Asiamet Res Regulatory News (ARS)

12 Nov 2013 07:00

Kalimantan Gold Corporation Limited ("KLG") is pleased to announce that the airborne magnetic and gravity survey over the whole of the KSK CoW has been completed. The results of this survey will assist in the prioritisation and positioning of future drill holes. Field work at Mansur, Tumbang Huoi and Baroi has recommenced and field work will also be carried out at North Mansur.

Airborne Gravity and Magnetic Survey

The results of this survey have assisted in developing a better understanding of the correlation between gravity, magnetics and mineralization. At Beruang Kanan, a moderate gravity high response is present over the known mineralized zone. This response extends to the south of the two most recent drill holes, BK57 and BK58, which both intersected significant mineralization (refer Press Release dated 22 August 2013). This moderate gravity high also extends to Beruang Kanan West which will be subject to drilling next year. Several new geophysical targets have also been identified within the COW.

MAP: Beruang Kanan residual gravity map showing drill hole locations. This image shows responses to depths of < 4km below surface.

To view the map, click onto the following link: http://www.usetdas.com/maps/kalimantan/kalimantannov112013007.pdf

Field and Ground Work

Following two months of data compilation and project reviews, field work has recommenced at Mansur, Tumbang Huoi and Baroi in order to follow up and finalize drill targets for next year’s proposed drilling programs. Field teams will be deployed on the large and yet to be explored North Mansur circular magnetic anomaly and Tisoi, a well-defined magnetic anomaly where gold and magnetite are reported in the drainages.

To view the Kalimantan Gold Regional Geology, click onto the following link: http://www.usetdas.com/maps/kalimantan/kalimantannov112013002.gif

Magnetic Map North Mansur

To view the Magnetic Map North Mansur, click onto the following link: http://www.usetdas.com/maps/kalimantan/kalimantannov112013004.pdf

Aeromagnetic Map (reduced to Equator, Analytical Signal) showing the Mansur North circular magnetic anomaly and the Mansur diorite porphyry and the location of previous drill holes which were drilled to depths between 80 and 350 meters, including SMH03 42m@0.2% Cu & 0.2g/t Au and SMH04, 76.75m@0.13% Cu &0.10g/t Au. A number of deep holes to 1400m are being planned at this prospect for next year.

Baroi and Tumbang Huoi

Drilling in 2013 at Baroi and Tumbang Huoi did not produce economic intercepts but did confirm they are porphyry environments. Drill hole TH02-01 at Tambang Huoi was drilled to 253m and returned strongly anomalous copper, gold and molybdenum mineralization from 170m to 236 m (66m @ 0.16 copper equivalent)

TH02-01 @ 200m

To view TH02-01 @ 200m , click onto the following link: http://www.usetdas.com/maps/kalimantan/kalimantannov112013005.jpg

Baroi and Tumbang Huoi are both very large prospects, Baroi covers 6 by 4 kilometers. These prospects have now been broken into several sub prospect areas for immediate follow-up mapping, sampling and IP surveys, including deep hole radial IP that is expected to assist in defining deeper zones of potentially porphyry-related sulphide mineralization.

Logistics

The logging company operating in the area has reopened old roads into Tumbang Huoi, Volcano, Beruang Kanan and deeper into the central part of the COW. This will provide new access which will hugely assist our logistics and greatly reduce the cost of helicopter support for next year’s exploration program.

All data, as disclosed in this press release, has been reviewed and verified by the Company's Qualified Person for the KSK Project, Dr. Peter Pollard, who is a Member of the Australasian Institute of Mining and Metallurgy (Chartered Professional). Dr Pollard acts as a technical consultant to KLG and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person under the JORC Code.

-Ends-

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 and the KSK Contract of Work in Central Kalimantan with potential for multiple porphyry copper and gold prospects. For further information please visit www.kalimantan.com

To view the Kalimantan map, click onto the following link: http://www.usetdas.com/maps/kalimantan/kalimantannov112013006.jpg

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