Kalimantan Gold Closes Private Placement With Freeport

Kalimantan Gold Corporation Limited (the "Company") (TSX VENTURE:KLG)(AIM:KLG)
is pleased to announce that it has raised C$350,000 from the issue of 2,500,000
common shares at price of C$0.14 per share to a wholly owned subsidiary of
Freeport-McMoRan Exploration Corporation ("Freeport"). The common shares issued
are restricted from trading through the TSX Venture Exchange until September 7,
2011. 


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 May 12,
2011. Regulatory approval for the placement has been received from the TSX
Venture Exchange. 


The Company intends to use the proceeds to fund its ongoing projects in
Indonesia, as well as general working capital purposes.


The Company and Freeport entered into a joint venture agreement in relation to
the Company's KSK Contract of Work copper project in Kalimantan, Indonesia as
announced on April 19, 2011. Pursuant to the joint venture agreement the private
placement was priced at 125% of the volume weighted average price of the seven
day period following execution of the agreement.


About Kalimantan Gold

Kalimantan Gold Corporation Limited is a junior exploration company listed on
both the TSX Venture Exchange in Canada and on AIM in London. The Company has
two exploration projects in Kalimantan: the Jelai epithermal gold project in
East Kalimantan (which has been optioned to Tigers Realm Minerals) and the KSK
Contract of Work in Central Kalimantan with multiple porphyry copper and gold
prospects (which has been optioned to Freeport). In addition, the Company
continues as agent for the shareholders of PT Indobara Pratama ("IBP") who are
seeking to sell IBP's coal concession in exchange for a share of the proceeds
and active negotiations with a qualified purchaser are in process.


RFC Corporate Finance Ltd acts as KLG's Nominated Adviser for the purposes of
its AIM listing, contact Stuart Laing, ph: [phone] or email:
[e-mail].


This news release contains forward-looking statements that are based on the
Company's current expectations and estimates. Forward-looking statements are
frequently characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or "will" occur.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the actual
results of current exploration activities; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined; possible
variations in ore grade or recovery rates; accidents, labour disputes and other
risks of the mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other factors that
cause actions, events or results not to be as anticipated, estimated or
intended. Any forward-looking statement speaks only as of the date on which it
is made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future performance
and accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.