Borneo Resource Investments Ltd. Acquires 9,601 hectare Coal Concession
Company adds 25 million estimated and 800,000 measured metric tonnes of additional high-quality thermal coal reserves in West Papua, Indonesia
23 Apr, 2012, 09:00 ET
BOTHELL, Wash., April 23, 2012 /PRNewswire/ -- Borneo Resource Investments Ltd. (OTCPK: BRNE), announced today that it has signed an agreement to acquire 80% of BT Berkat Bumi Waigeo ("Waigeo"). Waigeo holds a 9,601 hectare (approximately 23,700 acres) thermal coal mining concession in the West Papua Province, on the western peninsula of the island of New Guinea, Indonesia. The concession contains estimated reserves of approximately 25 million metric tonnes and measured reserves of approximately 800,000 metric tonnes of high-quality thermal coal.
Nils Ollquist, Chairman and CEO of Borneo commented, "Whilst our concession platform has to date been focused in Kalimantan, the opportunity to acquire this property was extremely attractive, given the quality of coal and estimated size of the reserve."
Mr. Ollquist concluded, "The concession acquisition activities have and will continue to expand the Company's portfolio and increase shareholder value as we build the Company."
About Borneo Resource Investments Ltd. (BRNE).
Borneo Resource Investments Ltd., and through its wholly-owned subsidiary Interich International Limited, obtains mining concessions to explore and develop coal reserves primarily in the East Kalimantan and West Papua regions of the Republic of Indonesia.
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.
SOURCE Borneo Resource Investments Ltd.
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