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Gold/Mining/Energy : Kalimantan Gold (V.KLG.U)
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To: Bobby Yellin who wrote (6)10/18/1996 2:01:00 PM
From: Ross Mickey   of 43
 
FOR: KALIMANTAN GOLD CORPORATION

VSE SYMBOL: KLG.U

OCTOBER 18, 1996

Kalimantan Gold Corporation Completes 8 Hole Drilling
Program; Assay Results Are Pending

VANCOUVER, BRITISH COLUMBIA-- Kalimantan Gold Corporation (VSE:
KLG.U) announces the completion of an 8 hole diamond drilling
program at the Company's Lakapoi prospect. These holes were
drilled in the South-East Zone of the prospect, at the margins of
a diatreme breccia. Drill core is being shipped to the Indoassay
laboratory in Balikpapan and assay results are anticipated in the
next few weeks.

Kalimantan Gold has also commenced a four hole drilling program to
test the Lakapoi South Zone. This zone was previously identified
through soil geochemistry and geophysics.

The Lakapoi South Zone consists of a complex contact zone between
the granodiorite basement and the Lakapoi dacite porphyry dome
intrusive. The zone is controlled by one major and numerous minor
East-West and NE-SW trending structures, within which the prime
mineralized targets are located.

Kalimantan Gold is well financed and is currently drilling on its
properties which are located in Central Kalimantan, Indonesia,
about 350 km south-west of Bre-X's Busang deposit. At present
over 100 Company personnel, are on site and involved in the
Company's ongoing drilling and exploration activities. Kalimantan
Gold has budgeted expenditures of US$ 1,976,500 for the 1996
drilling season.

++++++++++++++++++++++++++++++++++++

Indos look up today, any thoughts on PCR?

Best of Luck

Ross
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