Kalimantan Gold raises exploration fund

TSX-Venture Exchange-listed junior exploration company said Monday it had raised US$360,000 in new capital through private placement.

According to the company?s release, the fund will be used carry on the exploration program designed for the Baroi Prospect to identify and define in one or more mineralized zones a size and grade potential to host an economic gold, copper, silver deposit; to warrant a follow up and detailed drilling program. The company earlier announced the results of a first-pass mapping and sampling program that confirmed high-grade copper-gold and base metal mineralization over a large area covering 26 square kilometers in Baroi.

Kalimantan Gold explores for gold, copper, lead and zinc in its contract areas in Central Kalimantan. (alex)