Kalimantan Gold Corporation Limited
LSE : KLG

Kalimantan Gold Corporation Limited

August 27, 2009 02:00 ET

Kalimantan's Half-Year 2009 Results

FOR:  KALIMANTAN GOLD CORPORATION LIMITED

TSX VENTURE, AIM SYMBOL:  KLG

August 27, 2009

Kalimantan's Half-Year 2009 Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 27, 2009) - 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") (TSX
VENTURE:KLG)(AIM:KLG) for the half year ended June 30, 2009. The Half-Year Report is available for
viewing on www.sedar.com or www.kalimantan.com.

Commenting on the company's progress, CEO Rahman Connelly said, "our near term focus has been on
attracting a well credentialed funding and offtake partner to the IBP coal project. There is extensive
interest in IBP from within Indonesia and abroad but, being a large project with a significant
potential resource base, it's taking time to conclude a deal satisfactory to all parties, but I remain
confident we will do so. Regarding our KSK copper project, a major mining company is currently
undertaking a detailed technical assessment as a possible step towards a joint venture. A major
company also recently undertook extensive desk and field due diligence on our Jelai gold project but
subsequently offered inadequate joint venture terms and therefore our current preferred route is to
progress this project alone by initially developing a small scale mine, for which purpose we are
considering various financing alternatives."

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 INTERIM BALANCE SHEETS
(a development stage company)
(In United States Dollars)

                                                    June 30,   December 31,
As at                                                  2009           2008
--------------------------------------------------------------------------
                                                 (unaudited)
ASSETS
Current assets
 Cash and equivalents                         $     367,180  $     313,663
 Prepaid items and advances                          58,195         62,092
                                              -------------  -------------
                                              -------------  -------------
                                                    425,375        375,755
Security deposit - mineral property                  20,995         22,452
Equipment (note 4)                                   85,773        124,870
                                              -------------  -------------
                                              $     532,143  $     523,077
                                              -------------  -------------
                                              -------------  -------------

LIABILITIES

Current liabilities
 Accounts payable and accrued liabilities     $     230,307  $     407,456
                                              -------------  -------------

 Provision for employee service entitlements         36,259         31,424
                                              -------------  -------------
                                                    266,566        438,880
                                              -------------  -------------
                                              -------------  -------------

SHAREHOLDERS' EQUITY
Share capital (note 6)                            1,185,274        964,385
Contributed surplus (note 6)                     22,128,694     21,444,541
Deficit                                         (23,048,391)   (22,324,729)
                                              -------------  -------------
                                                    265,577         84,197
                                              -------------  -------------
                                              $     532,143  $     523,077
                                              -------------  -------------
                                              -------------  -------------


Approved by the Board of Directors


/s/ Murray Clapham                   /s/ Rahman Connelly
Murray Clapham                       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           six months ended
--------------------------------------------------------------------------
                         June 30,      June 30,      June 30,      June 30,
                            2009          2008          2009          2008
--------------------------------------------------------------------------
                      (unaudited)   (unaudited)   (unaudited)   (unaudited)
EXPENSES
General and
 administrative
 Accounting and
  audit             $     12,743  $        915  $     12,743  $        915
 Amortization                  -           295             -           589
 Consultants (note 7)     56,151       149,867       122,436       272,128
 Defalcation recovery          -             -       (16,835)            -
 Directors fees
  (note 7)                 6,000         6,000        12,000        12,000
 Investor relations        8,769        31,754        11,686        46,909
 Legal                     3,797         5,483        22,017        12,066
 Office and
  administrative
  services                 4,151         6,118         6,972        10,276
 Stock compensation
  expense                      -           874             -         7,292
 Telephone and
  facsimile                1,443         1,419         2,825         2,879
 Transfer agent,
  filing and
  exchange fees           14,840        38,446        36,360        72,410
 Travel and
  accommodation           12,813        23,145        19,189        29,668
                    ------------  ------------  ------------  ------------
                         120,707       264,316       229,393       467,132

