CEOdigest

Tag: Baru

  • Baru Gold Completes Private Placement Offering

    Baru Gold Completes Private Placement Offering

    2023-10-13 16:14:26

    Vancouver, BC – TheNewswire – October 13, 2023 – Baru Gold Corp (the “Company” or “Baru”) (TSX.V:BARU) (OTC:BARUF) announces that it has closed $155,000, issuing 3,875,000 Units previously announced on October 3, 2023 and October 11, 2023.  Each unit will be comprised of one common share in the capital of the Company (a “Share”) and one non-transferable common share purchase warrant (a “Warrant”). Each Warrant shall be exercisable for one Share for 2 years from the date such Warrant is issued at an exercise price of $0.07 for the first year and $0.10 for the second year.

    The proceeds raised from the Private Placement will be used for working capital and pre-production expenses while the Company awaits the issuance of the State of Activity upgrade to Production Operation status.  The Company will pay a finder’s fee of $720 in cash commission and 18,000 finder’s warrants.

    All securities issued in the Private Placement will be subject to a four-month hold period expiring February 12, 2024.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Baru has met all the requirements of the Indonesian government and has been granted its environmental permit.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team boasts extensive experience in starting and operating small-scale gold assets.

    BARU GOLD CORP

    Per:        “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    For investor contacts more information, please contact:

    Kevin Shum

    Investor Relations

    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.

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  • Baru Gold Announces Increase In Private Placement Offering

    Baru Gold Announces Increase In Private Placement Offering

    2023-10-11 06:34:21

    October 11, 2023 – TheNewswire – Vancouver, BC – Baru Gold Corp (TSXV:BARU) (OTC:BARUF) (“Baru” or the “Company”) announces to shareholders an increase to the non-brokered private placement offering announced on October 3, 2023, consisting of up to 3,875,000 units priced at $0.04 per unit for total proceeds of $155,000.

    As the demand for the offering was higher than anticipated, we are announcing an increase to the non-brokered private placement offering announced on October 3, 2023.  Each unit will comprise one common share in the capital of the Company and one non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase over two years one additional share at an exercise price of $0.07 for the first year and $0.10 cents for the second year. The financing is expected to close on or before October 12, 2023.

    The use of proceeds of the financing will be for working capital and pre-production expenses while the Company awaits the issuance of the State of Activity upgrade to Production Operation status.

    Insiders of the Company participation in the foregoing offering constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, exceed 25% of the Company’s market capitalization.

    The private placement is subject to regulatory approval, and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. All funds are denominated in Canadian dollars. In connection with the private placement, the company may pay finders’ fees in cash or securities, or a combination of both, as may be permitted by the policies of the exchange.

    The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirement.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Baru has met all the requirements of the Indonesian government and has been granted its environmental permit.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team boasts extensive experience in starting and operating small-scale gold assets.

    BARU GOLD CORP

    Per:        “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    For investor contacts more information, please contact:

    Kevin Shum

    Investor Relations

    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.

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  • Baru Gold Announces Private Placement

    Baru Gold Announces Private Placement

    2023-10-03 13:38:41

    Vancouver, BC – TheNewswire – October 3, 2023 – Baru Gold Corp (TSX.V:BARU) (OTC:BARUF) (“Baru” and its subsidiary PT. Tambang Mas Sangihe (“TMS”) or the “Company”) announces to shareholders a non-brokered private placement consisting of up to 2,500,000 units priced at $0.04 per unit for total proceeds of $100,000.

    Each unit will comprise one common share in the capital of the Company and one non-transferable common share purchase warrant. Each warrant will entitle the holder to purchase over two years one additional share at an exercise price of $0.07 for the first year and $0.10 cents for the second year. The financing is expected to close on or before October 11, 2023.

    The use of proceeds of the financing will be for working capital and pre-production expenses while the Company awaits the issuance of the State of Activity upgrade to Production Operation status. The Company reminds interested participants that the Private Placement is subject to re-pricing if the stock price increases following the release of news. To participate with these terms, participants should send funds and form submissions without delay.

    Insiders of the Company participation in the foregoing offering constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, exceed 25% of the Company’s market capitalization.

    The private placement is subject to regulatory approval, and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. All funds are denominated in Canadian dollars. In connection with the private placement, the company may pay finders’ fees in cash or securities, or a combination of both, as may be permitted by the policies of the exchange.

    The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirement.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Baru has met all the requirements of the Indonesian government and has been granted its environmental permit.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team boasts extensive experience in starting and operating small-scale gold assets.

    BARU GOLD CORP

    Per:        “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    For investor contacts more information, please contact:

    Kevin Shum

    Investor Relations

    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.

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  • Baru Gold Signs Second Contractor for Production Operations

    Baru Gold Signs Second Contractor for Production Operations

    2023-09-20 10:01:26

    September 20, 2023 – TheNewswire – Vancouver, BC – Baru Gold Corp (TSXV:BARU) | (OTC: BARUF) (“Baru” and its subsidiary PT. Tambang Mas Sangihe (“TMS”) or the “Company”) is happy to announce to shareholders that a second mining contractor PT. Putra Rimpulaeng Persada (“Contractor”) has signed a legally binding contract to operate and produce gold on Sangihe Island. The owners and employees of PT. Putra Rimpulaeng Persada are residents of Sangihe.

    The Contractor will pay the Company IDR 3,750,000,000 (CAD $330,0001) for the right to exclusively operate across 7 ha within the Company’s Contract of Work. The area of operations is separate from that announced on August 8, 2023.

    The Contractor has already paid the Company IDR 1,000,000,000 (CAD $88,0001) as a non-refundable deposit. The outstanding balance will be made in two equal payments. The first payment is due when the Contractor starts carrying out activities on the land area and the second paid 30 days after the second payment is made.  

    The Contractor is responsible for all operational, production and site remediation expenses. The Contractor will receive 65% of the total gross receipts from the sale of gold recovered. The Company will receive 35% of the total gross receipts from the sale of gold recovered.

    The Contractor will operate a recently producing gold mine within the contracted 7 ha. All equipment is already on site, the land cleared, and construction complete. The Contractor will immediately restart operations following the Stage of Activity upgrade to Production Operation Status announced on September 11, 2023. The signing of this agreement by a local mining company prior to the Stage of Activity upgrade underscores the certainty of issuance.

    The Company will supervise all activities and co-process the gold. The Company will be responsible for refining the gold and distributing the funds received from the sale of the gold. The Contractor must abide by the same environmental and reclamation standards required of the Company under Indonesian law, including a mercury prohibition.

    The Company retains complete control of the Sangihe Project. The Company’s Contract of Work includes 25,000 ha of gold bearing land in areas that are neither in environmentally sensitive zones nor near urban areas. This contract for 7 ha does not prevent the Company from opening or contracting out additional worksites.

    Mr. Terry Filbert, Chairman and CEO of Baru Gold, commented, “This is our second local partner and further builds on the broad support we have to operate on Sangihe. Together, we are transforming unchecked, unsafe, and unlicensed mining into a regulated, monitored, and environmentally responsible industry that’s directly contributing to the local economy. To date, we have allocated 22 of 65 ha to our local partners. For the Company, this now means we have two independent sources of gold production. For Sangihe residents, we have just helped create an additional form of badly needed local employment with safe working conditions. This partnership is another win for Sangihe, the environment, the Company, and our shareholders.”

    The Company is currently negotiating with other additional local partners to award the remaining 43 ha of land. The price paid by the Contractor is based on land size and estimated gold content. The Company also plans to develop their own operations on Sangihe.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    The “CoW covers an area of 42,000 ha, of which only 65 ha have been explored.  Baru has met all the requirements of the Indonesian government and has been granted its environmental permit.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team boasts extensive experience in starting and operating small-scale gold assets.

    BARU GOLD CORP

    Per:        “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    For investor contacts more information, please contact:

    Kevin Shum

    Investor Relations

    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.

    1 The conversion rate posted by the Bank of Canada on September 15th is 0.000088 IDR to $1 CAD

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  • Baru Gold Replaces Current Stage of Activity with New Production Operation Status for 25,000 ha

    Baru Gold Replaces Current Stage of Activity with New Production Operation Status for 25,000 ha

    2023-09-11 06:05:39

    September 11, 2023 – TheNewswire – Vancouver, BC – Baru Gold Corp (TSXV:BARU) | (OTC:BARUF) (the “Company” or “Baru”) and its subsidiary PT. Tambang Mas Sangihe (the “Company” or “TMS”) is pleased to announce to shareholders they have completed applying and submitting all necessary documents to request a new upgrade to Production Operation Status to the Ministry of Energy and Mineral Resources of the Republic of Indonesia (“MEMR”) for 25,000 ha. This Production Operation Status will replace the Company’s current Production Operation Activity Status. The application process started on July 14, 2023, and concluded on September 11, 2023.

    MEMR informed the Company their current Production Operation Activity Status must be revoked before they could issue a new Decree from the Minister authorizing an upgrade to Production Operation Status. The Company agreed and recently requested the MEMR issue this revocation. The cancellation of this Activity Stage relates only to an administrative process within the Company’s Contract of Work (CoW). The Company’s CoW and all permits are valid and are not affected by this administrative step.

