Quarterly Activities Report For The Period Ended 31 March 2008
HIGHLIGHTS
�
Wetar Copper Project
*�Demonstration Plant on track for commissioning in July 2008,
nameplate capacity will be 5 tonne per day copper cathode
*�SX plant, leach pad materials and contract power equipment on
site
*�Supporting infrastructure in place
*�Remaining plant fabrication on schedule
*�Feasibility Study�
*�Scheduled for completion by end 2008
*�Results from laboratory studies confirm high copper recoveries
from BioheapTM� test work.
Ojolali Gold-Silver Project
*�A 96 hole, 8300m program of reverse circulation drilling has been
completed on the Jambi oxide gold resource.
*�This drilling has confirmed the internal continuity of the gold
mineralization, and the resource remains open to the north,
north-east, west and south, and also higher grades of silver
mineralization than anticipated, particularly in the southern
part of the prospect.
*�This work will form the basis for a revised resource estimate for
Jambi, scheduled for completion during May.
*�Results are awaited for a major on-going program of soil
geochemical sampling, designed both to define extensions to the
Jambi zone and also to help rank numerous other geophysical
anomalies within the overall project area.
Corporate
*�Financing of A$15.8m completed on 11th January 2008.
*�52,000 options were exercised at a price of 50c during the
period.
*�At the end of the period 74,911,425 fully paid shares were on
issue and a total of 4,923,648 options (with various exercise
prices and expiry dates).�
*�Cash held at 31 March 2008 totalled A$6.9 million.
1.���� Wetar Copper Project, Indonesia
Finders Resources Limited ~72% and earning through expenditure
�
Background Information
�
At the Wetar Copper Project, Finders has previously announced the
following resource estimates for the Kali Kuning and Lerokis
deposits:
� � � � � Attributable (72.4%)
� Category Tonnes (M) Cu% Cont. Cu Tonnes (M) Cont. Cu
(KT) (KT)
Kali Kuning Measured 3.3 2.7 89 2.4 64.6
0.5% Cu Indicated 2.6 2.4 63 1.9 45.3
Cut-off Inferred 0.6 1.8 11 0.4 7.7
grade
� Total 6.6 2.5 165 4.8 119.1
Lerokis Indicated 2.9 2.5 71 2.1 51.6
0.5% Cu Inferred 0.4 1.7 7 0.3 4.9
Cut-off Total 3.2 2.4 76 2.3 55.1
grade
�
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 please visit our website
www.findersresources.com.
�
Demonstration Plant
�
A key component of the Wetar Feasibility Study is the construction
and operation of a 5tpd copper cathode Demonstration Plant.� This
plant will replicate all aspects of the planned full scale 20-25,000
tpa cathode operation. Calder Projects have been awarded the EPCM
contract for the project.�
�
Finders' have previously indicated a US$6.25M capital cost for the
demonstration plant and the project is currently within budget.� The
majority of equipment used for the plant is fabricated off-site and
then shipped to Wetar for installation.�
�
Progress this period includes the following:
�
Mobilisation of major equipment items
�
Following delivery of heavy equipment and fuel tanks in early
January, a second shipment was completed in mid-April.� Equipment on
the second shipment included:
*�Mixing and reagent tanks for the SX plant,
*�A three-stage crushing plant and wheel loader,
*�HDPE lining and poly-pipes for the leach pad,
*�Three 500kva diesel generators for power generation,
*�Steelwork for the plant buildings.
Infrastructure
�
During the quarter, on-site camp and office renovations were
completed including the establishment of workshop and warehouse
facilities and a medical clinic.� The existing road to the Kali
Kuning pit was upgraded and land cleared at the leach pad and process
plant site.
�
Fabrication and Design
�
All outstanding items requiring fabrication are well underway with
completion of the crushing & stacking conveyors expected by end May
and the electrowinning (EW) cells and cathodes expected by mid-May.�
The longest lead-time item is the rectifier, which is scheduled for
June delivery.
�
Design work is complete, bar detailed electrical design which
suffered a 4-6 week delay during the period due to problems with
contractor availability.
