NEW YORK, NY, United States, via ETELIGIS INC., 01/13/2015 – – Borneo Resource Investments Ltd. (the "Company" or "Borneo") (OTCQB: BRNE), a mining company that mines gold and develops producing gold mining properties in Indonesia, today announced that work has commenced on the construction of a 10,000 ton leach pad on the recently acquired property adjacent to the original 2,500 ton facility. Site clearing work has commenced and is expected to take approximately 2 weeks, following which, the leach pad and associated infrastructure including plumbing, carbon processing facilities and tailing ponds will be assembled, with completion anticipated by the end of January.
Trial production on the new pad is anticipated by mid-February, with a projected output of 4-6kg of 99% pure gold, valued, at current prices, at between $160,000 and $240,000.
In announcing this development, Borneo CEO Nils Ollquist commented, “Having established the bona fides of the ore quality on both the Ratatotok properties, we are now in the process of making a sustained effort to build production levels to maximize our return from these investments. Following the successful trial of the first 10,000 ton pad, we will construct a second 10,000 ton facility immediately adjacent. We will also complete the upgrade of the original 2,500 ton pad to 5,000 tons. On completion of this expansion program, we will be employing a total of 30,000 tons of capacity for each 3 week production cycle. With a tested average ore grade of over 2g/ton, output from the upgraded facilities should approximate 10-15kg per month or around $400,000 to $600,000 additional monthly revenue.”
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
Borneo Resource Investments Ltd.
SOURCE: Borneo Resource Investments Ltd.