TIDMFND
30 June 2009
Quarterly Report for the Period Ended June 30th 2009
Highlights
Wetar Copper Project
* Demonstration heap leach kinetics remain on target with
100,000 tonnes of ore stacked and under leach
* Copper cathode production since commissioning totals 530
tonnes (to 18 July 2009) with all shipments
achieving LME Grade A quality standards
* Entered into legally binding Heads of Agreement with Straits
Resources Limited to acquire their Whim Creek
SX-EW Plant for A$5 million
* Wetar Project Feasibility Study ("DFS") capacity set at
23,000 tonnes per annum cathode copper including
incorporation of Whim Creek plant at 18,500 tonnes per
annum cathode
* Ausenco-led DFS on target for review late August
Ojolali Gold-Silver Project
* Major extensions of the Jambi alteration system to the north
and west, with fine pannable gold in quartz
veinlets, indicated by hand dug trenching- assays are
awaited
Corporate
* Michael Stirzaker appointed Executive Director, Finance
* The EGM on 4th May approved
- 21,559,114 shares placed at 20 cents/ 9 pence per
share, which together with the 6,400,000 shares
issued on 26th March completed the A$5.6 million
equity raising, and
- 2,984,833 shares issued at 20 cents per share on
conversion of loans from directors and accrued interest
on the loans.
Wetar Copper Project
Finders Resources Limited 94% and earning through expenditure,
subject to audit
Background Information
The Wetar Copper Project comprises two high grade deposits, Kali
Kuning and Lerokis, which are located within 3km from the coast and
suitable for open pit mining with a low waste:ore ratio. Finders
commenced work on the project in 2005 and 7,300m of drilling has been
completed to supplement historical data. JORC resource estimates
have been undertaken by Hellman & Schofield.
Table 1: JORC Resource Estimate
Kali Kuning Tonnes (M) Cu % Cont. Cu (KT)
Measured 5.2 2.6 133
Indicated 0.9 2.5 22
Inferred 0.1 1.8 2
Lerokis Tonnes (M) Cu % Cont. Cu (KT)
Measured 2.1 2.4 51
Indicated 0.5 2.1 10
Inferred 0.1 2.3 2
Total 8.8 2.4 218
Resources on a 100% project basis, Subject to rounding errors
In addition there is a third deposit Meron, located 2 km from Kali
Kuning. This prospect has a potential size of 1mt @ 2.3% Cu
(Non-JORC compliant) based on historical drilling results from the
previous gold mining operation. Meron is not included in the current
Feasibility Study ('DFS') due to its lack of technical definition,
however, engineering plans do recognize the potential for later
additional leach ore from Meron and additional leaching space is
available in the DFS.
Copper mineral species at Kali Kuning and Lerokis are dominated by
chalcocite and covellite, which are readily amenable to bacterial
assisted leaching, and chalcopyrite which leaches faster at higher
temperatures. A two year laboratory test program indicated copper
recoveries of up to 80%.
As part of a definitive feasibility study, a demonstration SX-EW
plant with 5 tonnes per day copper cathode capacity has been
operational since February 2009 and is permitted to process 100,000
tonnes of ore from the Kali Kuning deposit. The test heaps are at
heights similar to commercial operations worldwide and the SX-EW
technology being used is industry standard.
The Company is targeting commercial production of 23,000 tonnes per
year cathode commencing in 2010, subject to schedules for engineering
design work, final permitting and project funding. Pending results
of the DFS, which is due for review at the end of August 2009, the
project is expected to have operating costs around the 50th
percentile of all current global copper production costs and in the
lowest quartile of SX-EW copper production costs.
SX-EW technology is currently responsible for approximately 22% of
the world's copper production.
The project is at the same location as an old gold mine which
operated between 1989-1997 and benefits from having existing
infrastructure in place, particularly a wharf, camp and roads.
Demonstration Plant Progress Report
The Demonstration SX-EW plant has been running since February 2009,
with the construction, commissioning, mining and stacking all
undertaken during the wet season.
