Borneo Resource Investments Announces Third Quarter 2013 Financial Results
18 Novembro 2013 - 10:00AM
Marketwired
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.
Please join our email distribution list by contacting us at
ir@borneore.com.
Related Links: http://www.borneore.com
Investor Relations Contact: Borneo Resource Investments Ltd. R.
Scott Chaykin, CFO schaykin@borneore.com
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