Half-yearly report
11 March 2008
Finders Resources Ltd
Half year report to 31 December 2007
Finders Resources Ltd is pleased to announce that its Half Year
Report to 31 December 2007 is now available for download from its
website at http://www.findersresources.com.
Review and Results of Operations
The consolidated loss of the consolidated group after providing for
income tax and eliminating minority equity interests as at 31
December 2007 amounted to $1,739,496. As at reporting date no sales
revenue has been derived.
Wetar Copper Project - Indonesia
The Wetar copper project is located in eastern Indonesia. Finders
have 72% of the project and is earning further equity, Finders has
previously announced Measured, Indicated and Inferred Resources at
Wetar, 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. As part of a definitive feasibility study, a
demonstration SX-EW plant with 5t per day copper cathode capacity is
being installed with planned cathode production from mid-2008. The
Company is targeting commercial production of 20-25,000 tonnes per
year cathode by the end of 2009.
Ojolali Gold-Silver Project - Indonesia
The Ojolali gold silver project is located on the island of Sumatra,
Indonesia. Finders have 72% of the project with an option to earn
further equity. At the Ojolali Project, Finders has previously
announced Inferred Resources at the Jambi Oxide gold deposit (3.2 Mt
@ 1.0 g/t Au, 6.9 g/t Ag at a 0.5 g/t Au cut-off, and including
mining dilution) and 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).
Finders believe that the Ojolali project has strong potential to
generate short-term cash flow through open pit CIL/CIP development of
the gold resource at the Jambi Oxide gold deposit. Other prospects
within the project area have outstanding potential for the discovery
of additional resources using modern geophysical techniques to
optimize drill targeting. A major reverse circulation drilling
program is currently underway to evaluate this potential.
Statements by Finders Resources Ltd
Geological information in this report 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 report
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.
For further information please contact:
Finders Resources Ltd:
Russell Fountain, Executive Chairman: +61 (0) 2 9211 8299
Chris Farmer, Managing Director: cbf@findersresources.com
RFC Corporate Finance Ltd - Nomad:
Stuart Laing: + 61 (0) 8 9480 2500
CONSOLIDATED INCOME STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER
2007
Consolidated group
31.12.2007 31.12.2006
$ $
Revenue 121,936 156,470
Employee benefits expense (582,963) (250,729)
Depreciation expense (18,244) (3,022)
Exploration expenditure written off (1,087,308) (2,776,884)
Other expenses (666,068) (806,124)
Loss before income tax (2,232,647) (3,680,289)
Income tax expense - -
Loss for the period (2,232,647) (3,680,289)
Less Loss attributable to minority equity (493,151) (1,041,578)
interest
Loss attributable to members of the parent (1,739,496) (2,638,711)
entity
Overall Operations
Basic earnings per share (cents per share) (3.40) (4.99)
Diluted earnings per share (cents per (3.16) (4.59)
share)
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2007
Consolidated group
31.12.2007 30.06.2007
$ $
ASSETS
CURRENT ASSETS
Cash and cash equivalents 5,670,379 5,157,533
Trade and other receivables 606,729 412,310
TOTAL CURRENT ASSETS 6,277,108 5,569,843
NON-CURRENT ASSETS
Financial assets 1,888,000 2,301,000
Plant and equipment 290,528 111,761
Development expenditure 812,021 -
TOTAL NON-CURRENT ASSSETS 2,990,549 2,412,761
TOTAL ASSETS 9,267,657 7,982,604
CURRENT LIABILITIES
Trade and other payables 4,550,478 493,385
TOTAL CURRENT LIABILITIES 4,550,478 493,385
TOTAL LIABILITIES 4,550,478 493,385
NET ASSETS 4,717,179 7,489,219
EQUITY
Issued capital 18,085,894 18,061,344
Reserves 2,154,009 2,670,980
Accumulated losses (15,522,724) (13,243,105)
TOTAL EQUITY 4,717,179 7,489,219
Total equity consists of:
Parent entity interest 4,717,172 7,489,212
Minority equity interest 7 7
4,717,179 7,489,219
STATEMENT OF CHANGES IN EQUITY FOR the half-year ended 31 december 2007
Consolidated
group
Share Retained Financial Foreign Minority Total
Capital Earnings Asset Currency Equity
Ordinary Reserve Translation Interests
Reserve
$ $ $ $ $ $
Balance at 1 11,551,816 (4,359,083) 466,500 110,414 (662,768) 7,106,879
July 2006
Adjustment
to - (80,706) - - (51,507) (132,213)
controlled
entity's
audited
accounts at
30 June 2006
Adjustment
on - - 2,802,500 - - 2,802,500
application
of AASB 139
for fair
value on
shares in
listed
entities
Loss
attributable - (2,638,710) - - - (2,638,710)
to members
of parent
entity
Loss
attributable - - - - (1,041,578) (1,041,578)
to minority
shareholders
Adjustments
from - - - (294,276) - (294,276)
translation
of foreign
controlled
entities
Outside - - - - 95,878 95,878
Equity
Interests
Balance at
31 December 11,551,816 (7,078,499) 3,269,000 (183,862) (1,659,975) 5,898,480
2006
Balance at 1 18,061,344 (10,637,383) 1,971,000 699,980 (2,605,722) 7,489,219
July 2007
Adjustment
on
application
of AASB 139
for fair - - (413,000) - - (413,000)
value on
shares in
listed
entities
Shares
issued 24,550 - - - - 24,550
during the
period
Loss
attributable
to members - (1,739,496) - - - (1,739,496)
of parent
entity
Loss
attributable - - - - (493,151) (493,151)
to minority
shareholders
Adjustments
from
translation - - - (103,969) - (103,969)
of foreign
controlled
entities
Adjustments
for
additional
investments - (46,981) - - - (46,981)
in
controlled
entities
Outside
Equity - - - - 7 7
Interests
Balance at
31 December 18,085,894 (12,423,860) 1,558,000 596,011 (3,098,866) 4,717,179
2007
CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER
2007
Consolidated group
31.12.2007 31.12.2006
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
Payments to suppliers and employees (2,631,664) (3,528,853)
Interest received 114,611 93,880
Other Income 7,325 -
Net cash provided by (used in) operating (2,509,728) (3,434,973)
activities
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in controlled entity paid to - (44,523)
other shareholders
Development expenditures capitalised (812,021) -
Purchase of non-current assets (195,889) (81,049)
Net cash provided by (used in) investing (1,007,910) (125,572)
activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares 24,550 -
Cash received in relation to share issue in 4,158,000 -
progress
Net cash provided by (used in) financing 4,182,550 -
activities
Net increase/(decrease) in cash held 664,912 (3,560,545)
Cash and cash equivalents at beginning of 5,157,533 5,809,230
period
Effect of exchange rates on cash holdings (152,066) -
in foreign currencies
Cash and cash equivalents at end of period 5,670,379 2,248,685
- ---END OF MESSAGE---
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