(TheNewswire)
December 1, 2022 – TheNewswire - BaruGold Corp ( TSXV:BARU ) | ( OTCQB:BARUF ) (“Baru” orthe “Company”) announces that the Company will not be proceedingwith the proposed non-brokered private placement that was previouslyannounced on October 12, 2022. The Company may announce a newnon-brokered private placement in the future however is currentlyconsidering alternate forms of funding.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located onthe Indonesian island of Sangihe, off the northern coast of Sulawesi.Sangihe has an existing National Instrument 43-101 inferred mineralresource of 114,700 indicated and 105,000 inferred ounces of gold, asreported in the Company's "Independent Technical Report on theMineral 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 mineralreserves do not have demonstrated economic viability. The Companyintends to proceed to production without the benefit of firstestablishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in theSangihe-mineral-tenement Contract of Work ("CoW") is heldthrough PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percentinterest in TMS is held by three Indonesian corporations. The term ofthe Sangihe CoW agreement is 30 years upon commencement of theproduction phase of the project.
Baru has met all the requirements of the Indonesiangovernment and has been granted its environmental permit. The Companyhas received approval for the upgrade of its licence to advance theSangihe project to construction and production in 2022. Constructionat Sangihe gold heap leach project is currently underway.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior golddeveloper with NI 43-101 gold resources in Indonesia, one of the topten gold producing countries in the world. Based in Indonesia andNorth America, Baru’s team of mining and finance professionalsboasts extensive experience in starting and operating small-scale goldand coal assets.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI,Chief Geologist of Baru Gold Corp. is the Qualified Person as definedunder NI 43-101 who has reviewed and approves the content of thisrelease.
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 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. Forward-lookingstatements should not be construed as investment advice. Readersshould perform a detailed, independent investigation and analysis ofthe Company and are encouraged to seek independent professional advicebefore making any investment decision. Accordingly, readers should notplace undue reliance on any forward-looking statement. Except asrequired by applicable securities laws, the Company disclaims anyobligation to update or revise any forward looking statements toreflect events or changes in circumstances that occur after the datehereof.
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