Nearly 100,000 tonnes of Kali Kuning copper sulphides has been
stacked in three test heaps under irrigation with the fourth and
final heap scheduled to begin irrigation in August 2009.
The heaps have monitoring equipment installed and are being trialed
to determine optimum operating conditions with respect to the effect
of variations in heap height, irrigation rates and forced air ingress
on the copper leach rates.
The Demonstration Plant also significantly de-risks the later
commercial project as all components of the commercial operation from
construction to mining and processing have been successfully
demonstrated as being commercially achievable. This de-risking is a
major stepping stone for the later financing of the Project.
Heap 4 with multiple aeration levels
Bundles of copper cathode
Copper leaching from full scale test heaps achieving project targets
All heaps are showing excellent percolation and stability
characteristics, and are on track to achieve targeted ultimate
recoveries of >70%.
Key operating parameters for the demonstration plant to date are
presented in Table 2. All recovery curves are within the range of
predictions from earlier laboratory based test work. Experience to
date has shown aeration rates to be a key factor controlling leach
kinetics, and copper leach rates have improved markedly from Heaps 1
to 3 with improvements in the aeration systems used.
The fourth heap has been stacked to 9m high with double layers of
aeration in order to evaluate the effect of increasing heap height
and copper recovery rates. The test heaps have been operating at
average temperatures of up to 85oC and this appears to be a
significant factor in the leach rates.
During the reporting period, plant production was below budget due to
a three week period of disturbed power supply (generator failure) and
a one week shut-down (caused by a fault in the rectifier).
Each shipment of cathode has been LME Grade A copper quality.
Table 2: Operating Parameters
Leach Performance* Heap 1 Heap 2 Heap 3
Grade (Cu %) 2.8 3.6 4.9
Recovered Copper (total) - Tonnes 165 297 320
Approx. % Copper Recovery to date 30% 36% 34%
Approx. Number of weeks under 23 18 12
Irrigation
Electrowinning + Actual Target Variance
Copper Produced - Tonnes 530 632 -16%
Copper Shipped - Tonnes 511 600 -15%
*As of 18 July 2009. All subject to final mass balances and weight
reconciliations
+ All figures project to date (30 June 2009), based on 5tpd nameplate
capacity
As the demonstration stage has progressed, more detailed information
regarding mineral composition and recovery rates has allowed fine
tuning of the leach kinetic model to reach the stage that the current
model will form the basis for the mining schedule and production
modeling in the feasibility study.
Compared with laboratory test results, the rate of acid generation
during leaching is higher than predicted. This will require the
addition of a neutralisation plant in the process circuit. Abundant
good quality limestone is available a short distance from the Kali
Kuning deposit. Drilling during the Quarter confirmed a limestone
resource estimate in excess of what is required for the Project with
abundant additional resources if ever required. Test-work to date has
confirmed its suitability as the required neutralizing agent.
Positive reconciliation- grade control sampling from test pit mining
Mining of ore for the test heaps was undertaken from two test pits,
the principal southern test pit, and a small northern pit. Hellman
and Schofield Pty Ltd has carried out a detailed reconciliation
between the current Kali Kuning resource block model and the grades
indicated by close spaced (average 3.75m spacing) grade control assay
data.
A direct comparison between identical volumes for the resource model
and grade control drilling for the main southern test pit is
presented in Table 3 below.
Material Kt % Cu Kt_Cu
April 2009 resource model 213 3.68 7.8
Grade control drilling estimate 208 3.91 8.1
Difference -2.3% +6.3% +3.8%
Table 3- Southern Test Pit- comparison of resource model with grade
control results
In addition to the above direct comparison, the grade control
drilling for the southern test pit located an additional 60kt of
massive sulphide ore, grading 3.6% Cu from outside of the limits of
the massive sulphide resource model. For the smaller northern test
pit, situated in highly broken leached and transition zone
mineralization, where significant copper losses were suspected in the
original resource drilling program, the grade control drilling showed
a strong increase in both grade (36%), tonnes (25%) and contained
copper (70%) at a 0.5% Cu cut-off grade, when compared to the
resource model for the same volume.
