CORRECTION - DRILL RESULTS
April 24 2008 - 3:52AM
UK Regulatory
CORRECTION - DRILL RESULTS
For Release: 24th APRIL 2008
FINDERS RESOURCES LIMITED
�
CORRECTION - DRILL RESULTS
at Jambi Oxide Gold deposit, Ojolali Project
�
In a release on this topic to the ASX and AIM markets on April 7th,
2008, the company reported intercepts in hole BKJR126 as being
located 80m to the north-east of any previously known mineralization
at Jambi, as follows:
*�"The resource remains open to the north-east, south and at
depth.� In particular, intercepts in hole BKJR126 (14m at 2.76
g/t Au from the surface and 6m at 2.2 g/t Au from 20m) are
located approximately 80m north-east of any previously known
mineralization at Jambi."
This statement was based on incorrect location data received from
site, which placed the drill hole approximately 200m east of its true
position. The revised position for the hole lies within the main
portion of the resource (see plan below).
The statement that the resource remains open to the north-east, south
and at depth remains correct.
�
+-------------------------------------------------------------+
| BKJR126 | Easting | Northing | RL | Depth | Azimuth | Dip |
|----------+---------+----------+-----+-------+---------+-----|
| Previous | 446677 | 9483075 | 187 | 49 | 0 | -90 |
|----------+---------+----------+-----+-------+---------+-----|
| Revised | 446,472 | 9483075 | 232 | 49 | 0 | -90 |
+-------------------------------------------------------------+
�
Table 1. Corrected coordinates for BKJR126
�
File: Plan showing corrected position for BKJR126�
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. Dr Fountain is a Director of Finders and a
Fellow of the Australasian Institute of Geoscientists. 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 drill core 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.
�
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.
�
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