Quarterly Activities Report For The Period Ended 31 December 2007
Finders Resources Ltd
Quarterly Activities Report For The Period Ended 31 December 2007
HIGHLIGHTS
Wetar Copper Project
* Laboratory column leach test work continues with
o Ongoing 2m tests at 45oC show up to 81.5% Cu recovery after
25 weeks
o BioHeapTM test work indicates strong copper and zinc
leaching.
* 5 tpd Cu demonstration plant on track for mid 2008 initial
production:
o Major capital items ordered
o First equipment shipment has arrived at site.
o Key operational staff appointed.
o Receipt of principal permits.
Ojolali Gold-Silver Project
* Major RC drilling program underway with 3,242m completed in
37 drill holes
o 7 scout holes at the Kencur prospect,
o 7 step out holes at Jambi South,
o 23 resource definition holes at Jambi.
* Significant gold intersections at Jambi South indicate
potential for extensions for at least 300m to the south east of the
currently defined Jambi resource.
* On-going soil sampling and detailed ground geophysics
continue to define extensive gold soil anomalies identified with
geophysical targets
Corporate
* Financing of A$15.8m announced on 12 December 2007
* 28,300 options were exercised at a price of 50c during the
period.
* At the end of the period 65,614,136 fully paid shares were
on issue.
* Cash held at 31 December 2007 totalled A$5.7 million.
* Research by Green Leader Equities Research assessed a risk
weighted valuation for Finders of $151M, or AUD$2.02/share
Subsequent events:
* Financing completed with the following share issues priced
at A$1.10
* 4,000,000 ordinary shares to clients of Southern Cross
Equities.
* 5,165,339 ordinary shares to Tennant Metals Pty Ltd and
Meridian International Capital Ltd.
* Provision of a US$5m loan facility for the Wetar
demonstration plant.
1. Wetar Copper Project, Indonesia
Finders Resources Limited ~72% and earning through expenditure
Background Information
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. As part
of a definitive feasibility study, a demonstration SX-EW plant with
5t per day copper cathode capacity is being installed with planned
cathode production from mid-2008. The Company is targeting commercial
production of 20-25,000 tonnes per year cathode by the end of 2009.
For further information on results previously reported and a full
resource statement please visit our website www.findersresources.com
Leach Test Work
During the period, the Company received results from laboratory scale
leach test work being undertaken at HRL in Brisbane and Ammtec Ltd.
in Perth.
At HRL, two 2m column tests on different ore samples using
non-proprietary bacteria collected at site at elevated (45�C)
temperatures have now been running for 25 weeks with approximately
67% and 81.5% copper recovery. It should be noted that these
progress results are based on extrapolation from solution assays, and
that definitive recovery figures will require completion of solids
assays and mass balances on completion of the tests, which will occur
in the current quarter. Further tests are planned to fully
characterise the ore types at the Wetar deposits.
Graph Showing Cu recovery from HRL 2m Columns
Six column tests using BioheapTM technology have now been ongoing for
5 months out of a planned leach time of 10 months. Oxidation
continues on all columns.
The Kali Kuning columns continue to display concurrent zinc and
copper release at steady rates, with over 65% Cu and 75% Zn leached
thus far. Iron oxidation remains low on all columns, indicating
preferential oxidation of zinc and/or copper minerals over pyrite.
The Lerokis columns, which have significantly higher zinc grades than
the Kali Kuning columns (1.9% Zn c.f. 0.26% Zn) continue to show
preferential zinc oxidation, although the Lerokis 6.3mm 1m column has
begun copper release with currently 12% Cu reporting to solution. It
is anticipated that copper recovery from the Lerokis columns will
increase during the next few months, and these leaching results will
then be compared to the results for the non-proprietary bacteria test
results prior to a decision on which bacteria and process to use for
production heaps at Lerokis. Non proprietary site bacteria will be
used for the demonstration heaps at Kali Kuning.