�
Project Timing
�
The balance of equipment required for the demonstration plant will be
mobilised by two further shipments and commissioning of the
demonstration plant is scheduled for July 2008; in-line with Finders'
target for cathode production by mid-2008.
�
Feasibility Study
�
The feasibility study for the full scale 20-25000 tpa cathode
operation is running in parallel with the construction of the
demonstration plant.� Finders estimate that approximately 3-4 months
of operating results from the demo plant will be required to finalise
the feasibility study.�
�
Finders continues to work with several consulting groups with a view
to completing studies on geotechnical and leach pad design (SRK
Consulting), environmental management (HLA-ENSR), iterative mine and
waste dump scheduling (AMDAD) and an assessment of power options for
the commercial scale project (Calder Projects).
�
Two drill rigs have been mobilised to the project area to complete an
upgrade of the Kali Kuning and Lerokis resource estimates, an
evaluation of copper sulphides contained within the waste dump area
of the former gold mine, final pit wall and leach pad area
geotechnical studies, sterilization drilling and wells for monitoring
ground water.
�
Metallurgical test work
�
During the period, the Company continued to receive results from
ongoing laboratory scale leach test work being undertaken at HRL in
Brisbane and Ammtec Ltd in Perth. 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.
�
At HRL, four new 2m column tests using non-proprietary bacteria at
elevated (45�C) temperatures have commenced to further assess effects
of crush-size on recovery rates.� Results to date (below) show little
difference in leach rates between the different crush sizes.
�
+-------------------------------------------------------------------+
| Column Height / Crush Size | Ore Body | Days | Cu (%) | Zn (%) |
|----------------------------+-------------+------+--------+--------|
| 2m �/ 6.5mm | Lerokis | 37 | 28.9 | 27 |
|----------------------------+-------------+------+--------+--------|
| 2m �/ 12.5mm | Lerokis | 37 | 26.2 | 18 |
|----------------------------+-------------+------+--------+--------|
| 2m �/ 6.5mm | Kali Kuning | 40 | 24.1 | 57 |
|----------------------------+-------------+------+--------+--------|
| 2m �/ 12.5mm | Kali Kuning | 40 | 29.9 | 45 |
+-------------------------------------------------------------------+
Ongoing HRL Test results (18/4/08)
Metals Reporting to Solution (% total pending mass balance
calculations)
�
Six column tests using BioheapTM technology at the Ammtec Ltd
laboratory have now been ongoing for 8 months out of a planned leach
time of 10 months.� Oxidation continues on all columns.
�
The Kali Kuning columns continue to display copper release at steady
rates, with over 82% Cu leached thus far in the 1m tall columns. Iron
oxidation remains low, indicating preferential oxidation of zinc
and/or copper minerals over pyrite.
�
The Lerokis columns, as anticipated, have begun to show rapid copper
release to over 60% recovery and the observed increase in rate of
iron release is interpreted to indicate a change from sphalerite
leaching to chalcopyrite/pyrite leaching, as anticipated in the
December 31st quarterly report.
�
+-------------------------------------------------------------------+
| Column Height / Crush | Ore Body | Fe (%) | Cu (%) | Zn (%) |
| Size | | | | |
|--------------------------+-------------+--------+--------+--------|
| 1m �/ 6.3mm | Lerokis | 10.5 | 61.3 | 76.6 |
|--------------------------+-------------+--------+--------+--------|
| 1m �/ 19mm | Lerokis | 5.7 | 16.4 | 75.9 |
|--------------------------+-------------+--------+--------+--------|
| 3m �/ 19mm | Lerokis | 9.1 | 46.1 | 85.9 |
|--------------------------+-------------+--------+--------+--------|
| 1m �/ 6.3mm | Kali Kuning | 7.8 | 82.1 | 87.5 |
|--------------------------+-------------+--------+--------+--------|
| 1m �/ 19mm | Kali Kuning | 5.7 | 84.0 | 106.0 |
|--------------------------+-------------+--------+--------+--------|
| 3m �/ 19mm | Kali Kuning | 3.7 | 44.5 | 46.1 |
+-------------------------------------------------------------------+
Ongoing BioHeapTM Test results (26/3/08)
Metals Reporting to Solution (% total pending mass balance
calculations)
�
Permitting and Tenements
�
The Company hosted visitors from the Environment Impact Control
Committee (BAPEDALDA) of the Maluku provincial government as part of
the permitting process for the planned full scale operation.� During
the visit, the Company completed socialisation of the project with
our host communities and presented material on the Company's
community empowerment program.
