Kalimantan Gold Update on KSK Joint Venture Option
21 Fevereiro 2011 - 4:00AM
Marketwired
As announced on December 13, 2010, Kalimantan Gold Corporation
Limited (the "Company") (TSX VENTURE: KLG)(AIM: KLG) signed a
non-binding term sheet (the "Term Sheet") with a major copper
mining company (the "Major") in relation to its KSK Contract of
Work copper project (the "KSK CoW") in Kalimantan, Indonesia.
Pursuant to the Term Sheet the Major can earn a 51% joint venture
interest in the KSK CoW by expending US$7 million on a substantial
exploration program over three years and then a further 24% (total
75%) by sole funding the completion of a feasibility study. Further
details on the terms are contained in the Company's previous
announcement.
The Company has now delivered most required documentation in
relation to the due diligence being undertaken by the Major and
there have been no obstacles identified to date. The binding
agreement setting out transaction terms and structure is also well
underway to completion. However, to accommodate the relatively
large volume of due diligence materials, the Company has agreed
with the Major to increase the Major's due diligence period to 90
days from 60 days, so that it now extends to March 8, 2011. Within
the later of 15 days after signing the binding agreement or written
approval of the TSX Venture Exchange the Major would subscribe to a
C$350,000 private placement in the Company priced in the context of
the market at that time.
The Major is also well advanced in its preparations to rapidly
mobilise a drilling team to commence testing the major porphyry
copper targets the Company has identified on the KSK CoW.
The main focus of the exploration program will be drill testing
the deeper porphyry copper targets that have been identified on the
KSK CoW. Recent advanced inversion modeling identified numerous
massive deep seated magnetic bodies below extensive surface
geochemical anomalies and existing drill holes where copper
mineralization was present. The three highest priority targets
identified are the Beruang Tengah, Beruang Kanan and Tambang Huoi
prospects, which are all expected to be drill tested in the first
year of the program. Previous drilling results at Beruang Kanan
have included intersections of 167 meters at 0.59% copper from 4.5
meters, 79 meters at 0.89% copper from 6.5 meters and 102 meters at
0.62% copper from 3 meters. Further details on the inversion
modeling and identified targets are contained in technical reports
on the Company's website at www.kalimantan.com.
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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