Borneo Resource Investments Begins First Gold Production Run at Ratatotok South With 2,500 Metric Tons of High Quality Ore
March 10 2014 - 8:30AM
Marketwired
Borneo Resource Investments Begins First Gold Production Run at
Ratatotok South With 2,500 Metric Tons of High Quality Ore
Company Moves Through Property Acquisition to Full Scale
Production in Just 3 Months
BOTHELL, WA--(Marketwired - Mar 10, 2014) - 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.
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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