Borneo Resource Investments Ltd. acquired 90% stake in PT Puncak Kalabat from Nils Ollquist for IDR 45 million.

Borneo Resource Investments Ltd. is an exploration-stage company engaged in mineral exploration activities in Indonesia. The Company, through its subsidiaries PT Puncak Kalabat and PT Borneo Jaya Emas, controls two gold mining properties, Ratatotok South and Ratatotok Southeast, respectively, in the North Sulawesi area of the Indonesian archipelago. The Company's Ratatotok South property is an approximately 8.6 hectare non-producing gold mining property. This property is located near the village of Ratatotok in the Southeast Minahasa Regency of the North Sulawesi Province of Indonesia. Ratatotok Southeast property is an approximately 7.1 hectare non-producing gold mining property. It is located in the central section of a gold reef structure. Both Ratatotok South and Ratatotok Southeast properties have functional heap leach production facilities, including carbon filtration, tailing ponds, leach pads and associated infrastructure, and power and water supplies.