December 3, 2009 Kalimantan Gold Corporation announced that the company reached an agreement to sell the IBP coal concession located in Indonesia.
March 26, 2009 Completed a 4600m drilling on the PT Indobara Pratama ("IBP") coal project. Kalimantan’s 58 hole drilling program covered over 4,610 meters and identified two seams, one of between 1 to 6 meters and the other between 8 to 13 meters in thickness. The flat lying to shallow dipping nature of the seams results in a low overburden ratio of around 2:1 (2 meters of overburden per 1 meter of coal).
Summary assay (average) :
Weight (kg) : 3.26 Kg
Total Moisture (%) : 37.69 %
Inherent Moisture (%) : 20.82 %
Ash Content (%) : 4.43 %
Volatile Matter (%) : 40.46 %
Fixed Carbon (%) : 34.26 %
Sulfur (%) : 0.16 %
Gross Caloric Value (cal/g)
(adb) : 4915
Caloric Value (cal/g) (db) : 6213
Caloric Value (cal/g) (daf) : 6577
Caloric Value (cal/g) (ar) : 3815
Hardgrove Index : 39 - 53
Relative Density : 1.35
Note: Due to the porous nature of IBP coal, 1 day air drying tests of samples showed that the total moisture
(ar) content can be reduced from 40-45% to between 20-35%.