Q2 Revenues Increase Over Q1 Driven by Growth in Gold Production
BOTHELL, WA / ACCESSWIRE / August 13, 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 that for the three months ended June 30, 2014, the Company's revenues increased over the prior three month period ended March 31, 2014. Borneo had previously reported first quarter 2014 revenues of $380,000 and gross profit from mining operations of over $130,000.
"With active production at both Talawaan and our Ratatotok complex, we anticipate reporting second quarter gold production and corresponding revenues will very comfortably exceed first quarter levels. We expect to file our 10-Q with SEC and to report full results in the coming days," stated Borneo CEO Nils Ollquist. "For the balance of 2014 we are working towards bringing our two additional Ratatotok properties, Ratatotok and Ratatotok Southeast, into production as we continue to asses additional increases in capacity as opportunities present themselves."
At its Ratatotok complex, in the second quarter, Borneo reached full production capacity on its first gold heap leach base which has capacity to process 2,500 metric tons of ore. The Company is now building its second gold heap leach base which will add an additional 5,000 metric tons of capacity to process ore mined at its contiguous Ratatotok properties.
"As our 5,000 metric ton heap leach base comes online over the next few months, we expect the trend of increasing production and revenues will continue," Nils concluded.
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
Investor Relations Contacts:Borneo Resource Investments Ltd.R. Scott Chaykin, CFO[email protected]
SOURCE: Borneo Resource Investments Ltd