TIDMFND
Quarterly Report for the Period Ending December 31st 2008
Highlights
During the quarter, efforts were focused on completion of the Wetar
Copper demonstration plant, with all other activities reduced to a
minimum expenditure basis to conserve funds. Delays in commissioning
of the Wetar plant, mainly related to slow logistics of the remote
project location, and the weakness of the Australian Dollar during
the period necessitated that Finders ("the Company") raise additional
working capital which was achieved by means of convertible notes and
Directors loans.
Wetar Copper Project
* Grade control and mining has commenced and is proceeding
according to plan.
* First heap completed with 21,000 tonnes, grading 2.9% Cu stacked
and under irrigation.
* The 5 tonnes per day SX-EW demonstration plant is mechanically
and electrically complete.
- Commissioning of SX and reagent additions ongoing.
- EW is ready for powering up under load with first Cu
plating to commence in the first week of February
2009.
- Heap showing excellent percolation and strong initial
leaching of Cu, with off-flow solution up to 19g/l Cu
* The Feasibility Study for a full scale 20-25,000 tonnes
per annum plant has been revised to include
assessment of newly available second hand plant which
gives scope for
- significant reductions of capital cost
- reduced lead times to full production
Ojolali Gold-Silver Project
* Reduced activity to conserve funds. High grade silver
assays from channel samples strongly support the
concept of a zone of supergene enriched silver
mineralization at the Tambang deposit.
Corporate
* Robert Thomson accepts position on Finders Board as
Executive Director, Development
* Placement of 8,650,020 ordinary shares to raise
approximately AUD $5.4 million
* A Share Purchase Plan (SPP) raised AUD$163,000 leading to
the issue of 271,657 new shares
Subsequent Events
* Successful fund-raising of up to US$1.5m by means of
convertible note with RCF
Wetar Copper Project
Finders Resources Limited 93% and earning through expenditure,
subject to audit
Background Information
As part of an ongoing definitive feasibility study, a demonstration
SX-EW plant with 5 tonnes per day copper cathode capacity is being
installed and is permitted to process 100,000 tonnes of ore from the
Kali Kuning deposit. The Company is targeting commercial production
of 20-25,000 tonnes per year cathode by early 2010, subject to
schedules for engineering design work and project funding.
Demonstration Plant
The Company has made excellent progress during the Quarter.
Open pit mining of the test pit is ongoing with daily production
around 1,250 tonnes per day from a number of development faces
designed to provide mine feed which replicates the composition of ore
types during the first three years of the planned full scale
operation. Recent ROM ore has averaged over 4% Cu.
Crushing and stacking rates are regularly exceeding by 25% the
budgeted forecast of 100 tonnes per hour. The first of three planned
test heaps, 6.5m high and containing 21,000 tonnes grading 2.9%
copper, is stacked and under irrigation. Stacking of the second test
heap cell, to be 8m high, is underway.
Mined grades, heap percolation rates and initial take-up of copper
into the leach solutions are all in line with predictions. Copper
grades in leach solution have reached 19 g/l Cu, but a more complete
picture of leach performance against model predictions is expected
once recirculation of raffinate from the SX plant commences.
Construction of the 5 tonnes per day Wetar Copper demonstration plant
is now complete and wet testing of the SX circuit underway. Initial
plating of cathode is now expected during the first week of February
2009. The Company forecasts that after an initial ramp-up period of
8-10 days, the plant would be able to sustain a nameplate capacity of
5 tonnes copper cathode per day.
Feasibility Study
A number of SX-EW plants have become available for purchase and
Finders is undertaking detailed assessment of two opportunities with
respect to use of these plants for the planned expanded 20-25,000
tonne cathode copper per year operations.
In light of these opportunities, the engineering and process design
work for a new plant has been postponed within the current
feasibility study.
However, on the basis of work completed to date, and using current
landed fuel prices in Indonesia, the estimated operating costs for
the full scale plant are around US$0.70 per lb Cu, putting the
project on par with the average operating cost per lb for copper
producers globally. The Directors believe the project remains robust
even at current depressed copper prices and is positioned to take
advantage of the future recovery of the global economy.
Finders consider it is prudent to finalise the bankable study when
there is clarity on the SX-EW plant purchase options (used or new),
and once operating data from the test heaps is sufficiently robust to
ensure that the final study has minimal capital cost and technical
risk.
Mining studies are ongoing, with a site visit by Australian Mine
Design and Development Pty Ltd (AMDAD) and potential mining
contractors completed during the period.
A revised mining schedule is being designed on the basis of new
information from the revised resource estimate and metallurgical
modeling of ore types (see below) and earthworks requirements for the
commercial scale leach pads.
Environmental studies are ongoing with a first draft of the ANDAL
document completed subject to revision of the mine schedule and
layout options for the SX-EW plant.
Resource Upgrade
A new resource estimate has been independently estimated by Hellman &
Schofield Pty Ltd and reported according to the JORC Code and
Guidelines. The resource estimates (Table 1) for both the Kali Kuning
and Lerokis massive sulphide deposits have been upgraded to +98% JORC
Measured and Indicated categories. This is based on the results of
62 new diamond and reverse circulation drill holes.
The combined resource estimate for Kali Kuning and Lerokis, at a 0.5%
copper cutoff, of 9 Mt at 2.4% copper, or 218,000 tonnes of contained
copper, represents a 10% reduction in total copper compared to
previously announced estimates, due largely to the tighter control of
the massive sulphide boundaries from closer spaced drilling at the
Lerokis deposit. It is expected that almost all of the Measured and
Indicated Resources will be converted into Ore Reserves upon the
completion of further mine planning and feasibility work.
