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| | Mon Apr 30, 2012
Kalimantan Gold Fiscal 2011 Results
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| | Attached are the audited Consolidated Statements of Financial Position, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Cash Flows, Consolidated Statements of Changes in Equity (the "Financial Statements") and Management Discussion and Analysis (the "MD&A") of Kalimantan Gold Corporation Limited (the "Company") for the fiscal year ended December 31, 2011. The Annual Financial Statements and MD&A are available for viewing on www.sedar.com or www.kalimantan.com.
The Company has two principal areas of interest: the Jelai Cahaya Minerals, Jelai epithermal gold prospect in East Kalimantan; and the KSK Contract of Work (the "KSK CoW") in Central Kalimantan with multiple porphyry copper and gold prospects.
The highlights of the year and up to the date of the MD&A:
On February 16, 2011, the Company executed an option agreement (the "Deed") with Tigers Realm Metals Pty Ltd. ("Tigers") in relation to the Jelai gold project all as previously reported and as detailed in the Financial Statements. The Deed took effect on November 7, 2011 upon receipt of the forestry permit necessary to enable the on-ground activities to be conducted. By February 21, 2012, the community consultation in respect of planned exploration activities was complete and we have full support from the local government, community and village leaders. Drill camp construction and road repair at the Jelai Project are near completion, and rig mobilization to site #1 is 70% complete. A water quality sampling survey has been completed, as part of the Company's environmental baseline monitoring program. The first drill hole is targeting high grade shoots at a depth below the epithermal gold -- silver mineralization intersected by hole JCM-067 (9.50m @ 7.08 g/t Au).
On April 18, 2011, the Company entered into a joint venture agreement (the "Agreement") with a wholly-owned subsidiary of Freeport-McMoRan Exploration Corporation ("Freeport") in relation to the KSK CoW all as previously reported and as detailed in the Financial Statements. On March 12, 2012, the Company received the extension to the expired forestry permit granting full permission to explore certain areas of the KSK COW for two years and denied permission to explore certain other areas of the COW within the Hutan Lindung. The phase one forestry permit is for an area totaling 7,422 hectares of the KSK CoW and gives the rights to the holder to carry out full mineral exploration activities within the permitted concession area. The Company will continue to work through the permitting process to secure permitting over the remaining prospective areas, including Tambang Huoi, one of the three highest priority targets, of the KSK CoW. The portion of the KSK CoW that has not been permitted will remain in suspension until a forestry permit is issued. Safety training has been completed and mobilization of field crews to Beruang drill camps has commenced. Drilling is planned to commence at both of the high priority target sites, Beruang Kanan and Beruang Tengah, by the end of May or early June.
On May 6, 2011, the Company issued 2,500,000 common shares to Freeport at C$0.14 per common share being 125% of the volume weighted average price of the Company's common shares traded on the TSX-V in the seven business days following April 18, 2011, the date of the Freeport Agreement, for proceeds of $363,939 (C$350,000).
Management believes that the Company's combined cash on hand at December 31, 2011 of $1,000,678, combined with ongoing operator management fees and with the proceeds of the private placement expected to close in May 2012 of up to $480,000, is sufficient to fund exploration activities and operations through the next twelve months.
For further information please visit www.kalimantan.com or contact:
Faldi Ismail
Deputy Chairman and CEO, Kalimantan Gold
Mobile: +61 (0) 423 206 324
Email: faldi.ismail@kalimantan.com
Gerald Cheyne
Director Corporate Development
Telephone: +44 (0) 2077311806
Mobile: +44 (0) 7717473168
Email: gerald.cheyne@kalimantan.com
Alexander David Securities Limited
Bill Sharp/ David Scott
Telephone: +44 (0) 20 7448 9820
KLG's Nominated Adviser
RFC Group Limited
Stuart Laing
Telephone: +61 8 9480 2506
Email: stuartl@rfc.com.au
KALIMANTAN GOLD CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(expressed in United States dollars, unless otherwise noted)
| |
|
December 31, 2011 |
December 31, 2010 |
January 1, 2010 |
| ASSETS |
|
|
|
| Current assets |
|
|
|
|
Cash |
$ 791,511 |
$ 306,156 |
$ 481,004 |
|
Restricted cash |
209,167 |
- |
- |
|
Share subscription receivable |
- |
997,595 |
- |
|
Government deposit and receivable |
61,310 |
- |
- |
|
Trade and other receivables |
111,672 |
30,427 |
109,045 |
|
|
1,173,660 |
1,334,178 |
590,049 |
| |
|
|
|
|
| Non-current assets |
|
|
|
|
Security deposit |
25,055 |
25,165 |
24,414 |
|
Government deposit and receivable |
- |
61,618 |
- |
|
Property, plant and equipment |
