Kalimantan Gold-Jelai Update

   Kalimantan Gold Corporation Limited (TSX VENTURE: KLG)(AIM: KLG) (the "Company") executed a definitive option agreement (the "Deed") with Tigers Realm Minerals Pty Ltd. ("Tigers") an Australian based, privately owned resource company on February 16, 2011. Pursuant to the Deed Tigers may earn up to a 70% interest in the Company's Jelai Gold project by meeting certain project expenditure obligations and completing a bankable feasibility study.

The Deed remains conditional upon receipt of the necessary forestry permits being granted to enable the on ground exploration activities to be conducted. In recognition of delays in the receipt of these permits, Tigers and the Company have now agreed to a second extension of time in which this condition could be satisfied by a further three months until November 16, 2011. The terms of the Deed require Tigers to spend a minimum of US$2 million on exploration in the first 18 months (the "First Period") after the forestry permit is issued. Whilst this expenditure commitment remains the same for Tigers to earn an interest in the project the parties have agreed to amend the required expenditure before it may withdraw during the First Period from US$2 million to US$1.5 million.

The forestry permits are expected to be granted in the near term and field operations and mobilization of drill rigs will be commenced as soon as possible after the forestry permits are received.

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 and the KSK Contract of Work in Central Kalimantan with multiple porphyry copper and gold prospects. For further information please visit www.kalimantan.com.

To accompanying map, visit the following link: http://media3.marketwire.com/docs/JelaiProjectMap.jpg

About Tigers Realm Minerals (Jelai Gold Prospect)

Tigers Realm Minerals is an Australian based, privately owned resources company. From its head office in Melbourne, Tigers operates globally with a core focus on gold, copper and coal. Tigers vision is to build a world class resources business by identifying, acquiring and investing in high quality minerals and energy opportunities and providing the necessary management, technical and financial support required to fully explore, evaluate and develop these assets to their full potential. The Tigers team of resource industry professionals have a reputation for delivering exceptional investment returns, most notably through the transformation of junior mineral explorer Oxiana Resources into an ASX 100 company capitalised at over $6 billion between 2000 and 2008. Tigers is currently building and exploring gold and copper portfolios in Asia and Central America region and assessing a range of additional gold, copper and coal opportunities globally. For further information on Tigers please visit www.tigersrm.com.au.

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Kalimantan Gold Corporation Limited Faldi Ismail Deputy Chairman and CEO Mobile: [phone] [e-mail] Kalimantan Gold Corporation Limited Gerald Cheyne Director Corporate Development [phone] or Mobile: [phone] [e-mail] www.kalimantan.com Alexander David Securities Limited Bill Sharp/ David Scott [phone] RFC Corporate Finance Ltd Stuart Laing KLG's Nominated Adviser [phone] [e-mail]