Wetar Copper Project Update

    Wetar Copper Project Update
             



                      FINDERS RESOURCES LIMITED

                     Wetar Copper Project Update


*         Commencement of operations at Wetar Copper Project
  Demonstration Plant

*         Further upgraded  JORC resource estimates

*         Excellent new leach results

*         New Indonesian Mining Law

Commencement of operations at Wetar Copper Project Demonstration
Plant
Finders  Resources  is  very  pleased  to  report  that  following  a
three-week commissioning phase for the crushing and stacking circuit,
mining and continuous stacking of ore for the demonstration plant has
now commenced.  It is  envisaged that the  irrigation of the  stacked
ore will  commence on,  or  around, December  24, with  first  copper
cathode  production  scheduled  within   two  to  three  weeks   from
irrigation.

Resource estimates further upgraded and reported to JORC Code and
Guidelines
The resource estimates (Table 1) for both the Kali Kuning and Lerokis
massive sulphide deposits  have been upgraded  to +98% JORC  Measured
and Indicated categories.   This is based  on the results  of 41  new
reverse circulation and diamond  drill holes at  Kali Kuning, and  21
new reverse  circulation  and  diamond holes  at  Lerokis.   The  new
resource estimate  has  been  independently estimated  by  Hellman  &
Schofield Pty  Ltd  and  reported  according to  the  JORC  Code  and
Guidelines.

The combined resource estimate for Kali Kuning and Lerokis, at a 0.5%
copper cutoff, of 9 Mt at 2.4% copper, or 218,000 tonnes of contained
copper, represents  a  10%  reduction in  total  copper  compared  to
previously announced estimates, due largely to the tighter control of
the massive sulphide  boundaries from closer  spaced drilling at  the
Lerokis deposit.  It is expected that almost all of the Measured  and
Indicated Resources  will be  converted into  Ore Reserves  upon  the
completion of further mine planning and feasibility work.

Based on the new drilling  the Kali Kuning massive sulphide  resource
has been re-classified into  three metallurgical sub-types,  Leached,
Transition zone material and Primary massive sulphide, (Table 2). The
Leached and Transition  types reflect incipient  in-situ leaching  of
the massive sulphide unit by natural groundwater. The Transition zone
material, although  of  lower  copper grade  than  the  main  Primary
massive sulphide, (1.5% Cu vs 2.9%Cu) contains a higher proportion of
readily leachable copper minerals  which translates to  significantly
faster leach  rates  for  this  material,  as  described  below.  The
Transition zone occurs at the highest levels of the deposit and  will
comprise a major  proportion of  early mined  mineralization for  the
expanded Wetar copper project.

Excellent new leach results
Given the higher grade of the transitional mineralisation from recent
drilling,  metallurgical  test  work   on  this  material  has   been
instigated at site  with two new  column tests.  Though  still at  an
early stage,  the  results  are  very  encouraging  with  57%  copper
recovery achieved  within  13 days,  subject  to final  mass  balance
calculations.   These  results  are  significant  for  the  expansion
project, since  the  SX-EW  plant  is  likely  to  achieve  nameplate
capacity much  faster  than  previously  expected  due  to  the  fast
leaching nature of the Transition mineralisation.
New Indonesian Mining Law
The company advises  that the  new Indonesian mining  law, which  was
passed last Tuesday,  is unlikely to  have an adverse  effect on  the
Wetar project.  As  a producer  of copper  metal on  site, the  Wetar
project complies both  in letter  and in spirit  with the  Indonesian
government's push for "in country" processing within Indonesia.   Our
work to  date  under  the  KP  title  system  in  Indonesia  involves
essentially the same permitting  system through the local  government
as required under the new law,  and we will continue to benefit  from
existing  relationships   established  with   the  local   Government
agencies.  Government copper metal  royalties are expected to  remain
at 4% and should be differentiated from the 10% royalty applicable to
new projects within "State Reserve Areas".


Chris Farmer, Managing Director commented:

"We now believe  that the  logistical and supply  delays relating  to
establishing the Wetar demonstration plant are largely behind us. The
commencement of stacking  of the heaps  represents a major  milestone
towards copper production at Wetar.

We see the  new Indonesian  Mining Law as  a positive  for the  Wetar
project,  and  our  work  to  date  has  been  carried  out  on   the
understanding that the new Mining  Law was likely to be  implemented.
 Despite the current low copper price, the Directors believe that the
Wetar copper  project's grade  and cost  structure will  continue  to
justify its early  development.  This  will make  us one  of the  few
junior  miners  with  prospects   in  exploration,  development   and
production."


