Kalimantan Gold Regains Control of Jelai Gold Project
October 02 2012 - 2:00AM
Business Wire
Kalimantan Gold Corporation (“KLG”) announces that Tigers Realm
Metals (“TRM”) has completed phase one exploration activities on
KLG’s Jelai epithermal gold project located in East Kalimantan,
Indonesia. TRM focused on drilling advanced stage greenfield
targets in the northwest Mewet Prospect of the Jelai IUP
license.
TRM completed 12 holes, for a total 3,318.9m. TRM’s objective
was to test continuity of high grade at depth and in shoots along
strike, to define an initial gold resource at the Mewet Prospect. A
total of eight holes were completed at the Mewet prospect, two deep
holes into north and south Sembawang prospect and two scout holes
at central and south Nyabi Prospect.
TRM did not see the results it expected in this modest 6-month
drill test and they have provided notice to withdraw from the
Option Deed effective September 30, 2012 having spent
$2,000,000.
Faldi Ismail, CEO remarked, while we enjoyed working with the
TRM team I understand TRM's priorities and wish to withdraw from
its Option Deed. However, now that the Jelai prospect reverts to
being wholly owned by KLG, we will be reviewing the best way of
taking the Jelai prospect forward once conclusions have been
reached following the review of the drill results. We are currently
in discussions with a number of parties that have expressed
interest in the project”.
Results are now being analyzed by KLG and conclusions will be
released as soon as they are available.
To view the graphic associated with this press
release, please click on the following
link:http://www.usetdas.com/pr/kalimantan10022012graphic1.jpgFigure
1: Jelai IUP, showing TRM drill hole locations
To view the graphic associated with this press
release, please click on the following
link:http://www.usetdas.com/pr/kalimantan10022012graphic2.jpgFigure
2: Jelai IUP, showing prospect locations
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 was optioned to Tigers Realm Metals Pty Ltd) 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 view the graphic associated with this
release, please click on the following
link:http://www.usetdas.com/pr/kalimantan10022012graphic3.jpg
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 uncertain.