Based on the new drilling the Kali Kuning massive sulphide resource
has been re-classified into three metallurgical sub-types, Leached,
Transition zone material and Primary massive sulphide, (Table 2). The
Leached and Transition types reflect incipient in-situ leaching of
the massive sulphide unit by natural groundwater. The Transition zone
material, although of lower copper grade than the main Primary
massive sulphide, (1.5% Cu vs 2.9%Cu) contains a higher proportion of
readily leachable copper minerals which translates to significantly
faster leach rates for this material, as described below. The
Transition zone occurs at the highest levels of the deposit and will
comprise a major proportion of early mined mineralization for the
expanded Wetar copper project.
+--------------------------------------------------------------------+
|Table 1. Wetar project Resource Estimates (Note: Rounding |
|errors may cause inaccuracies in following tables) |
| |
| |
|--------------------------------------------------------------------|
|0.5% Cu cut-off | | | |Attributable| 92.8%* |
|grade | | | | | |
|-------------------+-------+----+-------------+------------+--------|
| |Category |Tonnes |Cu% |Cont. Cu (KT)| Tonnes (M) |Cont. Cu|
| | | (M) | | | | (KT) |
|--------+----------+-------+----+-------------+------------+--------|
|Kali |Measured | 5.2 |2.6 | 133 | 4.8 | 123 |
|Kuning | | | | | | |
|--------+----------+-------+----+-------------+------------+--------|
| |Indicated | 0.9 |2.5 | 22 | 0.8 | 20 |
| |----------+-------+----+-------------+------------+--------|
| |Inferred | 0.1 |1.8 | 2 | 0.1 | 2 |
| |----------+-------+----+-------------+------------+--------|
| |Total | 6.1 |2.5 | 156 | 5.7 | 145 |
|--------+----------+-------+----+-------------+------------+--------|
|Lerokis |Measured | 2.1 |2.4 | 51 | 1.9 | 47 |
|--------+----------+-------+----+-------------+------------+--------|
| |Indicated | 0.5 |2.1 | 10 | 0.5 | 9 |
| |----------+-------+----+-------------+------------+--------|
| |Inferred | 0.1 |1.4 | 2 | 0.1 | 2 |
| |----------+-------+----+-------------+------------+--------|
| |Total | 2.7 |2.3 | 62 | 2.5 | 58 |
|-------------------+-------+----+-------------+------------+--------|
|Overall | 8.8 |2.4 | 218 | 8.2 | 203 |
+--------------------------------------------------------------------+
*Attributable: ownership is based on estimates of project
expenditure to end-November 2008 and is subject to final audit.
+-------------------------------------------------------------------+
| Table 2. Breakdown of Kali Kuning by metallurgical zone |
| |
|-------------------------------------------------------------------|
| | Zone | Tonnes (M) | Cu% | Cont. Cu |
| | | | | (KT) |
|------------------+------------------+------------+-----+----------|
| Massive Sulphide | Leached Zone | 0.1 | 0.7 | 1 |
|------------------+------------------+------------+-----+----------|
| 0.5% Cu | Transition Zone | 1.2 | 1.5 | 17 |
| cut-off grade |------------------+------------+-----+----------|
| | Primary Zone | 4.8 | 2.9 | 138 |
| |------------------+------------+-----+----------|
| | Total | 6.1 | 2.5 | 156 |
+-------------------------------------------------------------------+
An additional 700,000 t of mineralized clay altered tuff, grading
0.9% Cu, which forms the wallrock to the massive sulphide, has been
excluded from the resource estimates because of uncertain
metallurgical response.
Metallurgy
Given the higher grade of the transitional mineralisation from recent
drilling, metallurgical test work on this material has been
instigated at site with two new column tests. Though still at an
early stage, the results are very encouraging with 73-95% copper
recovery achieved within 31 days, subject to final mass balance
calculations. These results are significant for the expansion
project, since the SX-EW plant is likely to achieve nameplate
capacity much faster than previously expected due to the fast
leaching nature of the Transition mineralisation.
The initial two 1.8m columns using fresh ore material from the Kali
Kuning test pit confirm that copper recovery is faster and PLS grades
higher with higher acid concentrations with 74 & 86% copper recovery
achieved within 131 days, subject to final mass balance calculations.
The figure below shows time-copper recovery curves for a number of
column tests completed under different conditions for the two main
ore types, the primary (red) and the transitional (purple) zones and
a modelled recovery curve for 8m high heaps (orange).
New Indonesian Mining Law
The Company advises that it welcomes the new Indonesian mining law.
The Wetar project will the first copper mining project in Indonesia
to produce cathode metal and, as such, is aligned with the new
obligation to process and purify mining products within the country.
Our work to date under the KP title system in Indonesia had led us to
develop a strong working relationship with the same local government
authorities who will administer the tenement system as required under
the new law, and we will continue to benefit from existing
relationships established with these agencies. The basis of the new
tenement system has similar stages and approval mechanisms to the one
we currently work under. Indonesian Government copper metal
royalties will apply to the Wetar project and these are currently 4%.
Ojolali Project
Finders Resources Limited 72% with option
Background Information
Finders believe that the Ojolali project has strong potential to
generate short-term cash flow by open pit CIL/CIP development of the
gold resource at the Jambi Oxide gold deposit (Table 3.)
Table 3. Jambi Resource Estimates
Cut Indicated Inferred Total Contained Attrib.
off FND
Au Mt Au Ag Mt Au Ag Mt Au Ag Au koz (72%) Au
g/t g/t g/t g/t g/t g/t g/t koz
0.5 2.98 1.1 8.3 1.1 0.9 5.7 4.08 1.05 7.6 138 99
1.0 1.13 1.74 8.5 0.3 1.6 6.7 1.43 1.71 8.1 79 57
Finders has previously announced 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). Other
prospects have outstanding potential for the discovery of additional
resources using modern geophysical techniques to optimize drill
targeting.
