Jambi drilling results deliver high gold grades

 
TIDMFND 
 
22 July 2010 
 
 
                           FINDERS RESOURCES LIMITED 
 
Finders  Resources  Limited  (FND  AIM/ASX)  is  pleased  to announce the latest 
drilling  results from  the Ojolali  gold-silver project  (FND 72%) in Sumatra, 
Indonesia  following a recent program of  infill reverse circulation drilling at 
the Jambi oxide gold prospect. 
 
The  results are extremely encouraging, delivering the best gold assays from the 
prospect  to  date,  and  strongly  support  the  interpretation  of  high grade 
structurally controlled zones at Jambi. 
 
Assay highlights include: 
 
 
 ·  24m @ 3.1 g/t Au  at 9m depth in  BKJR149, within a  zone of 48m @ 2.0 g/t Au 
from surface 
 
 ·  7m @ 9.6 g/t Au at 14m depth in BKJR138, within 19m @ 4.2 g/t Au from a depth 
of 11m 
 
 · 6m @ 7.1 g/t Au and 161 g/t Ag in BKJR148, within 21m @ 2.9 g/t Au & 85 g/t Ag 
from 90m depth 
 
 
 · 7m @ 4.3 g/t Au from surface in BKJR154, within 17m @ 2.6 g/t Au from surface 
 
 · 6m @ 3.8 g/t Au from surface in BKJR137, within 10m @ 2.2 g/t Au from surface 
 
Finders' Chairman, Russell Fountain, said the results underpin the strategy to 
unlock the value of the Ojolali project, where there are 20 named prospects 
located within a 10 x 4km mineralized district. 
 
 "The  wide zones  of near  surface oxide  gold mineralization  will enhance the 
potential  for a start-up oxide gold mine  at Jambi.  In addition, resolution of 
the  structural  controls  opens  up  the  means  for effective targeting of the 
outstanding deep exploration potential of the Ojolali area. 
 
 
The  exploration success  being achieved  at Ojolali  combined with  the planned 
expansion at Finders' Wetar copper project later this year leaves the company in 
an excellent position" he said. 
 
In  addition to the  Jambi drilling, an  18 hole drill program  was completed in 
June  2010 to test for near-surface enriched silver mineralization at the nearby 
Tambang  prospect.   Results  for  these  holes  are  awaiting  assays which are 
expected within the next month. 
 
 
The results of the 19-hole program at Jambi will be incorporated into an updated 
resource estimate to be undertaken by Hellman & Schofield Pty Ltd. 
 
 
The  current Jambi  JORC resource  has a  total combined  indicated and inferred 
resource  of 4.08 million tonnes at  a grade of 1.05 g/t  Au and 7.6 g/t Ag at a 
0.5g/t Au cut off, containing 138,000 oz Au. 
 
 
 
=------------------------------------------------------------------------------- 
Table 1 : Jambi Resource Estimates 
=-----+------------------+----------------+-----------------+---------+--------- 
 Cut  |    Indicated     |    Inferred    |      Total      |Contained| Attrib. 
 off  |                  |                |                 |         |   FND 
      |                  |                |                 |         | 
Au g/t| Mt  Au g/t Ag g/t|Mt  Au g/t  Ag  | Mt  Au g/t  Ag  | Au koz  |(72%) Au 
      |                  |            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 
=-----+------------------+----------------+-----------------+---------+--------- 
 
The  recent Jambi  prospect drilling  was centered  on the intersection of major 
north  south and north-easterly fault systems  and assays show a strong increase 
in  silver  to  gold  ratios  with  depth  in  the central part of the prospect, 
indicative of large scale mineral zoning. 
 
The  high gold and silver  values in BKJR148 comprise  the first indication of a 
feeder  structure for the Jambi mineralization, and  opens up a clear target for 
significant depth extensions. 
 
Figure 1:  Cross Section at Jambi (For location of A-B see Figure 3). 
 
The improved understanding of the structural controls for mineralization greatly 
enhances  the prospectivity of the Ojolali  project area for additional resource 
discoveries. 
 
The  district  is  typically  characterized  by  widespread high gold and silver 
values in soil samples and these have been supported by encouraging rock channel 
samples from trenching activities previously reported. 
 