In mid December, an overflow incident occurred in the 3m Lerokis
column, which has been restacked; the impact of this event is
currently under review.
+-------------------------------------------------------+
| Size / Crush | Ore Body | Fe (%) | Cu (%) | Zn (%) |
|--------------+-------------+--------+--------+--------|
| 1m 6.3mm | Lerokis | 4.6 | 12.2 | 67.3 |
|--------------+-------------+--------+--------+--------|
| 1m 19mm | Lerokis | 2.5 | 2.0 | 66.7 |
|--------------+-------------+--------+--------+--------|
| 3m 19mm | Lerokis + | 4.2 | 6.5 | 67.2 |
|--------------+-------------+--------+--------+--------|
| 1m 6.3mm | Kali Kuning | 4.6 | 64.9 | 76.4 |
|--------------+-------------+--------+--------+--------|
| 1m 19mm | Kali Kuning | 3.8 | 71.7 | 99.8 |
|--------------+-------------+--------+--------+--------|
| 3m 19mm | Kali Kuning | 2.6 | 33.3 | 40.3 |
+-------------------------------------------------------+
Ongoing BioHeapTM: Test results : Metals Reporting to Solution (%
total)
+ data prior to overflow event in mid-Dec
Demonstration Plant
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.
In addition, seven peizometers (216m of drilling) and 3 geotech holes
(232m of drilling) were completed during the quarter.
Tenement Status and Permitting
Applications were lodged during the period to extend the exploration
permits covering the Kali Kuning and Lerokis deposits for a further
year. This extension was granted on 14th January 2008. Four new
exploration permits covering 4,693 ha were also lodged to cover
prospective areas defined by the geochemical program within the South
Coast general survey permit areas. Two of these tenements were also
granted on 14th January 2008. These transactions are described in
Appendix 5b and a revised tenement schedule is provided in Appendix 1
of this Report.
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.
Exploration
As a result of the ongoing wet season, no activities were undertaken
within the South Coast exploration areas
Mine Site Exploration
A small TEM survey covering (120 ha) was completed in the area
between Kali Kuning and the partially drilled satellite deposit at
Meron. The survey targeted cover sequence rocks that are known to
occur stratigraphically above the copper/gold bearing sequence on
Wetar Island.
The results show the Meron deposit as a strong conductor and a
smaller conductor located approximately 500m west of Meron. Previous
drilling by Billiton shows a close relationship between copper
mineralization and the TEM responses, which are either not closed-off
or untested by historical drilling. Finders consider that both
targets have potential for discovery of additional copper
mineralisation.
TEM survey results, Window 25: approx 12.2 msecs
2. Ojolai Project, Indonesia
Finders Resources Limited ~72% with option
Background Information
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 believe 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
Reverse Circulation Drilling Program
The RC drilling program which encompasses the upgrade of the Jambi
oxide gold resource and scout drill a number of other prospects is
well underway with 37 drill holes (3,242m of drilling) of a planned
80 hole 7500m program completed since drilling commenced on 21st
November 2007.
Drilling completed thus far comprises scout drilling at Kencur (7
holes, 748m) and Jambi South (7 holes 784m) and definition drilling
at the Jambi resource deposit (23 holes, 2,488m). A full list of
drill collars can be found in Appendix 2.
