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 that the latest production run at its Ratatotok South site has exceeded 2 kilograms of gold on a heap leach base of 2,500 metric tons of ore.
In announcing this result, Borneo CEO Nils Ollquist stated, "We have been steadily building our output levels from our first heap leach base since trials began earlier this year. This latest result confirms that our extraction rate is improving steadily as we fine tune the chemical mix and balance of the 'irrigation' process. Our second leach base which will have a capacity of 5,000 metric tons is scheduled for completion by the end of July and should be fully operational by August. This leach base will service all three of our Ratatotok properties."
"For the balance of 2014 we are working towards bringing our two additional gold properties, at Ratatotok and Ratatotok Southeast, into production as we continue to assess additional gold properties for potential acquisition. We previously announced that we expect quarterly revenues and operating income to increase in the subsequent quarters of 2014 as better extraction rates, weather and efficiency at Ratatotok South are expected to lead to an increase in revenues and productivity. This most recent production run confirms this expectation," Ollquist concluded.
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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Related Links: http://www.borneore.com
Investor Relations Contacts:
Borneo Resource Investments Ltd.
R. Scott Chaykin
SOURCE: Borneo Resource Investments Ltd.