FOR: KALIMANTAN GOLD CORPORATION LIMITED

TSX VENTURE, AIM SYMBOL: KLG

January 2, 2008

Kalimantan Gold Corporation Limited: Equity Financing Closed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 2, 2008) - Kalimantan Gold Corporation Limited (TSX
VENTURE:KLG)(AIM:KLG) (the "Company") has raised Pounds Sterling 394,000 from a non-brokered private placement
financing in the United Kingdom from the issue of 3,283,333 common shares at a price of 12 pence per share. At
current exchange rates this is the equivalent of C$772,043 at a price of C$0.24 per share.

The Company will use the proceeds from the private placement to fund its ongoing Jelai gold exploration and
coal acquisition programmes in Indonesia, as well as for general working capital purposes.

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 is focused on exploration in Indonesia and currently has rights in two
areas: the Jelai epithermal gold prospect in East Kalimantan and the KSK COW copper-gold porphyry prospects in
Central Kalimantan.


FOR FURTHER INFORMATION PLEASE CONTACT:

Kalimantan Gold
Rahman Connelly
Deputy Chairman and CEO
+61 7 552 32298 or +61 418 116 955

OR

RFC Corporate Finance Ltd.
Stuart Laing
Company's AIM Nominated Adviser
+61 8 9480 2500

OR

Kalimantan Gold
Nick Cottam
Corporate Relations Manager
+44 (0) 1394 384115
Website: www.kalimantan.com

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



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