�
Final approvals were received for the new exploration permits which
cover prospective areas defined by the 2007 geochemical program
within the South Coast general survey permit area. �These
transactions are described in Appendix 5b and a revised tenement
schedule is provided in Appendix 1 of this Report.
�
Exploration
�
No exploration activities were undertaken during the Quarter due to
the wet season. This program will recommence during June/July with
initial geophysical surveys planned for the Pantai Merah prospect.
�
2.���� Ojolali Project, Indonesia
Finders Resources Limited ~72% with option
�
Background Information
�
At the Ojolali epithermal gold-silver 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
�
Jambi Resource Drilling
�
The initial phase of resource drilling at the Jambi oxide gold-silver
project has been completed. Ninety six (96) RC drill holes
(BKJR35-130) have been completed at Jambi for a total of 8297m of
drilling; these complement 34 diamond holes completed by Finders
during 2006.
�
On completion of this phase of drilling, the RC rig was transferred
to the Finders Wetar copper project for a 2 to 3 month program of
infill and sterilization drilling, after which it is scheduled to
return to Ojolali to carry out additional drilling on to test the
currently indicated extensions to the Jambi system, as well as new
targets defined by on-going exploration.
�
Results from detailed mapping, geochemical and geophysical surveys
and drilling, indicate that the Jambi system is controlled by
intersecting northerly and north-easterly trending quartz and pyrite
veinlet swarms, and the system remains open to the west, southwest,
north and north-east.
�
Host rocks for the Jambi mineralization are a sequence of intensely
altered andesitic tuffs and agglomerates, with an earlier green
chlorite alteration overprinted by structurally controlled zones of
clay-pyrite silica alteration, brecciation and quartz veinlet swarms.
�
Northerly trending structures dominate the north and western zone,
while north-easterly structures appear more important in the southern
part of the system.
�
Final assays have now been received for all holes from this program.
Results from holes BKJR35-115 have been reported previously, and are
included in Appendix 2 of this report.
�
Significant intercepts from holes BKJR115-130, using a 0.5 g/t gold
equivalent cut-off, and a minimum intercept of 10 gram metres gold
equivalent, are tabulated below. Of interest are a number of
intercepts with low gold, but high silver values, including 10m @0.3
g/t Au, 60 g/t Ag from 60m in BKJR 121, and 5m @ 0.17 g/t Au and 247
g/t Ag from 56m in BKJR 130.
�
+-------------------------------------------------------------------+
| Hole Number | From | Interval (m) | Au g/t | Ag g/t | AuEq |
| | (m) | | | | g/t+ |
|-------------+---------+--------------+--------+--------+----------|
| BKJR115 | 25 | 11 | 1.4 | 4 | 1.48 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR115 | 39 | 17 | 0.67 | 9 | 0.85 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR117 | 19 | 7 | 3.35 | 0.3 | 3.36 |
|-------------+---------+--------------+--------+--------+----------|
| Including | 23 | 2 | 10.32 | 0.5 | 10.33 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR117 | 52 | 22 | 1.2 | 5 | 1.30 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR120 | 70 | 11 | 1.03 | 15 | 1.33 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR121 | 64 | 10 | 0.3 | 60 | 1.50 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR123 | 10 | 12 | 1.61 | 2 | 1.65 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR124 | 27 | 12 | 1.56 | 3 | 1.62 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR124 | 46 | 5 | 2.58 | 3 | 2.64 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR125 | 4 | 18 | 1.62 | 3 | 1.68 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR125 | 26 | 25 | 2.04 | 3 | 2.10 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR125 | 99 | 19 | 2.42 | 28 | 2.98 |
|-------------+---------+--------------+--------+--------+----------|
| Including | 100 | 4 | 8.81 | 7 | 8.95 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR126 | 0 | 27 | 2.03 | 8 | 2.19 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR130 | 14 | 31 | 1.31 | 8 | 1.47 |
|-------------+---------+--------------+--------+--------+----------|
| BKJR130 | 56 | 5 | 0.17 | 246 | 5.09 |
+-------------------------------------------------------------------+
�������� + Au equivalents are calculated using Ag g/t divided by 50
plus Au g/t.