12,186 |
24,968 |
66,169 |
| |
|
$ 1,210,901 |
$ 1,445,929 |
$ 680,632 |
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
| Current liabilities |
|
|
|
|
Trade and other payables |
$ 950,024 |
$ 708,578 |
$ 523,053 |
|
Promissory note |
- |
- |
95,147 |
|
|
950,024 |
708,578 |
618,200 |
| |
|
|
|
|
| Non-current liabilities |
|
|
|
|
Provision for employee service entitlements |
99,198 |
79,694 |
55,346 |
|
|
1,049,222 |
788,272 |
73,546 |
|
|
|
|
|
| Shareholders' equity |
|
|
|
|
Share capital |
1,624,564 |
1,599,564 |
1,305,964 |
|
Equity reserves |
24,964,645 |
24,063,393 |
22,527,806 |
|
Deficit |
(26,427,530) |
(25,005,300) |
(23,826,684) |
|
|
161,679 |
657,657 |
7,086 |
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|
$ 1,210,901 |
$ 1,445,929 |
$ 680,632 |
KALIMANTAN GOLD CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(expressed in United States dollars, unless otherwise noted)
| |
|
December 31, 2011 |
December 31, 2010 |
| Expenses |
|
|
|
Accounting and audit |
$ 80,808 |
$ 84,015 |
|
Consultants |
294,535 |
260,497 |
|
Directors fees |
24,000 |
24,000 |
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Exploration and evaluation expenditures |
399,665 |
638,272 |
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Investor relations |
2,979 |
2,607 |
|
Legal |
287 |
44,224 |
|
Management fees |
(118,736) |
- |
|
Office and administrative services |
14,344 |
21,220 |
|
Stock-based compensation |
565,265 |
- |
|
Telephone and facsimile |
3,455 |
2,526 |
|
Transfer agent, filing and exchange fees |
96,239 |
66,811 |
|
Travel and accommodation |
61,719 |
41,858 |
|
|
1,424,560 |
1,186,030 |
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|
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| Other items |
|
|
|
Foreign exchange gain |
(866) |
(7,296) |
|
Gain on sale of equipment |
(1,038) |
- |
|
Interest income |
(426) |
(118) |
|
|
(2,330) |
(7,414) |
| Loss and comprehensive loss for the year |
$ 1,422,230 |
$ 1,178,616 |
| Basic and diluted loss per common share |
$ (0.01) |
$ (0.01) |
| Weighted average number of shares outstanding |
164,550,992 |
139,919,786 |
KALIMANTAN GOLD CORPORATION LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(expressed in United States dollars, unless otherwise noted)
| |
|
December 31, 2011 |
December 31, 2010 |
| Cash provided from (used for): |
|
|
| |
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| Operating activities |
|
|
| Loss for the year |
$ (1,422,230) |
$ (1,178,616) |
| Adjustment for non-cash items: |
|
|
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Depreciation |
22,728 |
42,827 |
|
Stock-based compensation |
565,265 |
- |
|
Unrealized foreign exchange loss |
2,705 |
(9,139) |
| Changes in non-cash working capital: |
|
|
|
Trade and other receivables |
(80,937) |
17,000 |
|
Trade and other payables |
261,360 |
165,611 |
|
Provision for employee service entitlements |
19,504 |
24,348 |
|
|
(631,605) |
(937,969) |
| Investing activities |
|
|
| Purchase of property, plant and equipment |
(30,176) |
(1,626) |
| Recovery of property, plant and equipment |
20,230 |
- |
| Restricted cash |
(209,167) |
- |
|
|
(219,113) |
(1,626) |
| Financing activities |
|
|
| Promissory Note |
- |
(95,147) |
| Share issues |
1,360,442 |
856,200 |
| Share issue costs |
(22,866) |
(3,602) |
|
|
1,337,576 |
757,451 |
| |
|
|
|
| Unrealized foreign exchange gain (loss) on cash |
(1,503) |
7,296 |
| |
|
|
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| Increase (decrease) in cash |
485,355 |
(174,848) |
| |
|
|
|
| Cash, beginning of the year |
306,156 |
481,004 |
| |
|
|
|
| Cash, end of the year |
$ 791,511 |
$ 306,156 |
KALIMANTAN GOLD CORPORATION LIMITED
CONSOLIDATED statementS of changes in equity
(expressed in United States dollars, unless otherwise noted)
| |
|
Number of shares |
Amount |
Equity reserves |
Deficit |
Total |
| Balance, January 1, 2010 |
133,547,156 |
$ 1,305,964 |
$ 22,527,806 |
$ (23,826,684) |
$ 7,086 |
|
Share issues |
29,360,000 |
293,600 |
1,599,167 |
- |
1,892,767 |
|
Share issue costs |
- |
- |
(63,580) |
- |
(63,580) |
|
Loss and comprehensive loss for the year |
- |
- |
- |
(1,178,616) |
(1,178,616) |
| Balance, December 31, 2010 |
162,907,156 |
1,599,564 |
24,063,393 |
(25,005,300) |
657,657 |
|
Share issues |
2,500,000 |
25,000 |
338,939 |
- |
363,939 |
|
Share issue costs |
- |
- |
(2,952) |
- |
(2,952) |
|
Stock-based compensation |
- |
- |
565,265 |
- |
565,265 |
|
Loss and comprehensive loss for the year |
- |
- |
- |
(1,422,230) |
(1,422,230) |
| Balance, December 31, 2011 |
165,407,156 |
$ 1,624,564 |
$ 24,964,645 |
$ (26,427,530) |
$ 161,679 |
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. |
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| | You can view the Next Press Releases item: Tue May 8, 2012, Kalimantan Gold Confirms Commitments to Private Placement
You can view the Previous Press Releases item: Mon Apr 30, 2012, Drilling To Start At Jelai Gold Project; Drilling To Begin At KSK Copper Project End May/ Early June
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