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Borneo Resource Investments has started discussions over the acquisition of an existing gold mining operation in Viscayas, Philippines.

Consisting of 52 mining claim blocks, the property is characterised by quartz vein and pyrite type gold deposits that are mineable down to a depth of around 500m.

The company completed a geological report on the property in 2012, which has estimated remaining proven au (gold) reserves of 87,000oz and inferred reserves of 1.7 million ounces.

"Completion of the transaction would elevate the critical mass of our gold reserves and production to another level."

Said to be the oldest and largest producing mine in the Philippines province, the facility has been operated non-continuously over the past 70 years.

During that period, the mine recorded production of 1.5t of gold, valued at more than $60m at existing price.

The site owners are in the process of refitting the mine, while upgrading the reserve estimates to a standard consistent.

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Borneo Resource Investments CEO Nils Ollquist said: "We are very pleased to be moving forward on this transaction, completion of which would elevate the critical mass of our gold reserves and, ultimately, production, to another level.

"We will continue to develop our heap leaching operations in Sulawesi as our core area of business going forward and can report that we are in the second production cycle on our recently completed higher capacity leach pad."

Borneo mines gold and develops producing gold mines as well as coal mining properties in the Republic of Indonesia.