(TheNewswire)
January 11 2023 – TheNewswire - Baru Gold Corp. (“ Baru ” or the “ Company ”) (TSXV:BARU) (OTC:BARUF) and subsidiary PT Tambang Mas Sangihe(“ TMS ”) are pleased to update shareholders on positive changesrelated to our project on Sangihe Island (“ Sangihe ”).
Direct physical confrontation and indirect actions byboth illegal miners and their supporters have prevented TMS fromoperating on Sangihe. In October 2022, National Police Chief ListyoSigit Prabowo appointed Setyo Budiyanto as Kapolda (Police Chief) ofthe North Sulawesi Provincial Police. Kapolda Setyo previously servedas Director at the Corruption Eradication Commission of Indonesia.Kapolda Setyo has announced his crime reduction agenda and isprioritizing the removal of all illegal mining operations in NorthSulawesi, which includes the island of Sangihe.
Before Kapolda Setyo’s appointment, the number ofillegal miners on Sangihe were steadily increasing. The illegal minerseventually reached over 500 individuals using 13 heavy machineexcavators across two different mine sites totalling approximately 20hectares. These industrial-scale operations have no permits nor legalrecognition. The activities of the illegal miners are plainly visibleand includes the transportation of heavy equipment on public roads.The illegal miners are primarily non-resident, use the most harmfulmining techniques, undertake no environmental remediation, contributeno tax revenue nor local employment.
The illegal miners have a history of physical violenceand intimidation. Recently, two reporters from the national magazineGatra wrote about their encounter with the illegal miners on Sangihe.While documenting the work sites, the reporters were surrounded,intimidated and confined. After a lengthy confrontation, the reporterswere released only after they destroyed photograph evidence of theillegal mining operations. The staff of TMS have also been threatenedand violently attacked. The use and threats of violence is criminaland appropriate charges have been filed, and legal action is underway.The Company is thankful the reporters were eventually released, andour staff have made a full physical recovery.
The clearly criminal actions of these illegal minersare unacceptable and no longer tolerated. Kapolda Setyo recentlyannounced operations across North Sulawesi to expel and dismantle thesupply chain on which the illegal miners depend. Kapolda Setyo hasalready laid charges against individuals who were purchasers ofillegally mined gold in North Sulawesi.
Until the recent police activity, there have been noserious effort to block, interfere or stop the operations of illegalmines. The Company has reported the relatively few remaining illegalminers on Sangihe and has received assurances their removal isimminent. The Company looks forward to resuming both drilling andproduction-related operations.
Baru Gold CEO, Terry Filbert,commented, “I would like to personally welcome and thank Kapolda SetyoBudiyanto for protecting theresidents on Sangihe Island. Kapolda Setyo’s actionsagainst illegal miners, their supporters, supply chain and purchaserswill stop the uncheckedenvironmental destruction, economic plunder and culture of violenceand intimidation that the 250,000 residents on Sangihe have beenforced to endure. For thefirst time, TMS is beginning to receive the necessary support andsecurity from the NorthSulawesi Provincial Police toprotect our operational activities, employees and suppliers. I am grateful for the prioritizationof TMS legal operations over illegal ones. T MS permits and licences are valid, we arecompliant with the law in all respects and committed to sustainabledevelopment practices that balances the economic needs of Indonesiawith environmental protection.”
The Company will continue to ensure the laws ofIndonesia and the obligations within our Contract of Work areupheld.
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 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 economicrisks
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.
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 boasts extensive experience in startingand operating small-scale gold 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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