Kalimantan Gold Positions for Growth
26.11.2014 | FSCwire
White Rock, British Columbia (FSCwire) - Kalimantan Gold Corporation Ltd. ("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