Current exploration
 (note 5)                148,746       439,958       482,199       754,793

Foreign exchange
 loss (gain)               4,693       (11,104)       12,070        38,554

Interest income                -        (2,307)            -        (6,311)
                    ------------  ------------  ------------  ------------

Loss and
 comprehensive loss     (274,146)     (690,863)     (723,662)   (1,254,168)

Deficit - beginning
 of period           (22,774,245)  (16,210,196)  (22,324,729)  (15,646,891)
                    ------------  ------------  ------------  ------------
Deficit - end of
 period             $(23,048,391) $(16,901,059) $(23,048,391) $(16,901,059)
                    ------------  ------------  ------------  ------------
                    ------------  ------------  ------------  ------------

Loss per share -
 basic and diluted  $      (0.00) $      (0.01) $      (0.01) $      (0.02)
                    ------------  ------------  ------------  ------------
                    ------------  ------------  ------------  ------------
Weighted average
 number of shares
 outstanding         114,312,121    66,010,062   106,891,915    64,946,509
                    ------------  ------------  ------------  ------------
                    ------------  ------------  ------------  ------------

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           six months ended
--------------------------------------------------------------------------
                         June 30,      June 30,      June 30,      June 30,
                            2009          2008          2009          2008
--------------------------------------------------------------------------
                      (unaudited)   (unaudited)   (unaudited)   (unaudited)

Cash provided from
 (used for)

Operating activities
Loss for
 the period         $   (274,146) $   (690,863) $   (723,662) $ (1,254,168)
Add charges to
 operations not
 involving a current
 payment of cash:
 Amortization             11,234        15,160        29,328        27,179
 Stock compensation
  expense                      -           874             -         7,292
 Unrealized foreign
  exchange loss
  (gain)                   3,855       (11,085)       13,527        38,574
Changes in
 non-working capital
 items:
 Prepaid items
  and advances           (43,506)       23,866         3,897       (45,623)

 Accounts payable
  and accrued
  liabilities           (114,801)       54,944        42,657       (24,337)
 Provision for
  employee service
  entitlements             4,835          (536)        4,835        (9,144)
                    ------------  ------------  ------------  ------------
                        (412,529)     (607,640)     (629,418)   (1,260,227)
                    ------------  ------------  ------------  ------------
Investing activities
Proceeds on sale
 of equipment                  -        (4,314)        9,896        (5,916)
Equipment                  1,493       (19,820)         (127)      (38,220)
                    ------------  ------------  ------------  ------------
                           1,493       (24,134)        9,769       (44,136)
                    ------------  ------------  ------------  ------------

Financing activities
Share issues             685,236     1,062,577       685,236     1,840,297
                    ------------  ------------  ------------  ------------
                         685,236     1,062,577       685,236     1,840,297
                    ------------  ------------  ------------  ------------
                    ------------  ------------  ------------  ------------

                    ------------  ------------  ------------  ------------
Unrealized foreign
 exchange loss (gain)
 on cash and cash
 equivalents              (4,693)       11,085       (12,070)      (38,574)
                    ------------  ------------  ------------  ------------

Net change in
 cash and cash
 equivalents             269,507       441,888        53,517       497,360

Cash and cash
 equivalents,
 beginning of
 period                   97,673       928,211       313,663       872,739
                    ------------  ------------  ------------  ------------

Cash and cash
 equivalents, end
 of period         $     367,180 $   1,370,099 $     367,180 $   1,370,099
                    ------------  ------------  ------------  ------------
                    ------------  ------------  ------------  ------------

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

/T/

FOR FURTHER INFORMATION PLEASE CONTACT:

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

OR

Kalimantan Gold Corporation Limited
Nick Cottam
Public Relations
+ 44 (0) 1394 384115

OR

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

OR

Alexander David Securities Limited
Jon Levinson
+44 (0) 20 7448 9826
www.kalimantan.com

OR

Alexander David Securities Limited
Nick Bealer
+44 (0) 20 7448 9826

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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