Kalimantan Gold-Jelai Update
23 August 2011 - 8:00AM
Marketwired
Kalimantan Gold Corporation Limited (TSX VENTURE: KLG)(AIM: KLG)
(the "Company") executed a definitive option agreement (the "Deed")
with Tigers Realm Minerals Pty Ltd. ("Tigers") an Australian based,
privately owned resource company on February 16, 2011. Pursuant to
the Deed Tigers may earn up to a 70% interest in the Company's
Jelai Gold project by meeting certain project expenditure
obligations and completing a bankable feasibility study.
The Deed remains conditional upon receipt of the necessary
forestry permits being granted to enable the on ground exploration
activities to be conducted. In recognition of delays in the receipt
of these permits, Tigers and the Company have now agreed to a
second extension of time in which this condition could be satisfied
by a further three months until November 16, 2011. The terms of the
Deed require Tigers to spend a minimum of US$2 million on
exploration in the first 18 months (the "First Period") after the
forestry permit is issued. Whilst this expenditure commitment
remains the same for Tigers to earn an interest in the project the
parties have agreed to amend the required expenditure before it may
withdraw during the First Period from US$2 million to US$1.5
million.
The forestry permits are expected to be granted in the near term
and field operations and mobilization of drill rigs will be
commenced as soon as possible after the forestry permits are
received.
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
and the KSK Contract of Work in Central Kalimantan with multiple
porphyry copper and gold prospects. For further information please
visit www.kalimantan.com.
To accompanying map, visit the following link:
http://media3.marketwire.com/docs/JelaiProjectMap.jpg
About Tigers Realm Minerals (Jelai Gold Prospect)
Tigers Realm Minerals is an Australian based, privately owned
resources company. From its head office in Melbourne, Tigers
operates globally with a core focus on gold, copper and coal.
Tigers vision is to build a world class resources business by
identifying, acquiring and investing in high quality minerals and
energy opportunities and providing the necessary management,
technical and financial support required to fully explore, evaluate
and develop these assets to their full potential. The Tigers team
of resource industry professionals have a reputation for delivering
exceptional investment returns, most notably through the
transformation of junior mineral explorer Oxiana Resources into an
ASX 100 company capitalised at over $6 billion between 2000 and
2008. Tigers is currently building and exploring gold and copper
portfolios in Asia and Central America region and assessing a range
of additional gold, copper and coal opportunities globally. For
further information on Tigers please visit www.tigersrm.com.au.
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.
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
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 Mobile: +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 RFC Corporate Finance Ltd Stuart
Laing KLG's Nominated Adviser +61 8 9480 2506
stuartl@rfc.com.au
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