    On January 17, 2023, the Company announced the results of a challenge filed in an Administrative Court against the MEMR’s Decree of the Minister that increased the Stage of Activity to Production Operation Status (the “Jakarta Lawsuit”). As announced on May 29, 2023, following MEMR’s review of the Jakarta Lawsuit, the Ministry confirmed the Company had fulfilled all necessary requirements of the CoW for Production Operation Status and was legally allowed to operate and produce gold. The MEMR is the Republic of Indonesia’s sole designated representative and has the final authority in overseeing, administrating, and authorizing the Company’s actions according to the CoW.

    MEMR’s desire to see the Company in production remains unchanged. However, the Company has decided the best action and long-term solution is to obtain a new Decree from the Minister of MEMR granting the Stage of Activity to Production Operation Status. A final step in applying for a new Production Operation Status is requesting the cancellation of the current Production Operation Status.

    For the last several months, the Company has held many meetings with the MEMR to confirm and meet the requirements and conditions for a new Stage of Activity upgrade to Production Operation Status. The Company has met with the Directorate General of Minerals and Coal, namely the

    • Director General of Mineral and Coal 

    • Secretary General of Mineral and Coal 

    • Coordinator of Mineral and Coal Law 

    • Legal Bureau Staff of the Ministry of Energy and Mineral Resources 

    • Director of Coal Mineral Business Development 

    • Coordinator of Mineral Commercial Relations 

    • Coordinator of Business Services, and  

    • Coordinator of Supervision of Mineral Production and Marketing Operations.  

    On August 24, 2023, the MEMR formally accepted a summary of the conclusions reached with the Company to issue a new Decree granting the Stage of Activity upgrade to Production Operation Status. To avoid any confusion, the Company also supplied the North Sulawesi Regional Police with a copy of the correspondence. For shareholder awareness, the Company will summarize the planned and agreed procedures set out within the correspondence.

    In the correspondence, the parties agreed the first step was to annul the current Stage of Activity Production Operation Approval No. 163.K/MB.04/DJB/2021. This cancellation brings the MEMR into full compliance with the ruling from the Jakarta Lawsuit and has no impact on the Company’s CoW or permits. With the Minister’s Decree cancelled,  the MEMR will be able to issue a new decree to Production Operation Status. The MEMR must first cancel a decree before issuing a new one. This cancellation has already happened and was released late afternoon on Friday, September 8, 2023. On Monday, September 11, 2023, the Company filed with the MEMR a new request for an upgrade to Production Operation Status with all required documentation and conditions met. The key difference between the original and new request is the size of the operational area.

    The new application reduces the area of operations from 42,000 ha to 25,000 ha. The excluded areas are specifically mentioned in the Jakarta Lawsuit and include protected forested area, shoreline, or urban areas. These areas were always outside of the Company’s original work plan and are not gold-bearing. This new reduced area only includes the gold-bearing area on Sangihe Island, where the Company always intended to base its operations. For the Company, there are several financial benefits and no negative consequences in reducing the area covered by the request for Production Operation Status. For MEMR, the area reduction allows them to comply with the decision of the Jakarta Lawsuit and greatly simplifies the Stage of Activity Upgrade approval.

    As all requirements by the MEMR are met in the new application, Indonesian law guarantees the Stage of Activity upgrade to Production Operation Status. The upgrade is an administrative step protected by the Company’s CoW. As the Jakarta Lawsuit reached the Supreme Court, there cannot be additional lawsuits on the same issue.

    To reiterate, the Company initiated the request to the MEMR to cancel the current Stage of Activity Upgrade Status so it could obtain a new one. The cancellation has no impact on the Company’s permits or CoW, which are all valid and remain in good standing. The cancellation will bring the MEMR into compliance with the Jakarta Lawsuit. The area reduction avoids environmentally sensitive areas on Sangihe Island, are non-gold bearing and were always outside the Company’s planned area of operations.

    Mr. Terry Filbert, CEO of Baru Gold, commented, “I am very pleased with the continued support and cooperation from the MEMR. We are now in the final stages of approval for our new Stage of Activity upgrade to Production Operation Status. I can understand the alarm that a shareholder might experience when they discover that our current Decree from the Minister has been cancelled. However, I would urge shareholders to view this action as a necessary final step in obtaining a new Stage of Activity Upgrade to Production Operation Status. We have been working hard on a new application for months and were fully aware of the cancellation. This cancellation is all part of the plan previously agreed to by MEMR. We have always been legally able to operate but I believe this is a better long-term solution.”

    The Company reminds shareholders that a social media disinformation campaign by illegal miners and their supporters will likely begin after the news of the cancellation of the Minister’s Decree becomes public. Typically, these individuals falsely assert the Company’s permits are revoked, cancelled, cannot operate or similar. These malicious actors will probably repeat their propaganda again to attempt to harm shareholders or the Company’s reputation. Concerned shareholders are urged to reach out to the Company for correct information.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Baru has met all the requirements of the Indonesian government and has been granted its environmental permit.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team boasts extensive experience in starting and operating small-scale gold assets.

    BARU GOLD CORP

    Per:        “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    For investor contacts more information, please contact:

    Kevin Shum

    Investor Relations

    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.

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  • Baru Gold Adopts Shareholder Rights Plan

    Baru Gold Adopts Shareholder Rights Plan

    2023-07-25 06:08:16

    July 25, 2023 – TheNewswire – Vancouver, BC – Baru Gold Corp (the “Company” or “Baru”) (TSXV:BARU) (OTC:BARUF) announced that its Board of Directors has approved a new shareholder rights plan (the “Plan”) pursuant to a shareholder rights agreement between the Company and Computer Trust Company of Canada as rights agent, effective immediately, the shareholders of the Company. The Plan has been adopted to ensure the fair treatment of all shareholders in connection with any take-over bid for the Company. The Plan is not being adopted in response to any specific proposal to acquire control of Baru Gold, nor is the Board of Directors aware of any pending or threatened take-over bid for Baru Gold.

    On the effective date, at the close of business today, one right will be issued and attached to each common share of the Company outstanding at such time. The rights will automatically attach to the common shares of Baru Gold (the “Common Shares”) and no further action will be required by shareholders. A right will also automatically attach to each Common Share of Baru Gold issued hereafter.

    Subject to the terms of the Plan and to certain exceptions provided therein, the rights will become exercisable in the event that any person, together with joint actors, acquires or announces its intention to acquire 20 percent or more of the Company’s outstanding Common Shares without complying with the “Permitted Bid” provisions of the Plan or in circumstances where the application of the Plan is waived in accordance with its terms.

    The Plan has been conditionally approved by the TSX Venture Exchange and is subject to the ratification by the shareholders of the Company within six months of its effective date. The Board intends to recommend the ratification of the Rights Plan for approval by its shareholders at the Company’s next annual meeting of shareholders, which will be held prior to December 31, 2023. If ratified by shareholders, the Plan will have an initial term of three years. If the Plan is not ratified by the Company’s shareholders at the annual meeting of shareholders, the Plan and all rights issued thereunder will terminate and cease to be effective at that time.

    The Company also wishes to advise that each finder’s warrant issued in connection with the closing of the financing announced on June 22, 2023, shall be exercisable for one common share in the capital of the Company for 2 years from the date such warrant is issued at an exercise price of $0.05 for the first year and $0.10 for the second year.  Specifically, 14,000 finder’s warrants shall expire on June 23, 2025.

    ABOUT BARU GOLD

    Baru Gold is a dynamic junior gold developer with National Instrument 43-101 gold resources in Indonesia, one of the top 10 gold-producing countries in the world. Based in Indonesia and North America, Baru‘s team boasts extensive experience in starting and operating small-scale gold assets.

     

    BARU GOLD CORP

    Per: “Terry Filbert”        

    Terry Filbert, Director

    President & CEO

    This email address is being protected from spambots. You need JavaScript enabled to view it.fThis email address is being protected from spambots. You need JavaScript enabled to view it.

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    Kevin Shum Investor Relations This email address is being protected from spambots. You need JavaScript enabled to view it.mThis email address is being protected from spambots. You need JavaScript enabled to view it.iThis email address is being protected from spambots. You need JavaScript enabled to view it..com

    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.

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  • Baru Gold Closes Oversubscribed Financing with Insider Participation

    Baru Gold Closes Oversubscribed Financing with Insider Participation

    2023-06-26 10:14:02

    June 26, 2023 – TheNewswire – Vancouver, BC – Baru Gold Corp (the “Company” or “Baru”) (TSXV:BARU) | (OTCQB:BARUF) announces that it has closed an oversubscribed private placement announced on June 16, 2023. The Company received $118,999.99 and issued 3,966,666 Units, priced at $0.03 per unit. Each unit will be comprised of one common share in the capital of the Company (a “Share”) and one transferable common share purchase warrant (a “Warrant”). Each Warrant shall be exercisable for one Share for 2 years from the date such Warrant is issued at an exercise price of $0.05 for the first year and $0.10 for the second year. Finder’s fees of $420 are payable in cash and 14,000 finder’s warrants were issued.

    The proceeds raised from the Private Placement will be used for immediate working capital while the Company finalizes the larger financing necessary to bring the Sangihe Gold project into production.

