Release: Kalimantan Gold Corp.: Financing complete-drilling underway

(Wednesday November 26, VANCOUVER, BRITISH COLUMBIA)-Kalimantan Gold Corporation Limited has issued 2,255,286 units in the capital of the Company at a price of $0.32 per unit for gross proceeds of $721,692 pursuant to a private placement announced on October 14 and on October 22, 2003. Each unit comprised one common share and one-half of one common share purchase warrant. Each whole warrant will be exercisable for the purchase of one common share at a price of $0.38 per share until they expire on November 26, 2005. The Company paid a cash 6% finders' fee of $23,604 to three individuals. The common shares, and any common shares issued pursuant to the exercise of share purchase warrants prior to March 26, 2004, are restricted from trading until March 26, 2004.

CEO Rahman Connelly said, "Like all juniors, Kalimantan Gold has struggled in the past to raise funds but, such was investor demand, this placement could have been increased beyond the originally announced $600,000 we hoped to raise. In part this reflects much improved market conditions, but it also a growing realization that Kalimantan Gold is not your 'standard' junior explorer. If you take a look at our Baroi prospect for which we raised the funds to drill 18 holes over the next four months, our Far Eastern Zone alone is 2 x 3 kilometers and displays 8 geological signatures associated with the world's major porphyry deposits. On top of that there have been some pretty encouraging channel sampling results. Kalimantan is generally recognized as a place for 'elephant prospects' and we hope to discover one or more of them on our Contract of Work. Whilst others have avoided this substantially under-explored area, Kalimantan Gold has remained 'on the job' and I think we are beginning to see the results of that."

The common shares and warrants and any securities which may be issued thereunder have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. person in the absence of such registration or an exemption therefrom.(end of release)

Contact:

Kalimantan Gold Corporation Limited

Doris Meyer

Corporate Secretary

Phone: (604) 516-0566

Fax: (604) 516-0568

Email: info@kalimantan.com

Website: www.kalimantan.com