(TheNewswire)
January 17, 2023 – TheNewswire - Baru Gold Corp (“Baru” and its subsidiary PT. Tambang MasSangihe (“TMS”) or the “Company”) (TSXV:BARU) (OTC:BARUF) wishes toupdate stakeholders and investors on the legal status on its upcominggold production project on Sangihe Island in North Sulawesi,Indonesia, and to correct false information posted online about thestatus of the Company’s permits and Contract of Work.
The Supreme Court of Indonesia (the “Court”) hasreached a decision on two legal challenges filed against variousgovernment departments. The first lawsuit was filed in Manado, Indonesia (the “Manado Lawsuit”) againsttwo government departments responsible for the issuance of theEnvironmental Permit (“AMDAL”) to the Company. The second lawsuitwas filed in Jakarta against the Ministry of Energy and MineralResources of the Republic of Indonesia (“MEMR”) for the productionlicense upgrade (the “Operational Permit”) issued to TMS.
As announced to shareholders on January 9, 2023, theAMDAL lawsuit was decided and was in favour of the Company. The AMDALremains valid and the Supreme Court of Indonesia’s decision isfinal.
Unfortunately, on January 16 th , 2023 theCompany learned that the Court did not decide in favour of the MEMRfor the Operational Permit. The Court has decided that the OperationalPermit be cancelled. The reason for the cancellation should bereleased in a few days. The Company intends to reapply for a newOperational Permit from MEMR.
At this point in time, the Company does not anticipatea lengthy delay in obtaining the new Operational Permit, as theCompany expects no-to-little additional work or information requiredto reapply. The individuals behind this attempt to impact theCompany’s operations has caused no significant changes to ourtimeline. Drilling is anticipated shortly and is not dependent on theOperational Permit. The reissuance of the Operational Permit isexpected before subsequent construction and production. The Companyremains committed to gold production in 2023.
The Company wishes to note that individuals opposed toTMS operations have initiated a social media campaign that suggeststhe loss of the Operational Permit affects the Company’s Contract ofWork and\or AMDAL, and is required to vacate Sangihe Island. Thesestatements are entirely incorrect and is yet another example of apattern of false information, by clearly biased individuals, toundermine the Company’s legal rights. The Company suspects theseindividuals are making such claims to panic our shareholders,manipulate uninformed organizations and individuals, and to exaggeratewhat is only a minor setback for the Company. Weunequivocally reiterate, this court ruling hasno impact on the Company’s AMDAL and the Contract of Work, as bothare valid and in full force.
Mr. Terry Filbert, CEO of Baru, commented,“ Although regrettable, thisis only a small and inconsequential incident and just another exampleof the questionable opposition to the legal operation of TMS onSangihe. I’m obviouslystill very happy that the Supreme Court’s final decision was toreaffirm the validity of the AMDAL. The AMDAL is a requirement for theissuance of the Operational Permit. With the AMDAL still in fullforce, it will be fairly straightforward to address any outstandingconcerns and we will simply reapply for a new Operational Permit. This will get fixed. We areworking very closely with MEMR to expedite thepermitting process. For accurate information, please refer to ourofficial press releases and not a group of individuals that hasrepeatedly and continues to produce outright lies and false statementsabout our operation .”
It should be noted, Sangihe Island has a history oframpant illegal mining that has heavily polluted the environment,including the dumping of mine tailings into the ocean, reefs, andmangroves, and the polluting of the river and ocean with mercury.These illegal miners have had no permits and are largely not residentsof Sangihe Island. Further, they have a history of intimidation of the members of the Sangihe community, they pay lower than industrywages, do not contribute to the local economy, have no regards forstaff safety, have resulted in irreparable environmental damages, anddo not pay federal royalties or taxes.
In contrast, the Company has conducted itself, and willcontinue to conduct itself, in accordance with all laws, rules, andregulations. We do so with the utmost transparency, and with respectfor the local community and for the environment. The Company haspublished their Environmental, Social and Governance policies thatshow how we will make positive contributions to the health,well-being, and quality of life of Sangihe’s residents, and protectthe environment.
The Company appreciates the ongoing support it receivesfrom the MEMR with whom we are working closely to rectify and obtain a new Operational Permit .
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 MineralResource Estimates of the Binebase and Bawone Deposits, SangiheProject, North Sulawesi, Indonesia" (May 30, 2017). Readers arecautioned that mineral resources that are not mineral reserves do nothave demonstrated 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 MasSangihe (“TMS”). The remaining 30-percent interest in TMS is heldby three Indonesian corporations. The term of the Sangihe CoWagreement is 30 years upon commencement of the production phase of theproject.
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.
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 miningexploration risks and production and economic risks related to designand engineering, manufacturing, technological processes and testprocedures and the risk that the project’s output will not besalable at a price that will cover the project’s operating andmaintenance costs. Forward-looking statements should not be construedas investment advice. Readers should perform a detailed, independentinvestigation and analysis of the Company and are encouraged to seekindependent professional advice before making any investment decision.Accordingly, readers should not place undue reliance on anyforward-looking statement. Except as required by applicable securitieslaws, the Company disclaims any obligation to update or revise anyforward looking statements to reflect events or changes incircumstances that occur after the date hereof.
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