Borneo Resource Investments Acquires Its 4th Gold Mine in Indonesia
30 Janvier 2014 - 7:41PM
Marketwired
Borneo Resource Investments Acquires Its 4th Gold Mine in Indonesia
Property to Begin Gold Production and Contribute to Revenues in
Q3 2014
BOTHELL, WA--(Marketwired - Jan 30, 2014) - Marking its second
gold mine acquisition in as many months, Borneo Resource
Investments Ltd. (OTCQB: BRNE) (the "Company" or "Borneo"), a
mining company that mines gold and develops producing gold mines as
well as coal mining properties in Indonesia, today announced it
has, through its subsidiary PT Puncak Kalabat, finalized the
purchase of another producing gold mining property.
The 15 hectare property, with the project name Ratatotok
Southeast, was acquired for $250,000. The property is located in
the central section of a well-established gold reef structure. It
is situated adjacent to two other Borneo gold properties, Ratatotok
and Ratatotok South, located near the village of Ratatotok in the
Southeast Minahasa Regency of the North Sulawesi Province of
Indonesia.
No additional capital investments for mining infrastructure are
needed at Ratatotok Southeast. All three of Borneo's contiguous
properties in the Ratatotok region: Ratatotok; Ratatotok South; and
Ratatotok Southeast; will all use the mining equipment and
infrastructure located at Ratatotok South, which was acquired by
Borneo, also through PT Puncak Kalabat, in December 2013.
"With this acquisition completed, we expect that by the third
quarter of 2014 we will be mining and realizing revenues from three
of our four gold mining properties. Mining at our first producing
gold mine, Talawaan, has generated revenues and gross profits since
the third quarter of 2013. We are now active with mining operations
at our second producing property, Ratatotok South, which will
increase our revenues in the first quarter of 2014. With production
and revenues from our third producing gold mine, Ratatotok
Southeast scheduled for the third quarter of this year, we expect
2014 will be a strong year for us with a full four quarters of
revenues," stated Borneo CEO Nils Ollquist.
"The economics of production are very favorable to us because
these three Ratatotok properties are contiguous, creating
logistical and infrastructure efficiencies. In addition, this
geographic area is a well-recognized gold reef structure where we
anticipate extraction costs may also be quite favorable for us. Our
near term operational and strategic goals include beginning
production at acquired properties as soon as feasible, improving
the infrastructure and production facilities at each property, and
increasing our inventory of producing gold properties through
acquisition," Ollquist added.
About Borneo Resource Investments Ltd.
Borneo Resource Investments Ltd. (OTCQB: BRNE) is a mining
company that mines gold and develops producing gold mines as well
as coal mining properties in the Republic of Indonesia. Borneo's
current assets include three gold properties, two of which are
producing gold. Cash flow-producing investments in gold properties
help fund Borneo's operations and investments in gold, while the
Company develops high value, longer-term investments in thermal
"coal concessions," which are properties that can be mined for
coal. Borneo currently has one coal concession in the Borneo region
of Indonesia. Indonesia was the 8th largest gold producing
nation in 2012 and the world's largest exporter of coal, with $25
billion exported in 2012.
Forward-Looking Statements This press release contains
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995
and federal securities laws. Words such as "believe", "estimate",
"will be", "will", "would", "expect", "anticipate", "plan",
"project", "intend", "could", "should" or other similar words or
expressions often identify forward-looking statements. All
statements other than statements of historical fact are
forward-looking statements, including, without limitation,
statements regarding our outlook, projections, forecasts or trend
descriptions. These statements do not guarantee future performance,
and we do not undertake to update our forward-looking
statements.
For example, we are using forward looking statements when we
discuss the indications that estimate the potential revenue that
may be generated from this property. These forward-looking
statements are based on the current expectations of the management
of Borneo Resource Investments Ltd. only, and are subject to a
number of factors and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. The following factors, among others, could cause actual
results to differ materially from those described in the
forward-looking statements: changes in the price of natural
resources, a change in the estimate of natural resources on our
concessions, a change in the ability to extract the natural
resources, changes in Indonesian law, risks associated with
counterparty default in any of our agreements and the ability to
acquire funding. Except as otherwise required by law, Borneo
Resource Investments Ltd. undertakes no obligation to publicly
release any revisions to these forward-looking statements to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.
Please join our email distribution list by contacting us at
ir@borneore.com.
Related Links: http://www.borneore.com
Investor Relations Contacts: Borneo Resource Investments Ltd. R.
Scott Chaykin, CFO schaykin@borneore.com or Corporate Profile, LLC
Dilek Mir, Managing Director 310-591-5619
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