PRESS RELEASE - Kalimantan Gold announces rights offering

Mr. Tim Scott, President of Kalimantan Gold Corporation Limited ("Kalimantan Gold") is pleased to announce that Board of Directors has approved a shareholder Rights Offering to raise a minimum of US$500,000 of new equity.

Under the Offering each holder of common shares on November 14, 2000 (the "Record Date") will receive one Right for each common share held. Each four Rights will entitle the holder to subscribe for one common share of Kalimantan Gold at a price of US$0.20 at any time until the expiry of the Rights at 4:00 pm (Vancouver time) on Tuesday, December 12, 2000 ("Expiry Time"). Holders of rights who exercise their Rights in full are entitled to subscribe for additional common shares (under additional subscription privileges) on a pro-rata basis.

Kalimantan Investment Corporation ("KIC"), Kalimantan Gold's 58.5% shareholder, has agreed to exercise the Rights issued to it under the Offering and to subscribe for remaining common shares not otherwise subscribed for at the Expiry Time subject to a maximum combined investment by KIC of US$500,000.

Up to approximately 3,967,969 common shares could be issued under the Offering for maximum proceeds of US$793,594. The proceeds will be used to fund Kalimantan Gold's exploration program at its 75% owned Contract of Work in Kalimantan, Indonesia, for working capital to fund general operating expenditures and to pay the expenses of the Offering.

A detailed Rights Offering Circular and Rights Certificates will be mailed to all shareholders as of the Record Date who reside in British Columbia, Alberta, Manitoba, Ontario and Quebec and to KIC. Shareholders resident in any other jurisdiction are generally ineligible to participate in the Offering and will not receive Rights Certificates or be eligible to exercise rights. Pacific Corporate Trust Company will attempt to sell the Rights of ineligible shareholders on the Canadian Venture Exchange and will distribute the net proceeds from those sales, if any, to the ineligible shareholders on a pro-rata basis.

For further information, please contact Doris Meyer, Kalimantan Gold Corporation Limited Phone: (604) 516-0566 Fax: (604) 516-0568 Email: info@kalimantan.com or visit the Company's website at: www.kalimantan.com (*)