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| | Tue Aug 28, 2012
Kalimantan's Half-Year Results 2012
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| | The unaudited Interim Consolidated Financial Statements of Kalimantan Gold Corporation Limited (the "Company") for the second quarter ended June 30, 2012, are available for viewing on www.sedar.com or www.kalimantan.com.
The Company incurred a comprehensive loss for the three and six months ended June 30, 2012, of $80,834 and $215,575 respectively (2011 - $674,849 and $1,000,168). Included in the six month loss were net exploration costs to the Company of $122,226 (2011 - $250,648). 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 $219,978 of management fees earned by the Company pursuant to these joint ventures. The Company began the current fiscal year with $791,511 in cash. The Company was provided with $374,976 to fund operations, used $21,259 to purchase equipment, recognized cash as unrestricted of $209,167, received $473,230 net proceeds from a private placement financing and recorded $4,931 of unrealized foreign exchange gain on cash balances, to end the quarter with $1,832,556 in cash. The Company's working capital at June 30, 2012 is $499,463.
The highlights of the second quarter and up to August 23, 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, drilling was underway by the Company's partners on both the Jelai and KSK Contract of Work projects with assays pending.
-Ends-
For further information please 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
KLG's Corporate Broker
VSA Capital Limited
James Pinner / Nick Redfern
Telephone: +44 203 617 5177 / +44 203 005 5005
KLG's Nominated Adviser
RFC Ambrian Limited
Stuart Laing
Telephone: +61 8 9480 2506
Email: stuart.laing@rfcambrian.com
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.
KALIMANTAN GOLD CORPORATION LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
(unaudited - expressed in United States dollars, unless otherwise noted)
| |
|
June 30,
2012 |
December 31,
2011 |
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| ASSETS |
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|
| Current assets |
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|
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Cash |
$ 1,832,556 |
$ 791,511 |
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Restricted cash |
- |
209,167 |
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Government deposit and receivable |
- |
61,310 |
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Trade and other receivables |
197,307 |
111,672 |
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|
2,029,863 |
1,173,660 |
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|
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|
| Non-current assets |
|
|
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Security deposit |
24,432 |
25,055 |
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Property, plant and equipment |
29,423 |
12,186 |
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|
$ 2,083,718 |
$ 1,210,901 |
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|
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| LIABILITIES AND SHAREHOLDERS' EQUITY |
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| Current liabilities |
|
|
| |
Trade and other payables |
$ 1,530,400 |
$ 950,024 |
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|
1,530,400 |
950,024 |
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|
|
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| Non-current liabilities |
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|
| |
Provision for employee service entitlements |
95,421 |
99,198 |
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|
1,625,821 |
1,049,222 |
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| Shareholders' equity |
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|
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Share capital |
1,674,842 |
1,621,612 |
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Equity reserves |
25,426,160 |
24,967,597 |
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Deficit |
(26,643,105) |
(26,427,530) |
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|
457,897 |
161,679 |
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$ 2,083,718 |
$ 1,210,901 |
KALIMANTAN GOLD CORPORATION LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS
(unaudited - expressed in United States dollars, unless otherwise noted)
| |
|
three months ended |
six months ended |
| |
|
June 30,
2012 |
June 30,
2011 |
June 30,
2012 |
June 30,
2011 |
| Expenses |
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Accounting and audit |
$ 1,573 |
$ - |
$ 8,686 |
$ 806 |
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Consultants |
79,393 |
69,581 |
163,018 |
141,499 |
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Directors fees |
6,000 |
6,000 |
12,000 |
12,000 |
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Exploration and evaluation expenditures |
44,043 |
75,152 |
122,226 |
250,648 |
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Investor relations |
634 |
467 |
1,776 |
1,651 |
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Legal |
