SOURCE: Borneo Resource Investments Ltd.

Borneo Resource Investments Ltd.

November 18, 2013 07:00 ET

Borneo Resource Investments Announces Third Quarter 2013 Financial Results

Reports Net Income on Greater Than $500,000 in Revenues for Q3 2013

BOTHELL, WA--(Marketwired - Nov 18, 2013) - Borneo Resource Investments Ltd. (OTCQB: BRNE), (the "Company" or "Borneo") a developer of thermal coal concessions and producing gold properties in Indonesia, today announced financial results for the three and nine months ended September 30, 2013.

Highlights include:

  • $507,771 in revenues in Q3 2013, compared to zero revenues in the same period of 2012 and $212,639 in Q2 2013
  • $41,201 in net income attributable to Borneo shareholders in Q3 2013, compared to no net income in the same period of 2012 and a net loss in Q2 2013
  • Q3 2013 marks first full quarter of gold mining at Talawaan Property
  • Conducted research and feasibility on gold mining at Ratatotok Property
  • Actively pursued coal concessions as part of Company's long term strategy

"Producing revenues and profits, Borneo reached an important milestone this quarter. Our financial results provide early validation of our strategy. The value matrix for Borneo is clear. Cash flow producing investments in gold properties will help fund our operations, and build and preserve shareholder value for Borneo, while we pursue longer term, high value investments in high quality thermal coal concessions," commented Borneo CEO Nils Ollquist.

"Having just completed the acquisition of PT Puncak Kalabat in June of 2013, we swiftly started gold production at the Talawaan Property. We believe we can significantly increase production at Talawaan, as well as begin production at Ratatotok in the coming quarters. Further, the acquisition of Kalabat is proving to be a platform through which we are exploring additional opportunities to expand our precious metals project portfolio, as well as coal concessions," Ollquist added.

In the three months ended September 30, 2013, Borneo reported revenues of $507,771 from gold production at its Talawaan Property, a 50 hectare property located in the Manado region of Indonesia. Costs applicable to sales were $215,592 for labor and other costs incurred in mining and processing gold. The Company reported zero revenues and zero costs applicable to sales in the third quarter of 2012. Net income attributable to Borneo shareholders was $41,201 or $0.00 per basic and diluted common share for the third quarter of 2013, compared to a net loss attributable to Borneo shareholders of $(265,625) or $(0.00) per basic and diluted common share in the same period of the prior year.

For the nine month period ended September 30, 2013, Borneo reported revenues of $720,410 from gold production at its Talawaan Property. Costs applicable to sales were $310,263 for labor and other costs incurred in mining and processing gold. The Company reported zero revenues and zero costs applicable to sales in the first three quarters of 2012. Net loss attributable to Borneo shareholders was $(246,771), or $(0.00) per basic and diluted common share in the first nine months of 2013 as compared to $(1,658,510) or $(0.02) per basic and diluted common share in the same period of the prior year.

About The Company

Borneo Resource Investments Ltd. is an aggregator of proven precious metal and natural resource concession assets in the Republic of Indonesia. Each concession is a contractual right to explore or develop natural resources in a specific land area. Borneo's current natural resource portfolio includes two gold projects and a concession for high quality thermal coal. The first gold project is producing while the other is non-producing. Borneo also trades precious metals and thermal coal between Indonesian domestic groups and international buyers. Borneo seeks to opportunistically acquire and market additional natural resource assets.

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.

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Related Links: http://www.borneore.com

Contact Information

  • Investor Relations Contact:
    Borneo Resource Investments Ltd.
    R. Scott Chaykin, CFO
    schaykin@borneore.com