Recent Activities
Activities during the period have focused on further evaluation of
prospect areas with strongly anomalous soil geochemistry and
extending the soil sampling program.
During the period a further 9.5 line km of soil traverses were
completed with follow-up trenching and channel sampling over 500m at
25 locations. The main focus was assessment of the oxide potential of
the Tambang vein system and the zone of 5 sub-parallel vein swarms
(2-16m in width) at Way Neki, the southern continuation of the Batu
Kuning prospect.
The samples were taken as part of a systematic program of channel
sampling from the oxidized near surface portion of the major Tambang
vein system (see map). This program is aimed at testing for high
grade supergene enriched silver values at the base of oxidation and
preliminary results strongly support that concept. Assays from
additional channel samples are awaited.
Preliminary results from Tambang are regarded by Finders as highly
encouraging (Table 4).
Table 4. Significant channel sample assays from Tambang
CTBG002 444159 9480615 2.0 0.5 315
CTBG003 444200 9480409 2.0 1.4 450
CTBG004 444203 9480349 2.0 0.5 109
CTBG22 443864 9480784 2.0 1.8 209
Corporate
Board Appointment
Robert Thomson accepted a position on the Finders Board and this
appointment was made effective on 6th Jan 2009. Rob's appointment
brings great experience in successful and timely project development
to the company for the forthcoming expansion of Wetar Copper to full
scale operations. Rob was previously the Company's General Manager,
Development and has the prime responsibility for successful
completion of feasibility studies and subsequent development of the
Company's Wetar copper project. Rob brings to the Finders Management
team a strong track record of delivering successful construction
projects in challenging south-east Asian environments notably at
Kingsgate's Chatree Gold Mine in Thailand and Oxiana's Sepon Gold
Mine.
Corporate Structure
Allotment of shares for a placement approved by Finders shareholders
on 16 October 2008 was completed on 23 October 2008. Gross funds
raised under the placement totaled approximately A$5.4 million from
the issue of 8,650,020 new shares.
The placement consisted of 6,925,020 shares issued at A$0.60 per
share through RFC Corporate Finance Ltd and 1,725,000 shares issued
to parties in the UK at GBP0.28 per share through Finncap, Finders AIM
broker.
In addition, on similar terms to the placement, the Company offered a
Share Purchase Plan (SPP). Following closure of the SPP, 271,657 new
shares were issued to raise approximately AUD$163,000.
Table 5. Current Capital Structure
Type of Security Exercise Price Expiry Date Number on Issue
Fully Paid Ordinary
Shares ("Shares")
Shares on issue at 30 74,921,825
September 2008
New Shares Issued 8,650,020
(Placement)
New Shares Issued
(SPP) 271,657
New Shares Issued
(Fee) 208,333
Shares on Issue at 31 84, 051,835
December 2008
Unlisted Options
A$0.50 March 20, 3,090,367
2009
24p March 22, 1,322,881
2009
A$0.6875 June 13,
2010 500,000
Total Unlisted Options 4,913,248
on issue
Cash Management
The company was severely impacted during the quarter by the effects
of the world economic crisis, in particular the fall in the
Australian Dollar compared to the US$ and the Indonesian Rupiah.
A delayed revenue stream (at lower than projected copper prices) also
contributed to place pressure on the company's cash resources. The
Board has responded to this situation with a number of initiatives to
strengthen the Company's working capital position.
1. Arranging a placement of up to US$1.5 million in convertible
notes to RCF (see subsequent events, below).
2. Suspending work on all non-essential programmes, with total
focus on completion of the WetarDemonstration
plant
3. Voluntary reductions in salary by Directors and key senior
staff
4. Provision of loan funds to the company by certain Directors
of A$714,000 (see subsequent events, below)
The company expects to generate cash flow from copper cathode sales
from the end of February, 2009. In addition, it has also arranged
advance payment of up to A$1.5 million following commencement of
production at Wetar under an agreement linked to a copper off-take
contract.
With the fall in the copper price, the Company's revenue projections
for cathode sales in 2009 have been revised downwards; but, with
estimated operating cost for the Wetar demonstration plant of around
US$1/lb Cu, the Directors expect that the plant's operating margin
will be comfortably positive on the basis of current average copper
price estimates from a consensus of analysts (Bloomberg Jan 15: CY
US$1.495/lb Cu).
The Directors believe that with the planned expansion of the Wetar
Copper Project by early 2010, the Company is placed well to benefit
from positive changes in the commodity prices as the global economy
recovers in future months.
Subsequent Events
On 16th January 2009, Finders announced that it has entered into a
Convertible Note Facility Agreement ("Facility") with Resource
Capital Fund IV L.P. ("RCF"). Under the Facility, RCF has agreed to
provide the company with US$1.5 million, of which US$1.0 million will
be made available on satisfaction of certain standard conditions
precedent with the balance to be made available, subject to further
conditions precedent, on or before 15 March 2009. The convertible
note has a term of 3 years, is convertible into Finders shares at
A$0.40 per share and interest at 12% per annum is payable quarterly.
The Company has also entered into loan agreements with four
directors, Messrs Russell Fountain, Christopher Farmer, Robert
Thomson and Stephen de Belle pursuant to which the directors have
lent the Company a total of A$714,000.
