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  • Kalimantan Gold Swings Into Profit 0 comments
    Apr 29, 2013 5:26 PM

    Kalimantan Gold (LON:KLG) (CVE:KLG), the Indonesian junior gold company, swung into profit last year.

    The company made a profit of US$62,715 in 2012 from a loss of US$1.42mln the year before.

    Management fees were US$704,000, up from US$119,000 in 2011. The company's exploration costs in the year contributed a further US$11,235 to the profit.

    A substantial drilling and exploration programme at the KSK CoW project of up to US$16.2mln for 2013 is underway, Kalimantan also revealed.

    Exploration activities at KSK CoW have recently been focusing on delineation drilling and deep drilling at Beruang Kanan, plus deep drilling at Beruang Tengah, as well as reconnaissance mapping and sampling and prospect evaluations. This is aimed at prioritising the drill targets further.

    A total of 15,108 metres of drilling had been finished by mid-February, with around 2,500m being drilled every month.

    A fixed-wing airborne gravity and magnetic survey is planned for early in 2013 over the whole of the KSK CoW area.

    Elsewhere, the company has placed the Jelai project on care and maintenance while it analyses the results of drilling by Tigers Realm Metals, which terminated the partnership in September last year when it did not achieve the results it expected.

    Kalimantan is on the lookout for another funding partner to continue exploration work at Jelai.

    Shares rose 2.5% to 4.1p each.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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