+----------------------------------------------------------------+
| Hole | Target | From (m) | Width (m) | Au g/t | Ag g/t |
|--------+--------------+----------+-----------+--------+--------|
| KCRR01 | Kencur West | 3 | 1 | 2.1 | - |
|--------+--------------+----------+-----------+--------+--------|
| KCRR03 | Kencur Bedor | 71 | 5 | 0.65 | 3 |
|--------+--------------+----------+-----------+--------+--------|
| KCRR04 | Kencur Bedor | 11 | 2 | 1.1 | 6 |
|--------+--------------+----------+-----------+--------+--------|
| | | 56 | 1 | 1.4 | 1 |
| KCRR05 | Kencur Bedor |----------+-----------+--------+--------|
| | | 91 | 1 | 1.2 | 1 |
|--------+--------------+----------+-----------+--------+--------|
| KCRR06 | Kencur West | 29 | 1 | 1.0 | - |
|--------+--------------+----------+-----------+--------+--------|
| | | 10 | 1 | 2.0 | 1 |
| KCRR07 | Kencur South |----------+-----------+--------+--------|
| | | 51 | 4 | 1.1 | 3 |
+----------------------------------------------------------------+
Kencur Prospect scout drilling: significant assay results
3 holes drilled at Kencur West to test high grade gold values in
local miner pits encountered only minor near surface mineralization
in KCRR01, and the high pit values are now interpreted to represent
a highly weathered high level alluvial terrace deposit which masks
bedrock geochemistry.
Narrow gold intersections encountered in Kencur Bedor and Kencur
South represent genuine bedrock mineralization, but the structural
controls for this mineralization, within the 1.5km x 300m Kencur
target zone remain unclear.
Close spaced ground magnetic and 3D IP surveys are being completed
over this area to better define targets for further drilling
Kencur West
Kencur South
Kencur Bodur
Kencur Prospect scout drilling locations (green circles) on map
showing gradient array resistivity (coloured) and channel sample
assay results (legend)
At Jambi South two fences were drilled to assess anomalous soil
geochemistry which extends for approximately 500m to the south east
from the main Jambi resource. Encouraging assay results across
substantial widths (apparent widths) were returned from three of the
drill holes; BKJR37, 39A and 42.
These results indicate potential to extend the Jambi mineralized
system for at least 300m beyond the current resource limits, but will
require additional infill drilling to confirm continuity of the
zones.
Results are only available for 4 holes from the Jambi resource
definition drilling. However an encouraging intercept of 3m @ 6.3g/t
Au from a depth of 20m in hole BKJR52 appears to represent a new high
grade structure, sub-parallel to known mineralization and to the west
of the inferred resource.
A plan view showing the status of drilling at Jambi, plus a
tabulation of significant assay results follows:-
+------------------------------------------------------------------+
| Hole | Target | From (m) | Width (m) | Au g/t | Ag g/t |
|-----------+-------------+----------+-----------+--------+--------|
| | | 3 | 1 | 1.2 | - |
| BKJR37 | Jambi South |----------+-----------+--------+--------|
| | | 65 | 14 | 0.3 | 38 |
|-----------+-------------+----------+-----------+--------+--------|
| BKJR38 | Jambi South | 4 | 1 | 1.7 | 2 |
|-----------+-------------+----------+-----------+--------+--------|
| BKJR39 | Jambi South | 2 | 3 | 1.5 | - |
|-----------+-------------+----------+-----------+--------+--------|
| BKJR39A | Jambi South | 2 | 10 | 1.3 | - |
|-----------+-------------+----------+-----------+--------+--------|
| | | 93 | 5 | 3.9 | 32 |
| | |----------+-----------+--------+--------|
| BKJR42 | Jambi South | 111 | 6 | 2.0 | 24 |
| | |----------+-----------+--------+--------|
| | | 144 | 1 | 1.7 | 13 |
|-----------+------------------------------------------------------|
| BKJR43-48 | Awaiting assay results |
|-----------+------------------------------------------------------|
| | | 8 | 3 | 1.6 | - |
| | |----------+-----------+--------+--------|
| BKJR49 | Jambi | 26 | 2 | 1.3 | 2 |
| | |----------+-----------+--------+--------|
| | | 41 | 3 | 1.5 | 13 |
|-----------+-------------+----------+-----------+--------+--------|
| BKJR50 | Jambi | 49 | 2 | 1.0 | 3 |
|-----------+-------------+----------+-----------+--------+--------|
| BKJR51 | Jambi | 35 | 1 | 1.4 | 3 |
|-----------+-------------+----------+-----------+--------+--------|
| | | 0 | 3 | 1.7 | 2 |
| BKJR52 | Jambi |----------+-----------+--------+--------|
| | | 20 | 3 | 6.3 | 2 |
+------------------------------------------------------------------+
Jambi drilling: significant assay results
Plan view of current drilling at Jambi
Auger and Channel Sampling
A major program of auger soil geochemistry is ongoing with sampling
over 80% of the main IP geophysical targets completed. During the
period an additional 1,050 composite soil samples and 420 channel
samples were collected, bringing the total thus far to 2,400 and
1,820 samples respectively.
