howestreetbull
2 years ago
BARU.v $BARUF Baru Gold Announces Closing of US $1.5 Million Convertible Loan Financing for Sangihe Gold Mine
by @thenewswire on 20 Jul 2022, 06:01
(TheNewswire)
Baru Gold Corp.
July 20, 2022 – TheNewswire - Baru Gold Corp (TSXV:BARU) | (OTC:BARUF) (“BARU” or the “Company”) is pleased to announce that it has successfully closed its secured convertible loan transaction with Mercer Street Global Opportunity Fund, LLC, a fund managed by Mercer Street Capital Partners, LLC, a Miami-based institutional fund manager (together, “Mercer”), and raised a net proceeds of US$1,500,000 ($1.94 Million Canadian) to fund the development and construction of the Sangihe gold mine in Indonesia, and for general working capital as announced its previous press release (see BARU press release dated July 18, 2022). In connection with such loan transaction, the Company issued 15,000,000 share purchase warrants having a term of 2 years with an exercise price of $0.065 per common share over such term (previously stated as $0.0675 in error). Any common shares issuable upon the conversion of the loan principal or such share purchase warrants shall be subject to resale restrictions expiring November 20, 2022.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT MERCER STREET CAPITAL PARTNERS, LLC
Mercer Street specializes in providing innovative debt and equity investments to publicly-listed companies across the globe.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2022 TheNewswire - All rights reserved.
howestreetbull
2 years ago
BARU.v $BARUF Baru Gold Announces US $1.5 Million Convertible Loan Financing for Sangihe Gold Mine Production
by @thenewswire on 18 Jul 2022, 06:03
(TheNewswire)
Baru Gold Corp.
July 18, 2022 – TheNewswire - Baru Gold Corp. (TSXV:BARU) | (OTC:BARUF) (“BARU” or the “Company”) is pleased to announce it has entered into a convertible loan agreement with Mercer Street Global Opportunity Fund, LLC, a fund managed by Mercer Street Capital Partners, LLC, a Miami-based institutional fund manager (together, “Mercer”), to raise net proceeds of US$1,500,000 ($1.94 Million Canadian) to fund the development and construction of the Sangihe gold mine in Indonesia, and for general working capital.
Terry Filbert, Chairman and CEO of Baru Gold, commented, “The Company’s ability to raise these funds in this challenging market is a testament to the merits of the Sangihe project. We are pleased to be able to carry on with construction and production plans; and we look forward to the commencement of our previously announced drilling program where we intend to extend and increase the resource base at the Binebase and Bawone target areas. The additional capital will allow us to work towards the ultimate goal of sustained cashflow for the Company.”
The convertible loan will raise net proceeds of US$1,500,000 (the “Convertible Loan”) from the aggregate principal amount of US$2,000,000 subject to an original discount of approximately 25%. The terms of the convertible loan agreement are as follows: (i) the outstanding principal obligations and interest shall be calculated monthly, and shall be repaid to the Subscriber in eighteen (18) equal monthly installments, in advance, commencing 180 days following the closing date, until the obligations are fully repaid; (ii) the Company shall pay interest on any overdue amount (including interest on interest) at and interest rate of 18% per annum until the overdue amounts are paid in full; (iii) in the event that the principal amount of US$1,500,000 has been fully paid within one (1) year from the closing date, a discount of approximately 10% of the principal amount and interest shall apply to the total repayment amount where the aggregate amount due shall be reduced to US$1,800,000. The Debentures have a maturity date of the 2nd anniversary of the closing date and bear an interest rate of 16.67% prepaid from loan proceeds on the closing date.
Commencing on the four (4) month anniversary of the closing date: (i) the principal of the Convertible Loan shall be convertible into common shares of the Company at the conversion price of CDN$0.05/US$0.0384 per common share and (ii) subject to prior TSX Venture Exchange approval, interest shall be convertible at a conversion price based on the previous trading day close prior to the announcement of the interest conversion..
