TIDMFND
Highlights
A solid operating peformance at the Wetar Copper Project as it moves toward
commercial production and encouraging drill assays at the Ojolali Project
underpin Finders' progress during the Quarter. At Wetar, upgrades to the
demonstration plant have been completed ahead of schedule and in advance of the
green light for the Stage 1 expansion to 7,000 tpa cathode. Revised Stage 1
capital cost estimates are nearing completion and Stage 2 detailed engineering
and optimisation are underway. At the Ojolali Project assays from the Jambi
oxide prospect returned high gold and silver values which support the presence
of high grade zones within the deposit and enhance potential for extensions to
depth. The company believes Ojolali has the strong potential to be a second
development project for Finders.
Wetar Copper Project
· Demonstration plant performance steady
* 416t of Grade A cathode produced (4.6 tpd copper)
* 439t sold at an average price of $7,100/t
* Heap 3 copper recoveries above 70%
· Plant upgrades completed ahead of expansion project, including extra
neutralisation capacity
· Stage 1 (brownfields expansion of demonstration plant to 7,000 tpa copper)
* Detailed engineering complete
* Contractor responses for major works under review
* All quotations for equipment complete
* Capital estimates expected by end July
* Term sheets for project finance being shortlisted
· Stage 2 (expansion to 23,000 tpa copper )
* Engineering design work and earthworks optimisation underway
* Revised capital estimate targeted for Dec 2010
· Permitting process making steady progress
Ojolali Gold-Silver Project
· Encouraging gold grades from Jambi drilling
* 7m @ 9.6 g/t Au at 14m depth in BKJR138
* 24m @ 3.1 g/t Au at 9m depth in BKJR149
* 7m @ 4.3 g/t Au from surface in BKJR154
· High grade gold-silver feeder zone established
* 6m @ 7.1 g/t Au and 161 g/t Ag in BKJR148
Assays from Tambang oxide Ag-Au target pending
Picture 1
Picture 2
Wetar Copper Project
(FND 94% and earning through expenditure)
Background Information on the Wetar Copper Project
The Wetar Copper Project comprises two high grade deposits, Kali Kuning and
Lerokis, which are located within 3km from the coast and suitable for open pit
mining.
The project encompasses the old Lerokis gold mine (operated from 1989 to 1997)
and benefits from having existing infrastructure in place, particularly a wharf,
camp and roads and partially pre-stripped copper ore bodies.
Since February 2009, Finders has operated a 5 tonne per day SX-EW demonstration
plant to test copper sulphide leach kinetics, optimise process design and
provide data required for the recently completed Definitive Feasibility Study
(DFS). The test heaps are at heights similar to commercial operations worldwide
and the SX-EW technology being used is industry standard. SX-EW technology is
currently responsible for approximately 22% of the world's copper production.
The Ore Reserves have been independently assessed by Australian Mine Design &
Development Pty Ltd and are in accordance with the JORC Code (Table 1). The
following statement uses a cut-off of 0.5% copper for two pits at Kali Kuning
and Lerokis with an overall waste to ore ratio of 0.98.
=-----------------------------------------------------------------------------
Table 1: Wetar Ore Reserves
=-----------------------------------------------------------------------------
Category Tonnes (m) Grade % Cu Contained Contained Copper
Copper (kt) Attributable to
Finders (94%) (kt)
Kali Kuning Pit Proved 4.91 2.5 123 116
Probable 0.85 2.2 19 18
Sub-Total 5.76 2.5 142 133
=-----------------------------------------------------------------------------
Lerokis Pit Proved 2.05 2.4 49 46
Probable 0.37 2.3 9 8
Sub-Total 2.42 2.4 58 55
=-----------------------------------------------------------------------------
Combined Proved 6.96 2.5 172 162
Probable 1.22 2.2 28 26
Total 8.18 2.5 205 193
=-----------------------------------------------------------------------------
The tonnes and grades are stated to a number of significant digits reflecting
the confidence of the estimate. Since each number and total is rounded
individually the columns and rows in the above table may not show exact sums or
weighted averages of the reported tonnes and grades.
A third deposit, Meron, is located 1.2 km from the proposed heap leach site in
the Kali Kuning Valley. This prospect has a potential size of 0.5-1.5mt @ 1-3%
Cu based on historical drilling results from the previous gold mining
operation. This potential is an exploration target which is conceptual in
nature and may or may not be converted into a Mineral Resource depending on
future exploration and resource modelling work. Meron is not included in the
definitive feasibility study, however engineering plans do recognize the
potential for additional leach ore from Meron and additional leaching space is
available.
