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Kalimantan Gold Board Changes and Option Grant

VANCOUVER, British Columbia--(BUSINESS WIRE)--Kalimantan Gold Corporation Limited (the "Company" or “KLG”) is pleased to announce that it has appointed Dr. Peter John Pollard as Chairman of the Board and as a Director. Dr. Pollard, who is aged 60, has consulted widely on porphyry copper-gold and iron oxide copper-gold deposits. He has worked on some of the world's major porphyry copper-gold deposits including Grasberg (Indonesia), Escondida Norte (Chile) and Oyu Tolgoi (Mongolia). In addition, he has consulted on porphyry exploration programs in Australia, China, Indonesia, Iran, Kazakhstan, Mongolia, Peru, U.S.A. and Vietnam. Dr. Pollard is a consulting economic geologist with more than 20 years’ experience and has been a technical advisor to the Company and the Company’s Qualified Person for the purposes of signing off on NI 43-101 technical data for the past several years. As a result he is intimately familiar with the Company and its projects. He holds a PhD from James Cook University, Australia and is a Member of the Australasian Institute of Mining and Metallurgy and a Fellow of the Society of Economic Geologists. Prior to his appointment, Dr. Pollard owned 49,052 common shares and had 150,000 stock options in the Company. Dr. Pollard’s status is as an independent director.

Dr. Pollard is currently also a director of Pollard Geological Services Pty Ltd, Hunter Bay Minerals Inc., G4G Resources Ltd and Mind2Market Pty Ltd. He was previously a director of Journey Resources Ltd.

The board change was facilitated following a request by Rahman Connelly to resign from the Board to pursue other interests. The Board of Directors takes this opportunity to thank Mr. Connelly for his unstinting support in all his past roles and particularly in leading the Company as Chief Executive and negotiating the current KSK copper joint venture with a subsidiary of Freeport McMoRan Exploration Company. The Directors wish him well in his next venture. Mr. Connelly will remain as an advisor to the board.

Peter Bojtos will remain on the Board as a non executive director. The Board of Directors takes this opportunity to thank Peter for his time as Chairman and the commitment he brought to the Chairman’s role.

Mr. Connelly commented, “Having spent 12 years as a Director of the Company, including six years as it’s CEO, it’s time to move on as I have fresh business commitments to attend to and, from the Company’s perspective, the appointment of Peter Pollard will bring with it a flow of new ideas and perspectives which, as a holder of a significant number of KLG shares, I welcome. During my time with KLG I have worked with a marvellous team of people, all of whom I have learnt from and take this opportunity to say a big ‘thank you’ to each and every one of them.”

Pursuant to the Company’s shareholder approved Stock Option Plan (the “Plan”), the Directors granted 2,000,000 Incentive Stock Options (“Options”) to Directors and granted 3,950,000 Options to employees and consultants on a total of 5,950,000 shares of the Company’s capital stock, exercisable between July 1, 2013 and July 1, 2018 at a price of $0.10 per share, being the minimum price allowable under TSX Venture Exchange rules. The options granted will be subject to any applicable regulatory hold periods.

The number of Options granted to the Directors subject to these arrangements and their resultant beneficial interests in the capital of the Company are as follows:

                         
Director      

Number Options
granted July 1, 2013

     

Total Options
granted pursuant to
Plan

     

Number of common
shares held

Faldi Ismail       500,000       2,300,000       5,106,000
Peter Pollard 300,000 450,000 49,052
Peter Bojtos 400,000 950,000 287,656
Pudji Purbo 300,000 300,000 -
Doris Meyer       500,000       1,150,000       941,134
       

2,000,000

     

5,150,000

     

6,383,842

For further information please contact:

Kalimantan Gold
Faldi Ismail, +61 (0) 423 206 324
Deputy Chairman and CEO
faldi.ismail@kalimantan.com
or
Gerald Cheyne, +44 (0) 2077311806 / +44 (0) 7717473168
Director Corporate Development
gerald.cheyne@kalimantan.com
or
VSA Capital Limited
Katrina Damouni/ Peter Damouni, +44 20 3005 5005/ +44 20 3005 5007
pdamouni@vsacapital.com
or
RFC Ambrian Limited
Stuart Laing, +61 8 9480 2506
KLG's Nominated Adviser
stuart.laing@rfcambrian.com

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

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.

Contacts

Kalimantan Gold
Faldi Ismail, +61 (0) 423 206 324
Deputy Chairman and CEO
faldi.ismail@kalimantan.com
or
Gerald Cheyne, +44 (0) 2077311806 / +44 (0) 7717473168
Director Corporate Development
gerald.cheyne@kalimantan.com
or
VSA Capital Limited
Katrina Damouni/ Peter Damouni, +44 20 3005 5005/ +44 20 3005 5007
pdamouni@vsacapital.com
or
RFC Ambrian Limited
Stuart Laing, +61 8 9480 2506
KLG's Nominated Adviser
stuart.laing@rfcambrian.com

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TSX VENTURE:KLG

ISIN: CA4834061042