VANCOUVER (Yosefardi) – Kalimantan Gold Corporation Limited has filed a NI 43-101 compliant technical report supporting the independently estimated maiden resource for the Main Zone of the Beruang Kanan (BKM) prospect within the Company’s 100% held KSK Contract of Work project, in Kalimantan, Indonesia.
The holder of the KSK Contract of Work is PT Kalimantan Surya Kencana (KSK). The Company holds 100% of the shares of Indokal Limited (Indokal). KSK is owned 75% by Indokal and 25% by PT Pancaran Cahaya Kahayan (PCK). Indokal owns 100% of PCK.
The Company is in discussions with the Government of Indonesia to amend the KSK Contract of Work (CoW). The six points being discussed include, 1) royalties, 2) size of the CoW in Exploration vs. Production, 3) domestic processing, 4) divestment obligations, 5) State Revenues and 6) prioritize the use of local manpower and local products. Continued progress is being made and we are encouraged by our discussions with the Indonesian Government.
As noted, the Beruang Kanan prospect is located within the KSK Contract of Work.