Copper mineral species at Kali Kuning and Lerokis are dominated by chalcocite
and covellite, which are readily amenable to bacterial assisted leaching, and
chalcopyrite which leaches faster at higher temperatures.
Demonstration Plant Update
The Demonstration Plant has now produced approximately 1,970 tonnes of LME grade
A copper cathode since 23(rd) February 2009 and the last six months have seen
production at 96% of nameplate totalling 869 tonnes with sales of 800 tonnes at
an average price of approximately US$7,100 per tonne (US$3.22 per lb).
=--------------------------------------------------------------------------
Table 2: Operating Parameters
=--------------------------------------------------------------------------
Leach Performance* Heap 2 Heap Heap 4
3
Grade (Cu %) 3.6 4.9 5.0
Recovered Copper (total) - Tonnes 495 663 719
Approx. % Copper Recovery to date 59% 71% 34%
Approx. Number of weeks under Irrigation 71 65 46
Electrowinning Q1 Q2 2010
2010
Copper Produced - Tonnes 453 416
Copper Sold - Tonnes 361 439
=----------------------------------------
*As of 17 July 2010. All subject to final mass balances and weight
reconciliations
The demonstration plant cash flow is being used for detailed engineering studies
and improvements to the existing assets. As part of a plant upgrade the SX
launders were modified, which required an SX plant shutdown for approximately
three days. These modifications enable more efficient copper extraction from the
aqueous solutions carrying copper. In addition, roofs have been fitted on the
settlers to reduce solvent evaporation. Both these measures are designed to
reduce operating costs in advance of the planned expansion project.
Picture 3
A number of other upgrades to the facilities were completed during the
quarter. The crushing circuit was refurbished in preparation for a resumption
of mining. The neutralisation plant has been extended with larger tanks to
effect an operating cost reduction for neutralisation by increasing capability
for lime dosing replacing soda ash and the addition of a filter press to assist
with solids treatment
Copper leaching
Copper leaching in the test heaps is now occurring at a reduced rate in line
with expectations as the leach cycle enters its concluding leach stage. This
has provided an opportunity to analyse mineralogical samples from the leached
ore to check the composition of the residual mineralogy. Initial studies
indicate the dominant species remaining are covellite and enargite/tetrahedrite;
the latter showing very little evidence of leaching. Covellite is leachable at
slower rates than chalcocite and variable aeration and irrigation rates are
being assessed to target specific redox conditions to maximise its recovery.
It is encouraging that Heap 3 has achieved 71% copper recovery after
approximately 65 weeks and the leach rate remains steady. This is evidence of
both a higher copper recovery and one that is occurring faster than the leach
projections used in the feasibility study. Lesser performance in Heap 2 which
still has the same projected terminal recovery as the model is most likely to
reflect differing crush sizes between the two test heaps.
picture 6
Project Development
Detailed Stage 1 engineering design has been completed by NeuBau Pty Ltd and
Electrowin Consulting Pty Ltd. Responses from suppliers and contractor tenders
and enquiries have been received for all major works including fabrication and
installation of the plant and pipe-work and electrical installation. Quotes for
major equipment items and machinery hire have also been received. Together,
these are being compiled to allow for a detailed engineering capital estimate
which is now close to completion.
picture 7
In addition, a significant amount of work has been completed to optimise
earthworks and several aspects of the Stage 1 one layout. This work has
involved additional geotechnical drilling, revised design of the leach pad in
the old gold pit area, relocation of waste to a new dump not evaluated in the
DFS and increasing pond sizes.
picture 8
Design work has commenced on components of Stage 2 based on importing and
installing the Whim Creek plant now disassembled and packed in containers in
Western Australia.
During the quarter, new pit wall slope design parameters were received from SRK
Consultants (Australia). The new designs are based on the latest geotechnical
drilling program and laboratory test work completed in June 2010. The steeper
highwall design is likely to reduce the amount of waste rock in Stage 2. The
reduced waste volumes coupled with the new waste dump locations will allow for
optimization of Stage 2 earthworks in advance of the issue of tenders to
Indonesian contractors. The Company is aiming to provide a revised capital
estimate for Stage 2 in Dec 2010.
Finders has received six provisional term sheets from potential sources of debt
finance in respect to the Stage 1 expansion and scoped to accommodate Stage 2.
