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Kalimantan Gold (KLG)

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Thursday 23 December, 2010

Kalimantan Gold

Kalimantan Gold Confirms Commitments to Private...



December 23, 2010

Kalimantan Gold Confirms Commitments to Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 23, 2010) - Kalimantan Gold Corporation Limited (TSX
VENTURE:KLG)(AIM:KLG) ("Kalimantan Gold" or the "Company") confirms that it has received commitments from
investors for 16,125,000 common shares at a price of C$0.08 or GBP 0.05 per share to raise C$1,290,000 under
its previously announced private placement financing.

The participating investors include clients of the Company's UK broker, Alexander David Securities Limited,
along with other investors from Australia and Asia.

The placement shares will be fully paid and will rank pari passu in all respects with the existing common
shares in the Company. Application has been made for the placement shares to be admitted to trading on AIM
("Admission") and to be listed on the TSX Venture Exchange. It is expected that Admission will become effective
and that dealings in the placement shares will commence on 24 December 2010. Regulatory approval for the
placement has also been received from the TSX Venture Exchange. The total number of common shares in issue
following completion of the placement will be 162,907,156.

Rahman Connelly, the CEO of the Company commented: "We are delighted with the interest in this placement, as it
allows us to further progress our projects in Kalimantan, Indonesia. With a planned drill program on the Jelai
epithermal gold project funded by Tigers Realm, our new project joint venture partner, along with the expected
drill testing of the significant copper porphyry targets on our KSK Contract of Work and renewed interest in
the IBP coal project, 2011 will be an exciting year for Kalimantan Gold shareholders."

About Kalimantan Gold

Kalimantan Gold is a junior exploration company listed on both the TSX Venture Exchange in Canada and on the
London AIM market. The Company is active in Indonesia where it has three areas of interest: the Jelai
epithermal gold prospect in East Kalimantan; coal opportunities, also in East Kalimantan and a Contract of Work
in Central Kalimantan with multiple porphyry copper and gold prospects.

For further information please visit

RFC Corporate Finance Ltd acts as KLG's Nominated Adviser for the purposes of its AIM listing, contact Stuart
Laing, ph: +618 9480 2506 or email:



Kalimantan Gold Corporation Limited
Rahman Connelly
Chief Executive Officer
+61 418116955


Kalimantan Gold Corporation Limited
Gerald Cheyne
Corporate Development
+44 (0) 207 731 1806


Alexander David Securities Limited
Bill Sharp/ David Scott
+44 (0) 20 7448 9820

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.


Kalimantan Gold Corporation Limited