Borneo to Increase Gold Production Capacity by 200% at Ratatotok South Property
June 30 2014 - 11:45AM
Marketwired
Borneo to Increase Gold Production Capacity by 200% at Ratatotok
South Property
Capacity Expected to Produce 7 - 10 Kilograms of Gold per Month
at One Site
BOTHELL, WA--(Marketwired - Jun 30, 2014) - 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 it is building its second
processing area to extract more gold from ore at its Ratatotok
South property. Borneo expects this infrastructure expansion will
triple the Company's gold production at the property.
Borneo acquired Ratatotok South, one of its three contiguous
Ratatotok properties, in December 2013 through its subsidiary PT
Puncak Kalabat. The 8.5 hectare property, located in the middle of
a well-established gold reef area, became the Company's second
producing gold mine. Borneo started mining the property shortly
after its acquisition and completed its first full production run
in May 2014.
Ratatotok South's current heap leach processing area yields 2 -
3 kilograms of gold per month from approximately 2,500 metric tons
of ore. Borneo is now building its second heap leach processing
area on its Ratatotok properties which will provide an additional
monthly ore processing capacity of 5,000 metric tons. Upon
completion of the second heap leach processing area in July,
Ratatotok South is expected to have the capacity to process a total
of approximately 7,500 metric tons of ore per month, yielding about
7 - 10 kilograms (245 - 350 ounces) of gold per month.
"We are pleased with how quickly we've ramped up production at
Ratatotok South. The gold yields we've seen to date from the ore
warrant our investment in building this second heap leach
processing area, which we believe will significantly increase our
production at this property and be able to serve all three of our
Ratatotok properties. We anticipate beginning production at
Ratatotok, and at Ratatotok Southeast, later this year," stated
Borneo CEO Nils Ollquist. "By being on-site and supervising
day-to-day operations, we are producing the kind of results we want
to see from our acquired properties. As we increase our number of
acquired and producing properties, we are looking for meaningful
scaling opportunities in the quantities of gold produced and
sold."
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.
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
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