Wetar update

RNS Number:5253Z
Finders Resources Limited
03 July 2007



For Release: 3rd JULY 2007



FINDERS RESOURCES LIMITED



HEAP LEACH WITH ON SITE SX/EW SELECTED AS PREFERRED PROCESS FOR 
WETAR COPPER DEVELOPMENT


*  Further encouraging results received from ongoing heap leaching
   testwork.

*  The Board of Finders Resources has selected heap leaching with on site
   solvent extraction and electrowinning (SXEW) to produce cathode copper 
   as the preferred process route for the project.

*  Final feasibility studies are targeted for completion in mid 2008, and
   will involve additional column testing and on site test heaps, in 
   addition to current infrastructure, and environmental and social impact 
   studies.


Managing Director Chris Farmer said



"This decision represents a major milestone for the company's development plans
for Wetar and follows an extensive review of concentrate-hydrometallurgy and
heap leach options for development of the Wetar copper project."

"Results from recent test work indicate potential for overall leach recoveries
approaching those by concentrate production/hydrometallurgy but with
significantly lower capital and operating costs, and potentially shorter lead
time to production."

"With the confidence provided by a robust high grade copper resource base and a
simplified processes route, the establishment of sizeable test heaps at the
project site will enable us to minimise the technical risk associated with full
commercial production".





Ongoing Leach Testwork



Finders is conducting ongoing leach testwork on Wetar ore samples (from both the
Kali Kuning and Lerokis deposits) using a variety of alternative leaching media.

Preliminary results received from a second stage of bench scale leaching tests
using BioHeapTM proprietary bacterial strains on pulverized representative
samples from the Kali Kuning and Lerokis deposits have yielded copper recoveries
into solution of 84.4% and 80.2% respectively. These encouraging results are
being followed up with 5m column tests.

Separately, an ongoing program of 1 and 2m column tests at HRL laboratories in
Brisbane, using a range of leaching media, including synthetic ferric sulphate
and non proprietary bacteria, has yielded recoveries up to 71% for Kali Kuning
ore and demonstrated good mechanical stability and percolation for the columns.




An additional program of 2m columns has recently commenced at higher
temperatures which are similar to those expected in commercial heaps using both
Kali Kuning and Lerokis composite samples, and bacteria cultured from the Wetar
site; the program is planned to run for 90 days.





Planning for On-site Test Heaps



Design work has commenced for on site test heaps of sufficient scale to validate
the commercial production process, with construction to commence as soon as the
necessary permitting is complete.

The corporate target for the Wetar project remains the completion of a full
feasibility study for a 20-25,000 tpa copper cathode operation at Wetar by mid
2008 and commercial production by 2009.

The Directors' preliminary estimates indicate a 40% reduction in both capital
(US$65M) and operating (US$0.50c/lb) costs for a heap leach with on site SX/EW
plant, compared to the previously announced Scoping Study base case involving
concentrate production and off-site hydrometallurgical production of copper
cathode.





Background



Finders Resources Ltd, (Finders) first listed on AIM in March 2006, and on the
ASX, raising A$6 million on June 8 2007. Current market capitalization is A$50
million.

Finders is the operator of the Wetar Copper (73% and earning) and Ojolali
Gold-Silver Projects (72% with option), both in Indonesia and holds an
investment in Geopacific Resources NL, an ASX-listed company.

At Wetar, Finders has previously announced Measured, Indicated and Inferred
Resources at a 0.5% copper cut-off grade, of 9.8 million tonnes at 2.5% copper
for 248,000 tonnes contained copper in two deposits, Kali Kuning and Lerokis.

For further information on results previously reported and a full resource
statement please visit our website www.findersresources.com



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] or Stuart Laing, + 61 8 9480 2500




Statements by Finders Resources Ltd



Geological information in this announcement 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.


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.






                      This information is provided by RNS
            The company news service from the London Stock Exchange
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