Borneo Resource makes payment for gold property
Friday, April 12 2013 - 01:36 AM WIB
Borneo Resource Investments Ltd reported on Thursday that it has made the second payment as required by the previously announced purchase agreement to acquire 100 percent ownership in a 50 hectare gold-containing property in the North Minahasa Regency of North Sulawesi Province, one of the richest gold reserve areas in Indonesia.
"With this payment we have secured the transfer of the interest of the property. We continue our discussions on larger financing proposals for the development of our gold properties on favorable terms to the company,? said Nils Ollquist, Borneo?s CEO, in a statement obtained Friday.
?We are confident that we will continue to meet our financing objectives and that we will be in a position to announce successful conclusion of these efforts in the very near future,? he added.
Editing by Reiner Simanjuntak