Ojolali Update

 
TIDMFND 
 
For Release: 4 December 2009 
 
 
FINDERS RESOURCES LIMITED (ASX & AIM Code: FND) 
 
Diamond drill testing to commence on high grade gold vein targets at 
Ojolali 
 
 
Finders Resources Limited ("Finders") is  pleased to announce that  a 
man-portable diamond drill has  arrived on site  at Ojolali and  that 
first pass  drill testing  of high  grade vein  targets indicated  by 
surface channel sampling will commence immediately. 
 
The initial  program will  comprise  approximately 1500m  of  diamond 
drilling, commencing with 6 holes for a total of 650m to test the Way 
Neki prospect.  The balance  of  the drilling  will be  allocated  to 
prioritized holes at the Jambi, C1 and Belida prospects. 
 
The overall diamond drilling program is expected to take about  three 
months to complete, with initial results available around the end  of 
January. 
 
An  additional  program  of  around  5,000m  of  reverse  circulation 
drilling, focused  on  extensions  to the  Jambi  oxide  deposit  and 
Tambang vein supergene  zone is  also planned pending  sourcing of  a 
suitable drilling rig. 
 
Finders' exploration  target at  Ojolali is  to increase  oxide  gold 
resources to +300,000 Oz Au, to provide the basis for an initial  low 
cost 30-50,000 Oz gold per year open pit mine, whilst also continuing 
to identify, prioritise and test other gold and silver targets within 
the Ojolali  epithermal district.  Previous regional  exploration  by 
Finders, using  both  soil  geochemistry and  ground  geophysics  has 
identified  numerous  targets  with   excellent  potential  for   the 
discovery of additional resources 
 
Way Neki - targeting high grade quartz vein hosted gold-silver 
mineralisation 
 
At Way Neki, mapping and trenching following up local miner  workings 
has identified a significant zone  of relatively well defined  quartz 
veins, with  relatively narrow  alteration selvages,  hosted by  more 
massive basement  basaltic  host  rocks  than  the  strongly  altered 
andesitic host for Jambi mineralization.  The veins occur in an  area 
at least  900m  north-south  by  800m  east-west,  which  may  extend 
northwards to  link  up  with  the  previously  drilled  Batu  Kuning 
prospect. The target  at Way Neki  is high grade  quartz vein  hosted 
gold-silver  mineralization  similar  to  that  being  developed   by 
Kingsrose Mining at  the Way  Linggo prospect  about 30  km south  of 
Ojolali. 
 
Channel sampling  results received  to date  are highly  encouraging, 
with highlights including 2m @ 50 g/t Au, 2m @ 38 g/t Au, 2m at 8 g/t 
Au, 1m at 11.9 g/t Au,  2m @ 11.7 g/t Au, 1m  @ 23 g/t Au, 1m @  6.25 
g/t Au, 1.1m @ 11.1 g/t Au, 1m at  12.4 g/t Au and 1m @ 6.25 g/t  Au, 
303 g/t Ag. 
 
The initial  proposed Way  Neki drill  hole locations  are  tabulated 
below and shown  in Figure  1. The program  is designed  to test  the 
grade, thickness  and depth  continuity of  the narrow  vein  systems 
sampled on surface. 
 
 
 
H_ID_Plan    Easting    Northing    Rl   Azimuth   TD (m) 
WNK_A       446633.8   9481022.3   132       130       75 
WNK_B       446582.6   9481069.7   137       130      150 
WNK_C       446690.5   9481117.5   137        90      125 
WNK_D       446672.2     9481308   160        90      150 
WNK_E       446746.6     9481308   170        90      100 
WNK_F       446260.7     9481059   163        90       50 
 
 
 
Figure 1.  Way Neki surface assays, with planned drill hole 
locations. 
 
 
For further information please contact 
 
 
Finders Resources Ltd: 
Russell Fountain Non-Executive Chairman     [phone] 
Chris Farmer     Managing Director          [e-mail] 
Financial PR: 
Doug Macdonald   Capital     Group      (in [phone] 
                 Australia) 
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: 
Mathew Robinson  Corporate Finance Director [phone] 
Joe Lunn         Analyst                    [phone] 
 
 
Background on Finders Resources 
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  demonstration  plant  is 
producing LME Grade A copper  cathode at planned rates.  The  Company 
is targeting  commercial  production  of 20-25,000  tonnes  per  year 
cathode by 2010, subject to final feasibility, 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. 
For further information  on results  previously reported  and a  full 
resource statement please visit our website www.findersresources.com. 
 
Competent Person Statement 
Geological and Mineral Resource information in this announcement  and 
comments relating to exploration potential and the project in general 
are based on information  compiled by Dr  Russell Fountain, who  also 
accepts responsibility for the data on which the Mineral 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. 
 
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. 
 
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