Kalimantan Gold Signs Definitive Agreement
16 Fevereiro 2011 - 5:00AM
Marketwired
Kalimantan Gold Corporation Limited (TSX VENTURE: KLG)(AIM: KLG)
(the "Company") is pleased to provide an update on the option to
joint venture agreement announced on December 2, 2010.
Jelai Gold Project
As announced on December 2, 2010 the Company signed a binding
letter of intention ("LOI") with Tigers Realm Minerals Pty Ltd.
("Tigers"), an Australian based, privately owned resources company,
whereby Tigers may earn up to a 70% interest in the Company's Jelai
Gold Project by meeting certain project expenditure obligations and
completing a bankable feasibility study ("BFS").
Tigers has completed its due diligence and on February 16, 2011
the Company and Tigers executed a definitive option agreement (the
"Deed"). The Deed remains conditional upon the term of the Izin
Usaha Pertambangan granted by Bupati Bulungan of the Republic of
Indonesia in respect of land near the village of Tenggiling in the
Regency of Bulungan, Province of East Kalimantan ("IUP") being
extended to at least June 2, 2015 and forestry permits being
granted as necessary to enable the on ground activities to be
conducted. Both the IUP revision and forestry permits are expected
to be in hand shortly. Tigers can incrementally earn up to a 70%
interest in the Jelai Project by spending US$6,000,000 by June 2,
2015, with the first US$2,000,000 by June 30, 2012 being an
obligation. If Tigers doesn't complete the BFS by the IUP expiry
date, its interest earned in Jelai will convert to a royalty capped
at two times its investment in the Jelai project.
RFC Corporate Finance Ltd acts as KLG's Nominated Adviser for
the purposes of its AIM listing, contact Stuart Laing, ph: +618
9480 2506 or email: stuartl@rfc.com.au.
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.
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.
Contacts: Kalimantan Gold Corporation Limited Rahman Connelly
Deputy Chairman and CEO +61 7 552 32298 or Mobile: +61 418 116 955
rconnelly@ozemail.com.au Kalimantan Gold Corporation Limited Gerald
Cheyne Director Corporate Development +44 (0) 2077311806 or Mobile:
+44 (0) 7717473168 gerald.cheyne@kalimantan.com www.kalimantan.com
Alexander David Securities Limited Bill Sharp/David Scott +44 (0)
20 7448 9820
(TSXV:KLG)
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