Drill  collar locations  and a  full listing  of the  significant assay results, 
using a 0.5 g/t Au cut off, maximum 1m of internal dilution, and a minimum of 5 
gram*meters minimum intercept, are appended below with accompanying drill plan. 
 
Assays  were undertaken by the Intertek Jakarta laboratory (ITS), using 50g fire 
assay (Code FA51) for gold, and ICP for other elements. 
 
Table 2: Drill Locations 
(UTM WGS84, Zone48S. NB Coordinates subject to detailed survey pick-up) 
 
 
 
 
=---------+--------+---------+---------+-----+-----------------+----- 
  Hole_ID |  East  |  North  | Azimuth | Dip | Total depth (m) | RL 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR136 | 446512 | 9482951 |   90    | -60 |       77        | 252 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR137 | 446571 | 9482994 |   320   | -60 |       115       | 253 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR138 | 446545 | 9482980 |   320   | -60 |       97        | 260 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR139 | 446586 | 9482970 |   320   | -60 |       133       | 251 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR140 | 446568 | 9482955 |   320   | -60 |       121       | 252 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR141 | 446584 | 9482941 |   320   | -60 |       112       | 237 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR142 | 446600 | 9482920 |   320   | -60 |       133       | 227 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR143 | 446542 | 9482925 |   320   | -60 |       121       | 225 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR144 | 446443 | 9482871 |   320   | -60 |       121       | 220 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR145 | 446647 | 9483031 |   320   | -60 |       97        | 205 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR146 | 446666 | 9483049 |   320   | -60 |       103       | 190 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR147 | 446665 | 9483013 |   320   | -60 |       109       | 193 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR148 | 446461 | 9482852 |   320   | -60 |       124       | 205 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR149 | 446506 | 9482952 |   320   | -60 |       58        | 252 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR150 | 446490 | 9482977 |   320   | -60 |       85        | 270 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR151 | 446472 | 9483072 |   140   | -60 |       108       | 233 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR152 | 446554 | 9483024 |   320   | -60 |       75        | 241 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR153 | 446334 | 9483050 |   90    | -60 |       75        | 190 
=---------+--------+---------+---------+-----+-----------------+----- 
  BKJR154 | 446287 | 9483050 |   90    | -60 |       75        | 177 
 
 
 
Table 3: Significant intercepts using a 0.5 g/t Au cut-off 
(Max. 1m internal dilution, min. intercept 5 gram*meter AuEq. All intercepts are 
down hole lengths and may exceed the true thickness. Gold equivalents (AuEq) are 
calculated using the formula Au + Ag/60) 
 
