Kalimantan Gold Corporation Limited Fiscal 2011 Results
30.04.2012 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - April 30, 2012) - Kalimantan Gold Corporation Limited (TSX VENTURE:KLG) (AIM:KLG) -Attached are the audited Consolidated Statements of Financial Position, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Cash Flows, Consolidated Statements of Changes in Equity (the "Financial Statements") and Management Discussion and Analysis (the "MD&A") of Kalimantan Gold Corporation Limited (the "Company") for the fiscal year ended December 31, 2011. The Annual Financial Statements and MD&A are available for viewing on www.sedar.com or www.kalimantan.com.The Company has two principal areas of interest: the Jelai Cahaya Minerals, Jelai epithermal gold prospect in East Kalimantan; and the KSK Contract of Work (the "KSK CoW") in Central Kalimantan with multiple porphyry copper and gold prospects.
The highlights of the year and up to the date of the MD&A:
On February 16, 2011, the Company executed an option agreement (the "Deed") with Tigers Realm Metals Pty Ltd. ("Tigers") in relation to the Jelai gold project all as previously reported and as detailed in the Financial Statements. The Deed took effect on November 7, 2011 upon receipt of the forestry permit necessary to enable the on-ground activities to be conducted. By February 21, 2012, the community consultation in respect of planned exploration activities was complete and we have full support from the local government, community and village leaders. Drill camp construction and road repair at the Jelai Project are near completion, and rig mobilization to site #1 is 70% complete. A water quality sampling survey has been completed, as part of the Company's environmental baseline monitoring program. The first drill hole is targeting high grade shoots at a depth below the epithermal gold - silver mineralization intersected by hole JCM-067 (9.50m @ 7.08 g/t Au).
On April 18, 2011, the Company entered into a joint venture agreement (the "Agreement") with a wholly-owned subsidiary of Freeport-McMoRan Exploration Corporation ("Freeport") in relation to the KSK CoW all as previously reported and as detailed in the Financial Statements. On March 12, 2012, the Company received the extension to the expired forestry permit granting full permission to explore certain areas of the KSK COW for two years and denied permission to explore certain other areas of the COW within the Hutan Lindung. The phase one forestry permit is for an area totaling 7,422 hectares of the KSK CoW and gives the rights to the holder to carry out full mineral exploration activities within the permitted concession area. The Company will continue to work through the permitting process to secure permitting over the remaining prospective areas, including Tambang Huoi, one of the three highest priority targets, of the KSK CoW. The portion of the KSK CoW that has not been permitted will remain in suspension until a forestry permit is issued. Safety training has been completed and mobilization of field crews to Beruang drill camps has commenced. Drilling is planned to commence at both of the high priority target sites, Beruang Kanan and Beruang Tengah, by the end of May or early June.
On May 6, 2011, the Company issued 2,500,000 common shares to Freeport at C$0.14 per common share being 125% of the volume weighted average price of the Company's common shares traded on the TSX-V in the seven business days following April 18, 2011, the date of the Freeport Agreement, for proceeds of $363,939 (C$350,000).
Management believes that the Company's combined cash on hand at December 31, 2011 of $1,000,678, combined with ongoing operator management fees and with the proceeds of the private placement expected to close in May 2012 of up to $480,000, is sufficient to fund exploration activities and operations through the next twelve months.
For further information please visit www.kalimantan.com.
