Kalimantan Gold Corporation Limited (the "Company" or "KGC") (TSX
VENTURE:KLG) is pleased to announce the Minister of Forestry has
granted PT Jelai Cahaya Minerals a "borrow to use" exploration
permit for its 100%-owned, Jelai Gold project in north eastern
Kalimantan. The permit authorizes the Company to conduct
exploration activities over the Mewet and 10 other of the 12 Jelai
Gold prospects, comprising 4,675 hectares of the 5,000 hectare IUP
and is valid for two years. This fulfills the outstanding condition
for the Company's Joint Venture agreement to take effect with
Tigers Realm Minerals Pty Ltd ("Tigers Realm").
As announced on February 15, 2011, pursuant to an option
agreement Tigers Realm has the right to earn up to a 70% interest
in the Jelai Gold project by meeting certain project expenditure
obligations and completing a bankable feasibility study by June 2,
2015, the expiry of the IUP. Tigers Realm's proposed drill program
expenditure is US$2m over the first 18 months with approximately
8,000m of drilling at the Mewet Prospect planned.
With the forestry permitting process now complete, camp
construction will follow allowing exploration mapping and sampling
to start in early December. A drill contractor has been selected
and Tigers Realm expects to be drilling by mid-December. "Securing
the forestry permit is a significant step for KGC and the Jelai
project and this demonstrates KGC's understanding and ability to
work within the Indonesian regulatory environment. It also
demonstrates that Indonesia's new mining and forestry regulations
work. KGC and Tigers Realm are excited to commence exploration at
the Jelai Gold Project," said Faldi Ismail the KGC CEO.
The Mewet prospect is the Company's flagship gold project. It
has a total of 126 shallow diamond drill holes totaling
approximately 14,000 meters. Grid soils, surface mapping and
drilling confirmed more than 6km combined strike length of low
sulphidation, vein-style, epithermal, gold-silver mineralization,
comprising the Mewet, Sembawang, Lipan and Nyabi veins. Previously,
shallow drill holes targeted the central areas of the Mewet,
Sembawang and Lipan Veins, with high grade mineralized shoots
intersected at each, shown in Table 1.
Table 1: Significant drilling intercepts.
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Hole From To Interval Au g/t Ag g/t Vein
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JM018 115 119.5 4.5 6.4 8 Mewet
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JM019 185.1 191.2 6.1 5.7 15 Mewet
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JCM 13 32 36.75 4.75 10.43 14 Sembawang South
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JCM 26 42 47.2 5.2 5.6 3 Sembawang Central
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JCM 27 12.5 18.45 5.95 2.15 4 Sembawang Central
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JCM 38 21.9 27.3 5.4 11.74 5 Lipan
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JCM 50 26.5 34.55 8.05 4.52 3 Lipan
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JCM 67 121 130.5 9.5 7.08 10 Mewet
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JCM 69 22.7 28.7 6 15.84 81 Mewet
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JCM 76 14.1 27 12.9 2.23 6 Mewet
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JCM 81 34.3 41.2 6.9 24.7 23 Mewet
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JCM 92 21 25 4 13.27 19 Sembawang South
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Interpretation of mineral textures in veins and comparison with
models for low-sulphidation epithermal systems indicates the
current level of exposure is near the top of the precious metal
zone. Limited fan style drilling confirms the Mewet vein becomes
thicker at depth and that mineralization extends over at least 200
meters vertically.
As part of Tigers Realm due diligence, the investigative
geologic team collected representative skeleton drill core samples
(10cm in length) from mineralized intervals of selected holes.
Assay results confirmed high grade gold and silver mineralization,
and assay results are shown in Table 2. Six of the samples
collected from drill core at the Mewet property were prepared and
stained in Australia, to test for adularia. Results indicate that
adularia is a common component of crustiform banded veins at Mewet
and is associated with high grade gold mineralization (Figure
1).
