BOTHELL, Wash., Dec. 13, 2011 (GLOBE NEWSWIRE) -- Borneo Resource Investments Ltd. (OTCPK:BRNE), announced today that it has finalized the acquisition of an additional 1,300 hectare (approximately 3,200 acres) coal mining concession in the Southeastern region of Kalimantan, Indonesia.
Through an agreement with PT Integra Prima, the previous owner of the concession, the Company has acquired full exploration, mining and production rights to 100% of the property, which is estimated to contain 8 million tons of high-quality steaming coal.
Nils Ollquist, Chairman and CEO of Borneo, commented, "This transaction marks the beginning of our 'roll up' strategy to build our reserves in Kalimantan. The Integra Prima property is world-class, with an initial mining feasibility report from PT Geoservices which indicates high levels of surface distribution and shallow depth reserves of high thermal output and low ash/moisture steaming coal, suitable for use in power generation facilities in both India and China."
He added, "We are already in discussions with a select number of end-users in India on possible joint ventures to bring the property into production, or sale of part or all of the concession. We believe that this property is an excellent asset for our portfolio, and is indicative of the types of concessions we look to add going forward."
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.
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. 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.