(TheNewswire)
February 10, 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 stakeholdersand investors that the industrial-scale, illegal mining operations onSangihe Island have stopped.
As of February 10, 2023, all known illegal mines onSangihe Island are no longer operating. The illegal miners, virtuallyall non-residents, left Sangihe Island en masse. Their remainingpieces of heavy equipment are being moved off the worksites. Asmentioned in our press release of January 11, 2023, the Companybelieves these events are directly related to the Police Chief ofNorth Sulawesi (Kapolda) Setyo’s mission to end illegal miningacross the entire region. Unfortunately, illegal miners have notundertaken any environmental remediation and left their worksitescontaminated.
The Company is the only entity legally permitted tooperate a gold mine on Sangihe Island.
We wish to stress to shareholders the importance ofending illegal mining on Sangihe Island. Virtually every difficultyand delay faced can be tied directly or indirectly to illegal minersthat have a vested financial interest in preventing the Company fromoperating. Illegal miners have also spent significant sums of money tofund media campaigns, lawsuits, and protests that have resulted inphysical attacks on and blockage of the Company’s equipment andstaff. The departure of illegal miners is a win for the Company, localSangihe residents, the environment, and Indonesia.
Mr. Terry Filbert, CEO of Baru Gold, commented, “For too long, SangiheIsland has been held hostage by a few individuals using the Island’sresources to enrich themselves and corrupt the social fabric andenvironment. The illegal miners brought nothing but corruption,violence, and environmental destruction. The gold on Sangihe shouldbe used to provide lasting positive social and economic changes on theIsland – not for nefarious purposes. The residents have now seen andfelt the damage done by the illegal miners on Sangihe. In contrast,the Company pays many taxes, including payroll, property, landconcession, income, and, once in production, royalties. All thesetaxes go to support the development of the Island and the Indonesianeconomy. Seventeen villages on Sangihe are still without connection tothe electrical grid. Our tax contributions will flow to such villagesto help electrify them – not only to a few self-interestedindividuals. I look forward to seeing the positive financial andsocial changes on Sangihe Island, while protecting theenvironment.”
The Company also wishes to welcome Jan Leonard deFretes as the new Wakapolda (Vice-Regional Head) of the North SulawesiPolice. The Wakapolda is newly appointed, and like Kapolda Setyo, hehas also prioritized the removal of illegal miners and dismantling thesupply chain, upon which they depend, across the entirety of NorthSulawesi.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesianisland of Sangihe, off the northern coast of Sulawesi. Sangihe has anexisting National Instrument 43-101 inferred mineral resource of114,700 indicated and 105,000 inferred ounces of gold, as reported inthe Company's “Independent Technical Report on the Mineral ResourceEstimates of the Binebase and Bawone Deposits, Sangihe Project, NorthSulawesi, Indonesia” (May 30, 2017). Readers are cautioned thatmineral resources that are not mineral reserves do not havedemonstrated economic viability.
The Company intends to proceed to production without the benefit offirst establishing mineral reserves supported by a feasibility study.The Company cautions readers that the any production decision made bythe Company will not be based on a NI 43-101 feasibility study ofmineral reserves that demonstrates economic and technical viabilityand as such, there may be involved increased uncertainty and varioustechnological and economic risks
The Company's 70-percent interest in the Sangihe-mineral-tenementContract of Work (“CoW”) is held through PT. Tambang Mas Sangihe(“TMS”). The remaining 30-percent interest in TMS is held by threeIndonesian corporations. The term of the Sangihe CoW agreement is 30years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and hasbeen granted its environmental permit.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI43-101 gold resources in Indonesia, one of the top ten gold producingcountries in the world. Based in Indonesia and North America, Baru’steam boasts extensive experience in starting and operating small-scalegold assets.
BARU GOLD CORP
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
info@barugold.com
+1- 206-890-8285
For investor contacts more information, please contact:
Kevin Shum
Investor Relations
kevin@jeminicapital.com
647-725-3888 ext 702
Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Certain statements in this NewsRelease, which are not historical in nature, constitute “forwardlooking statements” within the meaning of that phrase underapplicable Canadian securities law. These statements include, but arenot limited to, statements or information concerning future workprograms, results and timing of any work programs, the Company’sperformance or events as of the date hereof. These statements reflectmanagement’s current assumptions and expectations and by theirnature are subject to certain underlying assumptions, known andunknown risks and uncertainties and other factors which may causeactual results, performance or events to be materially different fromthose expressed or implied by such forward looking statements. Thoserisks include the interpretation of drill results; the geology, gradeand continuity of mineral deposits; the possibility that futureexploration, development or mining results will not be consistent withour expectations; commodity and currency price fluctuation; failure toobtain adequate financing; regulatory, recovery rates, refinery costs,and other relevant conversion factors, permitting and licensing risks;general
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