Tigers can earn the interest by meeting certain project expenditure obligations and completing a bankable feasibility study.
The agreement remains conditional upon receipt of 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, the companies have agreed to a second extension of time in which this condition could be satisfied by a further three months until November 2011, Kalimantan Gold said.
Under the terms of the agreement, Tigers will spend a minimum of $2m on exploration in the first 18 months after the forestry permit is issued.
While 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 18-month period from $2m to $1.5m.
