| ||Tue May 29, 2012|
Kalimantan's First Quarter Results 2012
| ||The unaudited Interim Consolidated Financial Statements of Kalimantan Gold Corporation Limited (the "Company") for the first quarter ended March 31, 2012, are available for viewing on www.sedar.com or www.kalimantan.com. |
The Company incurred a comprehensive loss for the three months ended March 31, 2012, of $134,741 (2011 - $325,769). Included in the loss were net exploration costs to the Company of $78,183 (2011 - $175,496). The exploration costs are net of those costs funded by a joint venture with a subsidiary of Freeport-McMoRan Exploration Corporation on the KSK Contract of Work and by Tigers Realm Metals Pty Ltd. on the Jelai project. The current loss is also net of $73,207 of management fees earned by the Company pursuant to these joint ventures. The Company began the current fiscal quarter with $791,511 in cash. The Company used $419,451 to fund operations, recognized restricted cash becoming unrestricted of $209,167, and recorded $1,134 of unrealized foreign exchange loss on cash balances, to end the quarter with $580,093 in cash.
The highlights of the first quarter and up to May 28, 2012, include:
On May 9, 2012, the Company closed a private placement and issued 6,000,000 common shares at a price of US$0.08 per share to raise US$480,000. During the quarter, the Jelai and KSK Contract of Work projects were prepared for drilling and drilling commenced in May at both projects.
For further information please contact:
Deputy Chairman and CEO, Kalimantan Gold
Mobile: +61 (0) 423 206 324
Director Corporate Development
Telephone: +44 (0) 2077311806
Mobile: +44 (0) 7717473168
Alexander David Securities Limited
Bill Sharp/ David Scott
Telephone: +44 (0) 20 7448 9812
KLG's Nominated Adviser
RFC Ambrian Limited
Telephone: +61 8 9480 2506
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
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 uncertainty therein.
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