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
For further information please contact
Finders Resources Ltd:
Russell Executive Chairman +61 2 9211 8299
Fountain
Chris Farmer Managing Director info@findersresources.com
Financial PR:
Doug Macdonald Capital Group (in +61 424 255 959
Australia)
Nick Elwes College Hill (in the UK) +44 20 7457 2020
RFC Corporate Finance Ltd - Nomad:
Rob Adamson Managing Director +61 2 9250 0000
Stuart Laing Executive Director +61 8 9480 2500
FinnCap - Finders' Broker for the AIM market:
Mathew Robinson Corporate Finance Director +44 20 7600 1658
Joe Lunn Analyst +44 20 7600 1658
Disclaimer
The information in this report that relates mineral resource
estimation is based on work completed by Dr Phillip Hellman who is a
full time employee of Hellman and Schofield Pty Ltd and a Fellow of
the Australian Institute of Geoscientists. Dr Hellman has sufficient
experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves' and as a Qualified
Person as defined in the AIM Rules. Dr Hellman consents to the
inclusion in the report of the matters based on his information in
the form and context in which it appears. Estimates for Kali Kuning
are based on a data set from which some diamond drill holes have been
excluded due to poor recovery of copper mineralisation as evidenced
by neighbouring RC holes.
Geological information in this announcement and comments relating to
exploration potential and the project in general is based on
information compiled by Dr Russell Fountain, who also accepts
responsibility for the data on which the resource is based. 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.
Appendix 5B
Mining exploration entity quarterly report
Name of entity
FINDERS RESOURCES LIMITED
ABN Quarter ended ("current quarter")
82 108 547 413 31 DECEMBER 2008
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
Payments for (a) exploration and evaluation (49) (320)
1.2 (b) development (1,044) (6,566)
(c) production - -
(d) administration (539) (1,614)
1.3 Dividends received
1.4 Interest and other items of a similar 11 51
nature received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Other (provide details if material)
Net Operating Cash Flows (1,621) (8,449)
Cash flows related to investing activities
Payment for purchases of: (a)
prospects (325) (325)
1.8 (b) - -
equity investments (4,720) (4,767)
(c)
other fixed assets
Proceeds from sale of: (a) prospects
(b)
1.9 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)
Net investing cash flows (5,045) (5,092)
1.13 Total operating and investing cash flows (6,666) (13,541)
(carried forward)
Appendix 5B
Mining exploration entity quarterly report
1.13 Total operating and investing cash (6,666) (13,541)
flows (brought forward)
Cash flows related to financing
activities
1.14 Proceeds from issues of shares, 5,357 5,357
options, etc.
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings 429 1,711
1.17 Repayment of borrowings (34) (34)
1.18 Dividends paid
1.19 Other (provide details if material)
Net financing cash flows 5,752 7,034
Net increase (decrease) in cash held (914) (6,507)
1.20 Cash at beginning of quarter/year to 785 4,988
date
1.21 Exchange rate adjustments to item 1.20 547 1,937
1.22 Cash at end of quarter 418 418
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
Aggregate amount of payments
1.23 to the parties included in 316
item 1.2
Aggregate amount of loans to
1.24 the parties included in item NIL
1.10
1.25 Explanation necessary for an understanding of
the transactions
Payments are for salaries, directors and
consulting fees.
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
Company issued 208,333 ordinary fully paid shares on 8 December
2008 for 60 cents each in payment of consulting fees.
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
Appendix 5B
Mining exploration entity quarterly report
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 (USD 5,000,000) 7,823 7,823
3.2 Credit standby arrangements NIL NIL
Estimated cash outflows for next quarter *
$A'000
4.1 Exploration and evaluation 170
4.2 Development 3,500
Total 3,670
+-------------------------------------------------------------------+
| |
| Note: |
| |
| On 16th January 2009 the Company announced a US$1.5m (A$2.25m) |
| convertible note facility and Directors loans totaling A$714,000. |
| |
| The company expects to generate cashflow from copper cathode |
| sales from the end of February, 2009. In addition, it has also |
| arranged advance payment of up to A$1.5 million following |
| commencement of production at Wetar under an agreement linked to |
| a copper off-take contract. |
| |
+-------------------------------------------------------------------+
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 418 785
5.2 Deposits at call
5.3 Bank overdraft
5.4 Other (provide details)
Total: cash at end of quarter (item 1.22) 418 785
Appendix 5B
Mining exploration entity quarterly report
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
relinquished, reduced NIL NIL NIL
or lapsed
6.2 Interests in mining
tenements acquired or
increased NIL NIL NIL
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 Issue price Amount paid
number quoted per up per
security security
(cents) (cents)
(see note (see note
3) 3)
7.1 Preference
+securities N/A
(description)
7.2 Changes during
quarter
(a) Increases
through issues
(b) Decreases N/A
through returns of
capital,
buy-backs,
redemptions
7.3 +Ordinary 84,051,835 83,870,017
securities
7.4 Changes during
quarter
(a) Increases 9,130,010 9,130,010 60cents 60cents
through issues NIL NIL
(b) Decreases
through returns of
capital, buy-backs
7.5 +Convertible debt
securities N/A
(description)
7.6 Changes during
quarter
(a) Increases
through issues N/A
(b) Decreases
through securities
matured, converted
7.7 Options Exercise Expiry date
(description and 3,090,367 NIL price 20.03.2009
conversion factor) 1,322,881 NIL 50cents 22.03.2009
500,000 NIL 24pence 13.06.2010
68.75cents
7.8 Issued during NIL NIL
quarter
7.9 Exercised during NIL NIL
quarter
7.10 Expired during NIL NIL
quarter
7.11 Debentures
(totals only)
7.12 Unsecured notes
(totals only)
Appendix 5B
Mining exploration entity quarterly report
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: . 30th January 2009
(Director)
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.
