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 begun full production on its Ratatotok South gold property. Ratatotok South, which was acquired through Borneo's subsidiary PT Puncak Kalabat in December 2013, becomes the Company's second producing gold mine.
Two successful test runs were completed at Ratatotok South in January and February, setting the stage for full production to begin in March. Approximately 2,500 metric tons of high grade ore have been excavated in the last few weeks and positioned in the heapleach containment area. Up to three processing cycles will be run on the ore to extract all of the gold it contains. At the end of each processing cycle the ore enhanced carbon will be moved from the site to the Company's facilities in Manado for final processing.
"I am very pleased that we were able to move from acquisition, through the processing trials and to full production at Ratatotok South so quickly. Our team was able to fine tune the production process during the trials and our geologists supervised the excavation of a high grade ore body on the property for our first production run," commented Borneo CEO Nils Ollquist.
Mr. Ollquist went on to say, "Our geologists estimate the ore grade to be 2 to 3 grams of gold per metric ton. The estimated production output from 2,500 metric tons of ore for the first full production run is approximately 7 kg of 80% pure gold. Our intention is to continue to upgrade and refine our production capabilities and to expand our portfolio of high quality properties in the area."
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.
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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
SOURCE: Borneo Resource Investments Ltd.
Associated Documentation:
Link to submission on http://www.eteligis.com
BRNE_3-10-14_SMU_ETL.docx
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