Kalimantan Gold Corporation Limited (TSX VENTURE:KLG)(AIM:KLG) -
Attached are the audited Consolidated Statements of Financial Position,
Consolidated Statements of Comprehensive Loss, Consolidated Statements of Cash
Flows, Consolidated Statements of Changes in Equity (the "Financial Statements")
and Management Discussion and Analysis (the "MD&A") of Kalimantan Gold
Corporation Limited (the "Company") for the fiscal year ended December 31, 2011.
The Annual Financial Statements and MD&A are available for viewing on
www.sedar.com or www.kalimantan.com.
The Company has two principal areas of interest: the Jelai Cahaya Minerals,
Jelai epithermal gold prospect in East Kalimantan; and the KSK Contract of Work
(the "KSK CoW") in Central Kalimantan with multiple porphyry copper and gold
prospects.
The highlights of the year and up to the date of the MD&A:
On February 16, 2011, the Company executed an option agreement (the "Deed") with
Tigers Realm Metals Pty Ltd. ("Tigers") in relation to the Jelai gold project
all as previously reported and as detailed in the Financial Statements. The Deed
took effect on November 7, 2011 upon receipt of the forestry permit necessary to
enable the on-ground activities to be conducted. By February 21, 2012, the
community consultation in respect of planned exploration activities was complete
and we have full support from the local government, community and village
leaders. Drill camp construction and road repair at the Jelai Project are near
completion, and rig mobilization to site #1 is 70% complete. A water quality
sampling survey has been completed, as part of the Company's environmental
baseline monitoring program. The first drill hole is targeting high grade shoots
at a depth below the epithermal gold - silver mineralization intersected by hole
JCM-067 (9.50m @ 7.08 g/t Au).
On April 18, 2011, the Company entered into a joint venture agreement (the
"Agreement") with a wholly-owned subsidiary of Freeport-McMoRan Exploration
Corporation ("Freeport") in relation to the KSK CoW all as previously reported
and as detailed in the Financial Statements. On March 12, 2012, the Company
received the extension to the expired forestry permit granting full permission
to explore certain areas of the KSK COW for two years and denied permission to
explore certain other areas of the COW within the Hutan Lindung. The phase one
forestry permit is for an area totaling 7,422 hectares of the KSK CoW and gives
the rights to the holder to carry out full mineral exploration activities within
the permitted concession area. The Company will continue to work through the
permitting process to secure permitting over the remaining prospective areas,
including Tambang Huoi, one of the three highest priority targets, of the KSK
CoW. The portion of the KSK CoW that has not been permitted will remain in
suspension until a forestry permit is issued. Safety training has been completed
and mobilization of field crews to Beruang drill camps has commenced. Drilling
is planned to commence at both of the high priority target sites, Beruang Kanan
and Beruang Tengah, by the end of May or early June.
On May 6, 2011, the Company issued 2,500,000 common shares to Freeport at C$0.14
per common share being 125% of the volume weighted average price of the
Company's common shares traded on the TSX-V in the seven business days following
April 18, 2011, the date of the Freeport Agreement, for proceeds of $363,939
(C$350,000).
Management believes that the Company's combined cash on hand at December 31,
2011 of $1,000,678, combined with ongoing operator management fees and with the
proceeds of the private placement expected to close in May 2012 of up to
$480,000, is sufficient to fund exploration activities and operations through
the next twelve months.
For further information please visit www.kalimantan.com.