Quarterly Report for the Period Ending December 31st 2008
Highlights
During the quarter, efforts were focused on completion of the Wetar
Copper demonstration plant, with all other activities reduced to a
minimum expenditure basis to conserve funds. Delays in commissioning
of the Wetar plant, mainly related to slow logistics of the remote
project location, and the weakness of the Australian Dollar during
the period necessitated that Finders ("the Company") raise additional
working capital which was achieved by means of convertible notes and
Directors loans.
Wetar Copper Project
* Grade control and mining has commenced and is proceeding
according to plan.
* First heap completed with 21,000 tonnes, grading 2.9% Cu stacked
and under irrigation.
* The 5 tonnes per day SX-EW demonstration plant is mechanically
and electrically complete.
- Commissioning of SX and reagent additions ongoing.
- EW is ready for powering up under load with first Cu
plating to commence in the first week of February
2009.
- Heap showing excellent percolation and strong initial
leaching of Cu, with off-flow solution up to 19g/l Cu
* The Feasibility Study for a full scale 20-25,000 tonnes
per annum plant has been revised to include
assessment of newly available second hand plant which
gives scope for
- significant reductions of capital cost
- reduced lead times to full production
Ojolali Gold-Silver Project
* Reduced activity to conserve funds. High grade silver
assays from channel samples strongly support the
concept of a zone of supergene enriched silver
mineralization at the Tambang deposit.
Corporate
* Robert Thomson accepts position on Finders Board as
Executive Director, Development
* Placement of 8,650,020 ordinary shares to raise
approximately AUD $5.4 million
* A Share Purchase Plan (SPP) raised AUD$163,000 leading to
the issue of 271,657 new shares
Subsequent Events
* Successful fund-raising of up to US$1.5m by means of
convertible note with RCF
Wetar Copper Project
Finders Resources Limited 93% and earning through expenditure,
subject to audit
Background Information
As part of an ongoing definitive feasibility study, a demonstration
SX-EW plant with 5 tonnes per day copper cathode capacity is being
installed and is permitted to process 100,000 tonnes of ore from the
Kali Kuning deposit. The Company is targeting commercial production
of 20-25,000 tonnes per year cathode by early 2010, subject to
schedules for engineering design work and project funding.
Demonstration Plant
The Company has made excellent progress during the Quarter.
Open pit mining of the test pit is ongoing with daily production
around 1,250 tonnes per day from a number of development faces
designed to provide mine feed which replicates the composition of ore
types during the first three years of the planned full scale
operation. Recent ROM ore has averaged over 4% Cu.
Crushing and stacking rates are regularly exceeding by 25% the
budgeted forecast of 100 tonnes per hour. The first of three planned
test heaps, 6.5m high and containing 21,000 tonnes grading 2.9%
copper, is stacked and under irrigation. Stacking of the second test
heap cell, to be 8m high, is underway.
Mined grades, heap percolation rates and initial take-up of copper
into the leach solutions are all in line with predictions. Copper
grades in leach solution have reached 19 g/l Cu, but a more complete
picture of leach performance against model predictions is expected
once recirculation of raffinate from the SX plant commences.
Construction of the 5 tonnes per day Wetar Copper demonstration plant
is now complete and wet testing of the SX circuit underway. Initial
plating of cathode is now expected during the first week of February
2009. The Company forecasts that after an initial ramp-up period of
8-10 days, the plant would be able to sustain a nameplate capacity of
5 tonnes copper cathode per day.
Feasibility Study
A number of SX-EW plants have become available for purchase and
Finders is undertaking detailed assessment of two opportunities with
respect to use of these plants for the planned expanded 20-25,000
tonne cathode copper per year operations.
In light of these opportunities, the engineering and process design
work for a new plant has been postponed within the current
feasibility study.
However, on the basis of work completed to date, and using current
landed fuel prices in Indonesia, the estimated operating costs for
the full scale plant are around US$0.70 per lb Cu, putting the
project on par with the average operating cost per lb for copper
producers globally. The Directors believe the project remains robust
even at current depressed copper prices and is positioned to take
advantage of the future recovery of the global economy.
Finders consider it is prudent to finalise the bankable study when
there is clarity on the SX-EW plant purchase options (used or new),
and once operating data from the test heaps is sufficiently robust to
ensure that the final study has minimal capital cost and technical
risk.
Mining studies are ongoing, with a site visit by Australian Mine
Design and Development Pty Ltd (AMDAD) and potential mining
contractors completed during the period.
A revised mining schedule is being designed on the basis of new
information from the revised resource estimate and metallurgical
modeling of ore types (see below) and earthworks requirements for the
commercial scale leach pads.
Environmental studies are ongoing with a first draft of the ANDAL
document completed subject to revision of the mine schedule and
layout options for the SX-EW plant.
Resource Upgrade
A new resource estimate has been independently estimated by Hellman &
Schofield Pty Ltd and reported according to the JORC Code and
Guidelines. The resource estimates (Table 1) for both the Kali Kuning
and Lerokis massive sulphide deposits have been upgraded to +98% JORC
Measured and Indicated categories. This is based on the results of
62 new diamond and reverse circulation drill holes.
The combined resource estimate for Kali Kuning and Lerokis, at a 0.5%
copper cutoff, of 9 Mt at 2.4% copper, or 218,000 tonnes of contained
copper, represents a 10% reduction in total copper compared to
previously announced estimates, due largely to the tighter control of
the massive sulphide boundaries from closer spaced drilling at the
Lerokis deposit. It is expected that almost all of the Measured and
Indicated Resources will be converted into Ore Reserves upon the
completion of further mine planning and feasibility work.
