Borneo Oil

Borneo Oil

Postby winston » Fri Aug 07, 2020 1:28 pm

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Borneo Oil has significant gold resources at Bukit Ibam, says geoscientist

KUALA LUMPUR: Borneo Oil Bhd (BornOil) group is set to 'strike gold' with its Bukit Ibam mining venture as the company intends to proceed with excavation and mining on the first Zone of Bukit Ibam in Pahang.

BornOil in a filing to Bursa Malaysia yesterday said the site is believed to contain total resources of 22,200 ounces or 621,917 grams of gold in 1.66 million metric tons of ore with an average grade of 0.42 g/t.

The findings was also affirmed by Dr Yves Cheze, a member of the Australian Institute of Geoscientists as well as the Institute Geology Malaysia.

Dr Yves has also recommended BornOil group to develop the exploration of not only the immediate extension of the first zone but also in several other zones in the mining area that have similar geology as they may hold significant potential for additional gold resources.

To recap, back in May 2010, an exclusive agreement had been inked between Perbadanan Kemajuan Negeri Pahang (PKNP) and HDL Global Sdn Bhd (HDL) for the prospecting and mining rights to an area covering 1,200 hectares within Hutan Simpan Bukit Ibam in Pahang.

Subsequently, in March 2015, BornOil via an exclusive production sharing agreement with HDL, was granted the sole and exclusive right to prospect, explore, mine, extract, process, sell and collect all revenue of sales with respect to all minerals and precious metals including gold over the said area.

Currently, an area measuring approximately 462 acres within the area has been issued with a mining lease on which the BornOil is currently carrying out mining works.

The mining area, in turn, is divided into eight zones on which the BornOil group has been conducting detailed exploration works.

At the conclusion of Phase 1 and Phase 2 of the preliminary exploration works on seven of the eight zones, an assessment of potential gold resources dated March 2019 was prepared by Dr Yves showing potential gold resources of 60,032 ounces or 1,866,943 gm (1.866 ton) of gold.

BornOil is also continuing with exploration works on the other seven zones at an interval of three to six months for each zone.

Source: NST

https://www.nst.com.my/business/2020/08 ... oscientist
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Re: Borneo Oil

Postby winston » Sat Mar 20, 2021 9:35 pm

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23 Nov 2020

Borneo Oil to grow food and franchise operations

By JACK WONG

KUCHING: Borneo Oil Bhd plans to invest RM20mil to expand its food and franchise operations (FFO), particularly the home-grown SugarBun fast food restaurant chain business in Malaysia.

Currently, in-house food and beverage (F&B) brands held under SugarBun are “Broasted Chicken”, “Borneo Eco Fish” and “Hot Saucy Kano”, while under the group’s pizza chain Pezzo are the “Sarawak Laksa”, “Fisherman’s Favourite” and “Chicken Rendang” pizza. There are some 125 SugarBun and Pezzo outlets currently in operations, most of them in Sarawak and Sabah.

The money for the expansion projects will come from the proceeds of share subscriptions in Borneo Oil by Australia-listed Macquarie Bank Ltd.

On Nov 17, Borneo Oil entered into a conditional share subscription agreement with Macquarie Bank for the subscription of up to nearly 1.21 billion new Borneo Oil shares, representing about 20% of the company’s current number of issued shares of about 6.03 billion units.

The two parties have agreed to fix a floor price of 2.5 sen per placement share, which is a discount of 44.44% to the closing price of Borneo Oil shares at 4.5 sen on the day before they inked the agreement.

Borneo Oil said based on an illustrative issue price of 3.6 sen per placement share, the company will raise RM43.41mil from the full share subscription by Macquarie Bank.

Besides the RM20mil earmarked for business expansion and/or investment for the FFO business segment, RM10mil will be utilised for the group’s gold exploration works in Hutan Simpan Bukit Ibam in Keratong, Pahang and RM12.41mil for the group’s working capital requirements.

Since the conclusion of the first preliminary exploration works in Bukit Ibam in March 2019, Borneo Oil said an assessment of potential gold resources was conducted, the result of which showed potential gold resources of 60,032 ounces.


Source: The Star

https://www.thestar.com.my/business/bus ... operations
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