Kalimantan Gold Copper and Coal Project Updates
13 Juli 2011 - 8:00AM
Marketwired
Kalimantan Gold Corporation Limited (TSX VENTURE: KLG)(AIM: KLG) -
KSK Joint Venture with Freeport
As announced on April 19, 2011, Kalimantan Gold Corporation
Limited (the "Company") entered into a joint venture agreement with
a wholly owned subsidiary of Freeport-McMoRan Exploration
Corporation in relation to the Company's KSK Contract of Work
copper project in Kalimantan, Indonesia.
The Company is operator and Freeport is funding the KSK joint
venture. Extensive preparations are now complete to commence
drilling once the necessary forestry permits are issued. The
Company has submitted all the required documentation to apply for
these permits which are expected to be issued shortly.
The Company intends to begin the program with shallow and deep
drilling at Beruang. Field operations and mobilization of drill
rigs will start immediately the forestry permits are issued.
PT Indobara Pratama ("PT IBP")
The Directors have been reviewing the allocation of resources
following the recently announced joint ventures on its copper and
gold prospects.
As shareholders will be aware, the Company was acting as a
selling agent for the shareholders of IBP. Despite approaching
numerous parties and entering into detailed negotiations with a
large number of potential purchasers over the past 2 years, it has
not been possible to conclude a sale of PT IBP on terms
satisfactory to the owners of PT IBP.
In view of this, the Directors have decided to concentrate its
much needed resources on the copper and gold projects. The Company
will continue to seek, evaluate and identify new coal opportunities
as and when they arise.
About Kalimantan Gold
Kalimantan Gold Corporation Limited is a junior exploration
company listed on both the TSX Venture Exchange in Canada and on
AIM in London. The Company has two exploration projects in
Kalimantan: the Jelai epithermal gold project in East Kalimantan
(which is optioned to Tigers Realm Minerals) and the KSK Contract
of Work in Central Kalimantan with multiple porphyry copper and
gold prospects (which is optioned to Freeport).
For further information please visit www.kalimantan.com.
RFC Corporate Finance Ltd acts as KLG's Nominated Adviser for
the purposes of its AIM listing, contact Stuart Laing, ph: +618
9480 2506 or email: stuartl@rfc.com.au.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Kalimantan Gold Corporation Limited Faldi Ismail
Deputy Chairman and CEO 61 (0) 423 206 324
faldi.ismail@kalimantan.com Kalimantan Gold Corporation Limited
Gerald Cheyne Director Corporate Development +44 (0) 2077311806 or
Mobile: +44 (0) 7717473168 gerald.cheyne@kalimantan.com
www.kalimantan.com Alexander David Securities Limited Bill Sharp /
David Scott +44 (0) 20 7448 9820
(TSXV:KLG)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
(TSXV:KLG)
Historical Stock Chart
Von Jun 2023 bis Jun 2024