Finders Resources making ‘excellent progress’ on Wetar copper project feasibility study

Finders Resources PLC (AIM: FND) reported “excellent progress” with key aspects of the feasibility study of the full scale development of the Wetar copper project in Indonesia.

The definitive feasibility study, incorporating the recently optioned Whim Creek SXEW plant (solvent extraction and electrowinning), is on schedule for review in August 2009.

Following four months of leaching and production from the large scale test heaps and 5 tonnes per day copper SXEW demonstration plant, the company has now finalised detailed design parameters for the full scale plant expansion to 20,000-25,000 tonnes per annum.

Copper leaching from full scale test heaps at the demonstration plant is on track to reach recovery targets of above 70 percent.

Final pit designs for both the Kali Kuning and Lerokis deposits have been completed by Amdad Pty Ltd, and confirm that effectively 100 percent of the sulphide resource will be recoverable by low stripping ratio open pits. A formal statement of ore reserves under the JORC code is scheduled by the end of July, after detailed review of mining costs, leach performance and mining cut-off grades.

Finders is actively engaged in discussions with a wide range of groups who have expressed interest in providing project finance for the full scale project, and has also begun preliminary discussions with Ausenco and a range of Indonesian engineering contracting groups capable of partnering in the delivery of the expanded project, the company added.

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