Kalimantan Gold Regains Control of Jelai Gold Project
Kalimantan Gold Corporation ('KLG?) announces that Tigers Realm Metals
('TRM?) has completed phase one exploration activities on KLG′s Jelai
epithermal gold project located in East Kalimantan, Indonesia. TRM
focused on drilling advanced stage greenfield targets in the northwest
Mewet Prospect of the Jelai IUP license.
TRM completed 12 holes, for a total 3,318.9m. TRM′s objective was to
test continuity of high grade at depth and in shoots along strike, to
define an initial gold resource at the Mewet Prospect. A total of eight
holes were completed at the Mewet prospect, two deep holes into north
and south Sembawang prospect and two scout holes at central and south
Nyabi Prospect.
TRM did not see the results it expected in this modest 6-month drill
test and they have provided notice to withdraw from the Option Deed
effective September 30, 2012 having spent $2,000,000.
Faldi Ismail, CEO remarked, while we enjoyed working with the TRM team I
understand TRM's priorities and wish to withdraw from its Option Deed.
However, now that the Jelai prospect reverts to being wholly owned by
KLG, we will be reviewing the best way of taking the Jelai prospect
forward once conclusions have been reached following the review of the
drill results. We are currently in discussions with a number of parties
that have expressed interest in the project?.
Results are now being analyzed by KLG and conclusions will be released
as soon as they are available.
To view the graphic associated with this press release, please click on
the following link:
http://www.usetdas.com/pr/kalimantan10022012graphic1.jpg
Figure
1: Jelai IUP, showing TRM drill hole locations
To view the graphic associated with this press release, please click on
the following link:
http://www.usetdas.com/pr/kalimantan10022012graphic2.jpg
Figure
2: Jelai IUP, showing prospect locations
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 was optioned to Tigers
Realm Metals Pty Ltd) and the KSK Contract of Work in Central Kalimantan
with multiple porphyry copper and gold prospects. For further
information please visit www.kalimantan.com
To view the graphic associated with this release, please click on the
following link:
http://www.usetdas.com/pr/kalimantan10022012graphic3.jpg
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.
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
uncertain.
Faldi Ismail
Deputy Chairman and CEO, Kalimantan Gold
Mobile:
+61 (0) 423 206 324
Email: faldi.ismail@kalimantan.com
or
Gerald
Cheyne
Corporate Development (UK)
Telephone: +44 (0)
2077311806
Mobile: +44 (0) 7717473168
Email: gerald.cheyne@kalimantan.com
or
VSA
Capital Limited
Nick Redfern/ Peter Damouni
Telephone: +44
20 3005 5005/ +44 20 3005 5007
Email: ?pdamouni@vsacapital.com
or
KLG's
Nominated Adviser
RFC Ambrian Limited
Stuart Laing
Telephone:
+61 8 9480 2506
Email: stuart.laing@rfcambrian.com