12,960 |
11,623 |
17,198 |
53,623 |
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Management fees |
(146,771) |
(22,367) |
(219,978) |
(22,367) |
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Office and administrative services |
2,451 |
6,233 |
4,407 |
10,818 |
| |
Share-based compensation |
13,496 |
463,250 |
38,563 |
463,250 |
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Telephone and facsimile |
723 |
310 |
1,933 |
1,780 |
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Transfer agent, filing and exchange fees |
47,586 |
36,647 |
74,391 |
69,657 |
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Travel and accommodation |
17,481 |
31,146 |
17,481 |
40,730 |
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|
79,569 |
678,042 |
241,701 |
1,024,095 |
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| Other items |
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Foreign exchange gain (loss) |
1,783 |
(3,042) |
1,678 |
(23,168) |
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Interest income |
(518) |
(151) |
(27,804) |
(309) |
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|
1,265 |
(3,193) |
(26,126) |
(23,477) |
| Loss and comprehensive loss for the period |
$ 80,834 |
$ 674,849 |
$ 215,575 |
$ 1,000,618 |
| Basic and diluted loss per common share |
$ (0.00) |
$ (0.00) |
$ (0.00) |
$ (0.01) |
| Weighted average number of shares outstanding |
168,901,661 |
164,445,618 |
167,164,062 |
163,680,637 |
KALIMANTAN GOLD CORPORATION LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
(unaudited - expressed in United States dollars, unless otherwise noted)
| |
|
six months ended |
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|
June 30,
2012 |
June 30,
2011 |
| Cash provided from (used for): |
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|
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| Operating activities |
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| Loss for the period |
$ (215,575) |
$ (1,000,618) |
| Adjustment for non-cash items: |
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Depreciation |
4,022 |
16,699 |
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Share-based compensation |
38,563 |
463,250 |
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Unrealized foreign exchange (gain) loss |
(8,085) |
23,115 |
| Changes in non-cash working capital: |
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Trade and other receivables |
(24,325) |
(223,937) |
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Trade and other payables |
580,376 |
(51,125) |
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Provision for employee service entitlements |
- |
(4,858) |
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|
374,976 |
(777,474) |
| Investing activities |
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| Purchase of property, plant and equipment |
(21,259) |
(9,946) |
| Restricted cash |
209,167 |
- |
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|
187,908 |
(9,946) |
| Financing activities |
|
|
| Share issues |
480,000 |
1,360,442 |
| Share issue costs |
(6,770) |
(19,914) |
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|
473,230 |
1,340,528 |
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| Unrealized foreign exchange gain (loss) on cash |
4,931 |
(20,443) |
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| Increase in cash |
1,041,045 |
532,665 |
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| Cash, beginning of the period |
791,511 |
306,156 |
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| Cash, end of the period |
$ 1,832,556 |
$ 838,821 |
KALIMANTAN GOLD CORPORATION LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY
(unaudited - expressed in United States dollars, unless otherwise noted)
| |
|
Number of shares |
Amount |
Equity reserves |
Deficit |
Total |
| 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 |
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Share issue costs |
- |
- |
- |
- |
- |
| |
Share-based compensation |
- |
- |
463,250 |
- |
463,250 |
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Loss and comprehensive loss
for the perod |
- |
- |
- |
(1,000,618) |
(1,000,618) |
| Balance, June 30, 2011 |
165,407,156 |
$ 1,624,564 |
$ 24,865,582 |
$ (26,005,918) |
$ 484,228 |
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| Balance, December 31, 2011 |
165,407,156 |
$ 1,621,612 |
$ 24,967,597 |
$ (26,427,530) |
$ 161,679 |
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Share issues |
6,000,000 |
60,000 |
420,000 |
- |
480,000 |
| |
Share issue costs |
- |
(6,770) |
- |
- |
(6,770) |
| |
|
|
|
|
|
|
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Share-based compensation |
- |
- |
38,563 |
- |
38,563 |
| |
Loss and comprehensive loss
for the perod |
- |
- |
- |
(215,575) |
(215,575) |
| Balance, June 30, 2012 |
171,407,156 |
$ 1,674,842 |
$ 25,426,160 |
$ (26,643,105) |
$ 457,897 |
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| | You can view the Next Press Releases item: Mon Sep 17, 2012, New Gold-Silver Intersections At The Jelai Project
You can view the Previous Press Releases item: Wed Aug 1, 2012, Director Appointment
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