Kalimantan Gold – New Permit Extends Drilling to All Targeted Areas on the KSK Contract of Work; Progress Made at Jelai
May 09 2013 - 2:00AM
Business Wire
Highlights:
- Further KSK Forestry Permit
Issued
- Drilling Progress Update
- Jelai Clean and Clear Certificate
Received
KSK Forestry Permit
Kalimantan Gold Corporation Limited (the "Company" or “KLG”)
(TSX-V: KLG) (LSE: KLG) is pleased to advise that it has been
granted a further extension of the Forestry Permit for its PT
Kalimantan Surya Kencana (“KSK”) sixth generation Contract of Work
("CoW"). The Forestry Borrow to Use extension now covers all the
priority areas sought when the application was made in autumn 2012
including the Tumbang Huoi, Baroi and Mansur prospects, which are
historically three of the most prospective exploration targets
within the CoW (see map that follows). Fieldwork and mobilization
of equipment will commence immediately on all of the newly
permitted prospect areas.
“The granting of the Forestry Permit extension is a major
development. It enables us to now test drill all of our targeted
areas within the CoW, and maximises the scope for a successful
outcome to our substantial exploration program.” Mr Faldi Ismail,
CEO, KLG said.
Drilling Progress Update
We have received formal confirmation from the Ministry of Mines
approving the KSK 2013 exploration and work program.
The deep drilling program has been completed at Focus One and
drill pads are now being prepared at the gold-rich Mamuring
Prospect. The second deep rig is drilling hole BKD04-01 at South
Beruang Kanan.
Two shallow holes have been completed at Rinjen and a third hole
is commencing. Shallow drilling to 300m is underway at Beruang
Kanan on drill hole BK051-01.
KLG has purchased a new drill rig which will be mobilized to the
KSK CoW in May. The drill pad for the new rig at Beruang Tengah
Bukit Dea zone to test further high-grade gold surface anomalies to
600 m has been completed. Two 600 m drill holes are also planned at
the Beruang Low Zone copper gold porphyry target and locations have
been selected.
Surface mapping and sampling has recently been completed at the
Volcano, Rinjen, Focus One, Mamuring, Ketambung, Low Zone, and
Bukit Dea prospects. Surface mapping is underway at Beruang West
Zone where high-grade copper samples were recovered in previous
surveys.
Long line (4km) IP surveys are in progress over the Beruang
Kanan, Low Zone and Beruang Tengah prospects. The permitting
process for airborne gravity and high resolution magnetics
geophysical surveys covering the entire CoW is ongoing and progress
is being made.
An in-house resource estimate has commenced for Beruang Kanan,
covering all delineation drilling to date up to hole to
BK49-01.
Jelai Clean and Clear Certificate Received
The Company is also pleased to announce that a Clean and Clear
certificate for PT Jelai Cahaya Minerals (“JCM”) has been received
by JCM from the Ministry of Mines. The “Clean and Clear” status
indicates the Mining Business Permit (“IUP”) has complete documents
and no overlapping areas with other concessions. The licence has
satisfied the requirements of Law Number 4 Year 2009 and the
Governmental Regulation Number 23 Year 2010, which relates to the
overlapping of prevailing IUPs. For Clean and Clear IUP holders,
the Government awards a Clean and Clear certificate.
All data, as disclosed in this press release, has been
reviewed and verified by the Company's Qualified Person for the KSK
Project, Dr. Peter Pollard, who is a Member of the Australasian
Institute of Mining and Metallurgy (Chartered Professional).
Dr Pollard acts as a technical consultant to KLG and has
sufficient experience which is relevant to the style of
mineralization and type of deposit under consideration and to the
activity he is undertaking to qualify as a Competent Person under
the JORC Code.
-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
Corporate Development (UK)
Telephone: +44 (0) 2077311806
Mobile: +44 (0) 7717473168
Email: gerald.cheyne@kalimantan.com
VSA Capital Limited
Katrina Damouni/Peter Damouni
Telephone: +44 20 3005 5018/ +44 20 3005
5007
Email: pdamouni@vsacapital.com
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
and the KSK Contract of Work in Central Kalimantan with potential
for multiple porphyry copper and gold prospects. For further
information please visit www.kalimantan.com.
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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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