8 Feb 2013material agreement● NeutralMajor
Borneo signed an option agreement with PT Puncak Kalbat to buy a gold-producing property in North Minahasa, North Sulawesi, for a total of $5,000,000: $5,000 on signing, $495,000 by end of February 2013 and $4,500,000 before the end of 2013. This is the company's first gold asset; its earlier assets in the context were coal concessions and options. The press release says the company has not determined the amount of gold reserves and that production figures come from the current owner.