FOR: KALIMANTAN GOLD CORPORATION LIMITED

TSX VENTURE, AIM SYMBOL: KLG

November 30, 2007

Kalimantan's Third Quarter Report

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2007) - Kalimantan Gold Corporation Limited (TSX
VENTURE:KLG)(AIM:KLG) -

Attached are the Consolidated Balance Sheets, Consolidated Statements of Operations and Deficit, and
Consolidated Statements of Cash Flows (unaudited - prepared by management) of Kalimantan Gold Corporation
Limited (the "Company") for the third quarter ended September 30, 2007. The Third Quarter Report is available
for viewing on www.sedar.com or www.kalimantan.com.

KALIMANTAN GOLD CORPORATION LIMITED
See Nature of Operations - Note 1
CONSOLIDATED INTERIM BALANCE SHEETS
(a development stage company)
(In United States Dollars)

                                               September 30,   December 31,
As at                                                  2007           2006
--------------------------------------------------------------------------
                                                 (unaudited)

ASSETS
Current assets
 Cash and cash equivalents                      $ 1,660,516    $ 1,734,944
 Prepaid items and advances                         109,822         97,824
                                                -----------    -----------
                                                  1,770,338      1,832,768

Security Deposit - Mineral
 Property (note 3)                                   24,999         14,999
Equipment (note 4)                                  150,396         79,162
                                                -----------    -----------
                                                $ 1,945,733    $ 1,926,929
                                                -----------    -----------
                                                -----------    -----------

LIABILITIES
Current liabilities
 Accounts payable and accrued
  liabilities                                   $   436,731    $   441,247
 Provision for employee service
  entitlements                                       21,329         21,329
                                                -----------    -----------
                                                    458,060        462,576
                                                -----------    -----------

SHAREHOLDERS' EQUITY
Share capital (note 5)                              606,716        579,256
Contributed surplus (note 5)                     16,045,041     15,004,832
Deficit                                         (15,164,084)   (14,119,735)
                                                -----------    -----------
                                                  1,487,673      1,464,353
                                                -----------    -----------
                                                $ 1,945,733    $ 1,926,929
                                                -----------    -----------
                                                -----------    -----------

Nature of operations (note 2)
Commitments (note 7)
Subsequent events (notes 3 and 8)

Approved by the Board of Directors:

/s/ "Doris Meyer"                        /s/ "Rahman Connelly"
Doris Meyer                              Rahman Connelly
Director                                 Director

The accompanying notes form an integral part of these consolidated
financial statements



KALIMANTAN GOLD CORPORATION LIMITED
See Nature of Operations - Note 1
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS, COMPREHENSIVE LOSS
 AND DEFICIT
(a development stage company)
(In United States Dollars)

                            three months ended           nine months ended
--------------------------------------------------------------------------
                       September     September     September     September
                        30, 2007      30, 2006      30, 2007      30, 2006
--------------------------------------------------------------------------
                      (unaudited)   (unaudited)   (unaudited)   (unaudited)
EXPENSES
General and
 administrative
  Accounting
   and audit        $          -  $     15,940  $      5,466  $     22,451
  Amortization               294           294           883           883
  Consultants
   (note 6)               87,196        59,191       223,570       238,099
  Directors fees
   (note 6)                6,000             -        18,000             -
  Investor relations         951         8,615        38,879        16,773
  Legal                      717        19,984        14,894        38,675
  Office and
   administrative
   services                2,801         3,658         7,269         7,726
  Stock compensation
   expense                 6,603       232,800       357,571       237,452
  Telephone and
   facsimile               1,334         1,636         4,495         4,423
  Transfer agent,
   filing and
   exchange fees          24,820        16,176        52,886        40,010
  Travel and
   accommodation          26,908         6,099        70,831        34,394
                    ------------  ------------  ------------  ------------
                         157,624       364,393       794,744       640,886

