Kalimantan Gold Corporation Limited
LSE : KLG

Kalimantan Gold Corporation Limited

May 01, 2009 02:00 ET

Final Results

FOR:  KALIMANTAN GOLD CORPORATION LIMITED

TSX VENTURE, AIM SYMBOL:  KLG

May 1, 2009

Kalimantan's Fiscal Year 2008 Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2009) - Attached are the Consolidated Balance Sheets,
Consolidated Statements of Operations and Deficit, and Consolidated Statements of Cash Flows of Kalimantan Gold
Corporation Limited (TSX VENTURE:KLG)(AIM:KLG) (the "Company") for the fiscal year ended December 31, 2008. The
Annual Financial Statements are available for viewing on www.sedar.com or 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.

/T/

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

                                                December 31,    December 31,
As at                                                  2008            2007
---------------------------------------------------------------------------

ASSETS
Current assets
 Cash and cash equivalents                    $     313,663   $     872,739
 Prepaid items and advances                          62,092         101,562
                                              -------------   -------------
                                                    375,755         974,301
Security deposit - mineral property (note 6)         22,452          24,517
Deferred mineral property acquisition (note 6)            -          95,835
Equipment (note 5)                                  124,870         137,793
                                              -------------   -------------
                                              $     523,077   $   1,232,446
                                              -------------   -------------
                                              -------------   -------------

LIABILITIES
Current liabilities
 Accounts payable and accrued liabilities
  (note 8)                                    $     407,456   $     188,504
                                              -------------   -------------

Provision for employee service entitlements
 (note 4)                                            31,424          41,276
                                              -------------   -------------
                                                    438,880         229,780
                                              -------------   -------------

SHAREHOLDERS' EQUITY
Share capital (note 7)                              964,385         606,716
Contributed surplus (note 7)                     21,444,541      16,042,841
Deficit                                         (22,324,729)    (15,646,891)
                                              -------------   -------------
                                                     84,197       1,002,666
                                              -------------   -------------
                                              $     523,077   $   1,232,446
                                              -------------   -------------
                                              -------------   -------------

Commitments (note 9)
Contingency (note 10)
Subsequent events (note 13)


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

---------------------------------------------------------------------------
                                                December 31,    December 31,
For the year ended:                                    2008            2007
---------------------------------------------------------------------------

Expenses:
 Accounting and audit                         $      30,965   $      36,129
 Amortization                                           942           1,178
 Consultants (note 8)                               437,925         282,673
 Directors fees (note 8)                             24,000          24,000
 Exploration and write down of acquisition cost
  (note 6)                                        5,650,880         724,613
 Investor relations                                  56,170          58,338
 Legal                                               34,283          21,218
 Office and administrative services                  16,612          24,108
 Stock-based compensation (note 7)                  140,033         355,370
 Telephone and facsimile                              7,195           5,829
 Transfer agent, filing and exchange fees            92,212          79,843
 Travel and accommodation                            74,520         103,867
                                              -------------   -------------
                                                  6,565,737       1,717,166

Other items:
Foreign exchange (gain) loss                        119,938        (161,219)
Interest income                                      (7,837)        (28,791)
                                              -------------   -------------
                                                    112,101        (190,010)
                                              -------------   -------------

Loss and comprehensive loss for the year          6,677,838       1,527,156

Deficit - beginning of year                      15,646,891      14,119,735
                                              -------------   -------------
Deficit - end of year                         $  22,324,729   $  15,646,891
                                              -------------   -------------
                                              -------------   -------------
Basic and diluted loss per share              $       (0.09)  $       (0.03)
                                              -------------   -------------
                                              -------------   -------------
Weighted average number of shares outstanding    74,635,356      59,204,381
                                              -------------   -------------


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

---------------------------------------------------------------------------
                                                December 31,    December 31,
For the year ended:                                    2008            2007
---------------------------------------------------------------------------

Cash provided by (used for)

Operating activities
Loss for the year                             $  (6,677,838)  $  (1,527,156)
Add charges to operations not involving cash:
 Write down of acquisition costs                  3,496,809               -
 Amortization - expenses                                942           1,178
 Amortization - exploration                          58,375          38,062
 Unrealized foreign exchange (gain) loss            119,938        (161,219)
 Stock-based compensation                           140,033         355,370
Changes in non-cash working capital balances:
 Prepaid items and advances                          39,069          (3,738)
 Accounts payable and accrued liabilities           218,952        (230,555)
 Provision for employee service entitlements         (9,852)         19,947
                                              -------------   -------------
                                                 (2,613,572)     (1,508,111)
                                              -------------   -------------

Investing activities
Security deposit mineral property                     2,065          (9,518)
Deferred acquisition of mineral property             95,835         (45,087)
Equipment                                           (45,993)        (97,871)
                                              -------------   -------------
                                                     51,907        (152,476)
                                              -------------   -------------

Financing activities
Shares issued                                     2,247,607         637,163
Share issue costs                                  (125,080)              -
                                              -------------   -------------
                                                  2,122,527         637,163
                                              -------------   -------------

Unrealized foreign exchange (loss) gain on
 cash and cash equivalents                         (119,938)        161,219
                                              -----------------------------

Net change in cash and cash equivalents            (559,076)       (862,205)

Cash and cash equivalents, beginning of year        872,739       1,734,944

                                              -------------   -------------
Cash and cash equivalents, end of year        $     313,663   $     872,739
                                              -------------   -------------
                                              -------------   -------------

Supplemental information:
 Cash                                         $     313,663   $     301,526
 Cash equivalents                                         -         571,213
                                              -------------   -------------
                                              $     313,663   $     872,739
                                              -------------   -------------
                                              -------------   -------------

 Accounts payable included in deferred
  acquisition of mineral property             $           -   $      50,748
 Shares issued to settle accrued liability                -          72,936
 Shares issued to acquire mineral property        3,496,809               -

/T/



-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Kalimantan Gold Corporation Limited
Rahman Connelly
Deputy Chairman and CEO
+61 7 552 32298 or Mobile: +61 418 116 955
Email: rconnelly@ozemail.com.au

OR

Kalimantan Gold Corporation Limited
Gerald Cheyne
Director Corporate Development
+44 (0) 2077311806 or Mobile: +44 (0) 7717473168
Email: gerald.cheyne@kalimantan.com

OR

Kalimantan Gold Corporation Limited
Nick Cottam
Corporate Relations Manager
+44 (0) 1394 384115
Email: nick@nickcottam.com
www.kalimantan.com

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