Kalimantan Gold Signs Letter of Intent With Tigers Realm on Jelai
02 Dicembre 2010 - 8:00AM
Marketwired
Kalimantan Gold Corporation Limited (the "Company") (TSX VENTURE:
KLG)(AIM: KLG) is pleased to announce that it has entered into a
binding Letter of Intent ("LOI") with Tigers Realm Minerals PTY
Ltd. ("Tigers") an Australian based, privately owned resources
company whereby Tigers may earn up to a 70% interest in the
Company's Jelai Gold Project by meeting certain project expenditure
obligations and completing a bankable feasibility study ("BFS").
Under the terms of the LOI, which is subject to due diligence
and is to be replaced by a definitive option agreement not later
than February 4, 2011, Tigers can incrementally earn up to a 70%
interest in the Jelai Project by spending US$6,000,000 by June 30,
2014, with the first US$2,000,000 by June 30, 2012 being an
obligation. If Tigers doesn't complete the BFS by that date, its
interest earned in Jelai will convert to a royalty capped at two
times its investment in the Jelai project.
Tigers will continue to sole fund until the partners approve
development of the project. Thereafter both parties will be
responsible for its share of funding. Tigers will use its best
commercial endeavors to arrange project finance for up to a maximum
of 75% of the Company's funding requirements for the project.
Rahman Connelly, Deputy Chairman and CEO of the Company said,
"Tigers is an ideal partner to rapidly advance the Jelai Gold
Project and create value for all stakeholders. They have extensive
experience in Indonesia across exploration, project development and
mine operations, a skilled team able to rapidly explore and develop
projects and Tigers board and management team have a strong track
record in raising capital globally. Tigers shares the Company's
commitment to building a sustainable relationship with the local
communities." Mr. Connelly added, "This transaction, combined with
the expected successful negotiations on our KSK COW with a major
copper mining company in the next few weeks will see the Company
benefit from significant expenditure and expertise being applied to
advance its projects. It also leaves the Company well positioned to
leverage off its relationships in the region to pursue new project
opportunities."
Jelai Project Details
The Jelai Gold Project in East Kalimantan consists of 12
prospects. One of those, the Mewet prospect, is in advanced
exploration with 126 holes drilled over nearly 14,000 meters
confirming the potential to yield a major epithermal gold deposit,
comparable in scale to the Vera Nancy mine in Australia, which has
produced 2.3 million ounces to date. It is a low-sulphidation
epithermal precious metal system consisting of at least seven major
veins and numerous subsidiary veins with a cumulative strike length
of more than five kilometres. Drilling to date has discovered at
least five potential ore shoots within the restricted strike length
that has been explored. Interpretation of mineral textures in the
veins and comparison with models for low-sulphidation epithermal
systems suggests that the current level of exposure is near the top
of the precious metal zone. Previous drilling on the Mewet shoot
indicates that the vein becomes thicker with depth and that the
mineralization extends over at least 200 metres vertically.
Tigers Realm Minerals PTY Ltd.
Tigers Realm Minerals is an Australian based, privately owned
resources company. From its head office in Melbourne, Tigers
operates globally with a core focus on gold, copper and coal.
Tigers' vision is to build a world class resources business by
identifying, acquiring and investing in high quality minerals and
energy opportunities and providing the necessary management,
technical and financial support required to fully explore, evaluate
and develop these assets to their full potential. The Tigers team
of resource industry professionals have a reputation for delivering
exceptional investment returns, most notably through the
transformation of junior mineral explorer Oxiana Resources into an
ASX 100 company capitalised at over $6 billion between 2000 and
2008. Tigers is currently building and exploring gold and coal
portfolios in the Asian region, exploring for coal in South America
and assessing a range of additional gold, copper and coal
opportunities globally. For further information on Tigers please
visit www.tigersrm.com.au.
About Kalimantan Gold
Kalimantan Gold Corporation Limited is a junior exploration
company listed on both the TSX Venture Exchange in Canada and on
AIM in London. The Company has two exploration projects in
Kalimantan: the Jelai epithermal gold project in East Kalimantan
and a Contract of Work in Central Kalimantan with multiple porphyry
copper and gold prospects. In addition, the Company continues its
efforts as agent for the shareholders of PT Indobara Pratama
("IBP") who are seeking to sell IBP's coal concession in exchange
for a share of the proceeds. IBP are in active negotiations with a
qualified purchaser.
RFC Corporate Finance Ltd acts as KLG's Nominated Adviser for
the purposes of its AIM listing, contact Stuart Laing, ph: +618
9480 2506 or email: stuartl@rfc.com.au.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Kalimantan Gold Corporation Limited Rahman Connelly
Deputy Chairman and CEO Telephone: +61 7 552 32298 or Mobile: +61
418 116 955 rconnelly@ozemail.com.au Kalimantan Gold Corporation
Limited Gerald Cheyne Director Corporate Development Telephone: +44
(0) 2077311806 or Mobile: +44 (0) 7717473168
gerald.cheyne@kalimantan.com www.kalimantan.com Alexander David
Securities Limited Bill Sharp/ David Scott +44 (0) 20 7448 9820
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