For further information please contact


Finders Resources Ltd:
Russell Fountain, Executive Chairman, [phone]
Chris Farmer, Managing Director, [e-mail]

Financial PR:
Doug Macdonald, [phone], Capital Group (in Australia)
Paddy Blewer or Nick  Elwes, [phone], College Hill (in  the
UK)

RFC Corporate Finance Ltd - Nomad and Corporate Adviser:
Rob Adamson, [phone]
Stuart Laing, + 61 8 9480 2500

FinnCap -  Finders' Broker for the AIM market
Mathew Robinson, [phone]
Joe Lunn (Analyst), [phone]
              Table 1. Wetar project Resource Estimates

Note:  Rounding errors may cause inaccuracies in following tables


+--------------------------------------------------------------------+
|0.5% Cu  cut-off     |        |     |       | Attributable | 92.8%* |
|grade                |        |     |       |              |        |
|---------------------+--------+-----+-------+--------------+--------|
|         |Category   | Tonnes | Cu% | Cont. |  Tonnes (M)  |Cont. Cu|
|         |           |  (M)   |     |Cu (KT)|              |  (KT)  |
|---------+-----------+--------+-----+-------+--------------+--------|
|Kali     |Measured   |  5.2   | 2.6 |  133  |     4.8      |  123   |
|Kuning   |           |        |     |       |              |        |
|---------+-----------+--------+-----+-------+--------------+--------|
|         |Indicated  |  0.9   | 2.5 |  22   |     0.8      |   20   |
|         |-----------+--------+-----+-------+--------------+--------|
|         |Inferred   |  0.1   | 1.8 |   2   |     0.1      |   2    |
|         |-----------+--------+-----+-------+--------------+--------|
|         |Total      |  6.1   | 2.5 |  156  |     5.7      |  145   |
|---------+-----------+--------+-----+-------+--------------+--------|
|Lerokis  |Measured   |  2.1   | 2.4 |  51   |     1.9      |   47   |
|---------+-----------+--------+-----+-------+--------------+--------|
|         |Indicated  |  0.5   | 2.1 |  10   |     0.5      |   9    |
|         |-----------+--------+-----+-------+--------------+--------|
|         |Inferred   |  0.1   | 1.4 |   2   |     0.1      |   2    |
|         |-----------+--------+-----+-------+--------------+--------|
|         |Total      |  2.7   | 2.3 |  62   |     2.5      |   58   |
|---------------------+--------+-----+-------+--------------+--------|
|Overall              |  8.8   | 2.4 |  218  |     8.2      |  203   |
+--------------------------------------------------------------------+

*Attributable:  ownership is based on estimates of project
expenditure to end-November 2008 and is subject to final audit.


       Table 2. Breakdown of Kali Kuning by metallurgical zone


+-------------------------------------------------------------------+
|                  |  Zone            | Tonnes (M) | Cu% | Cont. Cu |
|                  |                  |            |     |   (KT)   |
|------------------+------------------+------------+-----+----------|
| Massive Sulphide | Leached Zone     |    0.1     | 0.7 |    1     |
|------------------+------------------+------------+-----+----------|
|  0.5% Cu         | Transition  Zone |    1.2     | 1.5 |    17    |
| cut-off grade    |------------------+------------+-----+----------|
|                  | Primary Zone     |    4.8     | 2.9 |   138    |
|                  |------------------+------------+-----+----------|
|                  | Total            |    6.1     | 2.5 |   156    |
+-------------------------------------------------------------------+


An additional 700,000  t of  mineralized clay  altered tuff,  grading
0.9% Cu, which forms the wallrock  to the massive sulphide, has  been
excluded  from   the   resource  estimates   because   of   uncertain
metallurgical response.

Metallurgy
Diagram showing time-copper  recovery curves for  a number of  column
tests completed  under  different conditions  for  the two  main  ore
types, the massive  sulphide unit  (blue) and  the transitional  unit
(red). Due to the high permeability of the host rocks in the deposits
which are predominantly pyrite, normal scale-up factors to adjust  2m
column test results to the  anticipated commercial heap height of  8m
are less  than  other  leach  projects. The  current  model  will  be
compared to actual results from the demonstration plant.

Statements
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.  Mr Abbott  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.

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.

Background
Finders, listed on AIM and ASX,  is the operator of the Wetar  Copper
(~92% 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 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.

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