Kalimantan Gold plans private placement

Vancouver-based mineral and coal exploartion firm Kalimantan Gold Corporation Limited announced on Friday it plans to raise up to US$1,000,000 from a non-brokered private placement financing from the sale of up to 10,000,000 common shares.

The cmpany intends to use the proceeds from the private placement to fund its ongoing gold and coal exploration programs in Indonesia, as well as general working capital purposes, it said.

Kalimantan Gold Corporation Limited is a junior exploration company listed on both the TSX Venture Exchange in Canada and on AIM. The company is focused on gold, copper and coal prospects in Indonesia and has exploration rights in three areas: the Jelai epithermal gold prospect in East Kalimantan, five coal prospects in Kalimantan and porphyry copper and gold prospects in Central Kalimantan.(alex)