Borneo Resource Investments Appoints Managing Director for Asia to Drive Revenue Growth
March 21 2014 - 1:45PM
Marketwired
Borneo Resource Investments Appoints Managing Director for Asia to
Drive Revenue Growth
Company Is Generating Operating Capital Through Gold Mining
Operations and Plans to Repay Certain Convertible Loans
BOTHELL, WA--(Marketwired - Mar 21, 2014) - Borneo
Resource Investments Ltd. (OTCQB: BRNE), (the "Company" or
"Borneo"), today announced that it hired Terrence Kirk Filbert to
serve as Managing Director - Asia. Mr. Filbert previously
served as the Managing Director of Big Blue Resources (Holdings)
Limited, an owner of thermal coal mining concession licenses in
East and Central Kalimantan, and high grade Silica concessions in
Central Kalimantan, Indonesia. Mr. Filbert has intimate
knowledge of the coal and mineral businesses in Indonesia and will
be instrumental in increasing Borneo's presence in the Asian
markets and increasing Borneo's gold and coal land portfolios.
Borneo is looking to expand its land portfolio beyond its four
gold properties in and around Talawaan and Ratatotok. The
Company is moving forward on developing a second steady stream of
revenue on its Ratatotok South property. Borneo is currently
near the end of its processing cycle at Ratatotok and the ore
enhanced carbon will be moved from the site to the Company's
facilities in Manado for final processing.
With the revenue generated in Ratatotok, the Company plans to
repay the two remaining notes it has with Asher Enterprises,
Inc. These notes are due in April and June 2014 in the amounts of
$32,500 and $42,500, respectively. In February 2014, the Company
repaid its first convertible note with Asher that had a principal
balance of $37,500.
"Bringing aboard Terry Filbert will allow Borneo to increase its
visibility in the Asian financial markets, and the coal and mineral
marketplace. As Borneo grows with Terry and its current
management team, we plan to generate an increasing amount of
capital through our business operations and connections in the
mineral markets in Asia," commented Borneo CEO Nils
Ollquist.
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
Borneo Resource Investme... (PK) (USOTC:BRNE)
Historical Stock Chart
From Sep 2024 to Oct 2024
Borneo Resource Investme... (PK) (USOTC:BRNE)
Historical Stock Chart
From Oct 2023 to Oct 2024