KALIMANTAN GOLD CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(expressed in United States dollars, unless otherwise noted)
December 31,
2011 December 31,
2010 January 1,
2010
ASSETS
Current assets
Cash $ 791,511 $ 306,156 $ 481,004
Restricted cash 209,167 - -
Share subscription receivable - 997,595 -
Government deposit and receivable 61,310 - -
Trade and other receivables 111,672 30,427 109,045
1,173,660 1,334,178 590,049
Non-current assets
Security deposit 25,055 25,165 24,414
Government deposit and receivable - 61,618 -
Property, plant and equipment 12,186 24,968 66,169
$ 1,210,901 $ 1,445,929 $ 680,632
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade and other payables $ 950,024 $ 708,578 $ 523,053
Promissory note - - 95,147
950,024 708,578 618,200
Non-current liabilities
Provision for employee service entitlements 99,198 79,694 55,346
1,049,222 788,272 673,546
Shareholders' equity
Share capital 1,624,564 1,599,564 1,305,964
Equity reserves 24,964,645 24,063,393 22,527,806
Deficit (26,427,530) (25,005,300) (23,826,684)
161,679 657,657 7,086
$ 1,210,901 $ 1,445,929 $ 680,632
KALIMANTAN GOLD CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(expressed in United States dollars, unless otherwise noted)
December 31,
2011 December 31,
2010
Expenses
Accounting and audit $ 80,808 $ 84,015
Consultants 294,535 260,497
Directors fees 24,000 24,000
Exploration and evaluation expenditures 399,665 638,272
Investor relations 2,979 2,607
Legal 287 44,224
Management fees (118,736) -
Office and administrative services 14,344 21,220
Stock-based compensation 565,265 -
Telephone and facsimile 3,455 2,526
Transfer agent, filing and exchange fees 96,239 66,811
Travel and accommodation 61,719 41,858
1,424,560 1,186,030
Other items
Foreign exchange gain (866) (7,296)
Gain on sale of equipment (1,038) -
Interest income (426) (118)
(2,330) (7,414)
Loss and comprehensive loss for the year $ 1,422,230 $ 1,178,616
Basic and diluted loss per common share $ (0.01) $ (0.01)
Weighted average number of shares outstanding 164,550,992 139,919,786
KALIMANTAN GOLD CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(expressed in United States dollars, unless otherwise noted)
December 31,
2011 December 31,
2010
Cash provided from (used for):
Operating activities
Loss for the year $ (1,422,230) $ (1,178,616)
Adjustment for non-cash items:
Depreciation 22,728 42,827
Stock-based compensation 565,265 -
Unrealized foreign exchange loss 2,705 (9,139)
Changes in non-cash working capital:
Trade and other receivables (80,937) 17,000
Trade and other payables 261,360 165,611
Provision for employee service entitlements 19,504 24,348
(631,605) (937,969)
Investing activities
Purchase of property, plant and equipment (30,176) (1,626)
Recovery of property, plant and equipment 20,230 -
Restricted cash (209,167) -
(219,113) (1,626)
Financing activities
Promissory Note - (95,147)
Share issues 1,360,442 856,200
Share issue costs (22,866) (3,602)
1,337,576 757,451
Unrealized foreign exchange gain (loss) on cash (1,503) 7,296
Increase (decrease) in cash 485,355 (174,848)
Cash, beginning of the year 306,156 481,004
Cash, end of the year $ 791,511 $ 306,156
KALIMANTAN GOLD CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(expressed in United States dollars, unless otherwise noted)
Number of
shares Amount Equity reserves Deficit Total
Balance, January 1, 2010 133,547,156 $ 1,305,964 $ 22,527,806 $ (23,826,684) $ 7,086
Share issues 29,360,000 293,600 1,599,167 - 1,892,767
Share issue costs - - (63,580) - (63,580)
Loss and comprehensive loss for the year - - - (1,178,616) (1,178,616)
Balance, December 31, 2010 162,907,156 1,599,564 24,063,393 (25,005,300) 657,657
Share issues 2,500,000 25,000 338,939 - 363,939
Share issue costs - - (2,952) - (2,952)
Stock-based compensation - - 565,265 - 565,265
Loss and comprehensive loss for the year - - - (1,422,230) (1,422,230)
Balance, December 31, 2011 165,407,156 $ 1,624,564 $ 24,964,645 $ (26,427,530) $ 161,679
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.
Contact Information
Kalimantan Gold Corporation Limited
Faldi Ismail
Deputy Chairman and CEO
Mobile: +61 (0) 423 206 324
faldi.ismail@kalimantan.com
www.kalimantan.com
Kalimantan Gold Corporation Limited
Gerald Cheyne
Director Corporate Development
+44 (0) 2077311806 or Mobile: +44 (0) 7717473168
gerald.cheyne@kalimantan.com
Alexander David Securities Limited
Bill Sharp/David Scott
+44 (0) 20 7448 9820
KLG's Nominated Adviser
RFC Group Limited
Stuart Laing
+61 8 9480 2506
stuartl@rfc.com.au