The term sheets are currently being reviewed with a view to selection of a short
list earmarked for the negotiation of definitive terms. A number of
representatives from potential lenders and Behre Dolbear Australia, as
independent technical consultants for potential lenders, have completed site
visits.
Permitting
As previously reported, Finders obtained its environmental impact assessment
approval (AMDAL) in late March 2010. Following this approval, supporting
documents in relation to the application for the Mining Permit required for
Stage 1 and Stage 2 were submitted, and have been reviewed by a team from the
Mines Department from the Province of Maluku and the Kabupaten (or sub-district)
of Maluku Barat Daya. The review indentified minor clarifications and requests
for additional information which have now been supplied. A recommendation from
the Mines Department for the Bupati (Regent) to proceed with the issue of a
mining permit is expected shortly.
picture 9
In advance of the award of the Mining Permit, a suite of follow-on permits which
allow for import of equipment and construction activities to proceed have been
progressed. Finders' Indonesian operating company, PT Batutua Tembaga Raya
('BTR') has received approval for a capital expansion with the Foreign
Investment Board which will allow use of the "masterlist" facility to import
equipment including an application for the import of the SX-EW plant from Whim
Creek. In addition, a Building Permit, which when issued coupled with the
existing environmental permit (AMDAL) allows for construction of the expanded
SX-EW plant (Stage 1) is pending signature of the Bupati. The company is
currently seeking further clarification in regard to its application for a
Location Permit, a form of land use permit, following an inconsistency
identified between advice and permits obtained from the local government and the
Forestry Department. As a contingency measure, PT Batutua Kharisma Permai (the
local partner) is in the process of lodging applications for a forestry permit,
supported by a recommendation from the Governor of Maluku and the Director
General at the Ministry of Energy & Mineral Resources. Deferral of the permit
may affect the startup of Stage 1. Finders will provide an update once further
clarity is obtained.
Ojolali Project
(FND 72% with option to increase to 100%)
Background Information
Finders believes that the Ojolali project has strong potential to be a follow-on
project for Finders based on the development of the gold resource at the Jambi
Oxide deposit (Table 3) and/or the Tambang Prospect.
=-------------------------------------------------------------------------------
Table 3. Jambi Mineral 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
=-----+------------------+----------------+-----------------+---------+---------
Finders has previously announced Inferred Resources at the Tambang Prospect (7.9
Mt @ 167g/t Ag and 0.7 g/t Au at a 1 g/t Au equivalent cut-off using drilling
data from a previous explorer).
Previous exploration by Finders, using both soil geochemistry and geophysics has
located numerous targets within a 10 x 4km mineral district which have potential
to provide additional resources.
picture 10
Finders' current exploration strategy at Ojolali is to increase the oxide
gold-silver resource base to +300,000 Oz gold equivalent (Au eq), to provide the
basis for a low cost 30-50,000 Oz Au eq per year open pit mine based on the
Jambi and Tambang oxide deposits.
Jambi Drilling
During the quarter Finders completed an infill reverse circulation drilling
program to evaluate targets within or adjacent to the existing Jambi oxide gold
resource envelope.
In total, 19 holes for 1,939m of drilling were completed. Assay 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
· 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
Assays were undertaken by the Intertek Jakarta laboratory (ITS), using 50g fire
assay (Code FA51) for gold, and ICP for other elements. In total, 16 of the 19
drill holes intercepted significant results as defined by a 0.5 g/t Au cut off
with a maximum 1m of internal dilution and a minimum of 5 gram*meters minimum
intercept (Table 4). Full details of drill hole collar locations and a plan of
the Jambi drilling area can be found in the market release dated 22(nd) July
2010.
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.
picture 11
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.
=-------------------------------------------------------------------------------
Table 4: Significant intercepts using a 0.5 g/t Au cut-off
=-------------------------------------------------------------------------------
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| |
=------+-----------------------------------------+-----------------------------+
(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)
Tambang Supergene Silver-Gold Target
Previous diamond drilling at Tambang has targetted primary mineralization.
Limited drilling in the near surface (oxide) zone has shown very promising
assays, despite poor core recoveries, as tabulated below.