A total of 15,000,000 transferable warrants of the Company shall also be issued to the lender that may be exercised over a two (2) year term having a warrant exercise price of CDN$0.0675/US$0.05.
The Convertible Loan is secured against the Company’s equity interest in its wholly owned subsidiary, Sangihe Gold Corporation, that holds through a wholly owned Indonesian subsidiary, the Company’s interests in the Sangihe Gold Project. The use of proceeds from the Offering shall be used for the development of the Sangihe Gold Project and general working capital purposes. There are no finder’s fees payable.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT MERCER STREET CAPITAL PARTNERS, LLC
Mercer Street specializes in providing innovative debt and equity investments to publicly-listed companies across the globe.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2022 TheNewswire - All rights reserved.
howestreetbull
2 years ago
BARU.v $BARUF Baru Gold Announces Director Resignation and Provides Update on Filed Appeal
by @thenewswire on 28 Jun 2022, 19:37
(TheNewswire)
Baru Gold Corp.
Vancouver, BC – TheNewswire – June 28, 2022 - Baru Gold Corp (the “Company” or “Baru”) (TSXV:BARU) (OTC:BARUF) announces that Mr. Gerhardus Kielenstyn has resigned as a Director of Baru Gold and as Chief Operating Officer of the Company’s subsidiary PT Tambang Mas Sangihe (“TMS”) effective immediately. Mr. Jiriel Kumajas, Director of General Administration of the TMS Project, will replace Mr. Kielenstyn as Interim Chief Operating Officer of TMS until a permanent replacement is found.
The Company also wishes to provide an update on the appeal of a lawsuit filed in Manado, Indonesia in August of 2021, against two government departments which issued a permit to Baru’s subsidiary, PT Tambang Mas Sangihe (“TMS”).
On October 12, 2021, a lawsuit was filed against the North Sulawesi Province Government Head of Investment and One Stop Integrated Services of North Sulawesi as Defendant I and Head of Environmental Department of North Sulawesi as Defendant II. The lawsuit pertained to the issuance of the Environmental Permit (“AMDAL”) to TMS in August of 2020. While Baru was not named in the lawsuit, the court granted permission for a representative of Baru to attend the proceedings in support of the government departments.
On June 3, 2022, judgement was issued in favor of the plaintiff. From the Company’s perspective, the judgement was based on undefined procedural requirements, testimony of an expert not qualified to prepare an AMDAL report and an administrative oversight since corrected in a document that is in excess of 1,000 pages. TMS has already filed an appeal with the State Administrative High Court (“PTTUN”) in Makassar and that process is expected to take three to five months to reach a verdict.
The AMDAL permit was used to obtain the upgraded construction/operation permit. The Company obtained an opinion from an external legal firm that stated TMS has a valid Contract of Work (“CoW”) with the Indonesian government and has a valid operating licence from the Minister of Energy and Natural Resources. Since the operational permit has not been annulled by the court, the production/operation licence remains valid and TMS will continue with its construction plans.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2022 TheNewswire - All rights reserved.
howestreetbull
2 years ago
BARU.v $BARUF Baru Gold Provides Update on Community Relations on Sangihe Island and Legal Victory for Indonesian Government
by @thenewswire on 22 Apr 2022, 05:30
(TheNewswire)
Baru Gold Corp.
April 22, 2022 – TheNewswire - Vancouver, BC – Baru Gold Corp (the “Company” or “Baru”) (TSXV:BARU) | (OTC:BARUF) is pleased to provide an update on its continuing community relations efforts on Sangihe Island and the dismissal of a lawsuit filed in Jakarta in August of 2021, against the Ministry of Energy and Mineral Resources (“MEMR”) in Indonesia, in relation to Baru’s subsidiary, PT Tambang Mas Sangihe (“TMS”).
CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES FOR 2022-Q1
Education
Second donation made to SD Inpres Bentung to participate in the next level of Clean School competition
Provided WiFi to support students on their assignments
Provided mentoring and internship to a local university geology student
Environment
Cleaned up landslide across Bentung-Lesabe village access road
Built embankments at Salurang village with the donation and delivery of 1,000 sandbags
Provided basic necessities for 24 families effected by the disaster at Santiago, Tahuna
Economy (micro/small/medium enterprises)
Provided two laptops for the local village office at Subdistrict Tabukan Selatan Tengah
Continued support of a youth group at Binebase village in fisheries business
Commitment to support the next generation by establishing a relationship with Indonesian student movement on Sangihe Island
Sport
Sponsored Tabukan Selatan football team to participate in regional competition
Community
Donated fire extinguishers to the police station at Tabukan Selatan
Terry Filbert, CEO of Baru Gold, commented, “Baru is committed to ongoing CSR activities and will continue to keep our shareholders informed on a quarterly basis. Baru’s commitment is to both our staff and the community we support through economic, safety and environmental initiatives that include safety equipment for staff that exceed legal requirements, water monitoring, and the procurement of supplies and equipment locally.”
LEGAL UPDATE
On April 20, 2022, a lawsuit filed in Jakarta Administrative Court (“Court”) against the Ministry of Energy and Mineral Resources of the Republic of Indonesia (“MEMR”) was dismissed. While Baru was not named in the lawsuit, the Court granted permission for a representative of Baru to attend the proceedings in support of MEMR, as it relates to the mining permit that was granted to the Company’s 70% owned subsidiary, PT Tambang Mas Sangihe. In addition to the dismissal, the presiding judge ordered the plaintiff to pay the costs of the litigation.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in 2022.
The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2022 TheNewswire - All rights reserved.
howestreetbull
2 years ago
BARU.v $BARUF Baru Gold Completes Land Clearing and Provides Construction Update at Sangihe Gold Project
by @thenewswire on 13 Apr 2022, 06:30
(TheNewswire)
Baru Gold Corp.
April 13, 2022 – TheNewswire - Vancouver, BC – Baru Gold Corp (the “Company” or “Baru”) (TSXV:BARU) | (OTC:BARUF) is pleased to announce it has substantially completed clearing of the land and commenced earthworks on the heap leach pad for the Sangihe gold project.
Initial capacity of the heap operation has been set at 100,000 tonnes. The heap leach pad measures 127 by 64 meters. There are currently more than 60 labourers working on the construction project and 90% are local hires from Sangihe Island. This number will significantly increase once production commences. All equipment required for construction will be contracted on the island. Materials that are not available locally will be sourced from Manado which is in the same province as Sangihe. The construction of the heap leach facility does not require the removal or relocation of any residences.
Baru Gold, along with its contractors, have cleared the principal production area, including grubbing and are in the process of rough grading to plan. The next focus will be to construct pond berms and compacting to engineering specifications in preparation for installation of the leach pad liner and processing facility installation.
Heap leaching is an industrial mining process used to extract precious metals and other compounds from ore using a series of chemical reactions that absorb specific minerals and re-separate them after their division from other earth materials. A form of lower cost methods of mining, heap leach mining differs in that it places ore on a liner, then adds the chemicals via drip systems to the ore, whereas in situ mining lacks these liners and pulls pregnant solution up to obtain the minerals. Heap leaching is widely used in modern large-scale mining operations as it produces the desired concentrates at a lower cost compared to conventional processing methods such as flotation, agitation, and vat leaching.
Terry Filbert, President, CEO and Director, commented, “The start of construction of the pads and pond facilities is another milestone for our project at Sangihe. For many years, I have envisioned the goal of gold production being realized and I could not be more thrilled. Once operations are running smoothly and reliable cashflow is being generated at Sangihe, we can parlay that success to the next phase of growth at Baru Gold. With land acquisition on-going and preparations for the drilling program approved and ready to begin, we foresee a very busy and exciting year.”
