Kalimantan Investment Corporation

October 10, 2008 08:00 ET

Kalimantan Investment Corporation Acquires Shares of Kalimantan Gold Corporation Limited

WHITE ROCK, BRITISH COLUMBIA--(Marketwire - Oct. 10, 2008) - Kalimantan Investment Corporation (the "Company") has acquired ownership of, and control and direction over, 20,000,000 common shares of Kalimantan Gold Corporation Limited ("Kalimantan Gold') (representing 21% of Kalimantan Gold's outstanding common shares) pursuant to the sale of all of the Company's interest in the common shares of PT Pancaran Cahaya Kahaya ("PCK"). The Company now has control and direction over 31,802,329 common shares (representing 33.4% of Kalimantan Gold's outstanding common shares).

PCK holds 25% of the common shares of PT Kalimantan Surya Kencana ("KSK"), the holder of the KSK Contract of Work located in Central Kalimantan, Indonesia. Indokal Limited, a wholly owned subsidiary of Kalimantan Gold owns the remaining 75% of the common shares of KSK. The sale of PCK was approved by the regulatory authorities and the shareholders of the Company in December 2007. The transfer of the shares of PCK to Indokal was approved by the Indonesian regulatory authorities and completed on October 6, 2008.

The Company is a private British Virgin Islands company with about 400 shareholders many of whom also hold shares of Kalimantan Gold. It is the Company's intention to dissolve itself and distribute its only asset, being the shares it owns of Kalimantan Gold to its shareholders as soon as practicable.

The Company has filed an Early Warning Report with the British Columbia, Alberta and Ontario Securities Commissions in respect of the acquisition. Copies of the report may be obtained from SEDAR (www.sedar.com) or without charge from us.

Contact Information

  • Kalimantan Investment Corporation
    Doris Meyer
    Shareholder Relations
    (604) 536-2711
    (604) 536-2788 (FAX)