🕐13.07.11 - 09:27 Uhr
WG: KALIMANTAN GOLD COPPER AND COAL PROJECT UPDATES
-----Ursprngliche Nachricht-----
Von: Kalimantan Gold Corporation Limited [mailto:]
Gesendet: Mittwoch, 13.
Juli 2011 08:11
An:
Betreff: Kalimantan Gold Copper and Coal Project Updates
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Re: Press Release - Wednesday, July 13, 2011
Kalimantan Gold Copper and Coal Project Updates
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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
Companys 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 or contact:
Faldi Ismail
Deputy Chairman and CEO, Kalimantan Gold
Mobile: +61 (0) 423 206 324
Email:
Gerald Cheyne
Director Corporate Development
Telephone: +44 (0) 2077311806
Mobile: +44 (0) 7717473168
Email:
Alexander David Securities Limited
Bill Sharp/ David Scott
+44 (0) 20 7448 9820
RFC Corporate Finance Ltd acts as KLGs Nominated Adviser for the purposes
of its AIM listing, contact Stuart Laing, ph: +618 9480 2506 or email:
.
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.
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Copyright (c) 2011 KALIMANTAN GOLD CORPORATION LIMITED (KLG) All rights
reserved.
For more information visit our website at
http://www.kalimantan.com/ or send mailto:
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