(TheNewswire)
September 6, 2022 – TheNewswire - Vancouver, BC – Baru Gold Corp (the “Company” or“Baru”) ( TSXV: BARU ) | ( OTC:BARUF ) wishes to providean update on the appeal of a lawsuit filed inJakarta, Indonesia on June 23, 2021, against the Ministry of Energy and MineralResources (the “MEMR”), the government department which issued theoperational mining permit to Baru’ssubsidiary, PT Tambang Mas Sangihe (“TMS”). While Baru wasnot named in the lawsuit, the court granted permission for arepresentative 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 May9, 2022, the plaintiff filed an appeal and on September, 2, 2022, theappeal was successful and the April ruling was overturned.
The reasons for the decision have not yet been released. The Companywill be holding meetings with the MEMR this week to discuss thisrecent court decision and the next steps required to ensure theCompany continues towards our goal of completion of construction andstart of production on the project.
Terry Filbert, CEO of Baru Gold, commented “ It is important to note that this decisiononly 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 thedecision against the MEMR. We are disappointed with the courtdecision, 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 intoindicated and measured resource status.”
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 thatmineral resources that are not mineral reserves do not havedemonstrated economic viability. The Company intends to proceed toproduction without the benefit of first establishing mineral reservessupported 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.
The Company intends to proceed to production withoutthe benefit of first establishing mineral reserves supported by afeasibility study. TheCompany cautions readers that the any production decision made by theCompany will not be based on a NI 43-101 feasibility study of mineralreserves that demonstrates economic and technical viability and assuch, there may be involved increased uncertainty and varioustechnological and economic risks such as the interpretation of drillresults; the geology, grade and continuity of mineral deposits; thepossibility that future exploration, development or mining resultswill not be consistent with our expectations; commodity and currencyprice fluctuation; failure to obtain adequate financing; regulatory,recovery rates, refinery costs, and other relevant conversion factors,permitting and licensing risks; general market and mining explorationrisks and production and economic risks related to design andengineering, manufacturing, technological processes and testprocedures and the risk that the project's output will not be salableat a price that will cover the project's operating and maintenancecosts.
ABOUT BARU GOLD CORPORATION
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. With strong retail and institutional shareholdersupport, Baru is positioned to become Indonesia’s next goldproducer.
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 CORPORATION
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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