=------------------------------------------------------------------------------- 
Hole_ID From  Length    Au     Ag    AuEq  AuEq   From Length  Au    Ag   AuEq 
         (m)    (m)   (ppm)  (ppm)  (ppm)  (g*m)  (m)   (m)   (ppm) (ppm) (ppm) 
       +-----------------------------------------+-----------------------------+ 
       |             Main Intercept              |          Including          | 
=------+---------------------------+-------------+-----------------------------+ 
BKJR136|    0      77    0.8    9.3|   1.0   77.0|                             | 
       |                           |             |                             | 
BKJR136|    0       9    1.3    1.9    1.4   12.3|                             | 
       |                                         |                             | 
BKJR136|   15       8    0.8    1.9    0.9    6.8|                             | 
       |                                         |                             | 
BKJR136|   27      25    0.7   23.4    1.1   27.8|  31      2   1.5  59.2   2.5| 
       |                                         |                             | 
BKJR136|   57      20    1.2    3.5    1.2   24.8|  59      3   2.7   5.3   2.8| 
=------+-----------------------------------------+-----------------------------+ 
BKJR137|    0      10    2.2    1.1    2.2   22.0|   0      6   3.8   0.8   3.8| 
       |                                         |                             | 
BKJR137|   16      12    1.4    3.8    1.5   17.9|                             | 
       |                                         |                             | 
BKJR137|   30      20    1.7    0.8    1.7   33.4|                             | 
=------+-----------------------------------------+-----------------------------+ 
BKJR138|    2       7    0.8    2.3    0.9    6.2|                             | 
       |                                         |                             | 
BKJR138|   11      19    4.2    6.5    4.3   82.3|  14      7   9.6   3.8   9.7| 
       |                                         |                             | 
BKJR138|   33       2    3.1    2.3    3.2    6.3|  34      1   5.3   3.4   5.4| 
=------+-----------------------------------------+-----------------------------+ 
BKJR139|   30       7    0.8    4.6    0.9    6.1|                             | 
       |                                         |                             | 
BKJR139|   40      11    1.0   12.0    1.2   12.9|  47      2   2.7  51.8   3.6| 
       |                                         |                             | 
BKJR139|   54       5    1.3   43.6    2.0   10.0|  55      2   2.6  59.3   3.6| 
       |                                         |                             | 
BKJR139|   72       4    1.9    5.4    2.0    7.8|  75      1   4.5   4.7   4.6| 
=------+-----------------------------------------+-----------------------------+ 
BKJR140|   37       8    3.0    1.3    3.1   24.4|  41      1  11.8   3.1  11.8| 
       |                                         |                             | 
BKJR140|   64       3    4.3    6.9    4.4   13.2|                             | 
       |                                         |                             | 
BKJR140|   70       9    1.4   15.9    1.7   15.1|  70      1   4.1  18.6   4.4| 
       |                                         |                             | 
BKJR140|  101       5    1.0   14.9    1.3    6.4| 101      1   3.3  65.9   4.4| 
=------+-----------------------------------------+-----------------------------+ 
BKJR141|    3      16    1.1    2.8    1.1   18.1|                             | 
       |                                         |                             | 
BKJR141|   49      13    2.2    4.0    2.2   29.1|  49      3   7.0   3.5   7.1| 
       |                                         |                             | 
BKJR141|   67      11    1.2   18.5    1.5   16.4|  76      1   5.3  40.6   5.9| 
       |                                         |                             | 
BKJR141|   87      14    0.8    3.4    0.9   12.3|                             | 
=------+-----------------------------------------+-----------------------------+ 
BKJR142|  102       8    0.9   10.1    1.1    8.8|                             | 
=------+-----------------------------------------+-----------------------------+ 
BKJR143|   31       6    1.1   11.6    1.3    7.7|                             | 
=------+-----------------------------------------+-----------------------------+ 
BKJR144|   18      11    1.3    5.8    1.4   14.9|                             | 
       |                                         |                             | 
BKJR144|   37       5    1.1    2.2    1.1    5.5|                             | 
       |                                         |                             | 
BKJR144|   57       5    0.9   10.9    1.1    5.4|                             | 
       |                                         |                             | 
BKJR144|   76       9    0.7   19.6    1.1    9.5|                             | 
=------+-----------------------------------------+-----------------------------+ 
BKJR145|    0       4    2.3    1.1    2.3    9.1|   0      1   7.1   2.1   7.1| 
       |                                         |                             | 
BKJR145|   39       6    0.8   13.0    1.0    6.1|                             | 
=------+-----------------------------------------+-----------------------------+ 
BKJR148|   19       2    4.0           4.0    8.1|                             | 
       |                                         |                             | 
BKJR148|   90      21    2.9   85.4    4.3   89.3|  91      6   7.1 161.6   9.8| 
       |                                         |                             | 
BKJR148|  115       9    0.9   14.8    1.2   10.4|                             | 
=------+-----------------------------------------+-----------------------------+ 
BKJR149|    0      48    2.0    5.0    2.1  101.8|   9     24   3.1   1.7   3.2| 
=------+-----------------------------------------+-----------------------------+ 
BKJR150|    0      17    1.7    2.0    1.7   28.7|                             | 
       |                                         |                             | 
BKJR150|   21      20    1.5   11.2    1.7   34.0|  27      2   8.6   8.4   8.7| 
=------+-----------------------------------------+-----------------------------+ 
BKJR151|    0      10    1.4    1.6    1.5   14.5|                             | 
       |                                         |                             | 
BKJR151|   12       7    1.6    8.2    1.8   12.4|  14      1   7.4   9.4   7.5| 
=------+-----------------------------------------+-----------------------------+ 
BKJR153|   43       2    4.3    4.5    4.4    8.7|                             | 
=------+-----------------------------------------+-----------------------------+ 
BKJR154|    0      17    2.6    3.9    2.7   45.8|   0      7   4.3   0.2   4.3| 
       |                                         |                             | 
BKJR154|   21       5    1.3    9.0    1.4    7.1|                             | 
=------+-----------------------------------------+-----------------------------+ 
 