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
BARU has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in 2022.
The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2022 TheNewswire - All rights reserved.
howestreetbull
2 years ago
BARU.v $BARUF Baru Gold Continues Exploration of 23 New Structural Study Targets at Rome and Canberra East and Samples Up To 72.0 g/t Gold and 97.0 g/t Silver Over 0.15 Meters at Rome Target
by @thenewswire on 9 Mar 2022, 06:31
(TheNewswire)
Baru Gold Corp.
March 9, 2022 – TheNewswire - Vancouver, BC - Baru Gold Corp (TSXV:BARU) | (OTC:BARUF) (the “Company” or “Baru”) is pleased to announce that the continuing field analysis of the 23 new exploration targets identified in the structural study has provided promising results.
Initial Field Analysis continued with mapping and sampling of artisanal workings and outcrops found within the Priority 1 Rome Target area. The analysis then progressed to mapping and sampling beyond the eastern boundary of the Priority 1 Canberra Target, which has been named Canberra East.
Assay results of the samples taken from the Rome Target returned an average grade of 42.18g/t gold and 48.42g/t silver. The Rome Target contains samples obtained from strongly oxidised 0.15m and 0.2m wide quartz veins in tuffaceous andesite returning assays ranging from 41.9g/t – 72.0g/t for gold and 5.30g/t – 97.0g/t for silver.
At the Rome Target, the 72.0g/t gold assay was obtained from a tuffaceous andesite containing a 0.15m wide strongly oxidised quartz vein which is shown in Figure 1.
Assay results from the samples taken from within the Canberra East Target returned an average grade of 2.42g/t gold and 5.27g/t silver. The Canberra East samples were obtained from strongly oxidised silica, alunite, pyrite breccia and from strongly oxidised silica clay altered tuffaceous rocks returning assays ranging from 0.31g/t – 5.88g/t for gold and 0.80g/t – 20.70g/t for silver.
These initial sample results from the Priority 1 Rome Target and the Canberra East areas have provided some further ground truthing of the 23 New Exploration Targets defined by the structural study conducted by Murphy Geological Services.
Mr. Frank Rocca, Chief Geologist of Baru, commented, “These are exciting times for the exploration team as we expand our knowledge of the CoW beyond the known Binebase-Bawone deposits and locate these outcrops which could develop into additional ore resources. I look forward to reporting the results of further Field Analysis by the exploration team in due course.”
Click Image To View Full Size
Figure 1. Quartz vein 0.15m wide in situ assayed as 72.0g/t Au & 90.4g/t Ag
Drilling Progress Update
Baru announced a 25,000-meter drilling program to test various targets identified in the Sangihe 2010 National Instrument 43-101 report which identified 835,000 ounces of gold as an inferred resource between Binebase and Bawane villages over 1.2 kilometers. To date the Company has prepared 27 drill pads.
The drill rig arrived on the island on December 20, 2021 and preparations were made to commence drilling immediately. However, due to logistical problems encountered enroute to the site, the drill rig was returned to the drilling contractor. Currently, all but one final component of the drill rig is on-site which will be delivered as soon as suitable transportation is secured.
The Company has met all the requirements of the Indonesian government and has been granted its environmental permit and the upgrade of its licence to advance the Sangihe project to construction and production in 2022. All permits for transportation of the final drill rig component have been secured and the Company is ready to start drilling immediately upon delivery of the final component.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
Note: The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2022 TheNewswire - All rights reserved.
howestreetbull
2 years ago
BARU.v $BARUF Baru Gold Receives Completed Structural Study with 23 New Exploration Targets Identified
by @thenewswire on 7 Feb 2022, 04:30
(TheNewswire)
Baru Gold Corp.
Vancouver, BC – TheNewswire – Feb 7 2022 - Baru Gold Corp (the “Company” or “Baru”) (BARU:TSXV:BARU) (OTC:BARUF) is pleased to announce that the structural study commissioned back in October 2021 has been completed and received with 23 new exploration targets identified.
