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 financial results for the three and six months ended June 30, 2014.
- 160% increase in Q2 revenues over prior year period to $554,000
- Sequential quarterly increase in revenues of 46% from Q1 to Q2 of 2014
- 85% increase in Q2 gross profits over to prior year period to $219,000
- 341% increase in revenues to $939,000 for the six months ended June 30, 2014 over prior year period
- 212% increase in gross profits to $368,000 for the six months ended June 30, 2014 over prior year period
- Total stockholders' equity was approximately $1,467,000 on June 30, 2014
- Reached full production capacity at Ratatotok complex in Q2 with 2,500 metric tons of ore processing capacity
- Commenced building second processing base for additional 5,000 metric tons of ore capacity
“Increasing revenue and gross profit trends are the result of operating yields at our Ratatotok complex continuing to improve, while performance metrics at Talawaan are also positive,” stated Borneo CEO, Nils Ollquist. “We are developing our Ratatotok complex by adding 5,000 more metric tons of processing capacity. When this additional capacity comes on line, as anticipated in the current quarter, we will be in a position to begin mining other parts of our larger Ratatotok complex. We anticipate this will further fuel our current growth trends in revenues and gross profits.”
Borneo’s gold properties on the island of Sulawesi are located in one of the richest gold reserve areas in Indonesia. The Company’s Ratatotok complex spans an area of 53.5 hectares and Talawaan spans 50 hectares.
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, CFO
SOURCE: Borneo Resource Investments Ltd.