Partial assay results have been received and they indicate
significant potential for extensions to the known oxide gold
mineralization at Jambi, as defined by anomalous soils above 0.5 ppm
gold for a distance of approximately 400m north and south of the
current inferred resources.
At Belida, high soil assays from the southern portion of the prospect
area have upgraded prospectivity within a 700m wide NE trending
corridor which contains 100m-200m wide zones of veining and
alteration and can be mapped at surface for a strike length of 1.5km.
A summary map showing soil assay results and their relation to IP
targets is presented in Appendix 3.
On the basis of these results, plus detailed follow-up mapping in the
vicinity of the target areas, the auger program has been extended to
cover much of the area between Belida, Jambi and the Cugah prospects.
Channel sampling of surface outcrop and local mining pits, further
enhances the prospectivity of the northern prospect areas. Summary
results can be viewed below.
Ground geophysics
A program of detailed ground magnetics has been completed covering
approximately 15 sq. km of the tenement area, targeting boundary
zones of interpreted basement highs. Preliminary review of the
magnetic data indicates that it has been very successful in defining
major structural trends in the basement rocks.
Kencur-Belida-Jambi: preliminary ground magnetic interpretation and
channel sample assay results
Detailed IP surveying of the same area is underway with approximately
25 line km completed to date. This work will allow integrated 3D
modelling and drill target selection by the end of the first quarter.
3. Corporate
On 12 December 2007, the Company announced agreement in principle of
a A$15.8m financing package which will be used to construct the
demonstration plant at Wetar and to provide the company with
additional working capital.
On 27th November 2007, 28,300 options were exercised at a price of
50c, with the above transactions resulting in the following change to
the capital structure of the Company:
+-------------------------------------------------------------------+
| Type of Security | Exercise Price | Expiry Date | Number in Issue |
| | | | |
|------------------+----------------+-------------+-----------------|
| Fully Paid | | | 65,624,136 |
| Ordinary Shares | | | |
|------------------+----------------+-------------+-----------------|
| | A$0.50 | 20 March | 3,152,767 |
| | | 2009 | |
| |----------------+-------------+-----------------|
| Options | 24p | 22 March | 1,322,881 |
| | | 2009 | |
| |----------------+-------------+-----------------|
| | A$0.6875 | 13 June | 500,000 |
| | | 2010 | |
| |------------------------------+-----------------|
| | | 4,975,648 |
+-------------------------------------------------------------------+
In December, John Macdonald of Green Leader Equities Research
completed and published an independent research report which is the
first public domain evaluation of the Company and its projects. The
report assessed a risk weighted valuation for Finders of $151M, or
AUD$2.02/share, and can be downloaded at
http://www.greenleader.com.au/framework/documents/frame.asp?doc=529.pdf
The Company's cash held at 31 December 2007 totalled A$5.7 million.
The mining exploration entity quarterly report (Appendix 5b) is
appended.
Subsequent events
On 14th January 2008, the financing arrangement announced on 12th
December 2007 was completed by:
* the issue of a total of 5,165,339 shares at A$1.10 per
share (raising A$5.68 million) to Tennant Metals Pty Ltd and its
associated shareholder, Meridian International Capital Limited, and
* the provision of a secured loan facility for US$5.0
million.
