Kalimantan Gold Corporation Limited Plans Private Placement

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

VANCOUVER, BRITISH COLUMBIA -- (Marketwire - April 23, 2012) - Kalimantan Gold Corporation Limited (the "Company") (TSX VENTURE:KLG) (AIM:KLG) plans to raise up to £300,000 from a non-brokered private placement financing from the sale of up to 6,000,000 common shares at a price of £0.05 or US$0.08 per share. The private placement is subject to compliance with applicable securities laws and to receipt of regulatory approval. Insiders may participate in the private placement and the Company may pay finder's fees up to TSX Venture Exchange allowable limits.

The Company intends to use the proceeds from the private placement to fund its ongoing programs in Indonesia, as well as general working capital purposes.


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 Metals) 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.



Contact Information

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 9820

Alexander David Securities Limited
David Scott
+44 (0) 20 7448 9820

KLG's Nominated Adviser
RFC Group Limited
Stuart Laing
+61 8 9480 2506
stuartl@rfc.com.au