The Company appointed Murphy Geological Services (“MGS”) to conduct a structural study for the entire Sangihe Island Contract of Work (CoW) area which involved the acquisition, processing, and interpretation of Sentinel-2 and Hi-Res (WorldView, GeoEye and Pleiades) satellite imagery to develop a structural synthesis for the geological occurrence of known gold occurrences, and to establish a benchmark for future exploration.
The study was undertaken at 1:10,000-1:15,000 scale to establish the structural framework and generate targets for gold exploration. A high resolution (Hi-Res) mosaic for the Sangihe CoW was interpreted at up to 1:2,000 scale. The Sentinel-2 images were draped onto an ASTER based Global Digital Elevation Model (GDEM) to help accentuate topographically controlled structure and domal features. This has resulted in MGS identifying twenty-three new exploration targets in the Sangihe CoW.
The identification of the targets is based on criteria that includes the presence of major faults, inflections along major faults, major fault intersections, radial major/second order faults related to the Kakiraeng stratovolcano, location within the newly identified Kakiraeng-Taware Fault Zone (KTFZ) or along its bounding structures, domal/circular features, linear resistant features, eroded volcanic center/caldera rim, artisanal workings, prominent aeromagnetic lineaments, and proximity to known gold mineralization.
Twelve of the target areas are classified as Priority 1, eight have a Priority 2 ranking, and the remaining three target areas are classed as Priority 3. The next step will involve field analysis to verify the geometry and kinematics of the major structures identified from the satellite image interpretation. This will lead to “ground truthing” of the various targets, followed by benchmarking and comparison using standard exploration techniques to determine their individual prospectivity.
Mr. Terry Filbert, CEO of Baru, commented, “These are exciting times for the exploration team as we seek to expand our knowledge of the CoW beyond the known Binebase-Bawone deposits for additional ore resources. I look forward to reporting the results in due course.”
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in early 2022. Construction at Sangihe gold heap leach project is currently underway.
Note: The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation is a dynamic junior near-term producer and developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru's team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia's next gold producer.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of East Asia Minerals Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2022 TheNewswire - All rights reserved.
howestreetbull
2 years ago
BARU.v $BARUF Baru Gold 2021 Operational Summary and 2022 Outlook
by @thenewswire on 18 Jan 2022, 06:30
(TheNewswire)
Baru Gold Corp.
January 18, 2022 – TheNewswire - Vancouver, BC - Baru Gold Corp. (the “Company” or “Baru”) (TSXV:BARU) | (OTC:BARUF) is pleased to provide stakeholders and shareholders with an operational summary for 2021 and an outlook for 2022.
2021 SUMMARY
Listing on US Exchange
Baru began trading on the OTCQB under the ticker symbol BARUF. The OTCQB is a US marketplace for entrepreneurial and development-stage US and international companies that are committed to providing a high-quality trading and information experience for their investors. The OTCQB is the middle tier of the three over-the-counter trading platforms.
Dead Rent Tax
In January, $356,000 (approximately Indonesian Rupiah 3.8 billion) in tax was paid to the representative office of the Ministry of Energy and Mineral Resources.
Work Program Approval by Indonesia Government
In January, the Company’s work plan and budget Rencana Kerja Angaran Belanja (“RKAB”) for PT Tambang Mas Sangihe (“TMS”) for 2021 was formally approved by the Ministry of Energy and Mineral Resources. The RKAB includes planning and proposed expenditures for construction, mining, production, community programs, environmental rehabilitation, and geological and geotechnical investigations for 2021 and beyond.
COVID-19 Impact
In July, Indonesia reported more than 2.5 million cases in total, with daily coronavirus infections reaching 50,000 cases. Compared with the winter peak of 11,000 new cases per day in January of 2021, the delta and lambda variants significantly impacted the spread of COVID-19 in Indonesia.
