RNS Number:1834T
Finders Resources Limited
19 March 2007
FOR IMMEDIATE RELEASE: 19th MARCH 2007
INTERIM RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2006
The Board of Finders Resources Ltd ("Finders" or "the Company") is pleased to
announce its interim results for the half year ended 31 December 2006.
HIGHLIGHTS:
Interim results:
O During the period, the consolidated loss of the economic entity after
providing for income tax and eliminating minority equity interests amounted to
$2,638,711 or approximately AUD 4.59 cents per share (diluted basis).
Wetar Copper Project:
O Feasibility Stage 1 addresses process selection between heap leach and
hydrometallurgy. Recent results are in line or better than previously indicated
by the scoping study. Final process decision expected to be taken in mid 2007.
O Bio leach tests showed potential for high copper recoveries by heap
leaching. New 2m and 5m column tests underway to confirm potential 82% copper
recovery at Kali Kuning and 57% copper recovery at Lerokis.
O Core aspects of the Feasibility Study, including environmental management
planning, infrastructure, geotechnical assessment and tailings studies all
underway
O Recent twin hole drilling indicates potential for significant grade
increases
Ojolali Gold-Silver Project:
O Scoping Study underway to evaluate development options, targeting +30,000
Oz/yr Gold production commencing in 2008
O Drilling programme targeted at upgrading the Jambi resource and delineating
additional oxide resources at the nearby Batu Kuning deposit.
O Infill drilling to follow-up bonanza grade silver/gold intercepts beneath
the oxide cap at - Jambi: 3m @ 2,929g/t Ag, 0.6g/t Au
- Batu Kuning: 7.5m @ 8.41g/t Au and 1m @ 690g/t Ag, 11.89g/t Au
O New exploration targets being continually prioritised, using 3D geophysical
techniques combined with surface mapping and sampling.
Geopacific Resources:
O Finder's interest in Geopacific is currently 5,900,000 shares or 14.6% of
the shares on issue.
O Finders interest had a value of approx A$2.7m or #1.1m on 16 March 2007.
O On February 27 Geopacific announced its intent to proceed with an
acquisition of the Faddy's gold deposit in Fiji, for an initial consideration of
4 million shares. The Faddy's Deposit has defined near-surface gold
mineralisation which will be the subject of advanced studies focussing on a
target of 25,000 oz Au/year production.
Post Balance Sheet Events:
O Proposed dual listing on the Australian Stock Exchange expected to take
place in Q2 2007
O Completed placing of 1,478,000 new ordinary shares at 25.375p raising
approximately #375,000
The full Auditors Report can be found on www.findersresources.com. The Audit is
accordance with:
* the Corporations Act 2001 including:
o giving a true and fair view of the company's and consolidated entity's
financial position as at 31 Dec 2006 and of their performance for the half year
ended on that date;
o complying with Accounting Standards in Australia and the Corporations
Regulations 2001;
* other mandatory professional reporting requirements in Australia.
Finders' Auditors are:
Alcock Davis Danieli (Chartered Accountants),
Level 5, 285 George St, Sydney NSW 2000, Australia
Russell Fountain, the Company's chairman, commented:
"We are delighted with the advances that both our projects have made during the
period.
Following a positive scoping study in June 2006, feasibility studies are
underway for the Wetar project, targeting production at 25,000 tpa of copper
commencing in 2009. While initially planned to produce and ship a concentrate to
an off-site hydrometallurgical facility, recent positive results from bacterial
leaching have opened the possibility for on-site production of copper cathode by
heap leaching and SX/EW, with a significant reduction in both capital and
operating cost.
The Ojolali project now comprises approximately 30000 Ha of leases controlled by
Finders, encompassing an entire epithermal goldfield. Finders strategy at
Ojolali is to pursue cash flow generation through a low cost start-up gold
mining operation based on low stripping ratio open pit mining of the +100,000 oz
Jambi oxide gold resource. The start up operation would then be expanded and
upgraded to treat the major Tambang Silver-zinc-lead gold vein system, targeting
production of gold-silver rich base metal concentrates.
2007 will be a crucial yet exciting year for the company as we continue to fast
track the projects towards development, unlocking the mineral potential of both
the Wetar and Ojolali projects and delivering further value to our shareholders.