���������� Intercepts quoted are down-hole widths and will generally
exceed the true widths of mineralized zones.
�
�
�
Maps
�
�
A full list of drill collars can be found in Appendix 3.
�
Jambi Resource Update
�
Hellman and Schofield Pty Ltd have been retained to develop an
updated resource estimate for the detailed drilled portion of the
Jambi prospect.
�
Results of this work are expected in mid May, and will be used as a
basis for additional metallurgical test-work to determine the optimum
development strategy for the project.
�
Geochemical Soil Sampling
�
During the quarter a major program of geochemical soil sampling was
carried out, with a total of 664 samples taken from gridlines
totalling over 16.6 line km. The main focus of the current sampling
were potential extensions to mineralisation immediately east and west
of the Jambi drilling area and the Belida prospect area.
�
At surface, Belida has similar geological characteristics to the
Jambi prospect and is located approximately 1km west of Jambi.
Assays for this work were initially deferred to give priority to the
Jambi drill samples. These samples are currently being processed and
should progressively become available through the second quarter.
�
3.���� Corporate
�
On 3rd January 2008, the Company raised A$4.4 million with the
placement of 4 million shares at A$1.10 per share by Southern Cross
Equities.
On 11th January 2008, the A$15.8 million financing arrangement
announced on 12th December 2007 was completed by:
*�the issue of a total of 5,165,289 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.
On 14th February 2008 a total of 52,000 options were exercised at a
price of 50c
�
The above transactions result in the following capital structure of
the Company:
�
+-------------------------------------------------------------------+
| Type of Security | Exercise Price | Expiry Date | Number in Issue |
| � | | | |
|------------------+----------------+-------------+-----------------|
| Fully Paid | � | � | 74,911,425 |
| Ordinary Shares | | | |
|------------------+----------------+-------------+-----------------|
| | A$0.50 | 20 March | 3,100,767 |
| | | 2009 | |
| |----------------+-------------+-----------------|
| Options | 24p | 22 March | 1,322,881 |
| � | | 2009 | |
| � |----------------+-------------+-----------------|
| � | A$0.6875 | 13 June | 500,000 |
| | | 2010 | |
| |------------------------------+-----------------|
| | � | 4,923,648 |
+-------------------------------------------------------------------+
Current Share Structure
�
On 11th March, the Company lodged the Interim Financial report for
the six months to December 31st 2007.
�
Headline numbers are in the following table, full disclosure is
available in the published report.
�
+-------------------------------------------------------------------+
| � | Half-year ended 31 December |
|------------------------+------------------------------------------|
| � | �2007 � | �2006 � | Movement |
|------------------------+---------------+---------------+----------|
| � | A$ '000 � | �A$ '000 � | % |
|------------------------+---------------+---------------+----------|
| �Revenues from | �122 � | �156 � | (21.8%) |
| ordinary activities � | | | |
|------------------------+---------------+---------------+----------|
| �Loss from ordinary | | | |
| activities after tax | �(1,739) � | �(2,639) � | (34.1%) |
| attributable to | | | |
| members � | | | |
|------------------------+---------------+---------------+----------|
| �Net loss for the | | | |
| period attributable to | �(1,739) � | �(2,639) � | (34.1%) |
| members � | | | |
|------------------------+---------------+---------------+----------|
| �Loss per share - | �(3.40) � | �(4.99) | (31.9%) |
| basic (cents) � | | | |
|------------------------+---------------+---------------+----------|
| �Loss per share - | �(3.16) � | �(4.59) | (31.2%) |
| diluted (cents) � | | | |
|------------------------+---------------+---------------+----------|
| � | � | � | � |
|------------------------+---------------+---------------+----------|
| � | �31.12.2007 � | �30.06.2007 � | Movement |
|------------------------+---------------+---------------+----------|
| �Net tangible assets | �5.95 � | �11.42 � | (46.6%) |
| per share (cents) � | | | |
+-------------------------------------------------------------------+
�
The Company's cash held at 31 March 2008 totalled A$6.9 million.�
�
The mining exploration entity quarterly report (Appendix 5b) is
appended.
