Kalimantan's Third Quarter Results 2011
30.11.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Nov. 30, 2011) - The unaudited Interim Consolidated Financial Statements of Kalimantan Gold Corporation Limited (TSX VENTURE:KLG) (AIM:KLG) (the "Company") for the third quarter ended September 30, 2011, is available for viewing on www.sedar.com or www.kalimantan.com.The highlights of the third quarter and up to November 28, 2011 include:
The Company's main activities in the three months ended September 30, 2011, were focused on obtaining the necessary permits to allow exploration to resume on the Company's KSK Contract of Work and on the Jelai Gold project both located in Kalimantan, Indonesia.
On November 7, 2011, the forestry permits for the Jelai Gold project were received, so that the option agreement with Tigers Realm Minerals Pty Ltd. took effect. With the forestry permitting process now complete, camp construction will follow, allowing exploration mapping and sampling to start in early December. A drill contractor has been selected and Tigers Realm expects to be drilling by mid-December.
Preparation work to begin drilling on the KSK Contract of Work has been taking place pursuant to a joint venture agreement with a wholly owned subsidiary of Freeport-McMoRan Exploration Corporation. It is expected that drilling will commence shortly after the receipt of a forestry permit that will give the rights to the holder to carry out mineral exploration activities within the KSK CoW area. The issuance of the forestry permit is expected soon.
The Company incurred a loss and comprehensive loss for the nine months ended September 30, 2011, of $1,269,377 (2010 - $736,435). Included in the loss were gross exploration costs to the Company in the nine months ended September 30, 2011, of $1,251,974 (2010 - $449,802). Of the current period expenditures, $931,751 on the KSK CoW has or will be recovered from Freeport so that the actual net costs were $120,935. It is expected that the Company's share of exploration costs on both the KSK CoW and the Jelai Gold project will decrease significantly as Freeport funds the KSK CoW costs and Tigers funds the Jelai Gold project costs going forward.
The Company began the current fiscal year with $306,156 in cash. The Company used $546,053 to fund operations, expended $16,812 for the purchase of field equipment and received $1,340,528 of share proceeds (net of commission) for shares issued in 2011 and for shares issued in 2010 but not paid until January 13, 2011, to end the nine-month period with $1,086,354 in cash.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Kalimantan Gold Corporation Limited
Faldi Ismail
Deputy Chairman and CEO
Mobile: +61 (0) 423 206 324
faldi.ismail@kalimantan.com
Kalimantan Gold Corporation Limited
Gerald Cheyne
Director Corporate Development
+44 (0) 20 7731 1806 or Mobile: +44 (0) 77 1747 3168
gerald.cheyne@kalimantan.com
www.kalimantan.com
Alexander David Securities Limited
Bill Sharp
+44 (0) 20 7448 982
Alexander David Securities Limited
David Scott
+44 (0) 20 7448 9820
KLG's Nominated Adviser
RFC Corporate Finance Ltd
Stuart Laing
+61 8 9480 2506
stuartl@rfc.com.au