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.