KLG reports loss until Q3

By Harry Roy Gunawan

Vancouver-based mineral exploration firm Kalimantan Gold Corporation Ltd (KLG) announced a loss for the nine month period ended September 30, of US$172,959.

It said in a statement that the exploration costs are net of those costs funded by an ongoing joint venture with Kalimantan Surya Kencana LLC, a subsidiary of Freeport-McMoRan Exploration Corporation on the KSK Contract of Work and by Tigers Realm Metals Pty Ltd. on the Jelai project until that agreement was terminated effective September 30.

KLG continued to execute drill tests of key prospects at Beruang Tengah and Beruang Kanan, resource definition drilling at Beruang Kanan as well as bring other priority prospects to the drilling stage with additional important ground follow-up work. Multiple deep drilling targets have collectively been defined and prioritized at five of the priority copper porphyry targets with the SK LLC exploration team.

In another statement, the company also announced that Faldi Ismail, the Deputy Chairman and CEO and a director, has bought 150,000 shares of the company at a price of ?0.035 per share. Following this purchase, Ismail now holds a total of 5,016,000 shares (2.3 percent of issued and outstanding) and 1,800,000 stock options in the company.

Editing by Dadan Wijaksana