Last checked at 10 Dec 2013 07:00
As a result of a review of the technical disclosure of Kalimantan Gold Corporation Limited (the “Company”) (TSX-V:KLG) by the British Columbia Securities Commission, the Company is issuing this press release to clarify certain of its recently published technical disclosure on the Company’s website at www.kalimantan.com and in material distributed through press releases in relation to a technical report filed on November 27, 2013.
On November 27, 2013 the Company filed a technical report entitled “NI43-101 Technical Report on the Jelai Gold Project, North Kalimantan, Indonesia, dated effective November 1, 2013 written by Dr. Steve Garwin and Dr. Noel White on the Company’s PT Jelai Cahaya Minerals property (the “Report”) in support of technical information announced on November 27, 2013.
On December 9, 2013 the Company filed a revised technical report (“Revised Report”) to address the NI43-101 deficiencies and that is now compliant with NI43-101. The Revised Report is effective November 1, 2013 and signed December 5, 2013. The Revised Report recommends that the Company should complete gold resource calculations for Mewet, Sembawang and Lipan vein systems that are NI43-101 compliant. If the grade-tonnage characteristics of the gold resources justify, then a scoping study for development should be initiated. It is the authors’ opinion that the location of the veins and the relationship to local topography favor open‐pit mining of the Sembawang and Lipan veins and under‐ground exploitation of the Mewet vein. This opinion does not imply that the veins contain economic mineral resources but merely highlights the relationships of the veins to local topography. Assuming a favorable outcome to the economic studies, then future exploration should focus on expanding gold‐bearing shoots in the three known vein systems.
The Company wishes to clarify certain publicly disclosed technical information as follows:
The statement in the November 27, 2013 press release that the Report confirms the potential for a gold mineral resource to be defined and ultimately developed at the Jelai Gold project is not supported by the Report. The Report disclosed the potential length, depth and thicknesses of the gold-bearing portions of the Mewet, Sembaweng and Lipan veins above a cut-off but it did not include the cautionary language required by NI43-101. The Report used the term “ore-shoot” and “vein-lode” to describe mineralization. The use of such terms implies economic viability and is inappropriate before completion of a positive preliminary feasibility study or feasibility study and the terms have been removed from the Revised Report and the Revised Report includes the appropriate cautionary language. The certificates of the qualified persons (“QPs”) in the Report did not specify which items of the report each of the QPs were responsible for, what prior involvement each of the QPs have had with the property and a statement that the QP’s are independent of the Company as required by NI43-101. The Revised Report includes the amended certificates. The Report recommended work for on-going development of the property including detail on drilling and sampling however, it did not provide a breakdown of costs to perform the work. The Revised Report includes the phased budget for the recommended work program. A corporate presentation that was posted on the Company’s website has now been removed as it contained references to potential gold resources at both the Jelai exploration project and at the Beruang Kanan exploration target on the KSK Contract of Work in Central Kalimantan that were not supported by NI43-101 compliant technical reports and did not contain the cautionary language required by NI43-101 and are therefore retracted by the Company. The corporate presentation also contained information on other exploration targets located on the Company’s KSK project that should be considered out-of-date and as such should not be relied upon. The Company’s press release dated November 12, 2013 provided an update on activity on the KSK project. The Company will update the information on its web site.All data, as disclosed in this press release, has been reviewed and verified by the Company's Qualified Person for the Jelai and KSK projects, Dr. Peter Pollard, who is a Member of the Australasian Institute of Mining and Metallurgy (Chartered Professional). Dr Pollard is a director and the Chairman of KLG. He acts as a technical consultant to KLG and has sufficient experience which is relevant to the style of mineralization and types of deposits under consideration and to the activity he is undertaking to qualify as a Qualified Person under NI43-101.
For further information please contact:
Faldi IsmailDeputy Chairman and CEO, Kalimantan GoldMobile: +61 (0) 423 206 324Email: faldi.ismail@kalimantan.com
Gerald CheyneDirector Corporate DevelopmentTelephone: +44 (0) 2077311806Mobile: +44 (0) 7717473168Email: gerald.cheyne@kalimantan.com
VSA Capital LimitedKatrina Damouni / Peter DamouniTelephone: +44 20 3005 5005 / +44 20 3005 5007Email: pdamouni@vsacapital.com
KLG's Nominated AdviserRFC Ambrian LimitedStuart LaingTelephone: +61 8 9480 2506Email: stuart.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.
Copyright Business Wire 2013