Kalimantan Gold Corporation Limited
LSE : KLG

Kalimantan Gold Corporation Limited

November 30, 2009 02:00 ET

Kalimantan's Third Quarter Report

FOR:  KALIMANTAN GOLD CORPORATION LIMITED

TSX VENTURE, AIM SYMBOL:  KLG

November 30, 2009

Kalimantan's Third Quarter Report

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2009) - Kalimantan Gold Corporation Limited (TSX
VENTURE:KLG)(AIM:KLG) -

Attached are the Consolidated Balance Sheets, Consolidated Statements of Operations and Deficit, and
Consolidated Statements of Cash Flows (unaudited - prepared by management) of Kalimantan Gold
Corporation Limited (the "Company") for the nine months ended September 30, 2009. The Third Quarter
Report is available for viewing on www.sedar.com or www.kalimantan.com.

The highlights of the third quarter and up to November 25, 2009 include:

- KSK CoW: airborne magnetic data re-processed using advanced inversion techniques identified multiple
buried magnetic bodies that are coincident with surface geochemistry, geology and previous drilling
results confirming the potential for major porphyry copper deposits within the KSK CoW.

- Jelai Gold project: in recent months four companies have completed comprehensive reviews of the
project and advanced negotiations are underway with one potential partner.

- IBP Coal project: advanced negotiations are in process for the sale of an 80% interest in the IBP
Coal Concession.

- Peter Bojtos, a director of the Company, was appointed non-executive chairman of the board upon the
retirement and resignation of Murray Clapham as a director. Mr. Faldi Ismail was welcomed as a new
director.

- On November 25, 2009 the Company's Broker, Alexander David Securities Limited, raised GBP 350,000
from a private placement financing from the sale of 12,068,965 common shares at a price of GBP 0.029
per share. Finders' fees on the private placement will be paid within TSX Venture Exchange guidelines.
Subject to receipt of regulatory approval, the shares are scheduled to be issued on December 1, 2009
into the Crest system on the London Stock Exchange AIM market to settle for payment on December 14,
2009.

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.

KALIMANTAN GOLD CORPORATION LIMITED
See Nature of Operations - Note 1
CONSOLIDATED INTERIM BALANCE SHEETS
(a development stage company)
(In United States Dollars)

As at                                           September 30,  December 31,
                                                        2009          2008
--------------------------------------------------------------------------
                                                  (unaudited)

ASSETS
Current assets
 Cash and equivalents                           $    103,599   $   313,663
 Prepaid items and advances                           54,338        62,092
                                                ------------   -----------
                                                     157,937       375,755
Security deposit - mineral property                   24,059        22,452
Equipment (note 4)                                    74,174       124,870
                                                ------------   -----------
                                                $    256,170   $   523,077
                                                ------------   -----------
                                                ------------   -----------

LIABILITIES

Current liabilities
 Accounts payable and accrued liabilities       $    316,007   $   407,456
                                                ------------   -----------

 Provision for employee service entitlements          38,650        31,424
                                                ------------   -----------
                                                     354,657       438,880
                                                ------------   -----------

SHAREHOLDERS' EQUITY
Share capital (note 6)                             1,185,274       964,385
Contributed surplus (note 6)                      22,128,694    21,444,541
Deficit                                          (23,412,455)  (22,324,729)
                                                ------------   -----------
                                                     (98,487)       84,197
                                                ------------   -----------
                                                $    256,170   $   523,077
                                                ------------   -----------
                                                ------------   -----------

Approved by the Board of Directors

/s/ Faldi Ismail                  /s/ Rahman Connelly
Faldi Ismail                      Rahman Connelly

The accompanying notes form an integral part of the consolidated
financial statements.


KALIMANTAN GOLD CORPORATION LIMITED
See Nature of Operations - Note 1
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS, COMPREHENSIVE LOSS AND DEFICIT
(a development stage company)
(In United States Dollars)

                        three months ended           nine months ended
--------------------------------------------------------------------------
                    September 30, September 30, September 30, September 30,
                            2009          2008          2009          2008
--------------------------------------------------------------------------
                      (unaudited)   (unaudited)   (unaudited)   (unaudited)
EXPENSES
General and
 administrative
 Accounting and
  audit             $          -  $      5,050  $     12,743  $      5,965
 Amortization                  -           294             -           883
 Consultants
  (note 7)                62,999       109,408       185,435       381,536
 Defalcation
  recovery                     -             -       (16,835)            -
 Directors fees
  (note 7)                 6,000         6,000        18,000        18,000
 Investor relations        1,280         7,406        12,966        54,315
 Legal                    25,791        13,794        47,808        25,860
 Office and
  administrative
  services                 2,980         3,387         9,952        13,663
 Stock compensation
  expense                      -       130,225             -       137,517
 Telephone and
  facsimile                1,396         1,334         4,221         4,213
 Transfer agent,
  filing and
  exchange fees           15,368        18,743        51,728        91,153
 Travel and
  accommodation            7,641        29,255        26,830        58,923
                    ------------  ------------  ------------  ------------
                         123,455       324,896       352,848       792,028

