Kalimantan Gold provides Q2 highlights of performance results
Friday, August 20 2010 - 07:30 AM WIB
The highlights of the half-year and up to August 17, 2010 include:
Indobara Pratama coal (IBP) Coal project:
The Company continues its efforts as agent for the shareholders of PT Indobara Pratama ("IBP") who are seeking to sell IBP's coal concession in exchange for a share of the proceeds.
IBP's project is already permitted for production and has the potential to be an open-cut coal mine. KLG completed a 4600m drilling programme on the concession that indicates a potential deposit of 270 MTs of between 4,894 and 5,376 kcal/kg coal (air dried basis), with low ash and low sulfur content (see KLG press release dated March 26, 2009).
The Directors remain confident that a sale of the coal concession of IBP can be completed on terms satisfactory to the shareholders of IBP and the Company.
KSK CoW Copper and Jelai Mewett gold projects:
The Company continues to introduce potential financers and joint venture partners to the Company's KSK Contract of Work and its Jelai Mewett gold project.
The Company continues to conduct property tours and assisted with technical data reviews for both projects. This has been a slow, laborious and somewhat costly process as the Company personnel must travel to the project sites to conduct the tours at its own cost.
The Directors are hopeful that agreements can be reached for both projects that will see extensive drilling of the KSK Contract of Work's massive magnetic bodies identified below existing drill holes, which have the potential to yield major porphyry copper deposits and the continued exploration and drilling on the epithermal gold project to see that project developed for gold production.
Private Placement:
The Company's main activities in the three months ended June 30, 2010 were focused on completing a private placement announced on April 22, 2010. On July 20, 2010 the Company issued 13,235,000 common shares from a non-brokered private placement financing to raise $639,048 (C$661,750) of which $520,971 had been received as share subscriptions at June 30, 2010. (end of edited highlights)