This transaction, together with the placement of 4 million shares at
A$1.10 per share (raising A$4.4 million) arranged by Southern Cross
Equities on 4th January 2008, completes the A$15.8 million financing.
Chris Farmer
Managing Director
Further details for all projects including location maps, tenement
schedules and technical descriptions may be found on the Finders
website at www.findersresources.com
4. Statements from Finders
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 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.
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 - Nomad and Corporate Adviser:
Rob Adamson, +61 (0) 2 9250 0000 or Stuart Laing, + 61 (0) 8 9480
2500
Appendix 1
Revised Status of Tenements
+------------------------------------------------------------------------+
|Tenement | |Date | |Area | |
|KP decision |Tenement Type|Issued |Validity/Status |(ha) |Owner |
|No. | | | | | |
|--------------+-------------+---------+-----------------+-------+-------|
|660/36 of 2008| |Jan 14, | 1 year | 1,372 |BKP |
| |Exploration |2007 | | | |
|--------------|First |---------+-----------------+-------+-------|
|660/37 of 2008|Extension |Jan 14, | 1 year | 1,361 |BKP |
| | |2007 | | | |
|--------------+-------------+---------+-----------------+-------+-------|
|543/955 of |Exploration |Oct 16, | 3 years | 2,636 |BKP |
|2006 | |2006 | | | |
|--------------+-------------+---------+-----------------+-------+-------|
|660/38 of 2008|Exploration |Jan 14, | 1 year | 1,021 |BBW |
| | |2007 | | | |
|--------------+-------------+---------+-----------------+-------+-------|
|660/39 of 2008|Exploration |Jan 14, | 1 year | 1,106 |BBW |
| | |2007 | | | |
|--------------+-------------+---------+-----------------+-------+-------|
|To be advised |Exploration | In | 1 year | 1,148 |BBW |
| | | process | | | |
|--------------+-------------+---------+-----------------+-------+-------|
|To be advised |Exploration | In | 1 year | 1,418 |BKP |
| | | process | | | |
|--------------+-------------+---------+-----------------+-------+-------|
|Relinquished | | | | | |
|--------------+-------------+---------+-----------------+-------+-------|
|543/956 of |General |Oct 16, | Completed |9,441 |BKP |
|2006 |Survey |2006 | | | |
|--------------+-------------+---------+-----------------+-------+-------|
|543/954 of |General |Oct 16, | Completed |9,358 |BKP |
|2006 |Survey |2006 | | | |
+------------------------------------------------------------------------+
BKP : PT Batutua Kharisma Permai
BBW : PT Batutua Barit Wetar
Both parties are subject to Cooperation agreements with Finders
Resources. Finders interest 72.385% and earning with expenditure.
660/39
660/38
660/37
660/36
543/955
Appendix 2: Ojolali Drilling Collars
+----------------------------------------------------------------+
| Prospect | Hole | East+ | North+ | RL | TD | AZIM | DIP |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR37 | 446304 | 9482851 | 182 | 113 | 135 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR38 | 446340 | 9482814 | 182 | 100 | 135 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR39 | 446375 | 9482777 | 182 | 37 | 135 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR39A | 446373 | 9482779 | 182 | 53 | 135 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR40 | 446410 | 9482744 | 181 | 100 | 135 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR41 | 446161 | 9482708 | 130 | 100 | 135 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR42 | 446196 | 9482674 | 135 | 151 | 135 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR43 | 446233 | 9482639 | 143 | 100 | 135 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR44 | 446313 | 9483000 | 182 | 61 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR45 | 446332 | 9483025 | 184 | 65 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR46 | 446308 | 9482975 | 187 | 62 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR47 | 446325 | 9483100 | 177 | 60 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR48 | 446422 | 9483155 | 196 | 70 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR49 | 446445 | 9483150 | 203 | 67 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR50 | 446420 | 9483125 | 203 | 65 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR51 | 446378 | 9483150 | 185 | 60 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR52 | 446380 | 9483125 | 190 | 65 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR53 | 446380 | 9483097 | 193 | 80 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR54 | 446380 | 9483075 | 200 | 90 