Current exploration
 (note 5)                251,853       607,031       734,052     1,361,824
Foreign exchange
 loss (gain)             (11,244)       21,646           826        60,200
Interest income                -        (1,342)            -        (7,653)
                    ------------  ------------  ------------  ------------
Loss and
 comprehensive loss     (364,064)     (952,231)   (1,087,726)   (2,206,399)
Deficit - beginning
 of period           (23,048,391)  (16,901,059)  (22,324,729)  (15,646,891)
                    ------------  ------------  ------------  ------------
Deficit -
 end of period      $(23,412,455) $(17,853,290) $(23,412,455) $(17,853,290)
                    ------------  ------------  ------------  ------------
                    ------------  ------------  ------------  ------------
Loss per share -
 basic and diluted  $      (0.00) $      (0.01) $      (0.01) $      (0.03)
                    ------------  ------------  ------------  ------------
                    ------------  ------------  ------------  ------------
Weighted average
 number of shares
 outstanding         121,478,191    75,004,030   111,807,437    68,323,487
                    ------------  ------------  ------------  ------------
                    ------------  ------------  ------------  ------------

The accompanying notes form an integral part of the consolidated
financial statements.


KALIMANTAN GOLD CORPORATION LIMITED
See Nature of Operations - Note 1
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(a development stage company)
(In United States Dollars)

                       three months ended           nine months ended
--------------------------------------------------------------------------
                    September 30, September 30, September 30, September 30,
                            2009          2008          2009          2008
--------------------------------------------------------------------------
                      (unaudited)   (unaudited)   (unaudited)   (unaudited)

Cash provided
 from (used for)
Operating
 activities
Loss for
 the period         $   (364,064) $   (952,231) $ (1,087,726) $ (2,206,399)
Add charges to
 operations not
 involving a current
 payment of cash:
 Amortization             11,938        13,872        41,266        41,051
 Stock compensation
  expense                      -       130,225             -       137,517
 Unrealized foreign
  exchange loss (gain)   (12,574)       21,627           953        60,201
Changes in non-working
 capital items:
 Prepaid items
  and advances             3,857       (50,229)        7,754       (95,852)
 Accounts payable
  and accrued
  liabilities             85,700        51,320       128,357        26,983
 Provision for
  employee service
  entitlements             2,391       (11,075)        7,226       (20,219)
                    ------------  ------------  ------------  ------------
                        (272,752)     (796,491)     (902,170)   (2,056,718)
                    ------------  ------------  ------------  ------------
Investing activities
Deferred acquisition
 of mineral property           -           194             -        (5,722)
Proceeds on sale
 of equipment                  -             -         9,896             -
Equipment                   (339)       (1,636)         (466)      (39,856)
                    ------------  ------------  ------------  ------------
                            (339)       (1,442)        9,430       (45,578)
                    ------------  ------------  ------------  ------------

Financing activities
Share issues                   -        50,960       685,236     1,891,257
                    ------------  ------------  ------------  ------------
                               -        50,960       685,236     1,891,257
                    ------------  ------------  ------------  ------------
Unrealized foreign
 exchange loss
 (gain) on cash and
 cash equivalents          9,510       (21,627)       (2,560)      (60,201)
                    ------------  ------------  ------------  ------------
Net change in cash
 and cash
 equivalents            (263,581)     (768,600)     (210,064)     (271,240)
Cash and cash
 equivalents,
 beginning of
 period                  367,180     1,370,099       313,663       872,739
                    ------------  ------------  ------------  ------------
Cash and cash
 equivalents,
 end of period      $    103,599  $    601,499  $    103,599  $    601,499
                    ------------  ------------  ------------  ------------
                    ------------  ------------  ------------  ------------

The accompanying notes form an integral part of the consolidated
financial statements.


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FOR FURTHER INFORMATION PLEASE CONTACT:

Kalimantan Gold Corporation Limited
Rahman Connelly
Chief Executive Officer
+61 418116955

OR

Kalimantan Gold Corporation Limited
Gerald Cheyne
Corporate Development
+44 (0) 207 731 1806

OR

Kalimantan Gold Corporation Limited
Nick Cottam
Public Relations
+ 44 (0) 1394 384115
www.kalimantan.com

OR

Alexander David Securities Limited
Bill Sharp/ David Scott
+44 (0) 20 7448 9820

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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