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  • Kalimantan Gold Celebrates Regulatory Progress 0 comments
    May 9, 2013 2:38 PM

    Kalimantan Gold (LON:KLG, CVE:KLG) has been given the all-clear to drill all targeted areas of its PT Kalimantan Surya Kencana (NYSE:KSK) contract of work (CoW).

    "The granting of the forestry permit extension is a major development. It enables us to now test drill all of our targeted areas within the CoW, and maximises the scope for a successful outcome to our substantial exploration programme," said Faldi Ismail, Kalimantan Gold's chief executive officer.

    The Indonesian group said the forestry "borrow to use" extension now covers all the priority areas sought when the application was made in autumn 2012, including the Tumbang Huoi, Baroi and Mansur prospects, which are historically three of the most prospective exploration targets within the CoW.

    Fieldwork and mobilisation of equipment will now commence immediately on all of the newly permitted prospect areas.

    In other news, Kalimantan said it has received formal confirmation from the Ministry of Mines approving the KSK 2013 exploration and work programme.

    The company added that the deep drilling programme has been completed at Focus One and drill pads are now being prepared at the gold-rich Mamuring Prospect. The second deep rig is drilling hole BKD04-01 at South Beruang Kanan.

    Two shallow holes have been completed at Rinjen and a third hole is commencing. Shallow drilling to 300 metres is underway at Beruang Kanan on drill hole BK051-01.

    Completing the round-up of good news, the company said a "Clean and Clear" certificate for PT Jelai Cahaya Minerals has been received by from the Ministry of Mines. What this means is that the mining business permit has complete documents and no overlapping areas with other concessions.

    Shares in Kalimantan shot up 5.8% in London to 4.1p in the first 15 minutes of trading following the announcement.

    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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