Based on the new drilling the Kali Kuning massive sulphide resource
has been re-classified into three metallurgical sub-types, Leached,
Transition zone material and Primary massive sulphide, (Table 2). The
Leached and Transition types reflect incipient in-situ leaching of
the massive sulphide unit by natural groundwater. The Transition zone
material, although of lower copper grade than the main Primary
massive sulphide, (1.5% Cu vs 2.9%Cu) contains a higher proportion of
readily leachable copper minerals which translates to significantly
faster leach rates for this material, as described below. The
Transition zone occurs at the highest levels of the deposit and will
comprise a major proportion of early mined mineralization for the
expanded Wetar copper project.
+--------------------------------------------------------------------+
|Table 1. Wetar project Resource Estimates (Note: Rounding |
|errors may cause inaccuracies in following tables) |
| |
| |
|--------------------------------------------------------------------|
|0.5% Cu cut-off | | | |Attributable| 92.8%* |
|grade | | | | | |
|-------------------+-------+----+-------------+------------+--------|
| |Category |Tonnes |Cu% |Cont. Cu (KT)| Tonnes (M) |Cont. Cu|
| | | (M) | | | | (KT) |
|--------+----------+-------+----+-------------+------------+--------|
|Kali |Measured | 5.2 |2.6 | 133 | 4.8 | 123 |
|Kuning | | | | | | |
|--------+----------+-------+----+-------------+------------+--------|
| |Indicated | 0.9 |2.5 | 22 | 0.8 | 20 |
| |----------+-------+----+-------------+------------+--------|
| |Inferred | 0.1 |1.8 | 2 | 0.1 | 2 |
| |----------+-------+----+-------------+------------+--------|
| |Total | 6.1 |2.5 | 156 | 5.7 | 145 |
|--------+----------+-------+----+-------------+------------+--------|
|Lerokis |Measured | 2.1 |2.4 | 51 | 1.9 | 47 |
|--------+----------+-------+----+-------------+------------+--------|
| |Indicated | 0.5 |2.1 | 10 | 0.5 | 9 |
| |----------+-------+----+-------------+------------+--------|
| |Inferred | 0.1 |1.4 | 2 | 0.1 | 2 |
| |----------+-------+----+-------------+------------+--------|
| |Total | 2.7 |2.3 | 62 | 2.5 | 58 |
|-------------------+-------+----+-------------+------------+--------|
|Overall | 8.8 |2.4 | 218 | 8.2 | 203 |
+--------------------------------------------------------------------+
*Attributable: ownership is based on estimates of project
expenditure to end-November 2008 and is subject to final audit.
+-------------------------------------------------------------------+
| Table 2. Breakdown of Kali Kuning by metallurgical zone |
| |
|-------------------------------------------------------------------|
| | Zone | Tonnes (M) | Cu% | Cont. Cu |
| | | | | (KT) |
|------------------+------------------+------------+-----+----------|
| Massive Sulphide | Leached Zone | 0.1 | 0.7 | 1 |
|------------------+------------------+------------+-----+----------|
| 0.5% Cu | Transition Zone | 1.2 | 1.5 | 17 |
| cut-off grade |------------------+------------+-----+----------|
| | Primary Zone | 4.8 | 2.9 | 138 |
| |------------------+------------+-----+----------|
| | Total | 6.1 | 2.5 | 156 |
+-------------------------------------------------------------------+
An additional 700,000 t of mineralized clay altered tuff, grading
0.9% Cu, which forms the wallrock to the massive sulphide, has been
excluded from the resource estimates because of uncertain
metallurgical response.
Metallurgy
Given the higher grade of the transitional mineralisation from recent
drilling, metallurgical test work on this material has been
instigated at site with two new column tests. Though still at an
early stage, the results are very encouraging with 73-95% copper
recovery achieved within 31 days, subject to final mass balance
calculations. These results are significant for the expansion
project, since the SX-EW plant is likely to achieve nameplate
capacity much faster than previously expected due to the fast
leaching nature of the Transition mineralisation.
The initial two 1.8m columns using fresh ore material from the Kali
Kuning test pit confirm that copper recovery is faster and PLS grades
higher with higher acid concentrations with 74 & 86% copper recovery
achieved within 131 days, subject to final mass balance calculations.
The figure below shows time-copper recovery curves for a number of
column tests completed under different conditions for the two main
ore types, the primary (red) and the transitional (purple) zones and
a modelled recovery curve for 8m high heaps (orange).
New Indonesian Mining Law
The Company advises that it welcomes the new Indonesian mining law.
The Wetar project will the first copper mining project in Indonesia
to produce cathode metal and, as such, is aligned with the new
obligation to process and purify mining products within the country.
Our work to date under the KP title system in Indonesia had led us to
develop a strong working relationship with the same local government
authorities who will administer the tenement system as required under
the new law, and we will continue to benefit from existing
relationships established with these agencies. The basis of the new
tenement system has similar stages and approval mechanisms to the one
we currently work under. Indonesian Government copper metal
royalties will apply to the Wetar project and these are currently 4%.
Ojolali Project
Finders Resources Limited 72% with option
Background Information
Finders believe that the Ojolali project has strong potential to
generate short-term cash flow by open pit CIL/CIP development of the
gold resource at the Jambi Oxide gold deposit (Table 3.)
Table 3. Jambi Resource Estimates
Cut Indicated Inferred Total Contained Attrib.
off FND
Au Mt Au Ag Mt Au Ag Mt Au Ag Au koz (72%) Au
g/t g/t g/t g/t g/t g/t g/t koz
0.5 2.98 1.1 8.3 1.1 0.9 5.7 4.08 1.05 7.6 138 99
1.0 1.13 1.74 8.5 0.3 1.6 6.7 1.43 1.71 8.1 79 57
Finders has previously announced 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). Other
prospects have outstanding potential for the discovery of additional
resources using modern geophysical techniques to optimize drill
targeting.
