SOURCE: Borneo Resource Investments Ltd.
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.
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