FND Finders Res.

    Key Project Milestones Achieved, Wetar Project
             



For Release: 21st JANUARY 2008

FINDERS RESOURCES LIMITED

Key Project Milestones Achieved, Wetar Project


Highlights

Finders Resources' definitive feasibility  study to asses  20-25,000t
per year copper cathode  production at the  Wetar Copper project,  is
progressing according  to schedule  with  the following  key  project
milestones achieved for the Kali Kuning Demonstration Plant:
*          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 5tpd  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"


For further information please contact

Finders Resources Ltd:
Russell Fountain, Executive Chairman, +61 2 9211 8299
Chris Farmer, Managing Director, info@findersresources.com

Financial PR:
Doug Macdonald, +61 424 255 959, Capital Group (in Australia)
Paddy Blewer or Nick  Elwes, +44 20 7457  2020, College Hill (in  the
UK)

RFC Corporate Finance Ltd - Nomad and Corporate Adviser:
Rob Adamson, +61 2 9250 0000 or Stuart Laing, + 61 8 9480 2500


Statements by Finders Resources Ltd
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.
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.

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

- ---END OF MESSAGE---

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

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