    Three potential individuals or institutions are in various stages of proposing the larger financing for the Sangihe Gold project. For one potential Institutional Investor, the Company is happy to announce that it has recently completed all requirements in their due diligence process and has advanced to the Contract and Terms Stage. The Company and this potential Institutional Investor are committed to concluding the final negotiations as soon as possible.  There are two other interested parties still undertaking due diligence.  

    An Insider of the Company has participated in the foregoing private placement offering which constitutes a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The party has contributed  $46,000 or approximately 40% of the offering. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the securities acquired by the insiders, nor the consideration for the securities paid by such insiders, exceed 25% of the Company’s market capitalization.

    All securities issued in the first tranche of the Private Placement will be subject to a four-month hold period expiring October 26, 2023.

    The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including acceptance by the TSX Venture Exchange.

    This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

    ABOUT SANGIHE GOLD PROJECT

     The Sangihe gold project is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and105,000 inferred ounces of gold, as reported in the company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia,” dated May 30, 2017. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-per-cent interest in the Sangihe mineral tenement contract of work (CoW) is held through PT. Tambang Mas Sangihe (TMS). The remaining 30-per-cent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.’

    Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production.

    Note: The company cautions readers that the any production decision made by the company will not be based on a National Instrument 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability, and, as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks, and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures, and the risk that the project’s output will not be saleable at a price that will cover the project’s operating and maintenance costs.

    ABOUT BARU GOLD

    Baru Gold is a dynamic junior gold developer with National Instrument 43-101 gold resources in Indonesia, one of the top 10 gold-producing countries in the world. Based in Indonesia and North America, Baru’s team boasts extensive experience in starting and operating small-scale gold assets.

    BARU GOLD CORP

    Per:        “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    For investor contacts more information, please contact:

    Kevin Shum
    Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.

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  • Baru Gold Receives Official Government Letter Affirming Production Operation Status with Formal Request for Police Assistance

    Baru Gold Receives Official Government Letter Affirming Production Operation Status with Formal Request for Police Assistance

    2023-05-29 06:07:36

    May 29, 2023 – TheNewswire – Vancouver, BC – Baru Gold Corp (the “Company” or “Baru”) (TSXV:BARU) | (OTC:BARUF) and its subsidiary PT. Tambang Mas Sangihe (the “Company” or “TMS”) is pleased to announce the receipt of official correspondence from the Director of Engineering and Environment at the Ministry of Energy and Mineral Resources of the Republic of Indonesia (“MEMR”). The letter affirms the Company’s legal status to operate and produce gold on Sangihe Island (“Sangihe”) and states that the Company’s license (number 163.K/MB.04/DJB/2021) is active and valid. Furthermore, in the letter, MEMR officially requests that police cooperate with the Company, and stop all illegal mining on Sangihe. The letter was delivered to the following Government Leaders:

    1. Chief of the North Sulawesi Regional Police 

    2. Director of Certain Crimes, Police Criminal Investigation   

    3. Director of Special Criminal Investigation of North Sulawesi Regional Police 

    4. Chief of Sangihe Islands Police 

    5. Acting Director General of Mineral and Coal 

    6. Inspector General of the Ministry of Energy and Mineral Resources 

    7. Secretary of the Directorate General of Mineral and Coal 

    8. Director of Mineral Business Development 

    9. Head of the Ministry of Energy and Mineral Resources Office of North Sulawesi Province 

    10. Head of the Regional Environment Office of North Sulawesi Province 

    11. Coordinator at the Directorate of Engineering and Environment of Mineral and Coal 

    12. Coordinator of Mine Inspections for North Sulawesi Province 

    Most importantly, this official letter satisfies a due diligence prerequisite for a prospective institutional investor and an administrative process for the police.

    The Company recognizes that clarification is required following a recent social media campaign by illegal miners and their supporters that falsely suggested the Company’s permits were revoked or its operations impacted. The Company confirms its permits are valid and remain in good standing. The Company is legally able to produce gold on Sangihe. The Company’s AMDAL or Environment Permit and Contract of Work (“CoW”) have never been revoked and remain valid, and the Supreme Court of Indonesia has affirmed the Company’s AMDAL. Statements to the contrary are false.

    On January 17, 2023, the Company announced the results of a challenge filed in an Administrative Court and against the MEMR (the “Jakarta Lawsuit”). The presiding judge in the Jakarta Lawsuit ordered the cancellation of the Decree of the Minister of MEMR dated January 29, 2021, concerning Approval for Increasing the Stage of Production Operation Activities of the Company’s CoW. The decision does not affect the Company’s permits or CoW and is only referring to an administrative step called a Stage of Activity upgrade.

    The Company’s CoW with the Republic of Indonesia is a legally binding agreement, therefore, the conditions specified within are legally binding between the Company and the State. The CoW cannot be modified without the mutual consent of both the Company and the State. The MEMR is the State’s sole designated representative and has the final authority in overseeing, administrating, and authorizing the Company’s actions according to the CoW. 

    The Company’s CoW outlines the conditions of operations on Sangihe. The operational activities include five distinct Stages of Activity: General Investigation, Exploration, Feasibility Study, Construction, and Production Operation. To upgrade to the next Stage of Activity, the CoW lists specific criteria that the Company must meet. Since signing the CoW in 1997, the requirements for each Stage of Activity upgrade in the contract have not changed. Once the conditions specified within the CoW are met, the Stage of Activity upgrade is guaranteed by law. The Minister of MEMR has the sole and ultimate authority authorizing Stage of Activity upgrades. 

    The Jakarta Lawsuit challenged only the Minister of MEMR’s decree to approve upgrading the Stage of Activity to Production Operation status. When adjudicating the Stage of Activity upgrade to Production Operation, the Minister of MEMR needs only consider terms of the requirements for the issuance of an increase in operations within the CoW. The Small Island Utilization Permit is not a requirement within the Company’s CoW, and MEMR has never requested the Company obtain one.

    The MEMR has reviewed the Court’s decision. According to MEMR, the Company has fulfilled all necessary requirements of the CoW for production. Therefore, the MEMR has determined, and in this official letter reaffirmed, that the Company’s current Stage of Activity is Production Operation status. As the Jakarta Lawsuit had reached the Supreme Court, there cannot be additional lawsuits on this matter.

    Mr. Terry Filbert, CEO of Baru Gold, commented, “We are very pleased to receive the letter from the MEMR affirming our legal status to operate and produce gold on Sangihe Island. The Company is the largest single employer on Sangihe and we appreciate the support from police, government officials, and local residents. Securing the previously announced financing is progressing well and the Company is looking forward to entering into production. Not only does the letter validate the hard work of our team in Indonesia but it also satisfies a prerequisite for the financing that will fund the Company into production.”

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Baru has met all the requirements of the Indonesian government to operate and produce Gold on Sangihe and has been granted its environmental permit (AMDAL).

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team boasts extensive experience in starting and operating small-scale gold assets.

    BARU GOLD CORP

    Per: “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.

    For investor contacts more information, please contact:

    Kevin Shum

    Investor Relations

    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general

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  • Baru Gold Updates Shareholders on Financing

    Baru Gold Updates Shareholders on Financing

    2023-05-01 06:42:04

    May 1, 2023 – TheNewswire – Vancouver, BC – Baru Gold Corp (TSXV:BARU) | (OTC:BARUF) (“Baru” and its subsidiary PT. Tambang Mas Sangihe (“TMS”) or the “Company”) is happy to update stakeholders and investors on progress in securing financing to bring the Sangihe Project into production. The Company has pursued two methods of funding – a CAD 20 Million gold-prepayment loan (“Gold Loan”) led by an Asian-based Investment and Banking Advisory Firm, and a non-brokered private placement.

    The Company is currently negotiating the Gold Loan with several Institutional Investors from both International and Indonesian-based markets. The interested parties are already mining precious metals or coal, provide mine services, or have substantial experience investing within Indonesia. Negotiations are going well and Institutional interest in the Sangihe Project was higher than originally anticipated.

    Several coal mine operators have expressed interest in the Gold Loan. With the price and demand of coal declining, several coal mine operators within Indonesia have diversified their operations by mining or increasing their exposure to gold. The Sangihe Project is a particularly desirable investment owing to its proven ore reserves and additional opportunities identified from the Company’s completed structural study and planned drilling program.

    Although the Company cannot comment on the specifics of the negotiations, the candidate investors have so far responded favorably on the conditions of the proposed Gold Loan. Some potential investors have also suggested additional types of support. Current negotiations include gold-prepayment loans only, operational and in-kind support, and a combination of a gold-prepayment loan and operational support. Importantly, all current negotiations are non-dilutive to Baru shareholders. The Company is confident in securing the Gold Loan from one or group of the Institutional Investors.

    The Company is targeting the end of May to conclude negotiations.

    The Company has declined several offers for acquisition and is not seeking to be acquired. In that the Company is not yet in production any acquisition would not provide shareholders a fair value for their investment.

    Mr. Terry Filbert, CEO of Baru Gold, commented, “I am delighted with the Investment Banking Firm and thrilled with the discussions we are having on the gold-forward loan. The Investment Banking Firm has a range, depth, and scope of contacts that has allowed us to expand our financing network to include the type of Investor that we have not been able to connect with previously. Our ongoing negotiations are constructive and positive. The upcoming financing and resulting partnerships will expedite the progress of the Company by leaps and bounds, while concurrently continuing to support the economic growth, environmental protection, and development on Sangihe Island.”