Definitive Feasibility Study (DFS)
The formal DFS, managed by Ausenco remains on schedule for review in
August. To maximize the benefits from existing assets on site a two
stage project expansion strategy has been adopted.
Stage 1 comprises expansion of the current demonstration plant to up
4,500tpa cathode capacity and utilization of the existing gold pit at
Kali Kuning to create an additional heap leach pad, with the whole of
Stage 1 contained within the environmental footprint of the previous
gold mining operation.
Stage 2 comprises relocation of the Whim Creek plant (see below)
which has a capacity of around 18,500tpa cathode in its current
configuration, and construction of a new leach pad in the adjoining
valley, utilizing waste rock from the Kali Kuning open pit
pre-stripping.
Benefits from this strategy include:
* Earlier increase in cash flow from demonstration plant
expansion
* Increased mining and irrigation flexibility with two
separate leach pads
* Significant long term risk reduction through the
availability of two independent SXEW production facilities
Kali Kuning Summary showing staged leach pad layout
The combination of the expansion of the demonstration plant and the
relocation of Whim Creek will create a project with nameplate
capacity of 23,000 tonnes of cathode per annum.
Final pit designs for both the Kali Kuning and Lerokis deposits have
been completed by Amdad Pty Ltd, and confirm that effectively 100% of
the sulphide resource will be recoverable by low stripping ratio open
pits. A formal statement of Ore Reserves under the JORC code is
scheduled in August, after detailed review of mining costs, leach
performance and mining cut-off grades.
As part of the DFS, life of mine heap leach modeling is being
undertaken by specialist consultant Simulus Pty Ltd, using
metallurgical inputs from Finders metallurgical consultants and
mining schedules provided by Amdad. Results of this modeling to date
support the potential for sustained production at up to 25,000 t
copper /year under realistic mining, stacking and leaching scenarios.
Environmental/Permitting
With adoption of the final project lay-out the final stage of
environmental permitting applications will be submitted in August.
All designs are being prepared on the basis of total containment,
with zero release of waters affected by mining operations to the
wider environment.
Option to purchase Whim Creek SX-EW Plant
On June 1st 2009, the Company entered into a legally binding Heads of
Agreement covering the commercial terms of an option to acquire
Straits Resources Limited's ('Straits') Whim Creek SX-EW plant. The
Whim Creek SX-EW Plant has a capacity of 18,500 tonnes copper cathode
per year.
Whim Creek SX
plant
Whim Creek EW plant
Finders has the right to purchase the SX-EW Plant and associated
equipment at any time during the period 1 October 2009 to 31 December
2009.
According to the terms in the Heads of Agreement, on the date of
exercising the option, Finders will pay Straits A$5.0 million plus
GST if applicable, payable in Finders fully paid ordinary shares.
Straits will also be issued 724,638 fully paid Finders ordinary
shares as the option fee for the Agreement.
The option to purchase Whim Creek plant has multiple potential
benefits.
In addition to potential capital cost savings, a significant
proportion of which are fixed, there are clear advantages in terms of
logistics to a remote site location in having the ability to control
the timing and the shipping of a proven operational plant from a
single location, hence avoiding multiple component sourcing from
multiple locations.
Ojolali Project
Finders Resources Limited 72% with option to increase to 100%
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 4.)
Table 4. 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). Previous
regional exploration by Finders, using both soil geochemistry and
ground geophysics has located numerous targets with outstanding
potential for the discovery of additional resources.
Previous regional exploration by Finders, using both soil
geochemistry and ground geophysics has located numerous targets with
outstanding potential for the discovery of additional resources (see
project area map)
The target types include bulk grade gold-silver stockwork and
fracture fill mineralization (Jambi, Jambi extensions, Belida, Talang
Harno prospects); supergene enriched high grade silver (Tambang Oxide
prospect); narrow, high grade epithermal quartz (manganese) veins
Batu Kuning, Way Neki, Suban, Kencur, Way Umpu and Wujun prospects).