�
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
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 | | | |
|--------------+-------------+--------+-----------------+-------+-------|
|540/130 of |Exploration |Jan 14, | 1 year | 1,148 |BBW |
|2008 | |2007 | | | |
|--------------+-------------+--------+-----------------+-------+-------|
|543/186 of |Exploration |Mar 18, | 1 year | 1,418 |BKP |
|2008 | |2007 | | | |
|--------------+-------------+--------+-----------------+-------+-------|
|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 is 72.385% (post 2006 audit) and Finders earn with
expenditure.
�
�
Appendix 2: Summary of significant intercepts from drilling during
the quarter
�
Using a cut off grade of 0.5 g/t gold equivalent (Au plus Ag/50) and
a minimum intercept of 10 gram metres gold equivalent.
�
Hole From Width Au Ag AuEq � Hole From Width Au Ag AuEq
g/t g/t g/t g/t g/t g/t
BKJR44 36 14 2.71 35 3.41 � BKJR88 59 10 0.34 43 1.2
BKJR45 3 17 0.85 0 0.85 � BKJR89 49 3 6.43 1 6.45
BKJR46 16 23 1.8 3 1.86 � BKJR89 114 19 1.6 94 3.48
BKJR56 21 5 2.11 2 2.15 � BKJR90 0 13 1.95 3 2.01
BKJR57 31 5 2.38 11 2.6 � BKJR91 32 16 1.19 2 1.23
BJKR59 30 6 2.7 8 2.87 � BKJR92 57 15 0.37 24 0.85
BKJR60 29 2 6.23 7 6.38 � BKJR93 6 14 1.11 1 1.13
BKJR61 73 8 1.48 9 1.65 � BKJR93 70 8 0.7 54 1.78
BKJR62 15 11 1 3 1.07 � BKJR94 62 4 3.96 3 4.02
BKJR63 8 12 2.58 7 2.72 � BKJR95 16 6 1.65 1 1.67
BKJR64 98 9 2.07 12 2.31 � BKJR97 11 22 2.07 3 2.13
BKJR65 3 6 2 7 2.13 � BKJR98 4 8 5.5 4 5.58
BKJR65 77 10 1.29 25 1.78 � Including 8 2 17.2 9 17.38
BKJR68 0 12 2.44 5 2.54 � BKJR104 13 14 1.63 3 1.69
BKJR69 0 18 0.96 2 1.01 � BKJR109 0 8 2.21 2 2.25
BKJR71 58 17 1.29 361 8.5 � Including 3 2 12.57 2 12.61
Including 67 2 2.15 2185 45.85 � BJKR110 45 4 1.49 54 2.57
BKJR72 0 27 1.7 4 1.78 � BKJR111 0 19 2.42 1 2.44
BKJR72 87 4 8.94 12 9.18 � BKJR111 60 8 1.17 5 1.27
Including 89 1 32.3 31 32.93 � BKJR111 54 26 1.31 38 2.07
BJKR73 13 10 1.07 55 2.18 � Including 73 6 2.15 132 4.79
BJKR73 54 15 3.65 3 3.7 � BKJR111 80 6 0.69 73 2.15
Including 54 6 6.91 4 6.99 � BKJR111 100 12 0.42 180 4.02
BKJR74 0 31 5.72 2 5.77 � BKJR115 25 11 1.4 4 1.48
BKJR76 59 11 1.05 24 1.53 � BKJR115 39 17 0.67 9 0.85
BKJR76 72 18 2.43 44 3.31 � BKJR117 19 7 3.35 0.3 3.36
BKJR77 40 7 1.61 37 2.34 � Including 23 2 10.32 0.5 10.33
BKJR77 65 6 2.59 13 2.85 � BKJR117 52 22 1.2 5 1.3
BKJR77 99 6 0.75 65 2.04 � BKJR120 70 11 1.03 15 1.33
BKJR79 60 9 0.94 30 1.53 � BKJR121 64 10 0.3 60 1.5
BKJR82 42 14 0.37 28 0.92 � BKJR123 10 12 1.61 2 1.65
BKJR82 64 9 0.44 58 1.59 � BKJR124 27 12 1.56 3 1.62
BKJR82 77 11 0.14 105 2.25 � BKJR124 46 5 2.58 3 2.64
BJKR83 0 73 1.67 10 1.88 � BKJR125 4 18 1.62 3 1.68
Including 67 6 7.94 23 8.4 � BKJR125 26 25 2.04 3 2.1
BKJR84 14 9 1.12 5 1.21 � BKJR125 99 19 2.42 28 2.98
BKJR84 26 6 8.99 3 9.06 � Including 100 4 8.81 7 8.95
BKJR87 0 8 1.98 2 2.02 � BKJR126 0 27 2.03 8 2.19
