Last checked at 28 Aug 2012 07:00
Kalimantan's Half-Year Results 2012
The unaudited Interim Consolidated Financial Statements of Kalimantan Gold Corporation Limited (the "Company") for the second quarter ended June 30, 2012, are available for viewing on www.sedar.com or www.kalimantan.com.
The Company incurred a comprehensive loss for the three and six months ended June 30, 2012, of $80,834 and $215,575 respectively (2011 - $674,849 and $1,000,168). Included in the six month loss were net exploration costs to the Company of $122,226 (2011 - $250,648). The exploration costs are net of those costs funded by a joint venture with a subsidiary of Freeport-McMoRan Exploration Corporation on the KSK Contract of Work and by Tigers Realm Metals Pty Ltd. on the Jelai project. The current loss is also net of $219,978 of management fees earned by the Company pursuant to these joint ventures. The Company began the current fiscal year with $791,511 in cash. The Company was provided with $374,976 to fund operations, used $21,259 to purchase equipment, recognized cash as unrestricted of $209,167, received $473,230 net proceeds from a private placement financing and recorded $4,931 of unrealized foreign exchange gain on cash balances, to end the quarter with $1,832,556 in cash. The Company's working capital at June 30, 2012 is $499,463.
The highlights of the second quarter and up to August 23, 2012, include:
On May 9, 2012, the Company closed a private placement and issued 6,000,000 common shares at a price of US$0.08 per share to raise US$480,000. During the quarter, drilling was underway by the Company's partners on both the Jelai and KSK Contract of Work projects with assays pending.
For further information please contact:Kalimantan GoldFaldi Ismail, +61 (0) 423 206 324Deputy Chairman and CEOfaldi.ismail@kalimantan.comorGerald Cheyne, +44 (0) 2077311806 / +44 (0) 7717473168Director Corporate Developmentgerald.cheyne@kalimantan.comorKLG's Corporate BrokerVSA Capital LimitedJames Pinner, +44 203 617 5177orNick Redfern, +44 203 005 5005orKLG's Nominated AdviserRFC Ambrian LimitedStuart Laing, +61 8 9480 2506stuart.laing@rfcambrian.com
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 a wholly owned subsidiary of Freeport-McMoRan Exploration Corporation). For further information please visit www.kalimantan.com
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.
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
| KALIMANTAN GOLD CORPORATION LIMITED | ||||||||||||
| CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION | ||||||||||||
| (unaudited - expressed in United States dollars, unless otherwise noted) | ||||||||||||
| June 30,2012 | December 31,2011 | |||||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash | $ | 1 832 556 | $ | 791 511 | ||||||||
| Restricted cash | - | 209 167 | ||||||||||
| Government deposit and receivable | - | 61 310 | ||||||||||
| Trade and other receivables | 197 307 | 111 672 | ||||||||||
| 2 029 863 | 1 173 660 | |||||||||||
| Non-current assets | ||||||||||||
| Security deposit | 24 432 | 25 055 | ||||||||||
| Property, plant and equipment | 29 423 | 12 186 | ||||||||||
| $ | 2 083 718 | $ | 1 210 901 | |||||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
| Current liabilities | ||||||||||||
| Trade and other payables | $ | 1 530 400 | $ | 950 024 | ||||||||
| 1 530 400 | 950 024 | |||||||||||
| Non-current liabilities | ||||||||||||
| Provision for employee service entitlements | 95 421 | 99 198 | ||||||||||
| 1 625 821 | 1 049 222 | |||||||||||
| Shareholders' equity | ||||||||||||
| Share capital | 1 674 842 | 1 621 612 | ||||||||||
| Equity reserves | 25 426 160 | 24 967 597 | ||||||||||
| Deficit | (26 643 105 | ) | (26 427 530 | ) | ||||||||
| 457 897 | 161 679 | |||||||||||
| $ | 2 083 718 | $ | 1 210 901 | |||||||||
| KALIMANTAN GOLD CORPORATION LIMITED | ||||||||||||||||||||||||
| CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||||||||||||||
| (unaudited - expressed in United States dollars, unless otherwise noted) | ||||||||||||||||||||||||
| three months ended | six months ended | |||||||||||||||||||||||
| June 30,2012 | June 30,2011 | June 30,2012 | June 30,2011 | |||||||||||||||||||||
| Expenses | ||||||||||||||||||||||||
| Accounting and audit | $ | 1 573 | $ | - | $ | 8 686 | $ | 806 | ||||||||||||||||
| Consultants | 79 393 | 69 581 | 163 018 | 141 499 | ||||||||||||||||||||
| Directors fees | 6 000 | 6 000 | 12 000 | 12 000 | ||||||||||||||||||||
| Exploration and evaluation expenditures | 44 043 | 75 152 | 122 226 | 250 648 | ||||||||||||||||||||