Recent Activities
Activities during the period have focused on further evaluation of
prospect areas with strongly anomalous soil geochemistry and
extending the soil sampling program.
During the period a further 9.5 line km of soil traverses were
completed with follow-up trenching and channel sampling over 500m at
25 locations. The main focus was assessment of the oxide potential of
the Tambang vein system and the zone of 5 sub-parallel vein swarms
(2-16m in width) at Way Neki, the southern continuation of the Batu
Kuning prospect.
The samples were taken as part of a systematic program of channel
sampling from the oxidized near surface portion of the major Tambang
vein system (see map). This program is aimed at testing for high
grade supergene enriched silver values at the base of oxidation and
preliminary results strongly support that concept. Assays from
additional channel samples are awaited.
Preliminary results from Tambang are regarded by Finders as highly
encouraging (Table 4).
Table 4. Significant channel sample assays from Tambang
CTBG002 444159 9480615 2.0 0.5 315
CTBG003 444200 9480409 2.0 1.4 450
CTBG004 444203 9480349 2.0 0.5 109
CTBG22 443864 9480784 2.0 1.8 209
Corporate
Board Appointment
Robert Thomson accepted a position on the Finders Board and this
appointment was made effective on 6th Jan 2009. Rob's appointment
brings great experience in successful and timely project development
to the company for the forthcoming expansion of Wetar Copper to full
scale operations. Rob was previously the Company's General Manager,
Development and has the prime responsibility for successful
completion of feasibility studies and subsequent development of the
Company's Wetar copper project. Rob brings to the Finders Management
team a strong track record of delivering successful construction
projects in challenging south-east Asian environments notably at
Kingsgate's Chatree Gold Mine in Thailand and Oxiana's Sepon Gold
Mine.
Corporate Structure
Allotment of shares for a placement approved by Finders shareholders
on 16 October 2008 was completed on 23 October 2008. Gross funds
raised under the placement totaled approximately A$5.4 million from
the issue of 8,650,020 new shares.
The placement consisted of 6,925,020 shares issued at A$0.60 per
share through RFC Corporate Finance Ltd and 1,725,000 shares issued
to parties in the UK at GBP0.28 per share through Finncap, Finders AIM
broker.
In addition, on similar terms to the placement, the Company offered a
Share Purchase Plan (SPP). Following closure of the SPP, 271,657 new
shares were issued to raise approximately AUD$163,000.
Table 5. Current Capital Structure
Type of Security Exercise Price Expiry Date Number on Issue
Fully Paid Ordinary
Shares ("Shares")
Shares on issue at 30 74,921,825
September 2008
New Shares Issued 8,650,020
(Placement)
New Shares Issued
(SPP) 271,657
New Shares Issued
(Fee) 208,333
Shares on Issue at 31 84, 051,835
December 2008
Unlisted Options
A$0.50 March 20, 3,090,367
2009
24p March 22, 1,322,881
2009
A$0.6875 June 13,
2010 500,000
Total Unlisted Options 4,913,248
on issue
Cash Management
The company was severely impacted during the quarter by the effects
of the world economic crisis, in particular the fall in the
Australian Dollar compared to the US$ and the Indonesian Rupiah.
A delayed revenue stream (at lower than projected copper prices) also
contributed to place pressure on the company's cash resources. The
Board has responded to this situation with a number of initiatives to
strengthen the Company's working capital position.
1. Arranging a placement of up to US$1.5 million in convertible
notes to RCF (see subsequent events, below).
2. Suspending work on all non-essential programmes, with total
focus on completion of the Wetar
Demonstration plant
3. Voluntary reductions in salary by Directors and key senior
staff
4. Provision of loan funds to the company by certain Directors
of A$714,000 (see subsequent events, below)
The company expects to generate cash flow from copper cathode sales
from the end of February, 2009. In addition, it has also arranged
advance payment of up to A$1.5 million following commencement of
production at Wetar under an agreement linked to a copper off-take
contract.
With the fall in the copper price, the Company's revenue projections
for cathode sales in 2009 have been revised downwards; but, with
estimated operating cost for the Wetar demonstration plant of around
US$1/lb Cu, the Directors expect that the plant's operating margin
will be comfortably positive on the basis of current average copper
price estimates from a consensus of analysts (Bloomberg Jan 15: CY
US$1.495/lb Cu).
The Directors believe that with the planned expansion of the Wetar
Copper Project by early 2010, the Company is placed well to benefit
from positive changes in the commodity prices as the global economy
recovers in future months.
Subsequent Events
On 16th January 2009, Finders announced that it has entered into a
Convertible Note Facility Agreement ("Facility") with Resource
Capital Fund IV L.P. ("RCF"). Under the Facility, RCF has agreed to
provide the company with US$1.5 million, of which US$1.0 million will
be made available on satisfaction of certain standard conditions
precedent with the balance to be made available, subject to further
conditions precedent, on or before 15 March 2009. The convertible
note has a term of 3 years, is convertible into Finders shares at
A$0.40 per share and interest at 12% per annum is payable quarterly.
The Company has also entered into loan agreements with four
directors, Messrs Russell Fountain, Christopher Farmer, Robert
Thomson and Stephen de Belle pursuant to which the directors have
lent the Company a total of A$714,000.