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR55 | 446428 | 9483100 | 207 | 90 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR56 | 446447 | 9483123 | 208 | 67 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR57 | 446445 | 9483103 | 209 | 90 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR58 | 446427 | 9483075 | 214 | 90 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR59 | 446390 | 9483050 | 208 | 50 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR60 | 446367 | 9482951 | 210 | 80 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR61 | 446364 | 9482903 | 212 | 146 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR62 | 446454 | 9483073 | 225 | 85 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR63 | 446482 | 9483101 | 224 | 79 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR64 | 446545 | 9483025 | 237 | 115 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Jambi | BKJR65 | 446576 | 9483025 | 253 | 103 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Kencur | KCRR01 | 443905 | 9482880 | 145 | 102 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Kencur | KCRR02 | 443880 | 9482880 | 145 | 127 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Kencur | KCRR03 | 444190 | 9483105 | 135 | 100 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Kencur | KCRR04 | 444165 | 9483104 | 135 | 116 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Kencur | KCRR05 | 444188 | 9483130 | 135 | 103 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Kencur | KCRR06 | 443864 | 9482857 | 144 | 100 | 90 | -60 |
|----------+---------+--------+---------+-----+-----+------+-----|
| Kencur | KCRR07 | 444114 | 9482715 | 144 | 100 | 90 | -60 |
|----------------------------------------------------------------|
| + UTM Zone 48S |
+----------------------------------------------------------------+
Appendix 3: Ojolali Soil Results
Ojolali Project Area Soil Results on background showing IP anomalies
(reds) and magnetic (greys)
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Name of entity
FINDERS RESOURCES LIMITED
ABN Quarter ended ("current quarter")
82 108 547 413 31 DECEMBER 2007
Consolidated statement of cash flows
Current Year to date
Cash flows related to operating activities quarter (.6.months)
$A'000 $A'000
1.1 Receipts from product sales and related
debtors
1.2 Payments for (a) exploration and evaluation (803) (1,881)
(b) development (517) (517)
(c) production
(d) administration (429) (1,092)
1.3 Dividends received
1.4 Interest and other items of a similar 44 122
nature received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Other (provide details if material)
(1,705) (3,368)
Net Operating Cash Flows
Cash flows related to investing activities
1.8 Payment for purchases of:
(a)prospects
(b)equity investments
(c) other fixed assets (191) (196)
1.9 Proceeds from sale of:
(a)prospects
(b)equity investments
(c)other fixed assets
1.10 Loans to other entities
1.11 Loans repaid by other entities
1.12 Other (provide details if material)
(191) (196)
Net investing cash flows
1.13 Total operating and investing cash flows (1,896) (3,564)
(carried forward)
1.13 Total operating and investing cash flows (1,896) (3,564)
(brought forward)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 14 24
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings
1.17 Repayment of borrowings
1.18 Dividends paid
1.19 Other (provide details if material)
Share application monies received 4,158 4,158
Net financing cash flows 4,172 4,182
Net increase (decrease) in cash held 2,276 618
1.20 Cash at beginning of quarter/year to date 3,429 5,157
1.21 Exchange rate adjustments to item 1.20 (35) (105)
1.22 Cash at end of quarter 5,670 5,670
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the
related entities
Current quarter
$A'000
1.23 Aggregate amount of payments to the parties 188
included in item 1.2
NIL
1.24 Aggregate amount of loans to the parties
included in item 1.10
1.25 Explanation necessary for an understanding of the transactions
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a
material effect on consolidated assets and liabilities but did
not involve cash flows
NONE
2.2 Details of outlays made by other entities to establish or
increase their share in projects in which the reporting entity
has an interest
NONE
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
$A'000 $A'000
3.1 Loan facilities NIL NIL
3.2 Credit standby NIL NIL
arrangements
Notes: On Dec 14 2008 the Company announced a $A14 million
financing package agreed in principle
Part of this package is reported in Section 1.19 of this report.
