BOTHELL, WA–(Marketwired – Mar 21, 2014) – Borneo Resource Investments Ltd. (OTCQB: BRNE), (the “Company” or “Borneo”), today announced that it hired Terrence Kirk Filbert to serve as Managing Director – Asia. Mr. Filbert previously served as the Managing Director of Big Blue Resources (Holdings) Limited, an owner of thermal coal mining concession licenses in East and Central Kalimantan, and high grade Silica concessions in Central Kalimantan, Indonesia. Mr. Filbert has intimate knowledge of the coal and mineral businesses in Indonesia and will be instrumental in increasing Borneo’s presence in the Asian markets and increasing Borneo’s gold and coal land portfolios.
Borneo is looking to expand its land portfolio beyond its four gold properties in and around Talawaan and Ratatotok. The Company is moving forward on developing a second steady stream of revenue on its Ratatotok South property. Borneo is currently near the end of its processing cycle at Ratatotok and the ore enhanced carbon will be moved from the site to the Company’s facilities in Manado for final processing.
With the revenue generated in Ratatotok, the Company plans to repay the two remaining notes it has with Asher Enterprises, Inc. These notes are due in April and June 2014 in the amounts of $32,500 and $42,500, respectively. In February 2014, the Company repaid its first convertible note with Asher that had a principal balance of $37,500.
“Bringing aboard Terry Filbert will allow Borneo to increase its visibility in the Asian financial markets, and the coal and mineral marketplace. As Borneo grows with Terry and its current management team, we plan to generate an increasing amount of capital through our business operations and connections in the mineral markets in Asia,” commented Borneo CEO Nils Ollquist.
About Borneo Resource Investments Ltd.
Borneo Resource Investments Ltd. (OTCQB: BRNE) is a mining company that mines gold and develops producing gold mines as well as coal mining properties in the Republic of Indonesia. Borneo’s current assets include three gold properties, two of which are producing gold. Cash flow-producing investments in gold properties help fund Borneo’s operations and investments in gold, while the Company develops high value, longer-term investments in thermal “coal concessions,” which are properties that can be mined for coal. Borneo currently has one coal concession in the Borneo region of Indonesia. Indonesia was the 8th largest gold producing nation in 2012 and the world’s largest exporter of coal, with $25 billion exported in 2012.
