TIDMKLG
Kalimantan Gold Corporation Limited ("KLG" or the "Company") has
filed a NI 43-101 compliant technical report supporting the
independently estimated maiden resource for the Main Zone of the
Beruang Kanan ("BKM") prospect within the Company's 100% held KSK
Contract of Work project, in Kalimantan, Indonesia as announced on
September 26, 2014.
As announced on September 26, 2014, the highlights of the
estimate are:
-- Inferred Resource of 47 million tonnes averaging 0.6% Cu or
621,700,000 pounds of copper (reporting cut 0.2% Cu).
-- Mineral Resource estimate is only for the Main Zone, a portion of the
Beruang Kanan mineralized area and is based on assays from 74
diamond
drill core holes that were drilled from 1998 to 2007 and then
from
2012 to 2013.
-- The Mineral Resource is contained within a near-surface,
shallow-dipping and strongly mineralized system, that extends
over an
area of 1000m (N-S) and 950m (E-W) with depth extents ranging
from
surface to between 100m and 450m (amended from 350m noted in
September
26, 2014 announcement) below surface (top to bottom). The
mineralization remains open in several directions.
-- Other priority targets in the BKM project area have been identified at
Beruang Kanan South, Beruang Kanan West, Beruang Kanan
Polymetallic
North, Beruang Kanan Polymetallic South and the Low Zone
prospects;
each within 1.5km of the BKM Inferred Mineral Resource.
The report is titled "Beruang Kanan Main Zone, Kalimantan
Indonesia: 2014 Resource Estimate Report", prepared by Duncan
Hackman of Hackman and Associates Pty. Ltd. with an effective date
of September 30, 2014.
KSK Contract of Work
The holder of the KSK Contract of Work is PT Kalimantan Surya
Kencana ("KSK"). The Company holds 100% of the shares of Indokal
Limited ("Indokal"). KSK is owned 75% by Indokal and 25% by PT
Pancaran Cahaya Kahayan ("PCK"). Indokal owns 100% of PCK.
The Company is in discussions with the Government of Indonesia
to amend the KSK Contract of Work ("CoW"). The six points being
discussed include, 1) royalties, 2) size of the CoW in Exploration
vs. Production, 3) domestic processing, 4) divestment obligations,
5) State Revenues and 6) prioritize the use of local manpower and
local products. Continued progress is being made and we are
encouraged by our discussions with the Indonesian Government.
As noted, the Beruang Kanan prospect is located within the KSK
Contract of Work.
Qualified Person
Duncan Hackman (B. App.Sc., MSc., MAIG) of Hackman &
Associates Pty Ltd (Australia) is the independent Qualified Person
within the meaning of NI 43-101 for the purposes of Mineral
Resource estimates contained within this press release. Information
disclosed in this press release has been reviewed and verified by
KLG's qualified person, Stephen Hughes, P. Geo. a director of KLG
and a Qualified Person within the meaning of NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
For further information please contact:
Faldi IsmailDeputy Chairman and CEO, Kalimantan GoldMobile: +61
(0) 423 206 324Email: faldi.ismail@kalimantan.com
Gerald CheyneDirector Corporate DevelopmentTelephone: +44 (0)
2077311806Mobile: +44 (0) 7717473168Email:
gerald.cheyne@kalimantan.com
VSA Capital LimitedAndrew Raca / Justin McKeeganTelephone: +44
20 3005 5004 / +44 20 3005 5009Email: araca@vsacapital.com
Kalimantan Gold's Nominated AdviserRFC Ambrian LimitedAndrew
Thomson / Trinity McIntyreTelephone: +61 8 9480 2500Email:
andrew.thomson@rfcambrian.com / trinity.mcintyre@rfcambrian.com
About Kalimantan Gold Corporation Limited
Kalimantan Gold Corporation Limited is a junior exploration
company listed on both the TSX Venture Exchange in Canada and on
AIM in London. The Company has two exploration projects in
Kalimantan, Indonesia: the Jelai epithermal gold project in East
Kalimantan and the KSK Contract of Work in Central Kalimantan with
potential for multiple porphyry copper and gold prospects. For
further information please visit 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.
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.
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