Kalimantan Gold Clarifies Previous Disclosure Following a Preliminary Technical Disclosure Review By BCSC
December 10 2013 - 2:00AM
Business Wire
As a result of a review of the technical disclosure of
Kalimantan Gold Corporation Limited (the “Company”) (TSX-V:KLG) by
the British Columbia Securities Commission, the Company is issuing
this press release to clarify certain of its recently published
technical disclosure on the Company’s website at www.kalimantan.com
and in material distributed through press releases in relation to a
technical report filed on November 27, 2013.
On November 27, 2013 the Company filed a technical report
entitled “NI43-101 Technical Report on the Jelai Gold Project,
North Kalimantan, Indonesia, dated effective November 1, 2013
written by Dr. Steve Garwin and Dr. Noel White on the Company’s PT
Jelai Cahaya Minerals property (the “Report”) in support of
technical information announced on November 27, 2013.
On December 9, 2013 the Company filed a revised technical report
(“Revised Report”) to address the NI43-101 deficiencies and that is
now compliant with NI43-101. The Revised Report is effective
November 1, 2013 and signed December 5, 2013. The Revised Report
recommends that the Company should complete gold resource
calculations for Mewet, Sembawang and Lipan vein systems that are
NI43-101 compliant. If the grade-tonnage characteristics of the
gold resources justify, then a scoping study for development should
be initiated. It is the authors’ opinion that the location of the
veins and the relationship to local topography favor open‐pit
mining of the Sembawang and Lipan veins and under‐ground
exploitation of the Mewet vein. This opinion does not imply that
the veins contain economic mineral resources but merely highlights
the relationships of the veins to local topography. Assuming a
favorable outcome to the economic studies, then future exploration
should focus on expanding gold‐bearing shoots in the three known
vein systems.
The Company wishes to clarify certain publicly disclosed
technical information as follows:
- The statement in the November 27, 2013
press release that the Report confirms the potential for a gold
mineral resource to be defined and ultimately developed at the
Jelai Gold project is not supported by the Report. The Report
disclosed the potential length, depth and thicknesses of the
gold-bearing portions of the Mewet, Sembaweng and Lipan veins above
a cut-off but it did not include the cautionary language required
by NI43-101. The Report used the term “ore-shoot” and “vein-lode”
to describe mineralization. The use of such terms implies economic
viability and is inappropriate before completion of a positive
preliminary feasibility study or feasibility study and the terms
have been removed from the Revised Report and the Revised Report
includes the appropriate cautionary language.
- The certificates of the qualified
persons (“QPs”) in the Report did not specify which items of the
report each of the QPs were responsible for, what prior involvement
each of the QPs have had with the property and a statement that the
QP’s are independent of the Company as required by NI43-101. The
Revised Report includes the amended certificates.
- The Report recommended work for
on-going development of the property including detail on drilling
and sampling however, it did not provide a breakdown of costs to
perform the work. The Revised Report includes the phased budget for
the recommended work program.
- A corporate presentation that was
posted on the Company’s website has now been removed as it
contained references to potential gold resources at both the Jelai
exploration project and at the Beruang Kanan exploration target on
the KSK Contract of Work in Central Kalimantan that were not
supported by NI43-101 compliant technical reports and did not
contain the cautionary language required by NI43-101 and are
therefore retracted by the Company. The corporate presentation also
contained information on other exploration targets located on the
Company’s KSK project that should be considered out-of-date and as
such should not be relied upon. The Company’s press release dated
November 12, 2013 provided an update on activity on the KSK
project. The Company will update the information on its web
site.
All data, as disclosed in this press release, has been
reviewed and verified by the Company's Qualified Person for the
Jelai and KSK projects, Dr. Peter Pollard, who is a Member of the
Australasian Institute of Mining and Metallurgy (Chartered
Professional). Dr Pollard is a director and the Chairman of
KLG. He acts as a technical consultant to KLG and has
sufficient experience which is relevant to the style of
mineralization and types of deposits under consideration and to the
activity he is undertaking to qualify as a Qualified Person under
NI43-101.
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 LimitedKatrina Damouni / Peter
DamouniTelephone: +44 20 3005 5005 / +44 20 3005 5007Email:
pdamouni@vsacapital.com
KLG's Nominated AdviserRFC Ambrian LimitedStuart
LaingTelephone: +61 8 9480 2506Email:
stuart.laing@rfcambrian.com
About Kalimantan Gold
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: the Jelai epithermal gold project in East Kalimantan
(which is optioned to Tigers Realm Minerals) and the KSK Contract
of Work in Central Kalimantan with multiple porphyry copper and
gold prospects (which is optioned to a wholly owned subsidiary of
Freeport-McMoRan Exploration Corporation). 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.
Kalimantan GoldFaldi Ismail, +61 (0) 423 206 324Deputy
Chairman and CEO, Kalimantan
Goldfaldi.ismail@kalimantan.comorGerald Cheyne, +44 (0)
2077311806Director Corporate DevelopmentMobile: +44 (0)
7717473168gerald.cheyne@kalimantan.comorVSA Capital
LimitedKatrina Damouni / Peter DamouniTelephone: +44 20 3005
5005 / +44 20 3005 5007pdamouni@vsacapital.comorKLG's Nominated
AdviserRFC Ambrian LimitedStuart Laing, +61 8 9480
2506stuart.laing@rfcambrian.com