Kalimantan Gold Corporation Limited

Kalimantan Gold Corporation Limited

April 21, 2011 02:00 ET

Kalimantan Gold New CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 21, 2011) - Kalimantan Gold Corporation Limited (the "Company") (TSX VENTURE:KLG)(AIM:KLG) is pleased to announce the appointment of Faldi Ismail to the post of Deputy Chairman and Chief Executive Officer to replace Rahman Connelly in that position.

Mr. Connelly successfully negotiated joint venture agreements on the Company's two main assets – the Jelai Gold project and the KSK Contract of Work in Kalimantan, Indonesia. The Company is very grateful to Mr. Connelly for his time and efforts over his tenure in this position and is glad of his willingness to stay on as a director and remain involved with the Company.

Mr. Ismail joined the Company as a director in September 2009. Mr. Ismail has specialised in the restructure and recapitalisation of a wide range of Australian Securities Exchange ("ASX") listed companies. He has also been instrumental in establishing a number of new listings on the ASX (with a specific focus in the resources sector) and has been very active in the Indonesian resources sector over the past years. Mr. Ismail, like Mr. Connelly, resides in Australia where he is currently a director of several ASX-Listed resource companies. Mr. Ismail's energy will be called upon to guide the Company through this next new and exciting phase of the Company's life of investigating new property and acquisition opportunities while overseeing the management of the work programs on the Company's Jelai Gold project by Tigers Realm Minerals Pty Ltd. and the KSK CoW porphyry copper/gold project by Freeport-McMoRan Exploration Corporation.

For the first time since 2008, pursuant to the Company's shareholder approved Stock Option Plan, the Directors have granted Incentive Stock Options to Directors, employees and consultants on 4,875,000 shares of the Company's capital stock, exercisable for up to five years at a price of $0.12 per share, which price is the last closing price of the Company's shares prior to the date of grant. The options granted will be subject to any applicable regulatory hold periods.

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.

This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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
    Faldi Ismail
    Deputy Chairman and CEO
    Mobile: +61 (0) 423 206 324

    Kalimantan Gold Corporation Limited
    Gerald Cheyne
    Director Corporate Development
    44 (0) 2077311806 OR Mobile: 44 (0) 7717473168

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