Tambang Drilling Results

 
TIDMFND 
 
For Release:  9 September 2010 
 
 
                           FINDERS RESOURCES LIMITED 
 
                            Tambang Drilling Results 
 
 
Finders  Resources  Limited  (FND  AIM/ASX)  is  pleased  to announce the latest 
drilling  results  from  its  72% owned  Ojolali gold-silver project in Sumatra, 
Indonesia  following  the  recently  completed  18 hole  1717m program of infill 
reverse  circulation  drilling  at  the  Tambang  gold-silver  vein system.  The 
drilling  program  was  designed  to  test  for near surface mineralization with 
potential  to provide additional feed  for a start up  mining operation based on 
the Jambi oxide gold resource. 
 
Highlights include: 
 
  * The  identification of a  new high grade  gold-rich shoot that is completely 
    open  at depth with an intersection of  7m grading 5.62 g/t Au and 70 g/t Ag 
    from 55m depth within a broader intercept of 24m grading 1.84 g/t Au and 38 
    g/t Ag and 0.56% Zn from 49m depth in TBGR 29 
 
 
  * Further high grade shallow silver intersections, including: 
 
      * 13m grading 184 g/t Ag and 0.41 g/t Au from 23m in TBGR 21, 
      * 20m grading 128 g/t Ag and 0.39 g/t Au from 52m depth  in TBGR19 
      * 1m grading 658 g/t Ag  and 0.52 g/t Au from 30m depth in TBGR 20 
 
 
 
Figure 1-Cross section showing newly defined gold shoot at Tambang 
 
 
Finders  Chairman,  Russell  Fountain,  said  the  results have demonstrated the 
ability  to expand the inventory of near-surface oxide mineralization at Ojolali 
and continue to emphasise the discovery potential of the project. 
 
"This  program tested approximately 600m of the  known +2km strike length of the 
Tambang  vein system. The results have  highlighted the continuity of wide zones 
of   near  surface  gold-silver  mineralization,  and  importantly  demonstrated 
previously  unrecognized potential  for gold  rich shoots  within the system, as 
evidenced  by the intersections  in TBGR25 and  29, which are completely open at 
depth. 
 
"This  drilling, supported by ongoing  surface geological mapping and trenching, 
has  now defined the principal  ore controls at Ojolali.  We believe that we are 
looking  at the very top of a  large epithermal system, with great potential for 
additional discoveries at depth. 
 
"Based  on these Tambang results and the previously announced Jambi drilling, we 
are  now instituting a program of metallurgical test-work, including bottle roll 
testing,  as a basis for a scoping study for development of a leaching operation 
based on both prospects," he said. 
 
The  Tambang mineralization comprises  a west dipping  fault controlled swarm of 
quartz and manganese veins hosted mainly in a siltstone unit separating basement 
basalts from a locally tuffaceous andesitic rock sequence (see figure 1). 
 
Holes  TBGR14,  15 and  16 were  designed  to  test  a  geophysical anomaly, and 
intersected only minor mineralization. 
 
The  remaining  holes  confirmed  the  presence  of wide zones, with true widths 
ranging  from 8 to 21m at  a 0.5 g/t gold  equivalent (Au +Ag/60)cut-off, of low 
grade  gold and  silver mineralization,  with local  high grade silver spikes to 
658 g/t. 
 
In  addition, high grade gold (7m @  5.6 g/t Au, 70 g/t Ag) was intersected from 
55m depth in TBGR29, indicating potential for significant gold rich zones within 
the  generally silver dominated Tambang vein system. Additional drilling will be 
required to evaluate this potential. 
 
The  gold and silver values  are accompanied by significant  zinc and lead below 
the  base of oxidation, which extends to  around 25m depth within the vein zone. 
 The  company  plans  to  carry  out  a  program  of metallurgical testing using 
material  from this drilling, to check recoveries of both gold and silver across 
the oxide-sulphide boundary at Tambang prior to follow up drilling. 
 
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  gold equivalent minimum intercept, are   appended below. A plan and 
additional  section illustrating the Tambang drilling are shown in Figures 2 and 
3 and below. 
 
Assays  were undertaken by the Intertek Jakarta laboratory, using 50g fire assay 
(Code FA51) for gold, and ICP for other elements. 
 
 
Table  1. Summary drill results for 2010 Tambang RC drilling. Intercepts using a 
0.5 g/t gold equivalent (Au +Ag/60) cut-off, and a minimum intercept of 5 g*m Au 
equivalent intercept. Intercept lengths are down hole distances, true widths are 
estimated to be about 90% of down-hole intercepts. 
 