Baru Supports Indonesian Government in Lawsuit
Baru joined the Ministry of Energy and Mineral Resources of the Republic of Indonesia (“MEMR”) in responding to a lawsuit filed in Jakarta. Baru was not named in the lawsuit, but the Company pro-actively and vigorously supported the MEMR. In that the lawsuit related to the mining permit granted to Baru’s 70-per-cent-owned subsidiary PT Tambang Mas Sangihe, the Jakarta Administrative Court approved the Company's request for permission to be present during court proceedings. Since August 2021, the Company was present for all court dates pursuant to the proceedings.
Production Licence
The Company applied for and received the upgrade of the Sangihe Gold Project’s Contract of Work (“CoW”) to a full production and export licence. Baru’s subsidiary TMS, the holder of the Sangihe CoW, submitted the application to the Ministry of Energy and Mineral Resources of North Sulawesi, Indonesia. The Company’s detailed works program and business plan (“DWP” and “BP” respectively) were approved by the Ministry of Energy and Mineral Resources at an open meeting attended by TMS and representatives of both Provincial and Central mines departments. To complete the licence upgrade on the Sangihe project, to Operation Production status, the Company needed and received final approval from the Minister of Energy and Mineral Resources. The licence upgrade allowed Baru to begin construction of the gold production facilities and infrastructure for the Sangihe project.
Appointment of New Directors
Baru appointed three new independent directors in 2021. The new board members bring decades of operational experience on heap leach technology and relationships with the financial markets.
In February, Mr. Joseph Keane was appointed to the board. Mr. Keane built metallurgical engineering and consulting firm KD Engineering & Co for an eventual sale to SS Metcon. Mr. Keane was instrumental in starting the first semi-autogenous copper sulphide flotation mill in the Philippines, doubling the production capacity of the largest gold mine in the Southeast Asian country. In addition, he was the project sponsor for China's largest gold heap leach mine (30,000 tonnes per day and 133,000 ounces gold per year) in Inner Mongolia, which was subsequently acquired by China Gold International and expanded to 250,000 ounces gold per year with a resource of over three million ounces.
In April, Mr. John Ellis joined the board. In the late 90’s, Mr. Ellis was the chairman and chief executive officer of Anglo Gold North America, setting up Anglo's gold-mining ventures in the Americas. He was responsible for gold exploration as well as the acquisition/operation of projects in the United States, Canada, and Mexico. He also provided guidance to Inco in Indonesia in the early 2000s for a large nickel laterite mine producing 160 million pounds of nickel annually. He is currently serving as a director of Jaguar Mining Inc., a mid-sized gold producer in the Americas.
In August, Mr. Colin Davies joined the board. A professional geologist by trade, Mr. Davies started his career at Anglo American as a gold mine geologist in South Africa at Vaal Reefs working on brownfield exploration. His travels took him across the world with BP Minerals for diamonds and ultimately to Jakarta, Indonesia, where he would spend nearly 30 years mainly in gold exploration. Early formative roles with Santa Fe Gold and the Pelsart Group led into senior management positions with global mining contractors before culminating with eight years at the J Resources Group, a US$300 million market capitalization mid-cap 150,000-ounce-per-annum gold producer.
Land Acquisition
Throughout 2021, after the production licence was granted, Baru has been actively working to acquire land from local residents to construct its mine. The commitment to sell most of the land targeted for acquisition in phase one by Baru was secured in September 2021. The Company has since focused its efforts confirming titles and preparing legal documents for closings on the purchase of the land. The initial land to be acquired is more than sufficient for the first phase of the operational plan. The processing operations will start with two heap leach pads.
Baru is equally proud of the relationships it has built with the local residents who are fully supportive of the Company's initiatives which include the offering of jobs and business opportunities for the residents of the island. They welcome a fully engineered mining operation that has the full support of the federal government.