    The Company wishes to reiterate to shareholders and investors our legal right to develop and operate a gold concession on Sangihe Island. All permits are current and valid. The Ministry of Energy and Mineral Resources of Indonesia maintains online records for public review. Investors can use the below link to confirm the validity of our Production Operation Status.

    https://modi.esdm.go.id/portal/detailPerusahaan/7410/

    Furthermore, with the Company having been the victim of a disinformation campaign, the current share price does not accurately represent the value of the Company’s resources. Based on the stage and state of negotiations for the Gold Loan, and to prevent unnecessary dilution, the Company is suspending the private placement previously announced on April 14th, 2023. The Company thanks the new and many long-term shareholders for their contributions in previous financing rounds and ongoing support.

    GRANT OF STOCK OPTIONS

    The Company announces that it has granted an aggregate amount of 2,575,000 stock options to officers, directors, employees, and consultants of the Company in accordance with the provisions of the Company’s stock option plan. The grant of the options is subject to the approval of the TSX Venture Exchange. Each option entitles the holder to purchase one common share of the Company at an exercise price of $0.05 for a two-year period.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Baru has met all the requirements of the Indonesian government and has been granted its environmental permit.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team boasts extensive experience in starting and operating small-scale gold assets.

    BARU GOLD CORP

    Per:        “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum

    Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general

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  • Baru Gold Update on Removal of Illegal Miners

    Baru Gold Update on Removal of Illegal Miners

    2023-01-11 07:45:06

    January 11 2023 – TheNewswire – Baru Gold Corp. (“Baru” or the “Company”) (TSXV:BARU) (OTC:BARUF) and subsidiary PT Tambang Mas Sangihe (“TMS”) are pleased to update shareholders on positive changes related to our project on Sangihe Island (“Sangihe”).

    Direct physical confrontation and indirect actions by both illegal miners and their supporters have prevented TMS from operating on Sangihe. In October 2022, National Police Chief Listyo Sigit Prabowo appointed Setyo Budiyanto as Kapolda (Police Chief) of the North Sulawesi Provincial Police. Kapolda Setyo previously served as Director at the Corruption Eradication Commission of Indonesia. Kapolda Setyo has announced his crime reduction agenda and is prioritizing the removal of all illegal mining operations in North Sulawesi, which includes the island of Sangihe.

    Before Kapolda Setyo’s appointment, the number of illegal miners on Sangihe were steadily increasing. The illegal miners eventually reached over 500 individuals using 13 heavy machine excavators across two different mine sites totalling approximately 20 hectares. These industrial-scale operations have no permits nor legal recognition. The activities of the illegal miners are plainly visible and includes the transportation of heavy equipment on public roads. The illegal miners are primarily non-resident, use the most harmful mining techniques, undertake no environmental remediation, contribute no tax revenue nor local employment.

    The illegal miners have a history of physical violence and intimidation. Recently, two reporters from the national magazine Gatra wrote about their encounter with the illegal miners on Sangihe. While documenting the work sites, the reporters were surrounded, intimidated and confined. After a lengthy confrontation, the reporters were released only after they destroyed photograph evidence of the illegal mining operations. The staff of TMS have also been threatened and violently attacked. The use and threats of violence is criminal and appropriate charges have been filed, and legal action is underway. The Company is thankful the reporters were eventually released, and our staff have made a full physical recovery.

    The clearly criminal actions of these illegal miners are unacceptable and no longer tolerated. Kapolda Setyo recently announced operations across North Sulawesi to expel and dismantle the supply chain on which the illegal miners depend. Kapolda Setyo has already laid charges against individuals who were purchasers of illegally mined gold in North Sulawesi.

    Until the recent police activity, there have been no serious effort to block, interfere or stop the operations of illegal mines. The Company has reported the relatively few remaining illegal miners on Sangihe and has received assurances their removal is imminent. The Company looks forward to resuming both drilling and production-related operations.

    Baru Gold CEO, Terry Filbert, commented, “I would like to personally welcome and thank Kapolda Setyo Budiyanto for protecting the residents on Sangihe Island. Kapolda Setyo’s actions against illegal miners, their supporters, supply chain and purchasers will stop the unchecked environmental destruction, economic plunder and culture of violence and intimidation that the 250,000 residents on Sangihe have been forced to endure. For the first time, TMS is beginning to receive the necessary support and security from the North Sulawesi Provincial Police to protect our operational activities, employees and suppliers. I am grateful for the prioritization of TMS legal operations over illegal ones. TMS permits and licences are valid, we are compliant with the law in all respects and committed to sustainable development practices that balances the economic needs of Indonesia with environmental protection.”

    The Company will continue to ensure the laws of Indonesia and the obligations within our Contract of Work are upheld.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team boasts extensive experience in starting and operating small-scale gold assets.

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORP

    Per:        “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum

    Investor Relations

    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.

     


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  • Baru Gold Update On Successful Final Appeal of Lawsuit

    Baru Gold Update On Successful Final Appeal of Lawsuit

    2023-01-09 07:46:50

    January 9 2023, TheNewswire, Baru Gold Corp (TSXV:BARU) (OTC:BARUF) (the “Company” or “Baru”) wishes to provide an update on the lawsuit originally filed in Manado, Indonesia (the “Manado Lawsuit”) in October 2021 against two government departments responsible for the issuance of the Environmental Permit (“AMDAL”) to Baru’s subsidiary, PT Tambang Mas Sangihe (“TMS”). While TMS was not named in the Manado Lawsuit, the court granted permission for a representative of TMS to attend the proceedings in support of the government departments.

    The Manado Lawsuit has now been reviewed at each level of Indonesia’s judicial system. A panel of judges heard the case at the Manado Administrative District Court in June 2022, Makassar Administrative High Court in September 2022 and, most recently, the Supreme Court of Indonesia.

    Today, the Company is happy to report that the Supreme Court of Indonesia has ruled in favour of the Company. The validity of the process, procedures and the awarding of the AMDAL have been reaffirmed and the plaintiff’s complaints dismissed in their entirety. The ruling can no longer be appealed; the decision is final.

    The AMDAL is necessary for the Company’s operations. Obtaining an AMDAL is an expensive and time-consuming process that involves broad community consultation and establishes a set of high environmental standards. The AMDAL is a major component of the production permit that allows the Company to mine under the Contract of Work.

    Terry Filbert, CEO of Baru Gold, commented “I am obviously very pleased with this final ruling. I have always maintained that this lawsuit was frivolous and should be dismissed. The validity of the AMDAL can no longer be disputed. I am grateful that the Supreme Court decision has put an end to the matter with this final resolution.

    The Company takes their responsibility to the environment seriously and has always abided by Indonesian law. The Company will be seeking reimbursement for all court and legal costs caused by the plaintiffs.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team boasts extensive experience in starting and operating small-scale gold assets.

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORP

    Per:        “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum

    Investor Relations

    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.

     


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  • Baru Gold Announces Board Changes and Grants Options

    Baru Gold Announces Board Changes and Grants Options

    2022-12-30 07:40:04

    December 30, 2022 – TheNewswire – Baru Gold Corp. (TSXV:BARU) | (OTC:BARUF) (“Baru” or the “Company”) announces the appointment of Dr. Shidan Murphy to the board of directors and the resignations of Joseph Keane, John Ellis and Colin Davies, effective immediately.

    Dr. Shidan Murphy is an experienced analyst, environmentalist, and advisor based in Asia-Pacific. An award-winning scientist and author of several papers that focus on bird and fish habitat protection, Dr. Murphy started his career as a Research Fellow with the Government of Canada. Dr. Murphy’s work focussed on balancing the requirements of environmental protection with urban development. Today, Dr. Murphy helps solve the analytical issues facing organizations across Asia, India and Australia. Dr. Murphy holds a PhD from the University of Toronto.

    Mr. Ellis and Mr. Keane are both resigning for personal reasons. Mr. Davies, an experienced exploration geologist and consultant based in Southeast Asia, is resigning from the board but will be staying on as a consultant geologist for Baru.

    The Company also announces the resignation of Bernice Wong as Corporate Secretary, effective immediately. The Company thanks Ms. Wong for her service. Karen Dyczkowski will act as Corporate Secretary in addition to her role as CFO.

    Terry Filbert, CEO of Baru Gold, commented, “Baru Gold welcomes Dr. Murphy to the board of directors. His knowledge and experience will be a great asset to the Company. I would also like to personally thank Mr. Ellis and Mr. Keane for their guidance and advice in advancing Baru and wish them well in health and in their future endeavours. We look forward to continuing our relationship with Mr. Davies in a consulting geological capacity as we continue to advance the Sangihe gold project towards production in 2023. I would also like to thank Ms. Wong for her service to the Company and wish her well as she begins the next chapter of her career.”

    Stock Option Grant

    The Company has granted 200,000 options to Dr. Murphy in accordance with the provisions of the Company’s stock option plan, subject to the approval of the TSX Venture Exchange. Each option entitles the holder to purchase one common share of the Company at an exercise price of $0.05 for a period of five years. The options are subject to a four month hold period from the date of grant.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.

    ABOUT BARU GOLD CORPORATION

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. Baru is positioned to become Indonesia’s next gold producer.

