🕐04.09.11 - 12:54 Uhr
WG: KALIMANTANS HALF-YEAR RESULTS 2011
Von: Kalimantan Gold Corporation Limited [mailto:]
Gesendet: Freitag, 26.
August 2011 08:12
An:
Betreff: Kalimantans Half-Year Results 2011
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Press Release - Friday, August 26, 2011
Kalimantans Half-Year Results 2011
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Attached are the Condensed Consolidated Interim Financial Statements of
Kalimantan Gold Corporation Limited (the "Company") for the half year ended
June 30, 2011 (the "Half-Year Report").
The Half-Year Report is available
for viewing on www.sedar.com or www.kalimantan.com.
The Half-Year Report has
been prepared in accordance with International Accounting Standard 34
Interim Financial Reporting ("IAS 34") as issued by the International
Accounting Standards Board ("IASB").
The policies applied in the Half-Year
Report interim financial statements are based on International Financial
Reporting Standards ("IFRS") issued and outstanding as at August 25, 2011,
the date the Board of Directors approved these interim financial statements
for issue.
Any subsequent changes to IFRS that are issued and effective as
at December 31, 2011, could result in a restatement of these interim
financial statements, including the transition adjustments recognized on
conversion to IFRS.
The highlights of the half-year and up to August 25, 2011 include:
The signing of a joint venture agreement (the "Agreement") with a wholly
owned subsidiary of Freeport-McMoRan Exploration Corporation ("Freeport") in
relation to the Companys KSK CoW copper project on April 18, 2011.
The signing of an option agreement with Tigers Realm Minerals Pty Ltd.
an
Australian based, privately owned resources company on February 16, 2011, in
relation to the Companys Jelai Gold project.
Freeport, as the worlds second largest copper producer with extensive
Indonesian experience, is an exceptional and ideal partner to rapidly
advance the KSK Copper Project and create value for all stakeholders.
Tigers are 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 share the Companys commitment to building a sustainable relationship
with the local communities.
On April 21, 2011, the board of directors of the Company appointed Faldi
Ismail to the post of Deputy Chairman and Chief Executive Officer to replace
Rahman Connelly in that position.
Mr.
Connelly successfully negotiated joint venture agreements on the
Companys two main assets -- the Jelai Gold project and the KSK CoW.
The
Company is very grateful to Mr.
Connelly for his time and efforts over his
tenure in this position and is glad of his willingness to stay on as a
director and remain involved with the Company.
Mr.
Ismail joined the Company as a director in September 2009.
Mr.
Ismail
has specialized in the restructure and recapitalization of a wide range of
Australian Securities Exchange ("ASX") listed companies.
He has also been
instrumental in establishing a number of new listings on the ASX (with a
specific focus in the resources sector) and has been very active in the
Indonesian resources sector over the past years.
Mr.
Ismail, like Mr.
Connelly, resides in Australia where he is currently a director of several
ASX-Listed resource companies.
Mr.
Ismails energy will be called upon to
guide the Company through this next new and exciting phase of the Companys
life of investigating new property and acquisition opportunities while
overseeing the management of the work programs on the Companys Jelai Gold
project by Tigers and the KSK CoW porphyry copper/gold project by Freeport.
Since assuming the role of CEO, Mr.
Ismail has increased his ownership of
the Company by purchasing 1,000,000 common shares of KLG in the market, so
that his total holdings in KLG is now 4,430,000 shares (2.7% of the
Company).
For further information please visit www.kalimantan.com or contact:
-Ends-
For further information please contact:
Faldi Ismail
Deputy Chairman and CEO, Kalimantan Gold
Mobile: +61 (0) 423 206 324
Email:
Gerald Cheyne
Director Corporate Development
Telephone: +44 (0) 2077311806
Mobile: +44 (0) 7717473168
Email:
Alexander David Securities Limited
Bill Sharp/ David Scott
Telephone: +44 (0) 20 7448 9820
KLGs Nominated Adviser
RFC Corporate Finance Ltd
Stuart Laing
Telephone: +61 8 9480 2506
Email:
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.
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Copyright C 2011 KALIMANTAN GOLD CORPORATION LIMITED (KLG) All rights
reserved.
For more information visit our website at
http://www.kalimantan.com/ or send email to
.
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