www.findersresources.com
Finders Resources (ASX:FND) operations include development of the Wetar Copper Project and the Ojolali Gold/Silver project. The Company has 95% interest in the Wetar Copper Project, Indonesia which has completed its demonstration phase and is moving into the construction phase of its 250,000 tpa SX-EW operation.
Ojolali is a highly promising gold/silver prospect in South Sumatra.
Finders Resources H2 2009 pretax loss narrows to A$3.1m as sales revenues soar
Finders Resources (AIM&ASX: FIN) has released its financial report for the six months to 31 December 2009 to comply with AIM regulations after changing its financial year-end from 30 June to 31 December.
AIM rules require that the company publish principal financial statements including the balance sheet, cash flow and comprehensive income statements, with comparative information for the previous corresponding period.
Finders announced last week it had received official approval to change its financial year-end to align the balance dates of companies in the group, which will be effective from 31 December 2009, and flagged it would publish the first financial report for the six months ended 2009 today, 16 March.
Finders said today that its pretax loss narrowed from A$5.68 million to A$3.1 million as sales revenues soared to A$2.98 million from A$51,000. The company had current cash and cash equivalents of A$7.6 million compared to A$412,000 as at 31 December 2008, while its total current assets amounted to A$11.2 million at the end of the period compared to A$993,000 at 31 December 2008.
Total assets increased from A$22.25 million to A$37.46 million.
Back in late January the company said the definitive study (DFS) at its Wetar copper project estimated life of mine costs at US$1/lb of copper. As scoped the project DFS arrived at a Net Present Value (NPV) of US$240 million pre‐tax at $6,500/t copper, with a total funding requirement of up to US$118 million.
Late last year, the company acquired Whim Creek SX-EW (solvent extraction and electrowinning) plant from a subsidiary of Straits Resources Ltd. The Whim Creek plant has a producing capacity of 18,000 tonnes of copper cathode per annum and is suited to Finders’ needs at its Wetar copper project in Indonesia.
Diamond drill testing of new areas of epithermal gold silver veining at Way Neki at the company’s Ojolali gold-silver project is currently underway with the goal of increasing the oxide gold resource to over 300,000 oz of gold.