 
=-------------------------------------------------------------------------- 
             From   Length    Au       Ag     AuE_60   AuEq 
  Hole_ID    (m)     (m)     (ppm)   (ppm)    (ppm)    (g*m)   Pb%    Zn% 
=-------------------------------------------------------------------------- 
 TBGR17        77       20    0.25    62.19     1.29   25.77   0.34   1.21 
 
 TBGR18        63       22    0.20    67.14     1.32   29.12   0.28   0.99 
 
 TBGR19         0        7    0.34    32.24     0.87    6.11   0.19   0.03 
 
 TBGR19        52       20    0.39   128.60     2.53   50.60   0.68   1.68 
 
 TBGR19        88       14    0.09    41.54     0.78   10.92   0.02   0.04 
 
 TBGR19       104        6    0.20    52.37     1.07    6.44   0.10   0.03 
 
 TBGR20        30        1    0.52   658.00    11.48   11.48   0.00   0.01 
 
 TBGR20        43       13    0.37   174.82     3.28   42.63   0.73   0.28 
 
 TBGR21         0        5    0.51    70.84     1.69    8.47   0.30   0.07 
 
 TBGR21        23       13    0.41   184.15     3.48   45.22   0.62   0.14 
 
 TBGR22         0       14    0.56    25.95     1.00   13.96   0.05   0.01 
 
 TBGR22        16        7    0.22    72.60     1.43   10.01   0.14   0.07 
 
 TBGR22        26        4    0.29    71.20     1.48    5.91   0.18   0.08 
 
 TBGR25        27        9    0.94    54.08     1.84   16.56   0.05   0.18 
 
 including     32        3    2.43   114.53     4.33   13.00   0.12   0.44 
 
 TBGR27        39        5    1.38    55.20     2.30   11.49   0.10   0.10 
 
 TBGR28        22       10    0.66    43.75     1.39   13.90   0.06   0.03 
 
 TBGR29        49       24    1.84    38.05     2.48   59.42   0.13   0.56 
 
 including     55        7    5.62    69.69     6.78   47.44   0.23   0.98 
 
 TBGR30        62       11    0.52    43.38     1.24   13.69   0.29   0.24 
 
 TBGR30        79        6    0.39    48.40     1.20    7.19   0.07   0.11 
 
 TBGR31        19       14    0.43    31.89     0.97   13.51   0.15   0.13 
=-------------------------------------------------------------------------- 
 
 
Table  2.  Drill  Coordinates  (  UTMWGS84,  Zone48S. NB Coordinates  subject to 
detailed survey pick-up) 
 
=-------------------------------------------------- 
 Hole ID    East     North    RL    TD    Az   Dip 
=-------------------------------------------------- 
 TBGR14    444262   9480635   165   100   90   -60 
 
 TBGR15    444225   9480635   165   100   90   -60 
 
 TBGR16    444187   9480635   165   120   90   -60 
 
 TBGR17    444061   9480541   170   106   90   -60 
 
 TBGR18    444075   9480540   170    85   90   -60 
 
 TBGR19    444087   9480539   170   110   90   -60 
 
 TBGR20    444102   9480538   170    90   90   -60 
 
 TBGR21    444127   9480535   171    70   90   -60 
 
 TBGR22    444128   9480655   170   100   90   -60 
 
 TBGR23    444225   9480818   162    97   90   -60 
 
 TBGR24    444177   9480818   163    94   90   -60 
 
 TBGR25    444117   9480818   157   109   90   -60 
 
 TBGR26    444150   9480818   163    69   90   -60 
 
 TBGR27    444130   9480377   202    88   90   -60 
 
 TBGR28    444155   9480385   200    79   90   -60 
 
 TBGR29    444092   9480818   157    94   90   -60 
 
 TBGR30    444192   9481005   158   100   90   -60 
 
 TBGR31    444222   9480998   157   103   90   -60 
=-------------------------------------------------- 
 
Figure 2.  Plan of new Tambang Drilling 
 
 
Figure 3. Cross section A-B 
 
 
 
Further   details  for  all  projects  may  be  found  on  the  Finders  website 
atwww.findersresources.com 
 
 Finders Resources Ltd: 
 
 Russell Fountain   Non-Executive Chairman        [phone] 
 
 Chris Farmer       Managing Director             [e-mail] 
 
 Financial PR: 
 
 
 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] 
 
 
 
 
 
 
 
 
 
 
 
 
 
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. 
 
Distribution Restrictions 
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#1443406] 
 
 
 
 
 
Figure 1-Cross section showing newly defined gold shoot at Tambang: 
http://hugin.info/138746/R/1443406/387555.docx 
 
Figure 3. Cross section A-B: 
http://hugin.info/138746/R/1443406/387557.docx 
 
Figure 2.  Plan of new Tambang Drilling: 
http://hugin.info/138746/R/1443406/387556.docx 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Finders Resources Limited via Thomson Reuters ONE