Kalimantan Gold Corporation Limited

Kalimantan Gold Corporation Limited

September 17, 2009 02:00 ET

Kalimantan Gold Corporation Limited: Board Changes Announced

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 17, 2009) - Kalimantan Gold Corporation Limited (TSX VENTURE:KLG)(AIM:KLG) is pleased to announce the appointment of Peter Bojtos as non-executive Chairman of the Board following the resignation of Murray Clapham as Chairman and a director of the Company for personal reasons. The Company is also pleased to announce the appointment of Faldi Ismail who joins the Board as a non-executive director of the Company.

Peter Botjos has been a director of KLG since August 2002 and holds directorships of a number of other junior mining companies. He is a mining executive with entrepreneurial, commercial and public company management skills, coupled with a background in all facets of the industry, ... from exploration and acquisitions through production, financing and investor relations. Mr Botjos is a geologist and professional engineer with over 36 years of worldwide experience in the mining industry, including production experience in Indonesia.

Mr Ismail has extensive current experience of the coal sector in Kalimantan, Indonesia where KLG is active. Prior to this he has worked as a corporate consultant specialising in the restructure and recapitalisation of a wide range of ASX-listed companies. Mr Ismail is currently a director of several ASX-Listed companies (Kangaroo Resources Limited, Coventry Resources Limited and Cape Range Wireless Limited), and is also a director of Kalimantan Investment Corporation, a significant KLG shareholder. He will replace Mr Clapham on the audit committee and qualifies as a financial expert.

The Board would like to thank Mr Clapham for his contribution to the Company through his investor and industry contacts. During his period as Chairman, Mr Clapham provided strong moral support to the management team but will perhaps best be remembered for his belief and specific actions towards the goal of ensuring that mining benefits local people along with shareholders and other stakeholders; something which is now widely appreciated by investors and potential partners alike. Mr Clapham remains a major KLG shareholder in his own right.

About Kalimantan Gold

Kalimantan Gold is a junior exploration company listed on both the TSX Venture Exchange in Canada and on the London AIM market. The Company is active in Indonesia where it has three areas of interest: the Jelai epithermal gold prospect in East Kalimantan; coal opportunities, also in East Kalimantan and a Contract of Work in Central Kalimantan with multiple porphyry copper and gold prospects.

The Company's immediate focus is negotiating off-take agreements for its coal opportunities as these are nearest to producing cash flow. Indonesia is a major coal producer and coal is a leading energy source, producing 80% of electricity in both China and India. KLG is also currently examining ways of bringing its Jelai gold prospect into early stage production.

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.

Contact Information

  • Kalimantan Gold Corporation Limited
    Rahman Connelly
    Chief Executive Officer
    +61 418116955
    Kalimantan Gold Corporation Limited
    Gerald Cheyne
    Corporate Development
    +44 (0) 207 731 1806
    Kalimantan Gold Corporation Limited
    Nick Cottam
    Public Relations
    + 44 (0) 1394 384115
    Alexander David Securities Limited
    Jon Levinson
    +44 (0) 20 7448 9826
    Alexander David Securities Limited
    Nick Bealer
    +44 (0) 20 7448 9826