Great RNS26 Nov 2014 10:31
Kalimantan Kalimantan Gold Positions for Growth
Date : 26/11/2014 @ 07:00
Source : UK Regulatory (RNS & others)
Stock : Kalimantan (KLG)
Quote : 3.15 1.35 (75.00%) @ 10:30
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Kalimantan Kalimantan Gold Positions for Growth
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TIDMKLG
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); andInferred 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); andInferred 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. Consisten