Sangihe Gold Project Construction Commences
In October, construction commenced at the Sangihe heap leach operation. Phase one consists of clearing land, building two 100,000-tonne heap leach pads, pit overburden removal, preparation of waste dumps, a crushing facility, and a processing plant area all with access to roads.
Private Placement
In October, Baru announced a private placement of $1.5 million and in November closed the oversubscribed financing raising $1.67 million. The funds will be used to further the exploration program and to provide support for the start-up of production at the Sangihe gold project.
Structural Study Commissioned
Also, in October, the Company appointed Murphy Geological Services (“MGS”) to conduct a structural study for the entire Sangihe Island Contract of Work (CoW) area. The draft study will be completed in January 2022. This effort will involve the acquisition, processing, and interpretation of Sentinel-2 and Hi-Res (WorldView, GeoEye and Pleiades) satellite imagery to develop a structural synthesis for the geological occurrence of known gold occurrences, and to establish a benchmark for future exploration targets.
Drilling Commences at Sangihe
On December 21st, Baru commenced the 25,000-metre exploration program with the arrival of the drill rig on Sangihe Island. To date the Company has prepared 27 drill pad sites which will be the focus of activity over the next two months.
Local Employees Hired
At the end of 2021, the Company had 80 island residents on payroll. This number does not include numerous secondary jobs created by the suppliers that support Baru’s business needs in the community. With the additional hires the Company expects the total number to exceed 150 employees over the next few months as it proceeds with construction, drilling, and other production activities.
OUTLOOK FOR 2022
The Company’s primary goal is to bring the measured and indicated resources to 1,000,000 ounces for the project. Construction activities will continue during the first quarter with production commencing shortly thereafter. The target will be to produce 1,000 ounces per month once 100% operational status has been achieved.
Baru expects 2022 to be exceptionally busy. Exploration drilling will happen in three phases. Phase-1 will be infill drilling between Binebase and Bawone, Phase-2 will be exploration drilling between Bawone and Salurang, and Phase-3 will be infill drilling between Bawone and Salurang.
The Company also plans exploration of the unexplored areas of the entire Sangihe Island Contract of Work (“CoW”) area using data from the structural study that is expected to be completed by end January 2022. The satellite imagery will be used to develop a structural synthesis for the geological occurrence of known gold occurrences, and to establish a benchmark for future exploration targets. This is only one technique that will utilized to further our gold discovery ambitions.
Mr. Terry Filbert, Chairman and CEO of Baru Gold, commented, “Despite ongoing uncertainties surrounding COVID-19 and seasonal delays due to weather and logistic issues in Indonesia, 2021 marked a transformative year of activities for Baru. With the oversubscribed financing we closed in Q4 2021, Baru is well positioned to proceed with drilling and continue its ongoing construction activities at the Sangihe gold project. In 2021 we laid the foundation for significant growth, and we are looking forward to 2022.”
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in early 2022. Construction at Sangihe gold heap leach project is currently underway.
Note: The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation is a dynamic junior near-term producer and developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru's team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia's next gold producer.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of East Asia Minerals Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2022 TheNewswire - All rights reserved.
howestreetbull
2 years ago
BARU.v $BARUF Baru Gold Commences Drilling at Sangihe while Construction Activities Continue
by @thenewswire on 21 Dec 2021, 12:00
(TheNewswire)
Baru Gold Corp.
Vancouver, BC - TheNewswire - December 21, 2021 - Baru Gold Corp (the “Company” or “Baru”) (TSXV:BARU) (OTC:BARUF) is pleased to announce the arrival of the drill rig on Sangihe Island yesterday. The 25,000-metre drilling program announced in a news release dated September 14, 2021 will commence immediately.
The initial area targeted for this drilling program is covered in the Sangihe 2010 NI 43-101 report which identified 835,000 ounces of gold as an inferred resource between Binebase and Bawone villages over approximately 1.2 kilometres of strike length. An infill drilling program will be conducted in this area to upgrade some of the inferred resources into indicated and measured resource status. Over the past few months, the Company has prepared 27 drill pad sites which will be the focus of activity over the next two months.
