(TheNewswire)
January 9 2023, TheNewswire, BaruGold Corp ( TSXV: BARU ) (OTC: BARUF ) ( the “Company” or “Baru”) wishes toprovide an update on the lawsuit originally filed in Manado, Indonesia(the “Manado Lawsuit”) in October 2021 against two governmentdepartments responsible for the issuance of the Environmental Permit(“AMDAL”) to Baru’s subsidiary, PT Tambang Mas Sangihe(“TMS”). While TMS was not named in the Manado Lawsuit, the courtgranted permission for a representative of TMS to attend theproceedings in support of the government departments.
The Manado Lawsuit has now been reviewed at each levelof Indonesia’s judicial system. A panel of judges heard the case atthe Manado Administrative District Court in June 2022, MakassarAdministrative High Court in September 2022 and, most recently, theSupreme Court of Indonesia.
Today, the Company is happy to report that the SupremeCourt of Indonesia has ruled in favour of the Company. The validity ofthe process, procedures and the awarding of the AMDAL have beenreaffirmed and the plaintiff’s complaints dismissed in theirentirety. The ruling can no longer be appealed; the decision isfinal.
The AMDAL is necessary for the Company’s operations.Obtaining an AMDAL is an expensive and time-consuming process thatinvolves broad community consultation and establishes a set of highenvironmental standards. The AMDAL is a major component of theproduction permit that allows the Company to mine under the Contractof Work.
Terry Filbert, CEO of Baru Gold,commented “I am obviously very pleased with this final ruling. I have always maintained that this lawsuitwas frivolous and should be dismissed . The validity of the AMDALcan no longer be disputed. I am grateful that the Supreme Courtdecision has put an end to the matter with this finalresolution.
The Company takes their responsibility to theenvironment seriously and has always abided by Indonesian law. The Companywill be seeking reimbursement for all court and legal costs caused bythe plaintiffs.
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'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-looking statements should not beconstrued as investment advice. Readers should perform a detailed,independent investigation and analysis of the Company and areencouraged to seek independent professional advice before making anyinvestment decision. Accordingly, readers should not place unduereliance on any forward-looking statement. Except as required byapplicable securities laws, the Company disclaims any obligation toupdate or revise any forward looking statements to reflect events orchanges in circumstances that occur after the date hereof.
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