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Borneo Resource Investments In
Negotiation for Philippine Gold Mine.
Hong Kong -- July 10 2015 -- InvestorsHub NewsWire -- Borneo
Resource Investments Ltd. (OTCQB:
BRNE), announced today that it has commenced discussions on the
possible acquisition of a sizeable, existing gold mining operation
in the Philippine Province of Viscayas. The property, comprising 52
mining claim blocks, is characterized by quartz vein and pyrite
type gold deposits mineable down to a depth of over 500 metres. A
geological report on the property, completed in 2012, has estimated
remaining proven au (gold) reserves of 87,000oz and inferred
reserves of 1.7 million oz. The mine, one of the oldest and largest
producing in the province, has been operated, non continuously,
over the past 70 years and has recorded production of 1.5 tonnes of
gold over that period, valued at over $60 million at current
price.
The present owners of the property are currently in the process
of refurbishing the mine and are upgrading the reserve estimates to
a standard consistent with the disclosure requirements under US
reporting guidelines.
In announcing this development, Nils Ollquist, CEO of Borneo
commented as follows: We are very pleased to be moving forward on a
transaction, completion of which, would elevate the critical mass
of our gold reserves and, ultimately, production, to another level.
We are very familiar with the gold industry in the Philippines
which shares many characteristics with mining in Indonesia, and
look forward to an opportunity to be able to close on a transaction
which would inject considerable strength into our balance sheet and
more than offset any negative impact which arose from the asset
write down which took place last year.
Mr Ollquist continued: We continue to be bullish on the gold
price given current political instability in Europe and highly
volatile financial markets worldwide. These factors, combined with
continuing bullion accumulation by China and India should
underwrite stronger bullion prices over the next 12 months:
Mr Ollquist concluded: We will continue to develop our
heapleaching operations in Sulawesi as our core area of business
going forward and can report that we are in the second production
cycle on our recently completed higher capacity leach pad. The
Philippine operation is fortunate to have a strong and highly
experienced management team. On a combined basis, our operations
would be stronger, both in terms of production and, most
importantly, asset value, which would significantly enhance our
financing capabilities for future growth.
About Borneo Resource Investments Ltd. (BRNE).
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 Borneos 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 worlds 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. For example, we are using forward looking statements when we
discuss the indications that the value of our coal reserves. 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 coal, a change in the estimate of coal on our concessions, an
inability to extract the coal reserves and changes in Indonesian
law. 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.