Current exploration
 (note 3)                179,769       181,445       432,700       733,349
Foreign exchange
 gain                    (74,331)      (21,116)     (159,581)      (44,178)
Interest income           (5,124)            -       (23,514)            -
                    ------------  ------------  ------------  ------------
Loss and
 comprehensive loss     (257,938)     (524,722)   (1,044,349)   (1,330,057)
Deficit - beginning
 of period           (14,906,146)  (12,635,774)  (14,119,735)  (11,830,439)
                    ------------  ------------  ------------  ------------
Deficit - end
 of period          $(15,164,084) $(13,160,496) $(15,164,084) $(13,160,496)
                    ------------  ------------  ------------  ------------
                    ------------  ------------  ------------  ------------
Loss per share -
 basic and diluted  $      (0.00) $      (0.01) $      (0.02) $      (0.02)
                    ------------  ------------  ------------  ------------
                    ------------  ------------  ------------  ------------
Weighted average
 number of
 shares outstanding   60,181,353    57,208,430    58,709,872    57,208,441
                    ------------  ------------  ------------  ------------
                    ------------  ------------  ------------  ------------

The accompanying notes form an integral part of these consolidated
financial statements



KALIMANTAN GOLD CORPORATION LIMITED
See Nature of Operations - Note 1
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(a development stage company)
(In United States Dollars)

                            three months ended           nine months ended
--------------------------------------------------------------------------
                       September     September     September     September
                        30, 2007      30, 2006      30, 2007      30, 2006
--------------------------------------------------------------------------
                      (unaudited)   (unaudited)   (unaudited)   (unaudited)

Cash provided from
 (used for)

Operating activities
Loss for
 the period         $   (257,938) $   (524,722) $ (1,044,349) $ (1,330,057)
Add charges to
 operations not
 involving a
 current payment
 of cash:
  Amortization            11,121         2,833        22,800         8,290
  Stock compensation
   expense                 6,603       232,800       357,571       237,452
Changes in
 non-working
 capital items:
  Prepaid items and
   advances               15,758       (14,992)      (11,998)      (45,540)
  Accounts payable
   and accrued
   liabilities           304,311        39,210        68,420       (43,412)
                    ------------  ------------  ------------  ------------
                          79,855      (264,871)     (607,556)   (1,173,267)
                    ------------  ------------  ------------  ------------

Investing activities
Security deposits              -       (14,999)      (10,000)      (14,999)
Equipment                (27,485)      (63,322)      (94,034)      (67,360)
                    ------------  ------------  ------------  ------------
                         (27,485)      (78,321)     (104,034)      (82,359)
                    ------------  ------------  ------------  ------------

Financing activities
Share issues             637,162     2,185,894       637,162     2,230,490
                    ------------  ------------  ------------  ------------
                         637,162     2,185,894       637,162     2,230,490
                    ------------  ------------  ------------  ------------

Net change in cash
 and cash
 equivalents             689,532     1,842,702       (74,428)      974,864
Cash and cash
 equivalents,
 beginning
 of period               970,984       385,104     1,734,944     1,252,942
                    ------------  ------------  ------------  ------------

Cash and cash
 equivalents,
 end of period      $  1,660,516  $  2,227,806  $  1,660,516  $  2,227,806
                    ------------  ------------  ------------  ------------
                    ------------  ------------  ------------  ------------

The accompanying notes form an integral part of these consolidated
financial statements

FOR FURTHER INFORMATION PLEASE CONTACT:

Kalimantan Gold Corporation Limited
Rahman Connelly
Deputy Chairman and CEO
+61 7 552 32298
+61 418 116 955 (FAX)
Email: rconnelly@ozemail.com.au
Website: www.kalimantan.com

OR

Kalimantan Gold Corporation Limited
Nick Cottam
Corporate Relations Manager
+44 (0) 1394 384115

OR

Keith, Bayley, Rodgers & Co Limited
Gerald Cheyne
+44 (0)20 78712274
Email: gerald.cheyne@wcwb.co.uk

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.



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