The remainder of the package comprising proceeds from issues of
shares totalling $A5.68 million and a US$5m secured loan occurred
subsequent to this reporting period
Estimated cash outflows for next quarter
$A'000
4.1 Exploration and evaluation 1,358
4.2 Development 4,207
Total 5,565
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as Current Previous
shown in the consolidated statement of cash flows) quarter quarter
to the related items in the accounts is as follows. $A'000 $A'000
5.1 Cash on hand and at bank 5,670 3,429
5.2 Deposits at call
5.3 Bank overdraft
5.4 Other (provide details)
Total: cash at end of quarter (item 1.22) 5,670 3,429
Changes in interests in mining tenements
Tenement Nature of Interest at Interest
reference interest beginning at end of
(note (2)) of quarter quarter
6.1 Interests in mining
tenements 543/955/2006 72.385% Nil
relinquished, 543/956/2006 72.385% Nil
reduced or lapsed* 540/252/2004 72.385% Nil
6.2 Interests in mining
tenements acquired 660/36/2008 Nil 72.385%
or increased. 660/37/2008 Nil 72.385%
Please see 660/38/2008 Nil 72.385%
explanation below* 666/39/2008 Nil 72.385%
* Narrative: During the quarter, the initial exploration period and
general survey periods for the listed tenements expired. Applications
for successor tenements were made during the period, however official
notification of these tenements was received after the end of the
period. Please see the Quarterly Report for more detail.
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or
conversion rights together with prices and dates.
Total number Number Issue Amount paid
quoted price per up per
security security
(see note (see note 3)
3) (cents)
(cents)
7.1 Preference N/A
+securities
(description)
7.2 Changes during N/A
quarter
(a) Increases
through issues
(b) Decreases
through returns
of capital,
buy-backs,
redemptions
7.3 +Ordinary
securities 65,624,136 47,486,557
7.4 Changes during
quarter
(a) Increases 28,300 28,300
through issues
(b) Decreases NIL NIL
through returns
of capital,
buy-backs
7.5 +Convertible debt N/A
securities
(description)
7.6 Changes during N/A
quarter
(a) Increases
through issues
(b) Decreases
through
securities
matured,
converted
7.7 Options Exercise Expiry date
(description and 3,152,767 NIL price 20.03.2009
conversion 1,322,881 NIL 50� 22.03.2009
factor) 500,000 NIL 24p 13.06.2010
68.75�
7.8 Issued during NIL NIL
quarter
7.9 Exercised during 28,300 28,300 50� 20.03.2009
quarter
7.10 Expired during NIL NIL
quarter
7.11 Debentures
(totals only)
7.12 Unsecured notes
(totals only)
Compliance statement
1 This statement has been prepared under accounting policies
which comply with accounting standards as defined in the Corporations
Act or other standards acceptable to ASX (see note 4).
2 This statement does /does not* (delete one) give a true
and fair view of the matters disclosed.
Sign here:
............................................................
Date: 30 January 2007
(Director/Company secretary)
Print name: ....Christopher Ben
Farmer...........................
Notes
1 The quarterly report provides a basis for informing the
market how the entity's activities have been financed for the past
quarter and the effect on its cash position. An entity wanting to
disclose additional information is encouraged to do so, in a note or
notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes
options in respect of interests in mining tenements acquired,
exercised or lapsed during the reporting period. If the entity is
involved in a joint venture agreement and there are conditions
precedent which will change its percentage interest in a mining
tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount
paid up is not required in items 7.1 and 7.3 for fully paid
securities.
4 The definitions in, and provisions of, AASB 1022:
Accounting for Extractive Industries and AASB 1026: Statement of Cash
Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use
of International Accounting Standards for foreign entities. If the
standards used do not address a topic, the Australian standard on
that topic (if any) must be complied with.
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