Further  details  for  all  projects  may  be  found  on  the Finders website at 
www.findersresources.com 
 
 Finders Resources Ltd: 
 
 Russell Fountain   Non-Executive Chairman        [phone] 
 
 Chris Farmer       Managing Director             [e-mail] 
 
 Financial PR: 
 
 Stuart Carson      FD Third Person (in Sydney)   [phone] 
 
 Nick Elwes         College Hill (in the UK)      [phone] 
 
 RFC Corporate Finance Ltd - Nomad: 
 
 Rob Adamson        Managing Director             [phone] 
 
 Stuart Laing       Executive Director            [phone] 
 
 FinnCap -  Finders' Broker for the AIM market: 
 
 Matthew Robinson   Corporate Finance Director    [phone] 
 
 Joe Lunn           Analyst                       [phone] 
 
 
 
Finders  Resources  Ltd  through  its  subsidiary  PT  Batutua Tembaga Raya and 
partner PT Batutua Kharisma Permai are proud sponsors of Sail Banda 2010 
 
                                                                  sailbanda.com 
 
 
Background Information on Finders 
Finders,  listed on  AIM and  ASX, is  the operator  of the Wetar Copper Project 
(94%  and earning), and the Ojolali Gold-Silver Project (72% with option), both 
located in Indonesia. 
 
At the Wetar Project, as part of a definitive feasibility study, a demonstration 
SX-EW plant with 5t per day copper cathode capacity was commissioned in February 
2009 and  is permitted to process 100,000t of ore from the Kali Kuning deposit. 
The  Company is  targeting commercial  production in  two stages of expansion to 
reach 23,000 tonnes per year cathode, subject to permitting and project funding. 
 
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 an  initial mining resource, 
supported  by extensive  surface geophysical  and geochemical  surveys.  Finders 
believe  that the  Ojolali project  has strong  potential to  generate cash flow 
through  open pit CIL/CIP  development of the  gold resource at  the Jambi Oxide 
gold deposit. 
 
Competent Person Statements 
The  information in this  report that relates  to exploration potential, mineral 
resource  and  ore  reserve  estimation  is  the  responsibility  of  Dr Russell 
Fountain.   Dr Fountain is a Director of  Finders and a Fellow of the Australian 
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   in  the  2004 Edition  of  the  'Australasian  Code  for  Reporting  of 
Exploration  Results, Mineral Resources  and Ore Reserves'  (JORC Code) and as a 
Qualified  Person as defined in the AIM  Rules.  He consents to the inclusion in 
this  report 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,  including  those  with  respect  to permitting and 
development  timetables,  mineral  grades,  metallurgical  recoveries, potential 
production  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 
 
No Representation, Warranty or Liability 
Whilst  it is provided in  good faith, no representation  or warranty is made by 
Finders  or  any  of  its  advisers,  agents  or  employees  as to the accuracy, 
completeness, currency or reasonableness of the information in this Announcement 
or  provided in connection  with it, including  the accuracy or attainability of 
any Forward Looking Statements set out in this Announcement. 
Finders  does not accept any responsibility to  inform you of any matter arising 
or  coming to  Finders' notice  after the  date of  this Announcement  which may 
affect any matter referred to in this Announcement. 
Any  liability of Finders, its  advisers, agents and employees  to you or to any 
other  person or entity  arising out of  this Announcement including pursuant to 
common  law, the Corporations  Act 2001 and the  Trade Practices Act 1974 or any 
other  applicable  law  is,  to  the  maximum extent permitted by law, expressly 
disclaimed and excluded. 
 
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The  distribution  of  this  Announcement  may  be  restricted by law in certain 
jurisdictions. Recipients and any other persons who come into possession of this 
Announcement must inform themselves about, and observe any such restrictions. 
 
 
 
 
 
[HUG#1433402] 
 
 
 
 
 
    Figure 2: Ojolali prospect areas and soil geochemistry: http://hugin.info/138746/R/1433402/379267.doc 
    Figure 1:  Cross Section at Jambi : http://hugin.info/138746/R/1433402/379266.doc 
    Figure 3: Plan of new Jambi Drilling: http://hugin.info/138746/R/1433402/379268.doc 
 
 
 
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