PRESS RELEASE: Kalimantan Gold's new board

Kalimantan Gold Corporation Limited is pleased to announce the appointment of Mr. Tim Scott as President of the Company. Mr. Scott has been with the Company since June 12th, 2000 (NR00-1) when he was appointed President of the Company's Indonesian operating company. Mr. Konrad Baerveldt, the former President, will stay on as a Director of the Company.

The Board accepted Mr. Mansur Geiger's resignation, as a director however is pleased to report that he will continue in his position of the Company's Vice President of Exploration. The Board welcomes Rahman Connelly to its Board of Directors and the newly created role of Deputy Chairman. Mr. Connelly was a founding director of Connelly Temple Limited, a major pension funds management company in Australia, which was sold in 1997 to the Royal & Sun Alliance Insurance Company. Today, in addition to being Chairman of Kalimantan Investment Corporation, the Company's majority shareholder (58.5%), he has a range of other business interests in Australia, principally in the financial services sector. Mr. Connelly personally owns 273,000 shares of the Company.

After the above appointments and resignations the Company's directors and officers are:

Murray Clapham Director Chairman; Rahman Connelly Director Deputy Chairman; Tim Scott President; Mansur Geiger Vice President Exploration; Doris Meyer Director Corporate Secretary; Konrad Baerveldt Director Daniel Cheifetz Director Rod McKeen Director.

For further information, please contact Doris Meyer, Kalimantan Gold Corporation Limited Phone: (604) 516-0566 Fax: (604) 516-0568 Email: info@kalimantan.com. (*)