Finders Resources has opened its offer to raise between Aus$4.5 million and Aus$6 million at an issue price of Aus$0.55 and list on the Australian Stock Exchange.

Funds raised from the offer of 8.2 million shares will be used to progress Finders" advanced copper and silver-gold projects in Indonesia towards development. The closing date for the issue is June 7 but it is likely to close early.

Finders is the operator of the Wetar copper and Ojolali gold-silver projects, both in Indonesia, and holds an investment in Geopacific Resources.

At Wetar, scoping studies have been successfully completed leading the company to proceed with a two stage feasibility study. Process test work is underway to more accurately cost treatment options and optimise copper recovery in the concentrate. This work is supported by new infill drilling, which has returned outstanding assay results from the Kali Kuning deposit. Finders is targeting production of 30,000 tonnes of copper per year.

At Ojolali, confirmation and step-out drilling has established the open-pit potential of the Jambi oxide gold deposit which represents an opportunity for early project cash flow from a proposed open pit operation. At Tambang, high grade silver-gold intersects confirm potential for expanded production in the mineral district. Geophysical surveys have identified new vein zones within which represent exciting targets to add resources.

Interest to date from investors, including existing shareholders, has been strong and the directors of Finders expect the offer to be fully subscribed and to close early.