Ojolali Project area showing location of main prospects including
those with defined resources at Jambi and Tambang
Gold soil anomalies (orange / red)
Silver soil anomalies (green shades)
Ojolali Field Work
During the quarter field work was restricted to surface mapping and
hand dug trenching of prioritized target areas, with a focus on
locating drilling targets for additional near surface resources, in
particular targets to the north and west of Jambi Hill, where bedrock
is largely obscured by surface scree. A total of 660m of trenches
were completed, and channel sampled in 2m intervals. Assay results
for this work are not yet available.
Mapping of trenches to the north and west of the currently defined
Jambi prospect (below) has located wide zones of strong alteration,
similar to the main Jambi mineralization. These zones, individually
up to 20m wide, contain narrow quartz veinlets (generally less than
1cm thick and 0.5- 3% veining by volume) with fine pannable gold.
Within these alteration zones, the presence of narrow breccia zones
with quartz vein fragments indicates potential for increased gold
grade at depth.
These zones have the potential to significantly increase the near
surface resource at Jambi and are a top priority drill target when a
drill rig becomes available.
Jambi Trench plan and potential resource extensions
Corporate
Board Addition
On 3rd June 2009, Michael Stirzaker was appointed to the Board, in
the role of Finance Director. Mike's initial focus will be to
complete a comprehensive financing package for the expansion of the
Company's Wetar Copper project to 20-25,000 tonnes per year copper
production. He holds a Bachelor of Commerce from the University of
Cape Town and is an Australian Chartered Accountant. He has more than
25 years of commercial experience, most of which have been in the
mining finance and mining investment sector.
Mike began his career with KPMG in Sydney, qualifying as a Chartered
Accountant in 1986. He then joined the Corporate Advisory Division of
Wardley James Capel (part of the HSBC Group) and in 1990 moved to
London, spending three years in Corporate Advisory with Kleinwort
Benson Ltd.
Mike joined RFC Group Ltd on his return to Sydney in 1993 and co-led
the management buyout of RFC in 2001. He has experience in mergers
and acquisitions, divestments and capital raisings.
Mike was co-managing director of RFC and managing director of RFC's
investment funds until 2007 when he joined Tennant Metals. Mike has
relinquished his Executive Director duties at Tennant Metals to take
up the Finance Director role with the Company.
Capital Structure
Following shareholders' approval at an extraordinary general meeting
held on 4 May 2009, the following shares and options were issued
during the quarter -
a) 21,559,114 shares were issued pursuant to a placement to
investors at 20 cents/9 pence per share to raise
A$4.3 million before expenses;
b) 2,984,833 shares were issued at 20 cents per share on
conversion of loans from directors and accrued
interest on the loans, together totaling A$597,000;
c) 2,000,000 incentive options expiring 8 May 2014 and
exercisable at 30 cents per share were issued to Mr
Robert Thomson, Director - Development.
In addition, 2,375,000 incentive options were issued pursuant to the
Company's Employee Share Option Plan during the quarter.
The capital structure at 30 June 2009 is set out in Table 5.
Table 5. Current Capital Structure
Type of
Security Number on Issue
Fully Paid
Ordinary Shares
("Shares")
Shares on issue
at 31 March
2009 90,852,468
Placement of
Shares 21,559,114
Conversion of loans from directors 2,984,833
Issued in payment of convertible
note interest 152,258
Shares on Issue
at 30 June 2009 115,548,673
Unlisted
Options Exercise Price Expiry Date
A$0.6875 June 13, 2010 500,000
A$0.30 April 16, 2012 500,000
A$0.30 April 16, 2014 500,000
A$0.30 May 8, 2014 2,000,000
A$0.37 June 23, 2014 250,000
A$0.37 June 28, 2014 625,000
A$0.37 June 29, 2014 500,000
Unlisted
Options on
issue at 30
June 2009 4,875,000
12% Convertible Conversion
Note Face Value Price Maturity Date
US$1,500,000
(A$2,323,972) A$0.37 19 January 2012
As at 30 June 2009, Finders had A$1.7m cash in hand.
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 Non-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
Competent Person Statement
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 member of
the Australasian Institute of Mining and Metallurgy. 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.