To view Figure 1, click on the following link:
http://media3.marketwire.com/docs/k119.pdf
The combination of vein textures and mineral-textural zonation
and apparent overlapping of zones is promising that stacking and
overprinting of various zones has occurred, and such a process can
increase the total metal endowment of the vein, particularly in
shoots. The metal ratios with approximately equal Au: Ag also
support the concept observed in other epithermal systems that the
mineralization encountered in Mewet occurs in the upper to middle
part of the precious metals zone (observations also made by
previous geologists, e.g. Worsley, 1999). Based on these data,
Tigers Realm geologists interpret high grade shoots may have
developed for at least 200 meters below the current depth of
drilling, within parts of the Mewet vein system.
Table 2: Assay results from skeleton core samples collected by Tigers Realm.
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Hole From To Interval TR Au g/t TR Ag g/t Sample Type Vein
----------------------------------------------------------------------------
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JCM 01 21.55 24.7 3.15 5.21 3.2 DC-10cm Lipan Central
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JCM 12 32.4 36 3.6 3.51 2.1 DC-10cm Sembawang
South
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JCM 14 35 36.5 1.5 11.9 22.3 DC-10cm Sembawang
South
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JCM 25 14 15.5 1.5 1.53 3.2 DC-10cm Sembawang
Central
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JCM 26 43.4 47.2 3.8 5.87 2.8 DC-10cm Sembawang
Central
----------------------------------------------------------------------------
JCM 27 15.45 18.5 3.05 1.75 4.1 DC-10cm Sembawang
Central
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JCM 38 21.95 27.35 5.4 2.86 3.1 DC-10cm Lipan South
----------------------------------------------------------------------------
JCM 67 24.85 127.1 102.25 3.22 9.7 DC-10cm Mewet Central
----------------------------------------------------------------------------
JCM 69 24.2 27.5 3.3 10.6 43.9 DC-10cm Mewet South
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JCM 69 52 54.85 2.85 2.94 18.7 DC-10cm Mewet South
----------------------------------------------------------------------------
JCM 72 49.4 52.9 3.5 2.12 2 DC-10cm Sembawang
Central
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JCM 81 39.8 41.2 1.4 116 69.4 DC-10cm Mewet South
----------------------------------------------------------------------------
JCM 84 81.45 82.05 0.6 9.1 59 DC-10cm Mewet South
----------------------------------------------------------------------------
JCM 89 21.9 23.25 1.35 2.95 33.9 DC-10cm Mewet North
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JCM 92 21 25 4 28.2 42.1 DC-10cm Sembawang
South
----------------------------------------------------------------------------
The Qualified Person responsible for the technical content and
verification in this press release is Dr. Peter Pollard, the
Company's Qualified Person.
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 Minerals) 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.
To view the map accompanying this press release, click on the
following link: http://media3.marketwire.com/docs/k119b.pdf
About Tigers Realm Minerals (Jelai Gold Prospect)
Tigers Realm Minerals is an Australian based, privately owned
resources company. From its head office in Melbourne, Tigers
operates globally with a core focus on gold, copper and coal.
Tigers vision is to build a world class resources business by
identifying, acquiring and investing in high quality minerals and
energy opportunities and providing the necessary management,
technical and financial support required to fully explore, evaluate
and develop these assets to their full potential. The Tigers team
of resource industry professionals has a reputation for delivering
exceptional investment returns, most notably through the
transformation of junior mineral explorer Oxiana Resources into an
ASX 100 company capitalised at over $6 billion between 2000 and
2008. Tigers is currently building and exploring gold and coal
portfolios in the Asian region, exploring for coal in South America
and assessing a range of additional gold, copper and coal
opportunities globally. For further information on Tigers please
visit www.tigersrm.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 Faldi Ismail
Deputy Chairman and CEO Mobile: +61 (0) 423 206
324faldi.ismail@kalimantan.com Kalimantan Gold Corporation Limited
Gerald Cheyne Director Corporate Development +44 (0) 2077311806 or
Mobile: +44 (0) 7717473168gerald.cheyne@kalimantan.com Alexander
David Securities Limited Bill Sharp / David Scott +44 (0) 20 7448
9820 RF Corporate Finance Ltd Stuart Laing KLG's Nominated Adviser
+61 8 9480 2506stuart@rfc.com.au
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