A share consolidation and name change for Kalimantan Gold (CDN) sets the stage for the company to step up the pace of work on its mineral properties on the Indonesian island of Kalimantan.
Through a wholly owned subsidiary, Kalimantan Gold owns 80% of an Indonesian company that holds a fourth- generation contract of work (CoW) encompassing 331.2 sq. km. The land package includes a gold-copper porphyry target, an epithermal gold target and a gold-copper-molybdenum target.
The subsidiary also has the right to acquire 50% of a yet-to-be-formed Indonesian company that has applied for a CoW encompassing 1,080 sq. km. This area encompasses several gold targets.
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