Kalimantan's Fiscal Year 2010 Results

Attached are the audited Consolidated Balance Sheets, Consolidated Statements of Operations Comprehensive Loss and Deficit, Consolidated Statements of Cash Flows, and Management Discussion and Analysis (the "MD&A") of Kalimantan Gold Corporation Limited (the "Company") for the fiscal year ended December 31, 2010. The Annual Financial Statements and MD&A are available for viewing on www.sedar.com or www.kalimantan.com.



Kalimantan Gold Prices Private Placement With Freeport

Kalimantan Gold Corporation Limited (the "Company") is pleased to announce that a wholly owned subsidiary of Freeport-McMoRan Exploration Corporation ("Freeport") has subscribed for the purchase of 2,500,000 common shares of the Company at a price of C$0.14 per common share for total proceeds of C$350,000.



Kalimantan Gold New CEO

Kalimantan Gold Corporation Limited (the "Company") is pleased to announce the appointment of Faldi Ismail to the post of Deputy Chairman and Chief Executive Officer to replace Rahman Connelly in that position.



Kalimantan Gold Signs Definitive Agreement with Freeport

Kalimantan Gold Corporation Limited (the "Company") is pleased to announce it has entered into a joint venture agreement (the "Agreement") with a wholly owned subsidiary of Freeport-McMoRan Exploration Corporation ("Freeport") in relation to the Company's KSK Contract of Work copper project (the "KSK CoW") in Kalimantan, Indonesia.



Kalimantan Gold Update On KSK Joint Venture Option

As announced on December 13, 2010, Kalimantan Gold Corporation Limited (the "Company") signed a non-binding term sheet (the "Term Sheet") with a major copper mining company (the "Major") in relation to its KSK Contract of Work copper project (the "KSK CoW") in Kalimantan, Indonesia. Pursuant to the Term Sheet the Major can earn a 51% joint venture interest in the KSK CoW by expending US$7 million on a substantial exploration program over three years and then a further 24% (total 75%) by sole funding the completion of a feasibility study. Further details on the terms are contained in the Company's previous announcement.



Kalimantan Gold Signs Definitive Agreement

Kalimantan Gold Corporation Limited (the "Company") is pleased to provide an update on the option to joint venture agreement announced on December 2, 2010.