| Investor relations | 634 | 467 | 1 776 | 1 651 | ||||||||||||||||||||
| Legal | 12 960 | 11 623 | 17 198 | 53 623 | ||||||||||||||||||||
| Management fees | (146 771 | ) | (22 367 | ) | (219 978 | ) | (22 367 | ) | ||||||||||||||||
| Office and administrative services | 2 451 | 6 233 | 4 407 | 10 818 | ||||||||||||||||||||
| Share-based compensation | 13 496 | 463 250 | 38 563 | 463 250 | ||||||||||||||||||||
| Telephone and facsimile | 723 | 310 | 1 933 | 1 780 | ||||||||||||||||||||
| Transfer agent, filing and exchange fees | 47 586 | 36 647 | 74 391 | 69 657 | ||||||||||||||||||||
| Travel and accommodation | 17 481 | 31 146 | 17 481 | 40 730 | ||||||||||||||||||||
| 79 569 | 678 042 | 241 701 | 1 024 095 | |||||||||||||||||||||
| Other items | ||||||||||||||||||||||||
| Foreign exchange gain (loss) | 1 783 | (3 042 | ) | 1 678 | (23 168 | ) | ||||||||||||||||||
| Interest income | (518 | ) | (151 | ) | (27 804 | ) | (309 | ) | ||||||||||||||||
| 1 265 | (3 193 | ) | (26 126 | ) | (23 477 | ) | ||||||||||||||||||
| Loss and comprehensive loss for the period | $ | 80 834 | $ | 674 849 | $ | 215 575 | $ | 1 000 618 | ||||||||||||||||
| Basic and diluted loss per common share | $ | (0,00 | ) | $ | (0,00 | ) | $ | (0,00 | ) | $ | (0,01 | ) | ||||||||||||
| Weighted average number of shares outstanding | 168 901 661 | 164 445 618 | 167 164 062 | 163 680 637 | ||||||||||||||||||||
| KALIMANTAN GOLD CORPORATION LIMITED | ||||||||||||
| CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS | ||||||||||||
| (unaudited - expressed in United States dollars, unless otherwise noted) | ||||||||||||
| six months ended | ||||||||||||
| June 30,2012 | June 30,2011 | |||||||||||
| Cash provided from (used for): | ||||||||||||
| Operating activities | ||||||||||||
| Loss for the period | $ | (215 575 | ) | $ | (1 000 618 | ) | ||||||
| Adjustment for non-cash items: | ||||||||||||
| Depreciation | 4 022 | 16 699 | ||||||||||
| Share-based compensation | 38 563 | 463 250 | ||||||||||
| Unrealized foreign exchange (gain) loss | (8 085 | ) | 23 115 | |||||||||
| Changes in non-cash working capital: | ||||||||||||
| Trade and other receivables | (24 325 | ) | (223 937 | ) | ||||||||
| Trade and other payables | 580 376 | (51 125 | ) | |||||||||
| Provision for employee service entitlements | - | (4 858 | ) | |||||||||
| 374 976 | (777 474 | ) | ||||||||||
| Investing activities | ||||||||||||
| Purchase of property, plant and equipment | (21 259 | ) | (9 946 | ) | ||||||||
| Restricted cash | 209 167 | - | ||||||||||
| 187 908 | (9 946 | ) | ||||||||||
| Financing activities | ||||||||||||
| Share issues | 480 000 | 1 360 442 | ||||||||||
| Share issue costs | (6 770 | ) | (19 914 | ) | ||||||||
| 473 230 | 1 340 528 | |||||||||||
| Unrealized foreign exchange gain (loss) on cash | 4 931 | (20 443 | ) | |||||||||
| Increase in cash | 1 041 045 | 532 665 | ||||||||||
| Cash, beginning of the period | 791 511 | 306 156 | ||||||||||
| Cash, end of the period | $ | 1 832 556 | $ | 838 821 | ||||||||
| KALIMANTAN GOLD CORPORATION LIMITED | |||||||||||||||||||||||||||
| CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY | |||||||||||||||||||||||||||
| (unaudited - expressed in United States dollars, unless otherwise noted) | |||||||||||||||||||||||||||
| Number of shares | Amount | Equity reserves | Deficit | Total | |||||||||||||||||||||||
| Balance, December 31, 2010 | 162 907 156 | $ | 1 599 564 | $ | 24 063 393 | $ | (25 005 300 | ) | $ | 657 657 | |||||||||||||||||
| Share issues | 2 500 000 | 25 000 | 338 939 | - | 363 939 | ||||||||||||||||||||||
| Share issue costs | - | - | - | - | - | ||||||||||||||||||||||
| Share-based compensation | - | - | 463 250 | - | 463 250 | ||||||||||||||||||||||
| Loss and comprehensive lossfor the perod | - | - | - | (1 000 618 | ) | (1 000 618 | ) | ||||||||||||||||||||
| Balance, June 30, 2011 | 165 407 156 | $ | 1 624 564 | $ | 24 865 582 | $ | (26 005 918 | ) | $ | 484 228 | |||||||||||||||||
| Balance, December 31, 2011 | 165 407 156 | $ | 1 621 612 | $ | 24 967 597 | $ | (26 427 530 | ) | $ | 161 679 | |||||||||||||||||
| Share issues | 6 000 000 | 60 000 | 420 000 | - | 480 000 | ||||||||||||||||||||||
| Share issue costs | - | (6 770 | ) | - | - | (6 770 | ) | ||||||||||||||||||||
| Share-based compensation | - | - | 38 563 | - | 38 563 | ||||||||||||||||||||||
| Loss and comprehensive lossfor the perod | - | - | - | (215 575 | ) | (215 575 | ) | ||||||||||||||||||||
| Balance, June 30, 2012 | 171 407 156 | $ | 1 674 842 | $ | 25 426 160 | $ | (26 643 105 | ) | $ | 457 897 | |||||||||||||||||
Copyright Business Wire 2012