JAKARTA (Yosefardi) – Borneo Resource Investments Inc has entered into agreements with Sanding Longdong for the acquisition of 90% shares in PT Puncak Kalabat, a gold exploration company.
The agreement replaces earlier agreement to acquire 50 hectares of Talalawan Property and 30 hectares of Ratatotok Property.
For Talalawan Property, Borneo Resource will pay a total of $4.895 million, while for Ratatotok Property it shall pay $1.995 million until December 31, 2013.
The properties are located in North Minahasa Regency of North Sulawesi province, which is home to Toka Tindung mine of Archipelago Resources Plc and Lanut Gold Mine of J-Resources.