    BARU GOLD CORPORATION

    Per:        “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum

    Investor Relations

    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.

     


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  • Baru Gold Cancels Previously Announced Financing

    Baru Gold Cancels Previously Announced Financing

    2022-12-01 07:35:18

    December 1, 2022 – TheNewswire – Baru Gold Corp (TSXV:BARU) | (OTCQB:BARUF) (“Baru” or the “Company”) announces that the Company will not be proceeding with the proposed non-brokered private placement that was previously announced on October 12, 2022. The Company may announce a new non-brokered private placement in the future however is currently considering alternate forms of funding.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in 2022. Construction at Sangihe gold heap leach project is currently underway.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets.

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORP

    Per:        “Terry Filbert”                       

    Terry Filbert, Director
    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum
    Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.

     


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  • Baru Gold Announces $1.2 Million Non-Brokered Private Placement

    Baru Gold Announces $1.2 Million Non-Brokered Private Placement

    2022-10-12 06:13:29

    October 12, 2022 – TheNewswire – Baru Gold Corp  (TSXV:BARU) | (OTC:BARUF) (“Baru” or the “Company”) is pleased to announce a $1.2 million non-brokered private placement (the “Private Placement”) consisting of up to 40,000,000 units priced at $0.03 per unit (the “Unit”). Each unit will be comprised of one common share in the capital of the Company (a “Share”) and one-half non-transferable common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share at an exercise price of $0.06 for two years from the date such Warrant is issued. The financing is expected to close on or before October 31, 2022.

    The use of proceeds percentage of the financing will be 19% for land acquisition, 16% for drilling, 21% for construction of heap leach pad, 2% for investor relations, 7% for payments to non-arm’s length parties and 35% for working capital.

    Note:  The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.

    The Private Placement is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws. All funds are denominated in Canadian dollars. A finder’s fee commensurate with regulatory policies may be paid if applicable.

    The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in 2022. Construction at Sangihe gold heap leach project is currently underway.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets.

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORP

    Per:        “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum

    Investor Relations

    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.


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  • Baru Gold Provides Update on Appeal Filed Against Ministry of Energy and Mineral Resources in Indonesia

    Baru Gold Provides Update on Appeal Filed Against Ministry of Energy and Mineral Resources in Indonesia

    2022-09-06 07:19:29

    September 6, 2022 – TheNewswire – Vancouver, BC – Baru Gold Corp (the “Company” or “Baru”) (TSXV:BARU) | (OTC:BARUF) wishes to provide an update on the appeal of a lawsuit filed in Jakarta, Indonesia on June 23, 2021, against the Ministry of Energy and Mineral Resources (the “MEMR”), the government department which issued the operational mining permit to Baru’s subsidiary, PT Tambang Mas Sangihe (“TMS”). While Baru was not named in the lawsuit, the court granted permission for a representative of Baru to attend the proceedings in support of MEMR, as it relates to the mining permit that was granted to TMS.

    On April 20, 2022, the lawsuit against the MEMR was dismissed. On May 9, 2022, the plaintiff filed an appeal and on September, 2, 2022, the appeal was successful and the April ruling was overturned.

    The reasons for the decision have not yet been released. The Company will be holding meetings with the MEMR this week to discuss this recent court decision and the next steps required to ensure the Company continues towards our goal of completion of construction and start of production on the project.  

    Terry Filbert, CEO of Baru Gold, commented “It is important to note that this decision only pertains to the operational mining permit issued in February of  2021. TMS continues to hold a valid Contract of Work (“CoW”) with the Indonesian government which remains unaffected by the decision against the MEMR. We are disappointed with the court decision, however, the CoW permits TMS to explore our licenced area. The Company can and will proceed with the planned resource development program of infill drilling to upgrade some of the inferred resources into indicated and measured resource status.”

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.

    ABOUT BARU GOLD CORPORATION

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORPORATION

    Per:        “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum
    Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.


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  • Baru Gold Affirms Land Ownership of the Sangihe Island Gold Mine Project Contract of Work and Provides Information on Lawsuit Filed by TMS

    Baru Gold Affirms Land Ownership of the Sangihe Island Gold Mine Project Contract of Work and Provides Information on Lawsuit Filed by TMS

    2022-08-25 12:39:20

    August 25, 2022 – TheNewswire – Baru Gold Corp. (TSXV:BARU) (OTC:BARUF) (“Baru” or the “Company”) wishes to affirm its ownership rights of the Sangihe Gold Project in response to recent media reports of the Indonesian government revoking mining permits in the country and provides information on a lawsuit recently filed in Indonesia by the Company’s subsidiary PT Tambang Mas Sangihe (“TMS”).

    Ownership Rights of TMS

    Indonesia’s Investment Minister Bahlil Lahadalia recently announced the Investment Ministry (the “Ministry”) had revoked 2,065 permits covering more than 3.1 million hectares (7.66 million acres) of land across the country to tighten the sector’s governance and land redistribution. This follows Indonesian President Joko Widodo’s decree in January 2022 ordering thousands of mining, plantation and forest-use permits be revoked due to non-compliance or inactivity. The action being taken by the Ministry has no impact on Baru or its operations.

    Baru’s permits and licences have not been revoked and remain valid. Baru is compliant in all respects, with the AMDAL (environmental) assessment and Indonesian feasibility study. Most recently, the Company secured its operation and export licence for the mine site.

    The Company continues to conduct its daily activities at the site and on the island. The Company continues to generate jobs, hiring locals to fill these positions. Construction is underway on the heap leach pad and a drilling program has been planned. The Company does not anticipate its permits or licences will be affected by the Ministry’s mandate.

    Concerned stakeholders and investors are invited to contact the Company directly at This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. for accurate information regarding the Sangihe Gold Project.

    Lawsuit Filed by TMS

    The Company also wishes to provide information on a recent lawsuit filed by its subsidiary, TMS. The lawsuit has no connection to the ownership rights above.

    On August 24, 2022, TMS filed a lawsuit in Jakarta against multiple parties including President Joko Widodo; the Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan; National Police Chief Listyo Sigit Prabowo; Minister of Law and Human Rights Yasonna H. Laoly, Komnas HAM; Regent of Sangihe Islands; Mardi Posumah; Grace Kapal; Sonny Posungulah; and Andri Mailoor. TMS is seeking damages to compensate for material losses amounting to US$37 million and Rp. 31.9 billion; and immaterial losses of Rp. 1 trillion.

    Baru Gold CEO, Terry Filbert, commented, “TMS holds a valid production/operation licence which has the legal right to explore, construct, and produce gold on the island of Sangihe. To clarify, the island is approximately 71,000 ha and our licence for exploration covers 42,000 ha. TMS has applied to have the exploration area reduced to 25,000 ha. Our exploration activities have been conducted on less than 10% of our licenced area and construction has commenced on a small 65 ha parcel. Our construction activities have been continually delayed by a group supported by illegal miners, whose numbers have  expanded significantly since the re-start of operations on the island. TMS has received little to no support from the local police or government departments for operational activities or to ensure the safety of our employees and suppliers. Inadequate effort has been made by local officials to close the illegal mining operations on the island. Despite these obstacles, TMS continues to move ahead with its planned activities. Although this lawsuit does not affect our daily operations at the Sangihe Gold Project, we hope it will draw attention to the situation so action can be taken and TMS can be compensated for the economic losses it has incurred.”

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.

    ABOUT BARU GOLD CORPORATION

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORPORATION

    Per:        “Terry Filbert”                       

    Terry Filbert, Director
    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum
    Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.


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  • Baru Gold Announces Closing of US $1.5 Million Convertible Loan Financing for Sangihe Gold Mine

    Baru Gold Announces Closing of US $1.5 Million Convertible Loan Financing for Sangihe Gold Mine

    2022-07-20 06:09:39

    July 20, 2022 – TheNewswire – Baru Gold Corp (TSXV:BARU) | (OTC:BARUF) (“BARU” or the “Company”) is pleased to announce that it has successfully closed its secured convertible loan transaction with Mercer Street Global Opportunity Fund, LLC, a fund managed by Mercer Street Capital Partners, LLC, a Miami-based institutional fund manager (together, “Mercer”), and raised a net proceeds of US$1,500,000 ($1.94 Million Canadian) to fund the development and construction of the Sangihe gold mine in Indonesia, and for general working capital as announced its previous press release (see BARU press release dated July 18, 2022).  In connection with such loan transaction, the Company issued 15,000,000 share purchase warrants having a term of 2 years with an exercise price of $0.065 per common share over such term (previously stated as $0.0675 in error). Any common shares issuable upon the conversion of the loan principal or such share purchase warrants shall be subject to resale restrictions expiring November 20, 2022.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.

    ABOUT MERCER STREET CAPITAL PARTNERS, LLC

    Mercer Street specializes in providing innovative debt and equity investments to publicly-listed companies across the globe.

    ABOUT BARU GOLD CORPORATION

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORPORATION

    Per:        “Terry Filbert”                       

    Terry Filbert, Director
    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum
    Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702 

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.