=------------------------------------------------------------------------------
Table 5. Historical results from the Tambang oxide zone
=------------------------------------------------------------------------------
Hole Number From (m) Width (m) Au ppm Ag ppm Au eq* Core recovery
TBG03 31.9 13.5 1.09 319 6.4 68%
RTH02 6.0 8.0 0.42 300 5.4 No data
RTH03 31.0 9.0 0.94 300 6.9 No Data
=------------------------------------------------------------------------------
*Au equivalent is equal to the Au grade plus the Ag grade divided by 60
A part of the current drilling program, an 18 hole drill program has been
completed to test for near-surface enriched silver mineralization covering a
600m zone within the mapped 2km strike length of the vein system. Assays are
expected within the next few weeks. Visually, the drilling has intersected a
vein zone at Tambang of approximately 20m true width (Figure 10 below)
picture 12
Corporate
Capital Structure
The capital structure at 30 June 2010 is set out in Table 6
=-------------------------------------------------------------------------------
Table 6. Capital Structure
Type of Security Number on Issue
=-------------------------------------------------------------------------------
Fully Paid Ordinary Shares
("Shares")
Shares on issue at 31 Mar 2010 193,861,678
=-------------------------------------------------------------------------------
Issued in payment of convertible note interest 151,884
Shares on Issue at 30 Jun 2010 194,013,562
=-------------------------------------------------------------------------------
Unlisted Options Exercise Price Expiry Date
A$0.30 April 16, 2012 500,000
A$0.30 April 16, 2014 500,000
A$0.30 May 8, 2014 2,000,000
A$0.37 June 23, 2014 250,000
A$0.37 June 28, 2014 625,000
A$0.37 June 29, 2014 500,000
A$0.37 Aug 29, 2014 250,000
A$0.37 Sep 14, 2014 1,000,000
Unlisted Options on issue at 30 5,625,000
Jun 2010
=-------------------------------------------------------------------------------
12% Convertible Note Face Value Conversion Maturity Date
Price
US$1,500,000
(A$2,323,972) A$0.36 19 January 2012
=-------------------------------------------------------------------------------
Cash
As at 30 June 2010, Finders had AUD$3.3 million in cash. The mining exploration
entity quarterly report (Appendix 5B) is appended.
Chris Farmer
Managing Director
Further details for all projects may be found on the Finders website at
www.findersresources.com
Finders Resources Ltd:
Russell Fountain Non-Executive Chairman +61 2 9211 8299
Chris Farmer Managing Director info@findersresources.com
Financial PR / Investor Relations:
Stuart Carson FD Third Person (in Sydney) +61 2 8298 6100
Nick Elwes College Hill (in the UK) +44 20 7457 2020
RFC Corporate Finance Ltd - Nomad:
Rob Adamson Managing Director +61 2 9250 0000
Stuart Laing Executive Director +61 8 9480 2500
finnCap - Finders' Broker for the AIM market:
Matthew Robinson Corporate Finance Director +44 20 7600 1658
Joe Lunn Analyst +44 20 7600 1658
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
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.
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended
1/7/97, 1/7/98, 30/9/2001, 01/06/10.
Name of entity
+-----------------------------------+
| FINDERS RESOURCES LIMITED |
+-----------------------------------+
ABN Quarter ended ("current quarter")
+------------------------+ +-----------------------------------+
| 82 108 547 413 | | 30 June 2010 |
+------------------------+ +-----------------------------------+
Consolidated statement of cash flows
+---------------+------------+
|Current quarter|Year to date|
Cash flows related to operating activities | $A'000 | (6.months) |
| | $A'000 |
+---------------+------------+
1.1 Receipts from product sales and related | 3,201| 6,004|
debtors | | |
| | |
| | |
1.2 Payments for (a) exploration & evaluation | (338)| (506)|
(b) development | (665)| (1,223)|
(c) production | (2,542)| (5,050)|
(d) administration | (1,199)| (1,956)|
| | |
1.3 Dividends received | | |
| | |
1.4 Interest and other items of a similar nature | 34| 89|
received | | |
| | |
1.5 Interest and other costs of finance paid | -| (1)|
| | |
1.6 Taxes and value added tax paid | (259)| (150)|
| | |
1.7 Other (provide details if material) | | |
+---------------+------------+
| (1,768)| (2,793)|
Net Operating Cash Flows | | |
=-------------------------------------------------+---------------+------------+
| | |
Cash flows related to investing activities | | |
| | |
1.8 Payment for purchases of: (a) prospects | | |
(b) equity investments | | |
(c) other fixed assets | (650)| (2,777)|
| | |
1.9 Proceeds from sale of: (a) prospects | | |
(b) equity investments | -| 822|
(c) other fixed assets | 408| 408|
| | |
1.10 Loans to other entities | | |
| | |
