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Tuesday, 20th January 2009 (1450 views)

Finders Resources has announced that it has entered into loan agreements with four of its directors.

The unsecured loans with Russell Fountain, Christopher Farmer, Robert Thomson and Stephen de Belle are subject to shareholders' approval and may be converted into company shares.

Not otherwise repayable until an existing loan from Meridien has been settled, the directors' loans range from AS$267,000 (£126,161) to AS$79,502.80.

Listed on the AIM and ASX exchanges, Finders Resources operates the Ojolali gold-silver project in Indonesia and holds investment in Geopacific Resources, a firm with active gold exploration in Fiji.

Finders controls a potentially "major new epithermal gold district" at the Ojolali project and has been conducting an exploration programme consisting of detailed drilling in order to establish mining resources.

The gold miner believes that the Ojolali project has "strong potential" for open pit development of the gold resource at the Jambi Oxide gold deposit in order to generate short-term cash flow.

 

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