FND Finders Res.

RNS Number:5517L
Finders Resources Limited
11 January 2008

Finders Resources Limited



Completion of A$15.8 million Financing





Finders Resources Limited ("Finders") 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 strong 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."



                                                               11th JANUARY 2008





For further information please contact:



Finders Resources Ltd:

Russell Fountain, Executive Chairman, +61 (0) 2 9211 8299

Chris Farmer, Managing Director, cbf@findersresources.com



Financial PR:

Doug Macdonald, +61 (0) 424 255 959, Capital Group (in Australia)

Paddy Blewer or Nick Elwes, 020 7457 2020, College Hill (in the UK)



RFC Corporate Finance Ltd (Finders' Nominated Adviser for the AIM market):

Rob Adamson, +61 (0)2 9250 0000

Stuart Laing, +61 (0)8 9480 2506, stuartl@rfc.com.au






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.

For further information on results previously reported and a full resource
statement please visit our website www.findersresources.com





Competent Person Statement

The Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves (the 'JORC Code') sets out minimum standards, recommendations
and guidelines for Public Reporting in Australasia of Exploration Results,
Mineral Resources and Ore Reserves. The information contained in this
announcement has been presented in accordance with the JORC Code and references
to "Indicated" and "Inferred Resources" are to those terms as defined in the
JORC Code.

Geological and Mineral Resource 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.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCBMMRTMMMBBFP

Finders Resources (LSE:FND)
Historical Stock Chart
From Jan 2025 to Feb 2025

Finders Resources (LSE:FND)
Historical Stock Chart
From Feb 2024 to Feb 2025