KLG

Kalimantan Gold Corporation Limited (TSX VENTURE: KLG)(AIM: KLG) (the "Company") is pleased to announce that it has raised C$1,290,000 from a non-brokered private placement financing announced on December 21, 2010, involving the issue of 16,125,000 common shares at a price of C$0.08 per share. The common shares issued are restricted from trading through the TSX Venture Exchange until April 24, 2011.

The Company intends to use the proceeds to fund its ongoing projects in Indonesia, as well as general working capital purposes.

About Kalimantan Gold

Kalimantan Gold is a junior exploration company listed on both the TSX Venture Exchange in Canada and on the London AIM market. The Company is active in Indonesia where it has three areas of interest: the Jelai epithermal gold prospect in East Kalimantan; coal opportunities, also in East Kalimantan and a Contract of Work in Central Kalimantan with multiple porphyry copper and gold prospects.

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 Chief Executive Officer +61 418116955 Kalimantan Gold Corporation Limited Gerald Cheyne Corporate Development +44 (0) 207 731 1806 www.kalimantan.com Alexander David Securities Limited Bill Sharp/David Scott +44 (0) 20 7448 9820