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  • Baru Gold Announces US $1.5 Million Convertible Loan Financing for Sangihe Gold Mine Production

    Baru Gold Announces US $1.5 Million Convertible Loan Financing for Sangihe Gold Mine Production

    2022-07-18 06:22:36

    July 18, 2022 – TheNewswire – Baru Gold Corp. (TSXV:BARU) | (OTC:BARUF) (“BARU” or the “Company”) is pleased to announce it has entered into a convertible loan agreement with Mercer Street Global Opportunity Fund, LLC, a fund managed by Mercer Street Capital Partners, LLC, a Miami-based institutional fund manager (together, “Mercer”), to raise net proceeds of US$1,500,000 ($1.94 Million Canadian) to fund the development and construction of the Sangihe gold mine in Indonesia, and for general working capital.

    Terry Filbert, Chairman and CEO of Baru Gold, commented, “The Company’s ability to raise these funds in this challenging market is a testament to the merits of the Sangihe project. We are pleased to be able to carry on with construction and production plans; and we look forward to the commencement of our previously announced drilling program where we intend to extend and increase the resource base at the Binebase and Bawone target areas. The additional capital will allow us to work towards the ultimate goal of sustained cashflow for the Company.”

    The convertible loan will raise net proceeds of US$1,500,000 (the “Convertible Loan”) from the aggregate principal amount of US$2,000,000 subject to an original discount of approximately 25%. The terms of the convertible loan agreement are as follows: (i) the outstanding principal obligations and interest shall be calculated monthly, and shall be repaid to the Subscriber in eighteen (18) equal monthly installments, in advance, commencing 180 days following the closing date, until the obligations are fully repaid; (ii) the Company shall pay interest on any overdue amount (including interest on interest) at and interest rate of 18% per annum until the overdue amounts are paid in full; (iii) in the event that the principal amount of US$1,500,000 has been fully paid within one (1) year from the closing date, a discount of approximately 10% of the principal amount and interest shall apply to the total repayment amount where the aggregate amount due shall be reduced to US$1,800,000. The Debentures have a maturity date of the 2nd anniversary of the closing date and bear an interest rate of 16.67% prepaid from loan proceeds on the closing date.

    Commencing on the four (4) month anniversary of the closing date: (i) the principal of the Convertible Loan shall be convertible into common shares of the Company at the conversion price of CDN$0.05/US$0.0384 per common share and (ii) subject to prior TSX Venture Exchange approval, interest shall be convertible at a conversion price based on the previous trading day close prior to the announcement of the interest conversion..

    A total of 15,000,000 transferable warrants of the Company shall also be issued to the lender that may be exercised over a two (2) year term having a warrant exercise price of CDN$0.0675/US$0.05.

    The Convertible Loan is secured against the Company’s equity interest in its wholly owned subsidiary, Sangihe Gold Corporation, that holds through a wholly owned Indonesian subsidiary, the Company’s interests in the Sangihe Gold Project. The use of proceeds from the Offering shall be used for the development of the Sangihe Gold Project and general working capital purposes. There are no finder’s fees payable.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.

    ABOUT MERCER STREET CAPITAL PARTNERS, LLC

    Mercer Street specializes in providing innovative debt and equity investments to publicly-listed companies across the globe.

    ABOUT BARU GOLD CORPORATION

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORPORATION

    Per:        “Terry Filbert”                       

    Terry Filbert, Director
    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum
    Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.

     


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  • Baru Gold Completes Land Clearing and Provides Construction Update at Sangihe Gold Project

    Baru Gold Completes Land Clearing and Provides Construction Update at Sangihe Gold Project

    2022-04-13 06:33:29

    April 13, 2022 – TheNewswire – Vancouver, BC – Baru Gold Corp (the “Company” or “Baru”) (TSXV:BARU) | (OTC:BARUF) is pleased to announce it has substantially completed clearing of the land and commenced earthworks on the heap leach pad for the Sangihe gold project.

    Initial capacity of the heap operation has been set at 100,000 tonnes. The heap leach pad measures 127 by 64 meters. There are currently more than 60 labourers working on the construction project and 90% are local hires from Sangihe Island. This number will significantly increase once production commences. All equipment required for construction will be contracted on the island. Materials that are not available locally will be sourced from Manado which is in the same province as Sangihe. The construction of the heap leach facility does not require the removal or relocation of any residences.

    Baru Gold, along with its contractors, have cleared the principal production area, including grubbing and are in the process of rough grading to plan. The next focus will be to construct pond berms and compacting to engineering specifications in preparation for installation of the leach pad liner and processing facility installation. 

    Heap leaching is an industrial mining process used to extract precious metals and other compounds from ore using a series of chemical reactions that absorb specific minerals and re-separate them after their division from other earth materials. A form of lower cost methods of mining, heap leach mining differs in that it places ore on a liner, then adds the chemicals via drip systems to the ore, whereas in situ mining lacks these liners and pulls pregnant solution up to obtain the minerals. Heap leaching is widely used in modern large-scale mining operations as it produces the desired concentrates at a lower cost compared to conventional processing methods such as flotation, agitation, and vat leaching.

    Terry Filbert, President, CEO and Director, commented, “The start of construction of the pads and pond facilities is another milestone for our project at Sangihe. For many years, I have envisioned the goal of gold production being realized and I could not be more thrilled. Once operations are running smoothly and reliable cashflow is being generated at Sangihe, we can parlay that success to the next phase of growth at Baru Gold. With land acquisition on-going and preparations for the drilling program approved and ready to begin, we foresee a very busy and exciting year.”

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    BARU has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in 2022.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.

    ABOUT BARU GOLD CORPORATION

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORPORATION

    Per:        “Terry Filbert”                       

    Terry Filbert, Director
    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum
    Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.


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  • Baru Gold Positive Metallurgical Study at Sangihe Gold Project Indicates Gold Recoveries of 85% and Silver Recoveries of 96%

    Baru Gold Positive Metallurgical Study at Sangihe Gold Project Indicates Gold Recoveries of 85% and Silver Recoveries of 96%

    2022-04-11 08:09:49

    April 11, 2022 – TheNewswire – Vancouver, BC – BARU Gold Corp (the “Company” or “Baru”) (TSXV:BARU) | (OTC:BARUF) is pleased to report on our commitment and the viability of the Sanighe Gold project based on the metallurgical studies and the milestones on permitting and advancing the Sangihe Gold project. With land clearing and construction ongoing, the BARU Gold team has reviewed metallurgy of the project in detail.

    A metallurgical review and study are a crucial part of transitioning an exploration project to a producing mine site. It is during these tests, that the engineering team and contractors can assess the condition, composition, and best recovery methods for the materials to be mined. A higher recovery rate (defined as percentage of metal extracted from ore during processing), will mean the Company can recover more gold and silver per tonne of ore mined. Further, a positive metallurgical study can de-risk the project further and assist mining engineers in refining the flow sheet design. This in turn increases efficiency and lowers the environmental footprint of the operation.

    In September 2018, Baru’s subsidiary, PT. Tambang Mas Sangihe or “TMS” (the holder of the Sangihe CoW licence) received approval of the Indonesian Feasibility Study (IFS) by Ministry of Energy and Mineral Resources at an open meeting attended by TMS and representatives of both Provincial and Central mines departments. The IFS, was conducted by Resindo Resources and Energy, an Indonesian consulting firm and was comprised of several elements:

    1. Metallurgical drilling to identify the most suitable heap-leaching locations.  

    2. Geotechnical drilling to provide the most up-to-date and accurate core samples for pit wall design, fragmentation of ore and ore excavation rates. 

    3. Hydro-geological surveying to help locate and identify the water table level in the pit design and best water sources needed for upcoming drilling, heap-leaching and ultimately gold production.  

    All drilling required for the IFS was completed and the metallurgical test results were as follows:

    1. Bottle Roll Test of the Cyanide Soluble assay results showed gold recoveries of 85% and silver recoveries of 96%. 

    2. Agglomeration test results have been completed with the majority of the samples tested agglomerating very well 

    3. Carbon Column Test work reached 83.80% recovery of gold. 

    4. Acid Forming test work of overburden rock samples taken from the geotechnical drilling core indicated that only rock samples with more than 5% sulphides were Potential Acid Forming and these rock samples constitute less than 9% of the overall Binebase Resource. 

    The Indonesian Feasibility Study is not a Feasibility Study as defined by CIM as required by NI 43-101 but it is required under Indonesian law in order to obtain a licence to construct a production facility.

    In February 2021, the Ministry of Energy and Mineral Resources (MoEMR) upgraded its Sangihe Gold Project Contract of Work (“CoW”) to Operation Production status.  This licence provides Baru Gold with the rights to operate precious metal mines on 42,000 hectares on Sangihe Island.  To date only 10% of the area has been geologically explored. Exploration will be upgraded through a resource development drilling program and will be expanded to other areas of the CoW once production cashflow has been initiated.

    The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.

    The existing CoW licence for the Sangihe gold project is a 30-year licence and under the recently issued 2020 mining regulations can be extended for 20 years. This CoW production status upgrade also gives the Company rights for refinery and export licences.  

    The Board of Directors have approved a 35,000-metre Resource Development drilling program. The initial area targeted for this drilling is covered in the Sangihe 2010 NI 43-101 which identified 835,000 ounces gold inferred resource between Binebase and Bawone villages, approximately 1.2 kilometres. An infill drilling program will be conducted in this area to upgrade some of the inferred resources into indicated and measured resource status. Exploration drilling will continue over an additional 1.45 kilometres from Bawone to South of Salurang villages, an area over which this anomaly continues. After the initial exploration drilling in this area has been completed, the identified resources will then be infill drilled to bring some of these resources into indicated and measured status as well.

