Kalimantan Gold Corporation Limited Kalimantan Gold Corporation Limited: Beurang Kanan Copper Project - 2015 Program Update
08 April 2015 - 4:01PM
UK Regulatory
TIDMKLG
For Immediate Release TSX Venture Exchange
8 April, 2015 and AIM
Vancouver, British Columbia Symbol: "KLG"
Beurang Kanan Copper Project - 2015 Program Update
Kalimantan Gold Corporation Limited ("KLG" or the "Company") is pleased
to announce that it has received formal confirmation from the Ministry
of Energy and Mineral Resources ("MEMR") that the Company's 100% owned
KSK Contract of Work in Central Kalimantan, Indonesia ("COW") enters the
fifth year of the Exploration Period immediately upon the Company
receiving formal renewal of its forestry permit (IPPKH) from the Capital
Investment Coordinating Board ("BKPM").
Renewal of the forestry permit which authorizes the company to carry out
both surface and drilling activities over permitted areas of the COW for
a period of two years is now well advanced. Both the MEMR and the
Ministry of Environment and Forestry ("MEF) have verbally informed the
Company that technical reviews have been completed and the permit
application is now with BKPM for final processing. With a recently
implemented One-Stop-Services policy, BKPM aim to simplify the licensing
process and indicate commitment to providing fast service in order to
create a competitive investment climate. The company congratulates BKPM
on the initiative to simplify and expedite the permitting process.
Initial drilling aims to extend and upgrade confidence of the near
surface higher grade areas of the BK Main Deposit and although the
exploration camp remains under care and maintenance, field preparations
including establishment of initial drill sites and the upgrading of
camps, roads and access trails, can commence immediately upon receipt of
the forestry permit. Initial drilling is planned on sites prepared
during the 2012-2013 program using two drill rigs currently stored at
the BK project camp. Planned drill holes are short and each is expected
to be completed within 2-3 days. Initial assay results are anticipated
approximately 1-2 weeks after drilling commences.
KLG is planning to rapidly advance the BK Main deposit through to
scoping study stage over the course of 2015. An extensive program of
resource infill and expansion drilling, metallurgical test work and
mining studies is planned, subject to positive results and the
availability of ongoing funding. Several nearby prospects, Beruang Kanan
South "BKS", Beruang Kanan West "BKW" and Beruang Kanan Polymetallic
"BKZ" have potential for additional mineralization and will be scout
drill tested.
The Beruang Kanan Project
-- Initial Inferred Mineral Resource of 47 million tonnes averaging 0.6% Cu
or 621,700,000 pounds of copper (reporting cut 0.2% Cu) including 12
million tonnes averaging 1% copper (reporting cut 0.7% Cu) (see September
26, 2014 press release).
-- Mineral Resource estimate is for the BK Main deposit only and is based on
assays from 74 diamond drill core holes drilled between 1998 - 2007 and
2012 - 2013.
-- The Mineral Resource is contained predominately within a shallow dipping
deposit that extends from near surface to a depth of approximately 120
meters over an area of 1100m (N-S) by 950m (E-W) and remains open in
several directions. The near surface nature and geometry of the deposit
is expected to be highly favorable for shallow open pit mining.
-- The BK Main deposit is a part of the broader Beruang Kanan Project that
also includes high priority targets for additional mineralization at the
"BKS", "BKW" and "BKZ" prospects, each lying within 1.0km of BK Main.
Qualified Person
Data disclosed in this press release have been reviewed and verified by
KLG's qualified person, Stephen Hughes, P. Geo, a Qualified Person
within the meaning of NI 43-101.
About Kalimantan Gold Corporation Limited
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 three exploration projects in Indonesia: the KSK
Contract of Work in Central Kalimantan with potential for multiple
copper and gold deposits; the Jelai epithermal gold project in East
Kalimantan; and the recently acquired Beutong
copper-gold-silver-molybdenum project in Sumatra. For further
information please visit www.kalimantan.com and view our most recent
company presentation.
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Deputy Chairman and CEO
For further information please contact:
-Ends-
Tony Manini
Deputy Chairman and CEO, Kalimantan Gold
Telephone: +61 3 8644 1300
Email: tony.manini@kalimantan.com
VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Email: araca@vsacapital.com
Kalimantan Gold's Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Oliver Morse
Telephone: +61 8 9480 2500
Email: andrew.thomson@rfcambrian.com / oliver.morse@rfcambrian.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.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Kalimantan Gold Corporation Limited via Globenewswire
HUG#1909316
http://www.kalimantan.com