1.11 Loans repaid by other entities | | |
| | |
1.12 Other (provide details if material) | (2)| 62|
+---------------+------------+
| (244)| (1,485)|
Net investing cash flows | | |
+---------------+------------+
1.13 Total operating and investing cash flows | (2,012)| (4,278)|
(carried forward) | | |
=-------------------------------------------------+---------------+------------+
=--------------------------------------------------------------+-------+-------+
1.13 Total operating and investing cash flows (brought |(2,012)|(4,278)|
forward) | | |
=--------------------------------------------------------------+-------+-------+
| | |
Cash flows related to financing activities | | |
| | |
| | |
| | |
1.14 Proceeds from issues of shares, options, etc. | | |
| | |
1.15 Proceeds from sale of forfeited shares | | |
| | |
1.16 Proceeds from borrowings | | |
| | |
1.17 Repayment of borrowings | | |
| | |
1.18 Dividends paid | | |
| | |
1.19 Other (provide details if material) | | |
+-------+-------+
Net financing cash flows | -| -|
=--------------------------------------------------------------+-------+-------+
| | |
Net increase (decrease) in cash held |(2,012)|(4,278)|
| | |
| | |
1.20 Cash at beginning of quarter/year to date | 5,340| 7,605|
| | |
1.21 Exchange rate adjustments to item 1.20 | -| 1|
+-------+-------+
1.22 Cash at end of quarter | 3,328| 3,328|
=--------------------------------------------------------------+-------+-------+
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
+-----------------------+
| Current quarter|
| $A'000 |
+-----------------------+
| |
1.23 Aggregate amount of payments to | 368 |
the parties included in item 1.2 | |
+-----------------------+
| |
1.24 Aggregate amount of loans to the | - |
parties included in item 1.10 | |
=------------------------------------------------------+-----------------------+
1.25 Explanation necessary for an understanding of the
transactions
+------------------------------------------------------------------+
| |
| Payments for salaries, directors fees and consulting fees.|
| |
| |
+------------------------------------------------------------------+
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material
effect on consolidated assets and liabilities but did not involve cash
flows
+---------------------------------------------------------------------------+
| |
|NA |
| |
| |
+---------------------------------------------------------------------------+
2.2 Details of outlays made by other entities to establish or increase their
share in projects in which the reporting entity has an interest
+---------------------------------------------------------------------------+
| |
|NA |
| |
| |
+---------------------------------------------------------------------------+
Financing facilities available
Add notes as necessary for an understanding of the position.
+----------------+-----------+
|Amount available|Amount used|
| $A'000| $A'000|
+----------------+-----------+
3.1 Convertible note facility (USD | | |
1,500,000) | 2,324| 2,324|
| | |
+----------------+-----------+
3.2 Credit standby arrangements | Nil| Nil|
| | |
=-------------------------------------------------+----------------+-----------+
Estimated cash outflows for next quarter
+----------------------+
| $A'000 |
+----------------------+
4.1 Exploration and evaluation | 350 |
| |
+----------------------+
4.2 Development | 480 |
| |
+----------------------+
4.3 Production | 2,600 |
| |
+----------------------+
4.4 Administration | 1,000 |
| |
=------------------------------------------------+----------------------+
| |
Total (before receipts from copper sales) | 4,430 |
| |
=------------------------------------------------+----------------------+
Reconciliation of cash
+---------------+----------------+
Reconciliation of cash at the end of the |Current quarter|Previous quarter|
quarter (as shown in the consolidated | $A'000 | $A'000 |
statement of cash flows) to the related items | | |
in the accounts is as follows. | | |
=---------------------------------------------+---------------+----------------+
5.1 Cash on hand and at bank | 828| 1,745|
+---------------+----------------+
5.2 Deposits at call | 2,500| 3,595|
+---------------+----------------+
5.3 Bank overdraft | | |
+---------------+----------------+
5.4 Other (provide details) | | |
=---------------------------------------------+---------------+----------------+
Total: cash at end of quarter (item 1.22) | 3,328| 5,340|
=---------------------------------------------+---------------+----------------+
Changes in interests in mining tenements
+--------------+-------------+-------------+-------------+
| Tenement | Nature of | Interest at | Interest at |
| reference | interest |beginning of | end of |
| | (note (2)) | quarter | quarter |