    Terry Filbert, Chairman and CEO, commented, “I have been in Indonesia since mid-February overseeing all aspects of the Indonesian operations and don’t plan to leave until we are in production. Given the current price of gold, low production costs and continuing field analysis of the 23 new exploration targets identified in the structural study that provided promising results, the Company remains steadfast towards the goal of production.   Baru has constituently and diligently worked towards that goal and plans to provide regular updates on activities to the shareholders as milestones are achieved.”

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    BARU has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in 2022.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORP

    Per:        “Terry Filbert”                       

    Terry Filbert, Director
    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum
    Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.


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  • Baru Gold Continues Exploration of 23 New Structural Study Targets at Rome and Canberra East and Samples Up To 72.0 g/t Gold and 97.0 g/t Silver Over 0.15 Meters at Rome Target

    Baru Gold Continues Exploration of 23 New Structural Study Targets at Rome and Canberra East and Samples Up To 72.0 g/t Gold and 97.0 g/t Silver Over 0.15 Meters at Rome Target

    2022-03-09 07:48:01

    March 9, 2022 – TheNewswire – Vancouver, BC – Baru Gold Corp (TSXV:BARU) | (OTC:BARUF) (the “Company” or “Baru”) is pleased to announce that the continuing field analysis of the 23 new exploration targets identified in the structural study has provided promising results.

    Initial Field Analysis continued with mapping and sampling of artisanal workings and outcrops found within the Priority 1 Rome Target area. The analysis then progressed to mapping and sampling beyond the eastern boundary of the Priority 1 Canberra Target, which has been named Canberra East.

    Assay results of the samples taken from the Rome Target returned an average grade of 42.18g/t gold and 48.42g/t silver. The Rome Target contains samples obtained from strongly oxidised 0.15m and 0.2m wide quartz veins in tuffaceous andesite returning assays ranging from 41.9g/t – 72.0g/t for gold and 5.30g/t – 97.0g/t for silver.

    At the Rome Target, the 72.0g/t gold assay was obtained from a tuffaceous andesite containing a 0.15m wide strongly oxidised quartz vein which is shown in Figure 1.

    Assay results from the samples taken from within the Canberra East Target returned an average grade of 2.42g/t gold and 5.27g/t silver. The Canberra East samples were obtained from strongly oxidised silica, alunite, pyrite breccia and from strongly oxidised silica clay altered tuffaceous rocks returning assays ranging from 0.31g/t – 5.88g/t for gold and 0.80g/t – 20.70g/t for silver.

    These initial sample results from the Priority 1 Rome Target and the Canberra East areas have provided some further ground truthing of the 23 New Exploration Targets defined by the structural study conducted by Murphy Geological Services.

    Mr. Frank Rocca, Chief Geologist of Baru, commented, “These are exciting times for the exploration team as we expand our knowledge of the CoW beyond the known Binebase-Bawone deposits and locate these outcrops which could develop into additional ore resources. I look forward to reporting the results of further Field Analysis by the exploration team in due course.”

    Junior Mining NetworkFigure 1. Quartz vein 0.15m wide in situ assayed as 72.0g/t Au & 90.4g/t Ag

    Drilling Progress Update

    Baru announced a 25,000-meter drilling program to test various targets identified in the Sangihe 2010 National Instrument 43-101 report which identified 835,000 ounces of gold as an inferred resource between Binebase and Bawane villages over 1.2 kilometers. To date the Company has prepared 27 drill pads.

    The drill rig arrived on the island on December 20, 2021 and preparations were made to commence drilling immediately. However, due to logistical problems encountered enroute to the site, the drill rig was returned to the drilling contractor. Currently, all but one final component of the drill rig is on-site which will be delivered as soon as suitable transportation is secured.

    The Company has met all the requirements of the Indonesian government and has been granted its environmental permit and the upgrade of its licence to advance the Sangihe project to construction and production in 2022. All permits for transportation of the final drill rig component have been secured and the Company is ready to start drilling immediately upon delivery of the final component.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Note:  The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORP

    Per:        “Terry Filbert”                       

    Terry Filbert, Director
    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum
    Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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. 

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.


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  • Baru Gold 2021 Operational Summary and 2022 Outlook

    Baru Gold 2021 Operational Summary and 2022 Outlook

    2022-01-18 07:47:07

    January 18, 2022 – TheNewswire – Vancouver, BC – Baru Gold Corp. (the “Company” or “Baru”) (TSXV:BARU)(OTC:BARUF) is pleased to provide stakeholders and shareholders with an operational summary for 2021 and an outlook for 2022.  

    2021 SUMMARY

    Listing on US Exchange

    Baru began trading on the OTCQB under the ticker symbol BARUF. The OTCQB is a US marketplace for entrepreneurial and development-stage US and international companies that are committed to providing a high-quality trading and information experience for their investors. The OTCQB is the middle tier of the three over-the-counter trading platforms.

    Dead Rent Tax

    In January, $356,000 (approximately Indonesian Rupiah 3.8 billion) in tax was paid to the representative office of the Ministry of Energy and Mineral Resources.

    Work Program Approval by Indonesia Government

    In January, the Company’s work plan and budget Rencana Kerja Angaran Belanja (“RKAB”) for PT Tambang Mas Sangihe (“TMS”) for 2021 was formally approved by the Ministry of Energy and Mineral Resources. The RKAB includes planning and proposed expenditures for construction, mining, production, community programs, environmental rehabilitation, and geological and geotechnical investigations for 2021 and beyond.

    COVID-19 Impact

    In July, Indonesia reported more than 2.5 million cases in total, with daily coronavirus infections reaching 50,000 cases. Compared with the winter peak of 11,000 new cases per day in January of 2021, the delta and lambda variants significantly impacted the spread of COVID-19 in Indonesia.

    Baru Supports Indonesian Government in Lawsuit

    Baru joined the Ministry of Energy and Mineral Resources of the Republic of Indonesia (“MEMR”) in responding to a lawsuit filed in Jakarta. Baru was not named in the lawsuit, but the Company pro-actively and vigorously supported the MEMR. In that the lawsuit related to the mining permit granted to Baru’s 70-per-cent-owned subsidiary PT Tambang Mas Sangihe, the Jakarta Administrative Court approved the Company’s request for permission to be present during court proceedings. Since August 2021, the Company was present for all court dates pursuant to the proceedings.

    Production Licence

    The Company applied for and received the upgrade of the Sangihe Gold Project’s Contract of Work (“CoW”) to a full production and export licence. Baru’s subsidiary TMS, the holder of the Sangihe CoW, submitted the application to the Ministry of Energy and Mineral Resources of North Sulawesi, Indonesia. The Company’s detailed works program and business plan (“DWP” and “BP” respectively) were approved by the Ministry of Energy and Mineral Resources at an open meeting attended by TMS and representatives of both Provincial and Central mines departments. To complete the licence upgrade on the Sangihe project, to Operation Production status, the Company needed and received final approval from the Minister of Energy and Mineral Resources. The licence upgrade allowed Baru to begin construction of the gold production facilities and infrastructure for the Sangihe project.

    Appointment of New Directors

    Baru appointed three new independent directors in 2021. The new board members bring decades of operational experience on heap leach technology and relationships with the financial markets.

    In February, Mr. Joseph Keane was appointed to the board. Mr. Keane built metallurgical engineering and consulting firm KD Engineering & Co for an eventual sale to SS Metcon. Mr. Keane was instrumental in starting the first semi-autogenous copper sulphide flotation mill in the Philippines, doubling the production capacity of the largest gold mine in the Southeast Asian country. In addition, he was the project sponsor for China’s largest gold heap leach mine (30,000 tonnes per day and 133,000 ounces gold per year) in Inner Mongolia, which was subsequently acquired by China Gold International and expanded to 250,000 ounces gold per year with a resource of over three million ounces.

    In April, Mr. John Ellis joined the board. In the late 90’s, Mr. Ellis was the chairman and chief executive officer of Anglo Gold North America, setting up Anglo’s gold-mining ventures in the Americas. He was responsible for gold exploration as well as the acquisition/operation of projects in the United States, Canada, and Mexico. He also provided guidance to Inco in Indonesia in the early 2000s for a large nickel laterite mine producing 160 million pounds of nickel annually. He is currently serving as a director of Jaguar Mining Inc., a mid-sized gold producer in the Americas.

    In August, Mr. Colin Davies joined the board. A professional geologist by trade, Mr. Davies started his career at Anglo American as a gold mine geologist in South Africa at Vaal Reefs working on brownfield exploration. His travels took him across the world with BP Minerals for diamonds and ultimately to Jakarta, Indonesia, where he would spend nearly 30 years mainly in gold exploration. Early formative roles with Santa Fe Gold and the Pelsart Group led into senior management positions with global mining contractors before culminating with eight years at the J Resources Group, a US$300 million market capitalization mid-cap 150,000-ounce-per-annum gold producer.

