Borneo Resource Investments Ltd. (OTCQB: BRNE), (the "Company" or "Borneo") a mining company that mines gold and develops producing gold mining properties in Indonesia, today announced it is building its second processing area to extract more gold from ore at its Ratatotok South property. Borneo expects this infrastructure expansion will triple the Company's gold production at the property.
Borneo acquired Ratatotok South, one of its three contiguous Ratatotok properties, in December 2013 through its subsidiary PT Puncak Kalabat. The 8.5 hectare property, located in the middle of a well-established gold reef area, became the Company's second producing gold mine. Borneo started mining the property shortly after its acquisition and completed its first full production run in May 2014.
Ratatotok South's current heap leach processing area yields 2 - 3 kilograms of gold per month from approximately 2,500 metric tons of ore. Borneo is now building its second heap leach processing area on its Ratatotok properties which will provide an additional monthly ore processing capacity of 5,000 metric tons. Upon completion of the second heap leach processing area in July, Ratatotok South is expected to have the capacity to process a total of approximately 7,500 metric tons of ore per month, yielding about 7 - 10 kilograms (245 - 350 ounces) of gold per month.
"We are pleased with how quickly we've ramped up production at Ratatotok South. The gold yields we've seen to date from the ore warrant our investment in building this second heap leach processing area, which we believe will significantly increase our production at this property and be able to serve all three of our Ratatotok properties. We anticipate beginning production at Ratatotok, and at Ratatotok Southeast, later this year," stated Borneo CEO Nils Ollquist. "By being on-site and supervising day-to-day operations, we are producing the kind of results we want to see from our acquired properties. As we increase our number of acquired and producing properties, we are looking for meaningful scaling opportunities in the quantities of gold produced and sold."
About Borneo Resource Investments Ltd.
Borneo Resource Investments Ltd. (OTCQB: BRNE) is a mining company that mines gold and develops producing gold mining properties as well as coal mining properties in the Republic of Indonesia. Borneo's current assets include four 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.
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.
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Investor Relations Contacts:
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R. Scott Chaykin
SOURCE: Borneo Resource Investments Ltd.