(TheNewswire)
November 26, 2020 - TheNewswire - Vancouver, BC - Baru Gold Corporation (TSX V :BARU) (OTC: EAIAF) is pleased to announce the appointmentof Mr. Priya Husada as Community Development and Government RelationsManager for the Sangihe project in Indonesia.
For more than 18 years Mr. Husada has been involved invarious areas related to stakeholder's issues working with a number ofleading multinational mining companies, including BHP Billiton( Maruwai Coking Coal Project) and ITOCHU Corporation ( Marunda Graha Mineral Coking Coal Project) , handling stakeholder engagement, communications, communityempowerment and governance affairs as well as marketingcommunications.
Mr. Husadahas managed wide variety of discussions andchallenges between international companies and local stakeholders,specifically on land disputes, industrial relations, and communitydevelopment programs, all with a focus to deliver a strategic approachto deliver win-win solutions for all parties involved. He brings awealth of networks for Baru Gold's stakeholder relationship effortsincluding contacts from local, provincial, federal governmentagencies, military, police departments, NGOs, local communities,contractors, media, and even interest groups representing indigenouscommunities in remote areas.
Baru Gold CEO, Mr Terry Filbert, commented, "Priyabrings to Baru Gold his substantial experience in community relationsand government administration for a wide range of past successfulmining projects in Indonesia. His addition to the team is a majorasset and will move the Sangihe gold project forward effectivelyduring construction and production by initiating, building, andmaintaining relationships with our community andstakeholders."
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold-copper project is located on theisland of Sangihe off the northern coast of Sulawesi and 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 MineralResource Estimates of the Binebase and Bawone Deposits, SangiheProject, North Sulawesi, Indonesia" dated May 30, 2017. Only 10%of the gold bearing area has been explored. Readers are cautionedthat mineral resources that are not mineral reserves do not havedemonstrated economic viability. The Company's 70-percent interest inthe Sangihe-mineral-tenement contract of work ("CoW") isheld through PT Tambang Mas Sangihe (TMS). The remaining 30-percentinterest in TMS is held by three Indonesian corporations. The term ofthe Sangihe CoW agreement is for 30 years upon commencement of theproduction phase of the project.
The Company intends to proceed to production withoutthe benefit of first establishing mineral reserves supported by afeasibility study. The Company cautions readers that the anyproduction decision made by the Company will not be based on a NI43-101 feasibility study of mineral reserves that demonstrateseconomic and technical viability and as such, there may be involvedincreased uncertainty and various technological and economic riskssuch as the interpretation of drill results; the geology, grade andcontinuity 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 market and mining exploration risks and production andeconomic risks related to design and engineering, manufacturing,technological processes and test procedures and the risk that theproject's output will not be salable at a price that will cover theproject's operating and maintenance costs.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation (formerly East Asia Minerals) isbuilding Indonesia's new gold producer. We are a dynamic junior golddeveloper with NI43-101 gold resources in Indonesia, a top 10 goldproducer country in the world. In Q3 2020, Baru Gold has completedmilestones of obtaining approval of the AMDAL environmental permit andpaying the dead-rent tax on its Sangihe Gold open pit heap leachoperation and is awaiting Operation License to advance the project toconstruction and production in 2021.
Our team of mining and finance professionals are basedboth in North America and locally in Indonesia and boast extensiveexperience in starting and operating small-scale gold and coal assets.With over $5.5 million in cash and strong retail and institutionalshareholders support, Baru Gold is well positioned to take advantageof the increased interest in gold and precious metals with bothexploration upsides and operation cashflow in 2021.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, ChiefGeologist of Baru Gold Corp. is the Qualified Person as defined underNI 43-101 who has reviewed and approves the content of thisrelease.
BARU GOLD CORPORATION
Per: "Terry Filbert"
Terry Filbert, Director
President & CEO
info@barugold.com
+1- 206-890-8285
For investor contacts more information, pleasecontact:
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 their natureare subject to certain underlying assumptions, known and unknown risksand uncertainties and other factors which may cause actual results,performance or events to be materially different from those expressedor implied by such forward looking statements. Those risks include theinterpretation of drill results; the geology, grade and continuity ofmineral deposits; the possibility that future exploration, developmentor mining results will not be consistent with our expectations;commodity and currency price fluctuation; failure to obtain adequatefinancing; regulatory, recovery rates, refinery costs, and otherrelevant conversion factors, permitting and licensing risks; generalmarket and mining exploration risks and production and economic risksrelated to design and engineering, manufacturing, technologicalprocesses and test procedures and the risk that the project's outputwill not be salable at a price that will cover the project's operatingand maintenance costs. Forward-looking statements should not beconstrued as investment advice. Readers should perform a detailed,independent investigation and analysis of the Company and areencouraged to seek independent professional advice before making anyinvestment decision. Accordingly, readers should not place unduereliance on any forward-looking statement. Except as required byapplicable securities laws, the Company disclaims any obligation toupdate or revise any forward looking statements to reflect events orchanges in circumstances that occur after the date hereof.
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