BKJR87 104 6 5.11 9 5.29 � BKJR130 14 31 1.31 8 1.47
� � � � � � � BKJR130 56 5 0.17 246 5.09
�
Appendix 3: �Survey coordinates for Jambi Reverse Circulation
Drilling
�
Au g Ag g AuEq Au g Ag AuEq
Hole From Width /t /t g � Hole From Width /t g g
/t /t /t
BKJR44 36 14 2.71 35 3.41 � BKJR88 59 10 0.34 43 1.2
BKJR45 3 17 0.85 0 0.85 � BKJR89 49 3 6.43 1 6.45
BKJR46 16 23 1.8 3 1.86 � BKJR89 114 19 1.6 94 3.48
BKJR56 21 5 2.11 2 2.15 � BKJR90 0 13 1.95 3 2.01
BKJR57 31 5 2.38 11 2.6 � BKJR91 32 16 1.19 2 1.23
BJKR59 30 6 2.7 8 2.87 � BKJR92 57 15 0.37 24 0.85
BKJR60 29 2 6.23 7 6.38 � BKJR93 6 14 1.11 1 1.13
BKJR61 73 8 1.48 9 1.65 � BKJR93 70 8 0.7 54 1.78
BKJR62 15 11 1 3 1.07 � BKJR94 62 4 3.96 3 4.02
BKJR63 8 12 2.58 7 2.72 � BKJR95 16 6 1.65 1 1.67
BKJR64 98 9 2.07 12 2.31 � BKJR97 11 22 2.07 3 2.13
BKJR65 3 6 2 7 2.13 � BKJR98 4 8 5.5 4 5.58
BKJR65 77 10 1.29 25 1.78 � Including 8 2 17.2 9 17.38
BKJR68 0 12 2.44 5 2.54 � BKJR104 13 14 1.63 3 1.69
BKJR69 0 18 0.96 2 1.01 � BKJR109 0 8 2.21 2 2.25
BKJR71 58 17 1.29 361 8.5 � Including 3 2 12.57 2 12.61
Including 67 2 2.15 2185 45.85 � BJKR110 45 4 1.49 54 2.57
BKJR72 0 27 1.7 4 1.78 � BKJR111 0 19 2.42 1 2.44
BKJR72 87 4 8.94 12 9.18 � BKJR111 60 8 1.17 5 1.27
Including 89 1 32.3 31 32.93 � BKJR111 54 26 1.31 38 2.07
BJKR73 13 10 1.07 55 2.18 � Including 73 6 2.15 132 4.79
BJKR73 54 15 3.65 3 3.7 � BKJR111 80 6 0.69 73 2.15
Including 54 6 6.91 4 6.99 � BKJR111 100 12 0.42 180 4.02
BKJR74 0 31 5.72 2 5.77 � BKJR115 25 11 1.4 4 1.48
BKJR76 59 11 1.05 24 1.53 � BKJR115 39 17 0.67 9 0.85
BKJR76 72 18 2.43 44 3.31 � BKJR117 19 7 3.35 0.3 3.36
BKJR77 40 7 1.61 37 2.34 � Including 23 2 10.32 0.5 10.33
BKJR77 65 6 2.59 13 2.85 � BKJR117 52 22 1.2 5 1.3
BKJR77 99 6 0.75 65 2.04 � BKJR120 70 11 1.03 15 1.33
BKJR79 60 9 0.94 30 1.53 � BKJR121 64 10 0.3 60 1.5
BKJR82 42 14 0.37 28 0.92 � BKJR123 10 12 1.61 2 1.65
BKJR82 64 9 0.44 58 1.59 � BKJR124 27 12 1.56 3 1.62
BKJR82 77 11 0.14 105 2.25 � BKJR124 46 5 2.58 3 2.64
BJKR83 0 73 1.67 10 1.88 � BKJR125 4 18 1.62 3 1.68
Including 67 6 7.94 23 8.4 � BKJR125 26 25 2.04 3 2.1
BKJR84 14 9 1.12 5 1.21 � BKJR125 99 19 2.42 28 2.98
BKJR84 26 6 8.99 3 9.06 � Including 100 4 8.81 7 8.95
BKJR87 0 8 1.98 2 2.02 � BKJR126 0 27 2.03 8 2.19
BKJR87 104 6 5.11 9 5.29 � BKJR130 14 31 1.31 8 1.47
� � � � � � � BKJR130 56 5 0.17 246 5.09
�
Appendix 5B
Mining exploration entity quarterly report
�
Name of entity
�FINDERS RESOURCES LIMITED
�
ABN � Quarter ended ("current quarter")
�82 108 547 413 � �31 MARCH 2008
�
Consolidated statement of cash flows
� Current Year to date
Cash flows related to operating activities quarter (.9.months)
� $A'000 $A'000
1.1 Receipts from product sales and related � �
debtors
�
1.2 Payments for (a) exploration and evaluation (841) (2,722)
��������������� ������� (b)� development (2,887) (3,404)
��� ����������� ��������(c)� production - -
