Borneo Resource Investments Ltd. Acquires 3,200-Hectare Coal Concession
BOTHELL, Wash., March 8, 2012 /PRNewswire/ — Borneo Resource Investments Ltd. (OTCPK: BRNE), announced today that it has signed a binding letter of intent to acquire 100% of BT Bumi Energy Kalimantan (“Bumi”). Bumi holds a 3,200-hectare (approximately 8,000 acres) thermal coal mining concession in the Southeastern region of Kalimantan, Indonesia. The concession contains estimated reserves of approximately 28 million metric tonnes of high-quality thermal coal.
Nils Ollquist, Chairman and CEO of Borneo, commented, “This acquisition comes on the heels of our acquisition of PT Integra and will add substantially to our reserves of high-quality thermal coal, greatly increasing the overall value of our coal portfolio.”
He added, “This property has been thoroughly explored and has existing geological data and visible outcrops across the concession. We are very excited about this acquisition and anticipate that we will continue to add to our 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 region 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 estimate the value and amount 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.
Borneo Resource Investments Ltd.
R. Scott Chaykin, CFO
SOURCE Borneo Resource Investments Ltd.