Kalimantan Gold raises more funds for exploration
Monday, July 21 2003 - 05:52 PM WIB
Vancouver-based junior miner Kalimantan Gold Corporation Limited said Monday it had further had raised US$ 164,300 through issuance of new shares, with the proceed to be used to undertake an extensive scout drilling program on the Company's Baroi Prospect in Central Kalimantan over the next several months.
The company said it had identified intense high-grade mineralization at its Baroi Prospect. Since November 2002 field teams have defined and expanded 4 different zones of copper gold, silver and base metal mineralization, within an area 6 by 3.75 kilometers that remains open to the east and south.
Kalimantan Gold has a 75 percent owned, 1,242 square kilometer concession area in Central Kalimantan, held under a 6th. generation Contract of Work with the Government of Indonesia. (alex)