(TheNewswire)
Vancouver, BC – TheNewswire –September 16, 2022 - Baru Gold Corp ( TSXV: BARU ) | ( OTC:BARUF ) (the“Company” or “Baru”) wishes to provide an update on the appealof a lawsuit filed inMakassar , Indonesia (the “Makassar Lawsuit”) against two government departments responsible for the issuance of the Environmental Permit(“AMDAL”) to Baru’s subsidiary, PT Tambang Mas Sangihe(“TMS”).
The Makassar Lawsuit was filed in October 2021 againstthe North Sulawesi Province Government Head of Investment and One StopIntegrated Services of North Sulawesi and Head of EnvironmentalDepartment of North Sulawesi pertaining to the issuance of the AMDALto TMS in 2020. While TMS was not named in the Makassar Lawsuit, thecourt granted permission for a representative of TMS to attend theproceedings in support of the government departments. In June 2022,judgement was issued in favor of the plaintiff (see news release datedJune 28, 2022). In response, the ruling was appealed and on September7, 2022, TMS was successful in having the June ruling overturned.
Update on the Ministry of Energy andMineral Resources Lawsuit
In a news release dated September 6, 2022, the Companyprovided an update on a lawsuit filed in Jakarta, Indonesia in June2021 (the “Jakarta Lawsuit”), against the Ministry of Energy andMineral Resources (the “MEMR”), the government departmentresponsible for issuing the operational mining permit to TMS. WhileTMS was not named in the Jakarta Lawsuit, the court granted permissionfor a representative of TMS to attend the proceedings in support ofMEMR.
In April 2022, the Jakarta Lawsuit was dismissed. Thedecision was appealed and on September 6, 2022, the appeal wassuccessful and the April ruling was overturned.
It is the Company’s position that the court made itsSeptember ruling in the Jakarta Lawsuit based on the June 2022 rulingin the Makassar Lawsuit. As the June ruling in the Makassar Lawsuitwas subsequently overturned, the MEMR and TMS have jointly filed anappeal of the Jakarta Lawsuit to the highest court inIndonesia.
Terry Filbert, CEO of Baru Gold, commented “The Company notes that the Makassardecision came only a few days after the Jakarta decision. TMS appearsto have been unsuccessful in its appeal of the Jakarta lawsuit basedon the June 2022 Makassar ruling which has now been overturned. Iwould like to reiterate that TMS continues to hold a valid Contract ofWork (“CoW”) with the Indonesian government which remainsunaffected by any of these court decisions. The CoW permits TMS toexplore our licenced area. The Company can and will proceed with theplanned resource developmentprogram of infill drilling to upgrade some of theinferred resources into indicated and measured resourcestatus.”
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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