Kalimantan Gold Extends Jelai Gold Mining Exploration Licence
23 Giugno 2011 - 8:00AM
Marketwired
Kalimantan Gold Corporation Limited (the "Company") (TSX VENTURE:
KLG)(AIM: KLG) is pleased to announce that the term of the Mining
Business Permit (Izin Usaha Pertambangan "IUP") at its Jelai Gold
Project has been extended until June 2, 2015.
This fulfils one of the two conditions outstanding in respect of
the option agreement signed with Tigers Realm Minerals Pty Ltd.
("Tigers") announced on February 16, 2011.
The other outstanding condition is the grant of the forestry
permits required for the proposed exploration activities. The
Company has submitted the necessary documentation to apply for
these permits and the Directors are confident that they will be
issued shortly. In recognition of this expected timing, Tigers have
extended the period for the fulfilment of this condition until
August 16, 2011.
The terms of the option agreement require Tigers to spend a
minimum of $2 million on exploration in the first 18 months after
the conditions are met. Tigers can incrementally earn up to a 70%
interest in the Jelai Project by spending US$6 million and
completing a Bankable Feasibility Study ("BFS") by the IUP expiry
date. If Tigers do not complete the BFS by the IUP expiry date, its
interest earned in Jelai will convert to a royalty capped at two
times its investment in the Jelai project.
Immediately following receipt of the forestry permits, Tigers
expect to commence site preparation work for their proposed initial
drill programme. This will be aimed at increasing the existing
mineralized deposit at Jelai and testing the prioritised targets in
the highly mineralised epithermal vein system.
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
(which is optioned to Tigers Realm Minerals) and the KSK Contract
of Work in Central Kalimantan with multiple porphyry copper and
gold prospects (which is optioned to Freeport).
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 Faldi Ismail
Deputy Chairman and CEO Mobile: +61 (0) 423 206 324
faldi.ismail@kalimantan.com Kalimantan Gold Corporation Limited
Gerald Cheyne Director Corporate Development +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
Grafico Azioni (TSXV:KLG)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni (TSXV:KLG)
Storico
Da Giu 2023 a Giu 2024
Notizie in Tempo Reale relative a (Venture Exchange Canada (TSXV)): 0 articoli recenti
Più Kalimantan Gold Corporation Limited Articoli Notizie