    Land Acquisition

    Throughout 2021, after the production licence was granted, Baru has been actively working to acquire land from local residents to construct its mine. The commitment to sell most of the land targeted for acquisition in phase one by Baru was secured in September 2021. The Company has since focused its efforts confirming titles and preparing legal documents for closings on the purchase of the land. The initial land to be acquired is more than sufficient for the first phase of the operational plan. The processing operations will start with two heap leach pads.

    Baru is equally proud of the relationships it has built with the local residents who are fully supportive of the Company’s initiatives which include the offering of jobs and business opportunities for the residents of the island. They welcome a fully engineered mining operation that has the full support of the federal government.

    Sangihe Gold Project Construction Commences

    In October, construction commenced at the Sangihe heap leach operation. Phase one consists of clearing land, building two 100,000-tonne heap leach pads, pit overburden removal, preparation of waste dumps, a crushing facility, and a processing plant area all with access to roads.

    Private Placement

    In October, Baru announced a private placement of $1.5 million and in November closed the oversubscribed financing raising $1.67 million. The funds will be used to further the exploration program and to provide support for the start-up of production at the Sangihe gold project.

    Structural Study Commissioned

    Also, in October, the Company appointed Murphy Geological Services (“MGS”) to conduct a structural study for the entire Sangihe Island Contract of Work (CoW) area. The draft study will be completed in January 2022. This effort will involve the acquisition, processing, and interpretation of Sentinel-2 and Hi-Res (WorldView, GeoEye and Pleiades) satellite imagery to develop a structural synthesis for the geological occurrence of known gold occurrences, and to establish a benchmark for future exploration targets.

    Drilling Commences at Sangihe

    On December 21st, Baru commenced the 25,000-metre exploration program with the arrival of the drill rig on Sangihe Island. To date the Company has prepared 27 drill pad sites which will be the focus of activity over the next two months.

    Local Employees Hired

    At the end of 2021, the Company had 80 island residents on payroll. This number does not include numerous secondary jobs created by the suppliers that support Baru’s business needs in the community. With the additional hires the Company expects the total number to exceed 150 employees over the next few months as it proceeds with construction, drilling, and other production activities.

    OUTLOOK FOR 2022

    The Company’s primary goal is to bring the measured and indicated resources to 1,000,000 ounces for the project. Construction activities will continue during the first quarter with production commencing shortly thereafter. The target will be to produce 1,000 ounces per month once 100% operational status has been achieved.

    Baru expects 2022 to be exceptionally busy. Exploration drilling will happen in three phases.  Phase-1 will be infill drilling between Binebase and Bawone, Phase-2 will be exploration drilling between Bawone and Salurang, and Phase-3 will be infill drilling between Bawone and Salurang.

    The Company also plans exploration of the unexplored areas of the entire Sangihe Island Contract of Work (“CoW”) area using data from the structural study that is expected to be completed by end January 2022. The satellite imagery will be used to develop a structural synthesis for the geological occurrence of known gold occurrences, and to establish a benchmark for future exploration targets. This is only one technique that will utilized to further our gold discovery ambitions.

    Mr. Terry Filbert, Chairman and CEO of Baru Gold, commented, “Despite ongoing uncertainties surrounding COVID-19 and seasonal delays due to weather and logistic issues in Indonesia, 2021 marked a transformative year of activities for Baru. With the oversubscribed financing we closed in Q4 2021, Baru is well positioned to proceed with drilling and continue its ongoing construction activities at the Sangihe gold project. In 2021 we laid the foundation for significant growth, and we are looking forward to 2022.”

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in early 2022. Construction at Sangihe gold heap leach project is currently underway.

    Note:  The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.

    ABOUT BARU GOLD CORPORATION

    Baru Gold Corporation is a dynamic junior near-term producer and developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of East Asia Minerals Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORPORATION

    Per:        “Terry Filbert”                       

    Terry Filbert, Director

    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-    206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum
    Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.


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  • Baru Gold Announces Structural Study

    Baru Gold Announces Structural Study

    2021-10-20 06:36:31

    October 20, 2021 – TheNewswire – Baru Gold Corporation (“Baru” or the “Company”) (TSXV:BARU) | (OTC:BARUF) is pleased to announce the appointment of Murphy Geological Services (“MGS”) to conduct a structural study for the entire Sangihe Island Contract of Work (CoW) area. The study is scheduled to be completed before the end of this calendar year. This effort will involve the acquisition, processing, and interpretation of Sentinel-2 and Hi-Res (WorldView, GeoEye and Pleiades) satellite imagery to develop a structural synthesis for the geological occurrence of known gold occurrences, and to establish a benchmark for future exploration targets. MGS has undertaken more than 225 remote sensing GIS and/or structural field analysis projects for mineral exploration in a wide range of tectonic settings across the world, and we look forward to using this technique to further our gold discovery ambitions.

    Mr. Colin J Davies, Independent Director of Baru, adds, “I have used MGS on numerous occasions before in Indonesia, Malaysia and Mongolia, and the results are exceptional in gaining an understanding of the big picture. With this knowledge, you save time in regional exploration work by focussing on strain anomalies and the areas of structural dilation that are highlighted in this type of study. Targets are ranked by several parameters using the known data from the existing project areas as well as the satellite image interpretation, so it is both accurate and consistent. The object of the exercise is to discover more gold, and this method will certainly improve our chances in the new year.”

    Mr. Terry Filbert, CEO of Baru, adds, “I believe the Company will benefit greatly from this very cost-effective exploration tool that will provide multiple ranked targets for our ground teams to follow-up and evaluate at the beginning of next year. Using this approach, MGS can also provide a high level of detail around the existing deposits, and this will aid our recently announced drilling program. I look forward to reporting the results in due course.”

    On September 14, 2021, the Company announced the commencement of a 25,000 meter drilling program at the Sangihe Binbase-Bawone. This structural study will further support the reconnaissance mapping and sampling completed last month. The reconnaissance efforts identified four new prospects which could become future exploration drilling targets if the samples taken from these prospects return positive assay results. The Company will use the latest nonintrusive data gathering and interpretation methods to do the geological survey of the CoW. Nothing will be disturbed or damaged environmentally or socially.

    Our team on the island has been very busy over the last few months in preparation for con-current execution of both the construction of two 100,000 tonnes heap leach pads (announced on October 5, 2021) and commencement of the drilling program (announced on September 14, 2021). During the last few weeks, the Company has constructed several drill pads in anticipation of the drill rig that is currently enroute to the island.  

    Note:  The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in late 2021/early 2022.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.

    Qualified Person

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORPORATION

    Per:        “Terry Filbert”                       

    Terry Filbert, Director
    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum
    Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.


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  • Baru Gold Commences Sangihe Gold Mine Construction

    Baru Gold Commences Sangihe Gold Mine Construction

    2021-10-05 10:57:09

    October 5, 2021 – TheNewswire – Vancouver, BC – Baru Gold Corp (TSXV:BARU) | (OTC:BARUF) (“Baru ” or the “Company”) is pleased to announce it has commenced construction of phase one of the Sangihe gold project.

    Construction will consist of clearing land, building two 100,000 tonnes heap leach pads, pit overburden removal, preparation of waste dumps, a crushing facility, and a processing plant area including access roads.

    Baru COO Garry Kielenstyn and the Indonesian team are currently on site to supervise the engineering and contractor management, oversee site activities and keep costs in line and within budget. Construction of the heap leach pad system is targeted to be completed and operational by December 2021, with first production gold pour in Q1 2022.

    The Company, along with its contractors, are currently preparing the principal production area, grubbing, and establishing pit limits to the plan. The focus will be on digging out the pregnant solution pond, constructing pond berms, and compacting to engineering specifications in preparation for installation of the leach pad liner and the processing facility.

    Junior Mining Network

    Junior Mining Network

    Heap leaching is an industrial mineral processing method used to extract precious metals and other compounds from ore using a series of chemical reactions that absorb specific minerals and re-separate them after their division from other earth materials. Heap leaching is the most economical and environmentally efficient method of processing lower grade mined ore. Heap leaching achieves these processing efficiencies by placing finely crushed ore on a liner, then adding reagents via drip systems to the ore. As compared to conventional processing methods such as flotation, agitation, or vat leaching, heap leaching is widely used in modern large-scale mining operations to produce the desired concentrates at a lower cost for lower grade ores. 

    Terry Filbert, President, CEO and Director of Baru, commented, “The successful start of construction of the pit, pads, and pond facilities is a tremendous milestone for our Sangihe project. Once operations are running smoothly and Sangihe starts generating reliable cashflow we will invest that cashflow to expand the resource through an extended exploration and drilling program. This will allow us to expand production and the mine’s life. We will provide further updates on the heap leach operations in the weeks to come.”

    ABOUT SANGIHE GOLD PROJECT

    The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.

    The Company’s 70-percent interest in the Sangihe-mineral-tenement Contract of Work (“CoW”) is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.

    Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in late 2021/early 2022.

    Note:  The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.

    ABOUT BARU GOLD CORP.

    Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.

    Qualified Person

    Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.

    BARU GOLD CORPORATION

    Per:        “Terry Filbert”                       

    Terry Filbert, Director
    President & CEO
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    +1-206-890-8285

    For investor contacts more information, please contact:

    Kevin Shum
    Investor Relations
    This email address is being protected from spambots. You need JavaScript enabled to view it.
    647-725-3888 ext 702

    Neither 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.

    Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance, or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance, or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.


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