FINDERS RESOURCES LIMITED
Finders to strengthen management with appointment of Robert Thomson
as General Manager, Development
Finders Resources (FND) is pleased to announce the appointment of
Robert Thomson as General Manager, Development, effective October 8
2008, with 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.
Rob holds a B.E (Mining) from the University of Queensland, an MBA
from University of Wollongong, and is a Fellow of the AusIMM. He
holds open cut mine managers certificates for NSW, WA and Queensland
and has 30+ years of Australian and international mining experience.
His career achievements include development of 7 greenfield projects
involving resource targeting and acquisition, exploration,
feasibility, environmental and social licensing and compliance,
government relations and approvals, financing, construction and
operations. Developments have been in coal, copper Heap Leach/SXEW,
nickel sulphides, copper/gold porphyry and leachable gold. The last
10 years and four mines have been spent working in Asia, as : -
Project Manager Feasibility then GM Development for delivery through
to commercial operations of Kingsgate's (ASX) Chatree Gold Mine in
Thailand; Project Director for Oxiana's (ASX) Sepon Gold Mine
delivery in Laos PDR; CEO (2003-6) of Philippine focussed, Climax
Mining Ltd (formerly ASX listed) which in this four year period
included the revitalisation of the Company and commencement of
construction of the long-delayed Didipio project leading to a A$250m
takeover by Oceana Gold (ASX). He is a founding director (2004) and
until recently CEO (2006-8) of Vietnam focussed Asian Mineral
Resources (TSX.V) with the Ban Phuc underground nickel/copper
sulphide project.
Russell Fountain, Executive Chairman commented:
"We are delighted to welcome Rob into our team for the Wetar Copper
development and to personally re-establish a working relationship
from development of the Girilambone copper project in NSW in the
early 1990s. Rob's decision to join Finders represents a major vote
of confidence in our Wetar copper project, and his recent experience
in the south east Asian project development and commissioning will
prove invaluable as we transition Finders from explorer to producer
status."
For further information please contact
Finders Resources Ltd:
Russell Fountain, Executive Chairman, +61 2 9211 8299
Chris Farmer, Managing Director, info@findersresources.com
Financial PR:
Doug Macdonald, +61 424 255 959, Capital Group (in Australia)
Paddy Blewer or Nick Elwes, +44 20 7457 2020, College Hill (in the
UK)
RFC Corporate Finance Ltd - Nomad and Corporate Adviser:
Rob Adamson, +61 2 9250 0000 or Stuart Laing, + 61 8 9480 2500
Background
Finders, listed on AIM and ASX, is the operator of the Wetar Copper
(~73% and earning), and Ojolali Gold-Silver Projects (72% with
option) in Indonesia, and holds an investment in Geopacific Resources
NL, an ASX-listed company with active exploration programs for gold
and copper in Fiji.
At the Wetar Copper Project, Finders has previously announced 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
Overall 9.8 2.5 241 7.1 174.2
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 September/October 2008, pending
timely delivery of late equipment. The Company is targeting
commercial production of 20-25,000 tonnes per year cathode by the end
of 2009.
At the Ojolali Project, Finders controls what it considers to be a
major new epithermal gold district, and has been undertaking an
extensive exploration program comprising detailed drilling to
establish and initial mining resource, supported by extensive surface
geophysical and geochemical surveys. Finders' believes that the
Ojolali project has strong potential to generate short-term cash flow
through open pit CIL/CIP development of the gold resource at the
Jambi Oxide gold deposit.
For further information on results previously reported and a full
resource statement please visit our website www.findersresources.com.
Competent Person Signoff
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.
The geological and Mineral Resource information in this announcement
has been reviewed by and 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.
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