Disclaimer
This announcement may or may not contain certain "forward-looking
statements". All statements, other than statements of historical
fact, which address activities, events or developments that Finders
believes, expects or anticipates will or may occur in the future, are
forward-looking statements. Forward-looking statements are often, but
not always, identified by the use of words such as "seek",
"anticipate", "believe", "plan", "estimate", "targeting", "expect",
and "intend" and statements that an event or result "may", "will",
"can", "should", "could", or "might" occur or be achieved and other
similar expressions. These forward-looking statements reflect the
current internal projections, expectations or beliefs of Finders
based on information currently available to Finders. 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. Finders expressly disclaims any obligation to update
or revise any such forward-looking statements.
Appendix 5B
Mining exploration entity quarterly report
Name of entity
FINDERS RESOURCES LIMITED
ABN Quarter ended ("current quarter")
82 108 547 413 30 JUNE 2009
Cash flows related to operating activities
+--------------------------------------------------------------------------------------------+
| | |Current|Year to date|
| | |quarter|(.12.months)|
| | | $A'000| $A'000|
|----+------------------------------------------------------------------+-------+------------|
|1.1 |Receipts from product sales and related debtors | 2,263| 2,947|
|----+------------------------------------------------------------------+-------+------------|
|1.2 |Payments for (a) exploration and evaluation | (529)| (1,675)|
| | (b) development | (531)| (6,343)|
| | (c) production |(3,610)| (6,220)|
| | (d) administration | (354)| (2,496)|
|----+------------------------------------------------------------------+-------+------------|
|1.3 |Dividends received | | |
|----+------------------------------------------------------------------+-------+------------|
|1.4 |Interest and other items of a similar nature received | -| 55|
|----+------------------------------------------------------------------+-------+------------|
|1.5 |Interest and other costs of finance paid | | |
|----+------------------------------------------------------------------+-------+------------|
|1.6 |Taxes and value added tax paid | (285)| (1,545)|
|----+------------------------------------------------------------------+-------+------------|
|1.7 |Other (provide details if material) | | |
|----+------------------------------------------------------------------+-------+------------|
| |Net Operating Cash Flows |(3,046)| (15,277)|
|----+------------------------------------------------------------------+-------+------------|
| |Cash flows related to investing activities | | |
|----+------------------------------------------------------------------+-------+------------|
| |Payment for purchases of: (a) prospects | | |
| | (b) equity | | |
|1.8 |investments | (287)| (5,324)|
| | (c)other fixed| | |
| |assets | | |
|----+------------------------------------------------------------------+-------+------------|
| |Proceeds from sale of: (a) prospects | | |
| | (b) equity | | |
|1.9 |investments | -| 14|
| | (c) other fixed | | |
| |assets | | |
|----+------------------------------------------------------------------+-------+------------|
|1.10|Loans to other entities | | |
|----+------------------------------------------------------------------+-------+------------|
|1.11|Loans repaid by other entities | | |
|----+------------------------------------------------------------------+-------+------------|
|1.12|Other (provide details if material) | | |
| |Payment for shares in subsidiary acquired from minority | -| (325)|
| |shareholder | | |
|----+------------------------------------------------------------------+-------+------------|
| |Net investing cash flows | (287)| (5,635)|
|----+------------------------------------------------------------------+-------+------------|
|1.13|Total operating and investing cash flows (carried forward) |(3,333)| (20,912)|
|----+------------------------------------------------------------------+-------+------------|
|1.13|Total operating and investing cash flows (brought forward) |(3,333)| (20,912)|
|----+------------------------------------------------------------------+-------+------------|
| | | | |
| |Cash flows related to financing activities | | |
|----+------------------------------------------------------------------+-------+------------|
|1.14|Proceeds from issues of shares, options, etc. | 4,113| 10,719|
|----+------------------------------------------------------------------+-------+------------|
|1.15|Proceeds from sale of forfeited shares | | |
|----+------------------------------------------------------------------+-------+------------|
|1.16|Proceeds from borrowings | 1,435| 6,165|
|----+------------------------------------------------------------------+-------+------------|
|1.17|Repayment of borrowings | (906)| (969)|
|----+------------------------------------------------------------------+-------+------------|
|1.18|Dividends paid | | |
|----+------------------------------------------------------------------+-------+------------|
|1.19|Other (provide details if material) | | |
| | | | |
|----+------------------------------------------------------------------+-------+------------|
| |Net financing cash flows | 4,642| 15,915|
|----+------------------------------------------------------------------+-------+------------|
| | | | |
| |Net increase (decrease) in cash held | 1,309| (4,997)|
| | | | |
|----+------------------------------------------------------------------+-------+------------|
|1.20|Cash at beginning of quarter/year to date | 429| 4,988|
|----+------------------------------------------------------------------+-------+------------|
|1.21|Exchange rate adjustments to item 1.20 | (15)| 1,732|
|----+------------------------------------------------------------------+-------+------------|
|1.22|Cash at end of quarter | 1,723| 1,723|
+--------------------------------------------------------------------------------------------+
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 166
included in item 1.2
1.24 Aggregate amount of loans to the parties -
included in item 1.10
1.25 Explanation necessary for an understanding of the
transactions
Payments are for salaries, directors fees 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
a) Interest on the convertible note of $44,000 was satisfied by
the issue of 152,258 Finders shares.
