RNS......26 Nov 2014 08:48
Kalimantan Gold Corporation Limited ("KLG” or the "Company") is pleased to announce that it has today signed a non-binding letter of intent (“LOI”) with Tigers Realm Copper Pty Ltd. (“Tigers”), a private Australian corporation within the Tigers Realm Group of companies, to purchase Tigers’ interest in the Beutong copper-gold project, Sumatra, Indonesia (“Beutong”). The consideration for this acquisition will be the issue of 171,407,156 KLG common shares (“Consideration Shares”) and 14,675,000 KLG share purchase warrants.
Highlights
Agreement reached to acquire Tigers’ interest in the Beutong Copper-Gold Project, Sumatra, Indonesia
Beutong’s Mineral Resource on a 100% basis comprises:
Measured and Indicated Resources of 93Mt at 0.61% Cu, 0.13ppm Au, 1.97ppm Ag and 97ppm Mo (0.3% Cu Reporting Cut) for contained metal of 1,241MIbs copper, 373koz gold, 5,698koz silver and 20MIbs molybdenum (0.3% Cu Reporting Cut); and
Inferred Resources of 418Mt at 0.45% Cu, 0.13ppm Au, 1.11ppm Ag and 129ppm Mo (0.3% Cu Reporting Cut) for contained metal of 4,092MIbs copper, 1,746koz gold, 14,903koz silver and 112MIbs molybdenum (0.3% Cu Reporting Cut).
Beutong’s Mineral Resource on a relevant attributable 40% interest basis comprises:
Measured and Indicated Resources of 38Mt at 0.61% Cu, 0.13ppm Au, 1.97ppm Ag and 97ppm Mo (0.3% Cu Reporting Cut) for contained metal of 496MIbs copper, 149koz gold, 2,279koz silver and 8MIbs molybdenum (0.3% Cu Reporting Cut); and
Inferred Resources of 167Mt at 0.45% Cu, 0.13ppm Au, 1.11ppm Ag and 129ppm Mo (0.3% Cu Reporting Cut) for contained metal of 1,637MIbs copper, 698koz gold, 5,961koz silver and 45MIbs molybdenum (0.3% Cu Reporting Cut).
Complementary asset combination. Small-medium scale, near surface copper opportunity at KLG’s Beruang Kanan with potential to be the starter project, a large copper-gold growth option at Beutong, and a highly prospective copper and gold exploration portfolio
Highly experienced resource industry CEO Tony Manini to join KLG as Deputy Chairman and CEO
Extensive project evaluation, mine development and financing capability and experience available to KLG team
Establishes a strong copper and gold portfolio close to key growth markets in the Asian region
Diversifies shareholder base and expands funding options for KLG
Capital raising of at least US$3 million to fund ongoing drilling and studies. Consistent news flow anticipated
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