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Finders upgrades Wetar resource

17th July 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The share price of junior Finders Resources spiked 7.5% on Wednesday, after the company added some 10 000 t of contained copper to its ore reserve estimates at the Wetar copper project, in Indonesia.

The 7% increase in the Kali Kuning ore reserve estimate brought the combined ore reserve for Wetar to some 8.9-million tonnes, at an average grade of 2.4% copper, for some 210 000 t of contained copper.

Finders noted that this equated to over $50-million of incremental revenue and $35-million of additional pre-tax cash flow at current copper prices.

Furthermore, Finders reported that nearly 100% of the mineral resource has been successfully converted into ore reserves.

The miner noted that there were still a number of promising prospects within its existing tenements, which had the potential to significantly expand the resource base of the Wetar project.

“The updated ore reserve and mineral resource estimates represent the first tangible step in the efforts currently being undertaken by the development team at Finders to deliver a new, enhanced and streamlined project development plan, which will culminate in an updated feasibility study,” said MD Chris Farmer.

Finders shares were trading at a high of 21.5c on Wednesday, up from an opening price of 21c.

Edited by Creamer Media Reporter

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