haas schreef:
VANCOUVER, BRITISH COLUMBIA, Mar 17, 2010 (MARKETWIRE via COMTEX) -- Kalimantan Gold Corporation Limited /quotes/comstock/11v!klg (CA:KLG 0.07, -0.03, -27.78%) (AIM: KLG) ("KLG" or the "Company") is pleased to provide an update on its activities.
The IBP Coal Project
On 3 December, 2009 the Company announced that it had entered into an exclusive due diligence period with Daun Consulting Limited ("DCL") to purchase the coal concession of PT Indobara Pratama ("IBP"). As a result of DCL's failure to place a US$1 million deposit into escrow as required by the agreement, the exclusive period has now expired.
Despite this, the Directors are pleased to be able to confirm that the Company has recently been approached by three parties interested in acquiring the coal concession of IBP, two of whom have now submitted formal expressions of interest. The Directors remain confident that a sale of the coal concession of IBP can be completed on terms satisfactory to the shareholders of IBP and the Company.
IBP is already permitted for production and has the potential to be an open-cut coal mine. KLG completed a 4600m drilling programme on the concession that indicates a potential deposit of 270 MTs of between 4,894 and 5,376 kcal/kg coal (air dried basis), with low ash and low sulfur content (see KLG press release dated March 26, 2009).
KSK CoW Copper Concession