ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

Kalimantan Gold Shimmers After Consistent Gains

Share On Facebook
share on Linkedin
Print

The junior mining company is up nearly 30% over the last four days.

Kalimantan Gold Corporation Limited (LSE:KLG) is an AIM listed mining company focused on gold, copper and coal prospects in Kalimantan, Indonesia.

10 November Press Release

The company’s gains were perpetuated Thursday with a 6.5% increase in share price following a positive news release. The announcement stated that the Minister of Forestry has granted a “borrow to use” exploration permit for the Jelai Gold project in north eastern Kalimantan. The permit gives the company permission to conduct explorations across 11 of their 12 Jelai gold prospects, including 4,675 of the 5,000 hectare IUP.

Joint Venture With Tigers Realm

This announcement fulfils the outstanding requirements for their joint venture with Melbourne-based Tigers Realm Minerals, who have the right to a 70% interest in the Jelai Gold project if they meet certain conditions. These conditions include fulfilling project expenditure requirements and completing a bankable feasibility study before the expiration of the IUP.

Tigers Realm estimates the drill expenditure to be US$2 million in the first 18 months, with a total of 8,000 metres of drilling at the Mewet prospect planned. With the permits approved, camp construction will follow with drilling planned to commence by mid December.

The Mewet Prospect is the company’s primary gold project, totalling 126 holes drilled at a total depth of 14,000 metres.

Statement From CEO

KGC CEO Faldi Ismail stated the following:

“Securing the forestry permit is a significant step for KGC and the Jelai project and this demonstrates KGC’s understanding and ability to work within the Indonesian regulatory environment. It also demonstrates that Indonesia’s new mining and forestry regulations work. KGC and Tigers Realm are excited to commence exploration at the Jelai Gold Project”

References
 About Kalimantan
 Kalimantan Press Release

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com