"
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
HEADLINE NUMBERS (Australian Dollars)
CONSOLIDATED INCOME STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
Economic Entity
31.12.2006 31.12.2005
$ $
Revenue 156,470 173,105
Employee benefits expense (250,729) (68,000)
Depreciation expense (3,022) -
Exploration expenditure written off (2,776,884) -
Operating expenses (806,124) (904,165)
Loss before income tax (3,680,289) (799,060)
Income tax expense - -
Loss from operations (3,680,289) (799,060)
Loss attributable to minority equity interest (1,041,578) (242,141)
Loss attributable to members of the parent entity (2,638,711) (556,919)
Overall Operations $ $
Basic earnings per share (cents per share) (4.99) (1.86)
Diluted earnings per share (cents per share) (4.59) (1.86)
The accompanying notes form part of these financial statements.
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2006
Economic Entity
31.12.2006 30.06.2006
$ $
ASSETS
CURRENT ASSETS
Cash and cash equivalents 2,248,685 5,809,230
Trade and other receivables 649,331 397,714
TOTAL CURRENT ASSETS 2,898,016 6,206,944
NON-CURRENT ASSETS
Financial assets 3,599,000 796,500
Property, plant and equipment 82,048 4,021
Exploration expenditure - 175,746
TOTAL NON-CURRENT ASSSETS 3,681,048 976,267
TOTAL ASSETS 6,579,064 7,183,211
CURRENT LIABILITIES
Trade and other payables 680,584 76,332
TOTAL CURRENT LIABILITIES 680,584 76,332
TOTAL LIABILITIES 680,584 76,332
NET ASSETS 5,898,480 7,106,879
EQUITY
Issued capital 11,551,816 11,551,816
Reserves 3,085,138 576,914
Retained earnings (8,738,474) (5,021,851)
Parent entity interest 5,898,480 7,106,876
Minority equity interest - 3
TOTAL EQUITY 5,898,480 7,106,879
The accompanying notes form part of these financial statements.
STATEMENT OF CHANGES IN EQUITY FOR the half year ended 31 december 2006
Economic Entity
Share Retained Financial Foreign Minority Total
Capital Earnings Asset Currency Equity
Reserve Translation Interests
Ordinary Reserve
$ $ $ $ $ $
Balance at 1 July 2005 1,603,757 (411,367) (85,667) 1,106,719
Shares issued during the year 646,403 646,403
Loss attributable to members of (556,919) (556,919)
parent entity
Loss attributable to minority (242,141) (242,141)
shareholders
Revaluation increment 2,050 2,050
Balance at 31 December 2005 2,250,156 (968,286) - - (325,758) 956,112
Balance at 1 July 2006 11,551,816 (4,359,083) 466,500 110,414 (662,768) 7,106,879
Adjustment to controlled entity's (80,706) (51,507) (132,213)
audited accounts at 30 June 2006
Adjustment on application of AASB
139 for fair value on shares in
listed entities 2,802,500 2,802,500
Loss attributable to members of (2,638,710) (2,638,710)
parent entity
Loss attributable to minority (1,041,578) (1,041,578)
shareholders
Adjustments from translation of (294,276) (294,276)
foreign controlled entities
Outside Equity Interests 95,878 95,878
Balance at 31 December 2006 11,551,816 (7,078,499) 3,269,000 (183,862) (1,659,975) 5,898,480
The accompanying notes form part of these financial statements.
CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER 2006
Economic Entity
31.12.2006 31.12.2005
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (3,528,853) (808,548)
Interest received 93,880 7,734
Net cash provided by (used in) operating activities (3,434,973) (800,814)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in controlled entity paid to other shareholders (44,523) -
Purchase of non-current assets (81,049) -
Net cash provided by (used in) investing activities (125,572) -
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares - 646,403
Loans - associated entities - (176,002)
Loan - convertible notes - (20,000)
Net cash provided by (used in) financing activities - 450,401
Net increase in cash held (3,560,545) (350,413)
Cash and cash equivalents at beginning of period 5,809,230 617,494
Cash and cash equivalents at end of period 2,248,685 267,081
The accompanying notes form part of these financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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