+--------------+-------------+-------------+-------------+
6.1 Interests in | | | | |
mining tenements | | | | |
relinquished, | NA | | | |
reduced or lapsed | | | | |
| | | | |
+--------------+-------------+-------------+-------------+
6.2 Interests in | | | | |
mining tenements | | | | |
acquired or | NA | | | |
increased | | | | |
| | | | |
+--------------+-------------+-------------+-------------+
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
+------------+-------------+--------------+--------------+
|Total number|Number quoted| Issue price|Amount paid up|
| | | per security| per security|
| | | (see note 3) | (see note 3) |
| | | (cents)| (cents)|
=---------------------+------------+-------------+--------------+--------------+
7.1 Preference | | | | |
+securities | | | | |
(description) | | | | |
+------------+-------------+--------------+--------------+
7.2 Changes during | | | | |
quarter | | | | |
(a) Increases | | | | |
through issues | | | | |
(b) Decreases | | | | |
through returns | | | | |
of capital, | | | | |
buy-backs, | | | | |
redemptions | | | | |
=---------------------+------------+-------------+--------------+--------------+
7.3 +Ordinary | | | | |
securities | 194,013,562| 194,013,562| | |
| | | | |
+------------+-------------+--------------+--------------+
7.4 Changes during | | | | |
quarter | | | | |
(a) Increases | | | | |
through issues | 151,884| 151,884| 32cents| 32cents|
- Conversion | | | | |
of interest | | | | |
payable under | | | | |
convertible note | | | | |
(b) Decreases | | | | |
through returns | | | | |
of capital, | | | | |
buy-backs | | | | |
=---------------------+------------+-------------+--------------+--------------+
7.5 +Convertible debt| | | | |
securities | 6,455,477| NIL| 36cents| 36cents|
(description) | | | | |
+------------+-------------+--------------+--------------+
7.6 Changes during | | | | |
quarter | | | | |
(a) Increases | | | | |
through issues | | | | |
(b) Decreases | | | | |
through | | | | |
securities | | | | |
matured, | | | | |
converted | | | | |
=---------------------+------------+-------------+--------------+--------------+
7.7 Options | | | | |
(description and | | | | |
conversion | | | | Expiry date|
factor) | | |Exercise price| |
| | | | |
| | | 30cents| |
| 500,000| NIL| | 16.04.2012|
| | | 30cents| |
| 500,000| NIL| | 16.04.2014|
| | | 30cents| |
| 2,000,000| NIL| | 08.05.2014|
| | | 37cents| |
| 250,000| NIL| | 23.06.2014|
| | | 37cents| |
| 625,000| NIL| | 28.06.2014|
| | | 37cents| |
| 500,000| NIL| | 29.06.2014|
| | | 37cents| |
| 250,000| NIL| | 29.08.2014|
| | | 37cents| |
| 1,000,000| NIL| | 14.09.2014|
| | | | |
| | | | |
+------------+-------------+--------------+--------------+
7.8 Issued during | | | | |
quarter | | | | |
+------------+-------------+--------------+--------------+
7.9 Exercised during | | | | |
quarter | | | | |
+------------+-------------+--------------+--------------+
7.10 Expired during | 500,000| NIL| 68.75cents| 13.06.2010|
quarter | | | | |
=---------------------+------------+-------------+--------------+--------------+
7.11 Debentures | | |
(totals only) | | |
=---------------------+------------+-------------+
7.12 Unsecured notes | | |
(totals only) | | |
| | |
+------------+-------------+
Compliance statement
1 This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Act or other
standards acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters
disclosed.
Sign here:
............................................................ Date: 28 July
2010
Director
Print name: Christopher Ben Farmer
Notes
1 The quarterly report provides a basis for informing the market
how the entity's activities have been financed for the past quarter and the
effect on its cash position. An entity wanting to disclose additional
information is encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in
respect of interests in mining tenements acquired, exercised or lapsed during
the reporting period. If the entity is involved in a joint venture agreement
and there are conditions precedent which will change its percentage interest in
a mining tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities The issue price and amount paid
up is not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for
Extractive Industries and AASB 1026: Statement of Cash Flows apply to this
report.
5 Accounting Standards ASX will accept, for example, the use of
International Accounting Standards for foreign entities. If the standards used
do not address a topic, the Australian standard on that topic (if any) must be
complied with.
== == == == ==
[HUG#1434366]
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originality of the information contained therein.
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