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kalimantan gold corp ltd (KMGLF) Details

Kalimantan Gold Corporation Limited is engaged in the acquisition, exploration, and development of mineral properties in Kalimantan, Indonesia. It has interest in the KSK Contract of Work porphyry copper prospect located in central Kalimantan; and an Izin Usaha Pertambangan for the Jelai gold project in east Kalimantan. The company is based in White Rock, Canada.

kalimantan gold corp ltd (KMGLF) Top Compensated Officers

Deputy Chairman and Chief Executive Officer
Total Annual Compensation: C$123.6K
Vice President of Exploration
Total Annual Compensation: C$179.2K
Compensation as of Fiscal Year 2013.

kalimantan gold corp ltd (KMGLF) Key Developments

Kalimantan Gold Corporation Limited Reports Unaudited Consolidated Earnings Results for the Nine Months Ended September 30, 2014

Kalimantan Gold Corporation Limited reported unaudited consolidated earnings results for the nine months ended September 30, 2014. The company incurred a comprehensive loss for the nine months ended September 30, 2014, of $493,900 compared to ­$131,579 reported in the same period last year. Operating activities used in cash of $359,075.

Kalimantan Gold Corporation Limited Announces Management Changes

Kalimantan Gold Corporation Limited announced that it has signed a non-binding letter of intent with Tigers Realm Copper Pty Ltd. to purchase Tigers' interest in the Beutong copper-gold project, Sumatra, Indonesia. The consideration for this acquisition will be the issue of 171,407,156 KLG common shares and 14,675,000 KLG share purchase warrants. On closing the acquisition, current TRM Parent director Tony Manini will be appointed as the Deputy Chairman and Chief Executive Officer of KLG in place of Faldi Ismail who will remain as a director of KLG. Current director of KLG Stephen Hughes will become the VP Exploration and Mansur Geiger will become VP Indonesia for KLG. Tony Manini has over 28 years industry experience including 14 years with Rio Tinto and 9 years at Oxiana/OZ Minerals where he was a founding member and senior executive. Tony is a founding member of the Tigers Realm Group, a co-founder of EMR Capital and executive chairman of Tigers Realm Coal. He has a significant exploration discovery record and a long and successful operating background in Asia.

Kalimantan Gold Corporation Limited Announces Results of Independently Estimated Maiden Mineral Resource Prepared for Main Zone of Beruang Kanan Prospect

Kalimantan Gold Corporation Limited announced the results of the independently estimated maiden Mineral Resource prepared for the Main Zone of the Beruang Kanan ('BKM') prospect within the Company’s 100% held KSK Contract of Work project, Kalimantan, Indonesia. A Technical Report compliant with NI 43-101 will be published on Sedar within 45 days. Mineral Resources for the Beruang Kanan mineralization have been estimated in conformity with generally accepted CIM 'Estimation of Mineral Resource and Mineral Reserves Best Practices' Guidelines. In the opinion of Duncan Hackman, the block model resource estimate and resource classification reported herein are a reasonable representation of the copper mineral resources found in the defined area of the Beruang Kanan mineralization. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted into Mineral Reserve. Computational discrepancies in the table and the body of the Release are the result of rounding. The Mineral Resource estimate incorporated data from KLG’s drilling programs in 1998 through to 2007 coupled with the August 2012 to July 2013 drilling campaign funded by a former partner, which totals 74 drill holes for 24,774 metres of diamond core. Most drill holes at BKM are widely spaced, with collars generally from 100 to 200 meters apart along 100m spaced section lines. Mr. Hackman verified components of the exploration activities and mineralization features during a site visit conducted between the 4th and September 6, 2014. The 2014 resource model covers the 1,100m north-south strike extent and 950m width of the BKM vein style mineralized system. Mineralization crops out to the west, is closed-off by drilling to the north and has some potential to be extended to the east. Three deep holes under the main zones have failed to intersect significant copper mineralization, however the depth repetition of mineralization has not been fully tested. There are indications from the structural interpretation that repeat systems at depth and proximal to the BKM zone may exist. Copper mineralization occurs as covellite and chalcocite replacement of pyrite, in veins and as chalcopyrite within quartz veins and fracture fill. The copper is of likely hypogene origin. Veins and mineralization are hosted in both blocky fractured volcanics and sediments, mainly in the south of the prospect and, in strongly sheared and tectonically milled breccias related to thrusting mainly in the central and northern sections of the prospect. Intense advanced argillic alteration exists throughout the prospect. The Beruang Kanan resource model is underpinned by data from 74 diamond drill holes (24,774m). Modeled copper mineralization has been intercepted in 749 nominal 3m intervals (2,158m). Topographic control is achieved through the use of a highly detailed LIDAR generated surface to which all drill hole collar coordinates comply. Sample data was composited to 3m intervals and flagged by domains defined from copper assay grades and directed by the H&A structural interpretation. Three passes of inverse distance squared methodology were employed to interpolate grades within domains into a sub-blocked model (parent block size of 25mE x 25mN x 10mRL). High grade copper assays were included in the interpolation with limits to their area of influence applied. The Mineral Resource estimate has been classified based on data density, data quality and reliability, confidence in the geological interpretation and confidence in the copper grade modeling and interpolation. At a 0.2% copper reporting cut, total contained copper in the Inferred Mineral Resource category is estimated to be 47 million tonnes averaging 0.6% Cu or 621,700,000 pounds of copper. The Mineral Resource is contained within a near-surface, shallow-dipping and strongly mineralized system, which remains open in several directions. The limits of the BKM Inferred Mineral Resource are defined partially on the basis of the drilling, mapping and sampling campaigns. Pending funding, Stage II infill and expansion drilling will focus on the southern BKM area, where higher grade mineralization has been confirmed in drill holes BK57 & 58 (22.5m @ 1.27% Cu and 33m @ 2.28% Cu, respectively, and drilled to a depth of 300.4m and 300.0m respectively). In addition, the Company intends to initiate comprehensive metallurgical test work and associated studies on the defined Mineral Resource. Stage II drilling and related studies are intended to improve geological confidence so as to upgrade Inferred Mineral Resources to Measured & Indicated Mineral Resources and enable KLG to complete a preliminary economic assessment on BKM.


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