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Borneo Resource Investments Ltd Signs Agreement To Acquire Gold Property


Friday, 8 Feb 2013 09:30am EST 

Borneo Resource Investments Ltd announced that it has entered into a formal agreement to acquire 100% ownership in a 50 hectare property in the North Minahasa Regency of North Sulawesi Province, one of the richest gold reserve areas in Indonesia. The property is located close to the regional capital, Manado, and lies on a gold reef formation which runs for approximately 20km (12 miles) on an east/west axis. According to the current owner, small scale mining operations have been conducted on the western side of the property for around 2 years and have produced, to date, over 700kg (25,000oz) of gold with a purity level of around 70%. Although the Company has not determined the amount of gold reserves on the property, mining reports currently reflect that daily production is approximately 1.5kg (53oz) per day, with a value, at current market rates of around $60,000 or over $1.8 million per month. The agreement entails Borneo acquiring 100% of the shares of a locally incorporated company, PT Puncak Kalabat (Puncak), which owns the property. Borneo has made an initial deposit to secure the acquisition of Puncak, with further scheduled payments totaling $5 million to be made by the end of 2013 to complete the acquisition of the property. 

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0.3898
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21 Nov 2014