as Competent Person as defined in
the JORC Code. He consents to the inclusion in this announcement of the matters
based on his information in the form and context in which they appear.
All assaying of Ojolali samples was undertaken by the ITS laboratory in Jakarta.
ITS is one of the world's largest product and commodity testing, inspection and
certification organizations. The Jakarta laboratory is ISO 17025 accredited and
employs a Laboratory Information Management System (LIMS) for sample tracking,
quality control and reporting.
Statements in this document that are forward-looking and involve numerous risks
and uncertainties that could cause actual results to differ materially from
expected results are based on the Company's current beliefs and assumptions
regarding a large number of factors affecting its business. Actual results may
differ materially from expected results. There can be no assurance that (i) the
Company has correctly measured or identified all of the factors affecting its
business or the extent of their likely impact, (ii) the publicly available
information with respect to these factors on which the Company's analysis is
based is complete or accurate, (iii) the Company's analysis is correct or (iv)
the Company's strategy, which is based in part on this analysis, will be
successful.
Notes for editors and analysts:
Finders Resources LTD (AIM:FND)
www.findersresources.com
Advanced Projects in
Indonesia Wetar Copper Project
> 10.7 Mt @ 2.4% Cu, 0.64 g/t Au, 27 g/t Ag in
two deposits at a cut-off grade of 0.5% Cu
> Independent JORC estimates, 88% indicated
> High grade, low strip ratio, coastal location
> Variety of process route alternatives being
investigated
> Exploration potential with known satellite
deposit
> 68% Finders (subject to audit) with potential
for further expenditure-based equity
Ojolali Gold -Silver Project
> Jambi Prospect: CIL or CIP target with
Inferred Resource of around 150,000 oz Au and
low strip ratio
> Tambang Prospect: Current Inferred Resource
of around 40 million Oz Ag and around 170,000
Oz Au
> Bonanza grade veins targeted in under explored
mining district
> 72% Finders
Investment Geopacific Resources (ASX:GPR)
> Portfolio of copper-gold and gold projects in
Fiji, many existing ore grade intercepts and
10 drill-ready targets
> Finders has a 16.7% interest in Geopacific
> Recent high grade gold assays at the Raki Raki
prospect
Proven Team > Extensive collective experience and expertise
in the exploration, assessment, evaluation and
development of mineral projects
> Track record of bringing mines into
development
> Significant, extended Indonesian experience
Finders Resources Limited > Market capitalisation of approximately #14
million on 28/9/06
> Fast track development and cash generation
potential
> Quality team
> Strong exploration upside
Resource estimates are reported in accordance with the 2004 edition of the
Australasian Code for Reporting Exploration Results, Mineral Resources and Ore
Reserves (the "JORC Code", available at www.jorc.org). The estimates were
performed by Dr Phillip Hellman who is a Director of Hellman & Schofield Pty Ltd
("H&S") and a Fellow of the Australian Institute of Geoscientists. He qualifies
as a Competent Person under the meaning of the JORC Code and consents to the
inclusion of these estimates in this release by Finders Resources Ltd in the
form and context in which they appear.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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