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Kalimantan Gold (KLG)

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Friday 25 May, 2007

Kalimantan Gold

Kalimantan's Fiscal Year 2006 Results



FOR:  KALIMANTAN GOLD CORPORATION LIMITED

TSX VENTURE, AIM SYMBOL:  KLG

May 25, 2007

Kalimantan's Fiscal Year 2006 Results

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 25, 2007) - Kalimantan Gold Corporation Limited (TSX
VENTURE:KLG)(AIM:KLG) -

Attached are the audited Consolidated Balance Sheets, Consolidated Statements of Operations and
Deficit, and Consolidated Statements of Cash Flows for the fiscal year ended December 31, 2006. The
Annual Report is available for viewing on www.sedar.com or www.kalimantan.com.

/T/

KALIMANTAN GOLD CORPORATION LIMITED
See Nature of Operations - Note 1
CONSOLIDATED BALANCE SHEETS
(a development stage company)
(In United States Dollars)

                                               December 31,    December 31,
As at                                                 2006            2005
--------------------------------------------------------------------------
--------------------------------------------------------------------------

ASSETS
Current assets
 Cash and cash equivalents                  $    1,734,944  $    1,252,942
 Prepaid items and advances                         97,824          28,255
                                             -------------   -------------
                                                 1,832,768       1,281,197
Security Deposit - Mineral Property (note 3)        14,999               -
Equipment (note 4)                                  79,162          19,859
                                             -------------   -------------
                                            $    1,926,929  $    1,301,056
                                             -------------   -------------
                                             -------------   -------------

LIABILITIES

Current liabilities
 Accounts payable and accrued liabilities   $      441,247  $      224,734

 Provision for employee service
  entitlements (note 5)                             21,329          36,127
                                             -------------   -------------
                                                   462,576         260,861
                                             -------------   -------------

SHAREHOLDERS' EQUITY
Share capital (note 6)                             579,256         435,737
Contributed surplus (note 6)                    15,004,832      12,434,897
Deficit                                        (14,119,735)    (11,830,439)
                                             -------------   -------------
                                                 1,464,353       1,040,195
                                             -------------   -------------
                                            $    1,926,929  $    1,301,056
                                             -------------   -------------
                                             -------------   -------------

Commitments (note 8)
Subsequent events (notes 3 and 10)

Approved by the Board of Directors:

/s/ 'Doris Meyer'                                  /s/ 'Rahman Connelly'

Doris Meyer                                         Rahman Connelly
Director                                            Director

The accompanying notes form an integral part of these consolidated
financial statements

KALIMANTAN GOLD CORPORATION LIMITED
See Nature of Operations - Note 1
CONSOLIDATED STATEMENTS OF OPERATIONS AND DEFICIT
(a development stage company)
(In United States Dollars)

                                               December 31,    December 31,
For the year ended:                                   2006            2005
--------------------------------------------------------------------------

EXPENSES
General and administrative
 Accounting and audit                       $       77,559  $       18,323
 Amortization                                        1,178           1,178
 Consultants (note 7)                              445,140          88,833
 Directors fees (note 7)                            30,000               -
 Investor relations                                 30,857           8,334
 Legal                                             158,626           9,985
 Office and administrative services                 11,477           6,512
 Stock compensation expense                        325,620         163,508
 Telephone and facsimile                             5,277           1,910
 Transfer agent, filing and exchange fees           81,976          29,223
 Travel and accommodation                           70,842          49,749
                                             -------------   -------------
                                                 1,238,552         377,555

Current exploration (note 3)                     1,015,940         727,719

Foreign exchange (gain) loss                        42,731         (16,614)

Interest income                                     (7,927)            (10)
                                             -------------   -------------

Loss for the year                                2,289,296       1,088,650

Deficit - beginning of year                     11,830,439      10,741,789
                                             -------------   -------------
Deficit - end of year                       $   14,119,735  $   11,830,439
                                             -------------   -------------
                                             -------------   -------------
Loss per common share                       $        (0.04) $        (0.03)
                                             -------------   -------------
                                             -------------   -------------
Weighted average number of
 shares outstanding                             57,826,031      36,334,975
                                             -------------   -------------
                                             -------------   -------------

The accompanying notes form an integral part of these consolidated
financial statements

KALIMANTAN GOLD CORPORATION LIMITED
See Nature of Operations - Note 1
CONSOLIDATED STATEMENTS OF CASH FLOWS
(a development stage company)
(In United States Dollars)

                                               December 31,    December 31,
For the year ended:                                   2006            2005
-------------------------------------------------------------------------
Cash provided from (used for)

Operating activities

Loss for the year                           $   (2,289,296) $   (1,088,650)
Add charges to operations not involving a
 current payment of cash:
 Amortization                                       11,151          11,997
 Stock compensation expense                        325,620         163,508

Changes in non-working capital items:
 Prepaid items and advances                        (69,569)           (586)
 Accounts payable and accrued liabilities          216,513         123,500
 Provision for employee service
 entitlements                                      (14,798)        (28,251)
                                             -------------   -------------
                                                (1,820,379)       (818,482)
                                             -------------   -------------

Investing activities
Security deposit mineral property                  (14,999)              -
Equipment                                          (70,454)         (6,546)
                                             -------------   -------------
                                                   (85,453)         (6,546)
                                             -------------   -------------

Financing activities

Capital stock issued for cash:
 Shares issued                                   2,567,840       1,708,049
 Share issue costs                                (180,006)        (11,548)
                                             -------------   -------------
                                                 2,387,834       1,696,501
                                             -------------   -------------

Net change in cash and cash equivalents            482,002         871,473

Cash and cash equivalents, beginning of year     1,252,942         381,469
                                             -------------   -------------

Cash and cash equivalents, end of year      $    1,734,944       1,252,942
                                             -------------   -------------
                                             -------------   -------------

The accompanying notes form an integral part of these consolidated
financial statements

/T/

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Kalimantan Gold
Rahman Connelly
Deputy Chairman and CEO
+61 7 552 32298 or +61 418 116 955
Email: rconnelly@ozemail.com.au

OR

Kalimantan Gold
Nick Cottam
Corporate Relations Manager
+44 (0) 1394 384115
Website: www.kalimantan.com

OR

Keith, Bayley, Rodgers & Co Limited
Gerald Cheyne
+44 (0)20 78712274
Email: gerald.cheyne@wcwb.co.uk

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this
release.

Kalimantan Gold Corporation Limited