��������������� ������� (d)� administration (644) (1,736)
1.3 Dividends received � �
1.4 Interest and other items of a similar 159 281
nature received
1.5 Interest and other costs of finance paid � �
1.6 Income taxes paid � �
1.7 Other (provide details if material) � �
� � (4,213) (7,581)
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 (79) (275)
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) � �
� � (79) (275)
Net investing cash flows
1.13 Total operating and investing cash flows (4,292) (7,856)
(carried forward)
�
1.13 Total operating and investing cash flows (4,292) (7,856)
(brought� forward)
� � � �
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. 9,866 9,890
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 transferred to � �
proceeds from issue of shares (4,158) -
� Net financing cash flows 5,708 9,890
� �
Net increase (decrease) in cash held 1,416 2,034
�
1.20 Cash at beginning of quarter/year to date 5,670 5,157
1.21 Exchange rate adjustments to item 1.20 (192) (297)
1.22 Cash at end of quarter 6,894 6,894
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 270
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
� �
� NONE
�
�
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 (AUD equiv of USD 5,448 NIL
5,000,000)
3.2 Credit standby arrangements NIL NIL
�
Estimated cash outflows for next quarter
� � $A'000
� � 1,358
4.1 Exploration and evaluation
� � 4,417
4.2 Development
� � 5,775
Total
�
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 6,894 5,670
5.2 Deposits at call � �
5.3 Bank overdraft � �
5.4 Other (provide details) � �
� Total: cash at end of quarter (item 1.22) 6,894 5,670
�
Changes in interests in mining tenements
�
� � Tenement Nature of Interest at Interest
reference interest beginning at end of
(note of quarter quarter
(2))
6.1 Interests in mining � � � �
tenements
relinquished,
reduced or lapsed
6.2 Interests in mining 543/186/2008 � NIL 72.385%
tenements acquired 540/130/2008 NIL 72.385%
or increased 660/36/2008 NIL 72.385%
� 660/37/2008 NIL 72.385%
� 660/38/2008 NIL 72.385%
666/39/2008 NIL 72.385%
* Narrative: During the quarter to December 2007, the general survey
period for the South Coast tenements expired. Applications for
successor tenements were made during that period, however official
notification of the tenements listed above was received during this
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 74,911,425 74,729,607
7.4 Changes during � � � �
� quarter � � � �
(a)� Increases 9,287,289 9,287,289 � �
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 3,100,767 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 52,000 NIL 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: 29 April 2008
����������������������� (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.
�
�
�
�
�
�
�
�
�
- ---END OF MESSAGE---
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