KALIMANTAN GOLD CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(expressed in United States dollars, unless otherwise noted)
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December 31, December 31, January 1,
2011 2010 2010
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ASSETS
Current assets
Cash $ 791,511 $ 306,156 $ 481,004
Restricted cash 209,167 - -
Share subscription
receivable - 997,595 -
Government deposit and
receivable 61,310 - -
Trade and other receivables 111,672 30,427 109,045
-----------------------------------------
1,173,660 1,334,178 590,049
Non-current assets
Security deposit 25,055 25,165 24,414
Government deposit and
receivable - 61,618 -
Property, plant and
equipment 12,186 24,968 66,169
-----------------------------------------
$ 1,210,901 $ 1,445,929 $ 680,632
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LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities
Trade and other payables $ 950,024 $ 708,578 $ 523,053
Promissory note - - 95,147
-----------------------------------------
950,024 708,578 618,200
Non-current liabilities
Provision for employee
service entitlements 99,198 79,694 55,346
-----------------------------------------
1,049,222 788,272 673,546
-----------------------------------------
Shareholders' equity
Share capital 1,624,564 1,599,564 1,305,964
Equity reserves 24,964,645 24,063,393 22,527,806
Deficit (26,427,530) (25,005,300) (23,826,684)
-----------------------------------------
161,679 657,657 7,086
-----------------------------------------
$ 1,210,901 $ 1,445,929 $ 680,632
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KALIMANTAN GOLD CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(expressed in United States dollars, unless otherwise noted)
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December 31, December 31,
2011 2010
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Expenses
Accounting and audit $ 80,808 $ 84,015
Consultants 294,535 260,497
Directors fees 24,000 24,000
Exploration and evaluation expenditures 399,665 638,272
Investor relations 2,979 2,607
Legal 287 44,224
Management fees (118,736) -
Office and administrative services 14,344 21,220
Stock-based compensation 565,265 -
Telephone and facsimile 3,455 2,526
Transfer agent, filing and exchange fees 96,239 66,811
Travel and accommodation 61,719 41,858
--------------------------
1,424,560 1,186,030
--------------------------
Other items
Foreign exchange gain (866) (7,296)
Gain on sale of equipment (1,038) -
Interest income (426) (118)
--------------------------
(2,330) (7,414)
--------------------------
Loss and comprehensive loss for the year $ 1,422,230 $ 1,178,616
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Basic and diluted loss per common share $ (0.01) $ (0.01)
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Weighted average number of shares outstanding 164,550,992 139,919,786
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KALIMANTAN GOLD CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(expressed in United States dollars, unless otherwise noted)
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December 31, December 31,
2011 2010
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Cash provided from (used for):
Operating activities
Loss for the year $(1,422,230) $(1,178,616)
Adjustment for non-cash items:
Depreciation 22,728 42,827
Stock-based compensation 565,265 -
Unrealized foreign exchange loss 2,705 (9,139)
Changes in non-cash working capital:
Trade and other receivables (80,937) 17,000
Trade and other payables 261,360 165,611
Provision for employee service entitlements 19,504 24,348
--------------------------
(631,605) (937,969)
--------------------------
Investing activities
Purchase of property, plant and equipment (30,176) (1,626)
Recovery of property, plant and equipment 20,230 -
Restricted cash (209,167) -
--------------------------
(219,113) (1,626)
--------------------------
Financing activities
Promissory Note - (95,147)
Share issues 1,360,442 856,200
Share issue costs (22,866) (3,602)
--------------------------
1,337,576 757,451
--------------------------
Unrealized foreign exchange gain (loss) on
cash (1,503) 7,296
--------------------------
Increase (decrease) in cash 485,355 (174,848)
Cash, beginning of the year 306,156 481,004
--------------------------
Cash, end of the year $ 791,511 $ 306,156
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KALIMANTAN GOLD CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(expressed in United States dollars, unless otherwise noted)
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Number of Equity
shares Amount reserves Deficit Total
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Balance,
January 1,
2010 133,547,156 $1,305,964 $22,527,806 $(23,826,684) $ 7,086
Share issues 29,360,000 293,600 1,599,167 - 1,892,767
Share issue
costs - - (63,580) - (63,580)
Loss and
comprehensive
loss for the
year - - - (1,178,616) (1,178,616)
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Balance,
December 31,
2010 162,907,156 1,599,564 24,063,393 (25,005,300) 657,657
Share issues 2,500,000 25,000 338,939 - 363,939
Share issue
costs - - (2,952) - (2,952)
Stock-based
compensation - - 565,265 - 565,265
Loss and
comprehensive
loss for the
year - - - (1,422,230) (1,422,230)
------------------------------------------------------------
Balance,
December 31,
2011 165,407,156 $1,624,564 $24,964,645 $(26,427,530) $ 161,679
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