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
For further information please contact
Finders Resources Ltd:
Russell Executive Chairman +61 2 9211 8299
Fountain
Chris Farmer Managing Director info@findersresources.com
Financial PR:
Doug Macdonald Capital Group (in +61 424 255 959
Australia)
Nick Elwes College Hill (in the UK) +44 20 7457 2020
RFC Corporate Finance Ltd - Nomad:
Rob Adamson Managing Director +61 2 9250 0000
Stuart Laing Executive Director +61 8 9480 2500
FinnCap - Finders' Broker for the AIM market:
Mathew Robinson Corporate Finance Director +44 20 7600 1658
Joe Lunn Analyst +44 20 7600 1658
Disclaimer
The information in this report that relates mineral resource
estimation is based on work completed by Dr Phillip Hellman who is a
full time employee of Hellman and Schofield Pty Ltd and a Fellow of
the Australian Institute of Geoscientists. Dr Hellman has sufficient
experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004
Edition of the 'Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves' and as a Qualified
Person as defined in the AIM Rules. Dr Hellman consents to the
inclusion in the report of the matters based on his information in
the form and context in which it appears. Estimates for Kali Kuning
are based on a data set from which some diamond drill holes have been
excluded due to poor recovery of copper mineralisation as evidenced
by neighbouring RC holes.
Geological information in this announcement and comments relating to
exploration potential and the project in general is based on
information compiled by Dr Russell Fountain, who also accepts
responsibility for the data on which the resource is based. 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.
Appendix 5B
Mining exploration entity quarterly report
Name of entity
FINDERS RESOURCES LIMITED
ABN Quarter ended ("current quarter")
82 108 547 413 31 DECEMBER 2008
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
Payments for (a) exploration and evaluation (49) (320)
1.2 (b) development (1,044) (6,566)
(c) production - -
(d) administration (539) (1,614)
1.3 Dividends received
1.4 Interest and other items of a similar 11 51
nature received
1.5 Interest and other costs of finance paid
1.6 Income taxes paid
1.7 Other (provide details if material)
Net Operating Cash Flows (1,621) (8,449)
Cash flows related to investing activities
Payment for purchases of: (a)
prospects (325) (325)
1.8 (b) - -
equity investments (4,720) (4,767)
(c)
other fixed assets
Proceeds from sale of: (a) prospects
(b)
1.9 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)
Net investing cash flows (5,045) (5,092)
1.13 Total operating and investing cash flows (6,666) (13,541)
(carried forward)
Appendix 5B
Mining exploration entity quarterly report
1.13 Total operating and investing cash (6,666) (13,541)
flows (brought forward)
Cash flows related to financing
activities
1.14 Proceeds from issues of shares, 5,357 5,357
options, etc.
1.15 Proceeds from sale of forfeited shares
1.16 Proceeds from borrowings 429 1,711
1.17 Repayment of borrowings (34) (34)
1.18 Dividends paid
1.19 Other (provide details if material)
Net financing cash flows 5,752 7,034
Net increase (decrease) in cash held (914) (6,507)
1.20 Cash at beginning of quarter/year to 785 4,988
date
1.21 Exchange rate adjustments to item 1.20 547 1,937
1.22 Cash at end of quarter 418 418
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
Aggregate amount of payments
1.23 to the parties included in 316
item 1.2
Aggregate amount of loans to
1.24 the parties included in item NIL
1.10
1.25 Explanation necessary for an understanding of
the transactions
Payments are for salaries, directors and
consulting fees.
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
Company issued 208,333 ordinary fully paid shares on 8 December
2008 for 60 cents each in payment of consulting fees.
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
Appendix 5B
Mining exploration entity quarterly report
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 (USD 5,000,000) 7,823 7,823
3.2 Credit standby arrangements NIL NIL
Estimated cash outflows for next quarter *
$A'000
4.1 Exploration and evaluation 170
4.2 Development 3,500
Total 3,670
+-------------------------------------------------------------------+
| |
| Note: |
| |
| On 16th January 2009 the Company announced a US$1.5m (A$2.25m) |
| convertible note facility and Directors loans totaling A$714,000. |
| |
| The company expects to generate cashflow from copper cathode |
| sales from the end of February, 2009. In addition, it has also |
| arranged advance payment of up to A$1.5 million following |
| commencement of production at Wetar under an agreement linked to |
| a copper off-take contract. |
| |
+-------------------------------------------------------------------+
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 418 785
5.2 Deposits at call
5.3 Bank overdraft
5.4 Other (provide details)
Total: cash at end of quarter (item 1.22) 418 785
Appendix 5B
Mining exploration entity quarterly report
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
relinquished, reduced NIL NIL NIL
or lapsed
6.2 Interests in mining
tenements acquired or
increased NIL NIL NIL
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 Issue price Amount paid
number quoted per up per
security security
(cents) (cents)
(see note (see note
3) 3)
7.1 Preference
+securities N/A
(description)
7.2 Changes during
quarter
(a) Increases
through issues
(b) Decreases N/A
through returns of
capital,
buy-backs,
redemptions
7.3 +Ordinary 84,051,835 83,870,017
securities
7.4 Changes during
quarter
(a) Increases 9,130,010 9,130,010 60cents 60cents
through issues NIL NIL
(b) Decreases
through returns of
capital, buy-backs
7.5 +Convertible debt
securities N/A
(description)
7.6 Changes during
quarter
(a) Increases
through issues N/A
(b) Decreases
through securities
matured, converted
7.7 Options Exercise Expiry date
(description and 3,090,367 NIL price 20.03.2009
conversion factor) 1,322,881 NIL 50cents 22.03.2009
500,000 NIL 24pence 13.06.2010
68.75cents
7.8 Issued during NIL NIL
quarter
7.9 Exercised during NIL NIL
quarter
7.10 Expired during NIL NIL
quarter
7.11 Debentures
(totals only)
7.12 Unsecured notes
(totals only)
Appendix 5B
Mining exploration entity quarterly report
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: . 30th January 2009
(Director)
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---
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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