Kalimantan Gold Corporation Limited

Kalimantan Gold Corporation Limited

November 29, 2010 02:00 ET

Kalimantan's Third Quarter Results 2010



November 29, 2010

Kalimantan's Third Quarter Results 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2010) - The unaudited Interim Consolidated Financial Statements of
Kalimantan Gold Corporation Limited (the "Company") (TSX Venture:KLG)(AIM:KLG) for the third quarter ended September 30,
2010 is available for viewing on www.sedar.com or www.kalimantan.com.

The highlights of the third quarter and up to November 24, 2010 include:

The Company's main activities in the three months ended September 30, 2010 were focused on completing a non-brokered
private placement on July 20, 2010 pursuant to which the Company issued 13,235,000 common shares to raise $639,048
(C$661,750) of which $520,971 had been received as share subscriptions at June 30, 2010 and the remaining $118,077 was
received in the three months ended September 30, 2010.

The Company began the 2010 fiscal year with $481,004 cash. The Company used $766,964 to fund operations, expended $968
for the purchase of field equipment, received proceeds from the sale of common shares of $635,566 net of issue costs and
paid the promissory note of $95,147 (C$100,000) and finally recorded an unrealized foreign exchange loss of $3,436 on
its cash to end the quarter with $250,055 cash.

The Company continues its efforts as agent for the shareholders of PT Indobara Pratama ("IBP") who are seeking to sell
IBP's coal concession in exchange for a share of the proceeds. IBP's project is already permitted for production and has
the potential to be an open-cut coal mine. KLG completed a 4600m drilling programme on the concession that indicates a
potential deposit of 270 MTs of between 4,894 and 5,376 kcal/kg coal (air dried basis), with low ash and low sulfur
content (see KLG press release dated March 26, 2009). IBP assisted by the Company are in active negotiations with a
qualified purchaser and the Directors remain confident that a sale of the coal concession of IBP can be completed on
terms satisfactory to the shareholders of IBP and the Company.

The Company continues to introduce potential financers and joint venture partners to the Company's KSK Contract of Work
and its Jelai Mewett gold project.

The Company is in active negotiations with qualified mining partners on both projects and the Directors are confident
that reasonable agreements can be reached for both projects that will see extensive drilling of the KSK Contract of
Work's massive magnetic bodies identified below existing drill holes, which have the potential to yield major porphyry
copper deposits and the continued exploration and drilling on the epithermal gold project to see that project developed
for gold production.

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
Rahman Connelly
Deputy Chairman and CEO
+61 7 552 32298 or Mobile: +61 418 116 955


Kalimantan Gold
Gerald Cheyne
Director Corporate Development
+44 (0) 2077311806 or Mobile: +44 (0) 7717473168


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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