b) Following shareholders' approval at an extraordinary general
meeting held on 4 May 2009, loans from
directors and accrued interest totalling A$597,000 were
converted into 2,984,833 Finders shares at $0.20
per share.
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
Loan facilities (USD 5,000,000)
Convertible note facility (USD 6,162 6,162
3.1 1,500,000) 1,848 1,848
Copper Forward Sale and Purchase 2,464 1,232
Facility
(USD 2,000,000)
3.2 Credit standby arrangements NIL NIL
Estimated cash outflows for next quarter *
$A'000
600
4.1 Exploration and evaluation
4.2 Development -
Total 600
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 1,723 427
5.2 Deposits at call - -
5.3 Bank overdraft - -
5.4 Other (provide details) - -
Total: cash at end of quarter (item 1.22) 1,723 427
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, NIL NIL NIL
reduced or lapsed
6.2 Interests in Wetar Copper Increase 72.38% 93.94%
mining tenements Project - in
acquired or interest
increased Tenement Nos: through
543/08a/2009 earn-in
543/09b/2009
543/09c/2009
543/04a/2009
543/05a/2009
543/06a/2009
543/07a/2009
545/957/2006
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 price Amount paid
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 115,548,673 115,548,673
securities
7.4 Changes during
quarter
(a) Increases
through issues 3,000,000 3,000,000 9pence 9pence
21,543,947 21,543,947 20cents 20cents
150,873 150,873 29cents 29cents
1,385 1,385 33cents 33cents
(b) Decreases NIL NIL
through returns
of capital,
buy-backs
7.5 +Convertible
debt securities 6,281,005 NIL 37cents 37cents
(description)
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases NIL
through
securities
matured,
converted
7.7 Options Exercise Expiry date
(description 500,000 NIL price 13.06.2010
and conversion 500,000 NIL 68.75cents 16.04.2012
factor) 500,000 NIL 30cents 16.04.2014
2,000,000 NIL 30cents 08.05.2014
250,000 NIL 30cents 23.06.2014
625,000 NIL 37cents 28.06.2014
500,000 NIL 37cents 29.06.2014
37cents
7.8 Issued during 500,000 NIL 30cents 16.04.2012
quarter 500,000 NIL 30cents 16.04.2014
2,000,000 NIL 30cents 08.05.2014
250,000 NIL 37cents 23.06.2014
625,000 NIL 37cents 28.06.2014
500,000 NIL 37cents 29.06.2014
7.9 Exercised NIL NIL
during quarter
7.10 Expired during NIL NIL
quarter
7.11 Debentures
(totals only)
7.12 Unsecured notes
(totals only)
Compliance statement
1 This statement has been prepared under accounting
policies which comply with accounting standards as defined in the
Corporations Act or other standards acceptable to ASX (see note 4).
2 This statement does /does not* (delete one) give a
true and fair view of the matters disclosed.
Sign here:
............................................................
Date: . 30 July 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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