KLG

Kalimantan Gold Corporation Limited (TSX VENTURE:KLG)(AIM:KLG) (the "Company")
executed a definitive option agreement (the "Deed") with Tigers Realm Minerals
Pty Ltd. ("Tigers") an Australian based, privately owned resource company on
February 16, 2011. Pursuant to the Deed Tigers may earn up to a 70% interest in
the Company's Jelai Gold project by meeting certain project expenditure
obligations and completing a bankable feasibility study.


The Deed remains conditional upon receipt of the necessary forestry permits
being granted to enable the on ground exploration activities to be conducted. In
recognition of delays in the receipt of these permits, Tigers and the Company
have now agreed to a second extension of time in which this condition could be
satisfied by a further three months until November 16, 2011. The terms of the
Deed require Tigers to spend a minimum of US$2 million on exploration in the
first 18 months (the "First Period") after the forestry permit is issued. Whilst
this expenditure commitment remains the same for Tigers to earn an interest in
the project the parties have agreed to amend the required expenditure before it
may withdraw during the First Period from US$2 million to US$1.5 million.


The forestry permits are expected to be granted in the near term and field
operations and mobilization of drill rigs will be commenced as soon as possible
after the forestry permits are received.


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 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 accompanying map, visit the following link:
http://media3.marketwire.com/docs/JelaiProjectMap.jpg


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 have
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 copper portfolios in Asia and Central
America region and assessing a range of additional gold, copper and coal
opportunities globally. For further information on Tigers please visit
www.tigersrm.com.au.


RFC Corporate Finance Ltd acts as KLG's Nominated Adviser for the purposes of
its AIM listing, contact Stuart Laing, ph: +618 9480 2506 or email:
stuartl@rfc.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.

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