Thereafter, exploration drilling will continue over an additional 1.45 kilometres from Bawone to South of Salurang village following the continuation of the known geochemical anomaly and with guidance from the ongoing structural study. Once that program has been completed, the identified resources will then be infill drilled to bring some of these resources into indicated and measured status. The rig will then be further deployed for regional target work.
Construction Activities
Construction is currently in progress. Preparation of the laydown area is now 90% complete and widening of the access bridge to the laydown has been completed. All mobilization requirements for construction are in place, including security, labour clearing crew, heavy equipment, fuel, electrical team, and facilities. Catering facilities at camp are operational and on-site laundry facilities will be running next week.
Land acquisition is on-going with minimal effect on construction. The heavy equipment on site will be utilized efficiently and concurrently as required between the drilling and construction activities. The Company currently employs 79 people on this project and 66 are locals from Sangihe Island.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to production in early 2022.
Note: The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of East Asia Minerals Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2021 TheNewswire - All rights reserved.
howestreetbull
2 years ago
BARU.v $BARUF Baru Gold Increases Private Placement and Closes Final Tranche
by @thenewswire on 1 Dec 2021, 06:30
(TheNewswire)
Baru Gold Corp.
December 1, 2021 – TheNewswire - Vancouver, BC - Baru Gold Corp (the “Company” or “Baru”) (TSXV:BARU) | (OTC:BARUF) is pleased to announce that due to investor demand the Company has increased the size of the non-brokered private placement (the “Private Placement”) announced in its news releases dated October 18 and November 4, 2021 and closed the final tranche to raise an additional $674,000.00 from the issuance of 6,740,000 units (the “Units”) priced at $0.10 per Unit, bringing the total raised in two tranches to $1,676,000.00. Each Unit consists of one common share in the capital of the Company (a "Share") and one-half common share purchase warrant (a "Warrant"). Each full Warrant shall be exercisable into one Share at an exercise price of $0.17 for two years from the date such Warrant is issued.
In this final tranche, finder’s fees of $19,600.00 are payable in cash on a portion of the private placement to parties at arm’s length to the Company. In addition, 196,000 non-transferable finder’s warrants to purchase up to 196,000 Shares are being issued (the “Finder’s Warrants”), the Finder’s Warrants having the same terms as the Warrants.
All securities issued in the final tranche of the Private Placement will be subject to a four-month hold period expiring April 1, 2022.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including acceptance of the TSX Venture Exchange.
The proceeds raised from the Private Placement will be used to further the exploration program and to provide support for the start-up of production at the Sangihe Gold project, and for general working capital.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in late 2021/early 2022.
Note: The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of East Asia Minerals Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2021 TheNewswire - All rights reserved.
howestreetbull
2 years ago
BARU.v $BARUF Baru Gold Closes $1 Million First Tranche of Financing
by @thenewswire on 4 Nov 2021, 14:35
(TheNewswire)
Baru Gold Corp.
Vancouver, BC – TheNewswire - November 4, 2021 - Baru Gold Corp (the “Company” or “Baru”) (TSXV:BARU) (OTC:BARUF) is pleased to announce that it has closed $1,002,000.00, issuing 10,020,000 Units in the first tranche of the $1.6 million financing previously announced on October 18, 2021. Each unit will be comprised of one common share in the capital of the Company (a "Share") and one-half common share purchase warrant (a "Warrant"). Each full Warrant shall be exercisable into one Share at an exercise price of $0.17 for 2 years from the date such Warrant is issued. The private placement (the "Private Placement") consists of up to 16,000,000 units priced at $0.10 per unit (the “Unit”).
In this tranche, finder’s fees of $29,890.00 are payable in cash on a portion of the private placement to parties at arm’s length to the Company. In addition, 291,900 non-transferable finder’s warrants to purchase up to 291,900 Shares are being issued (the “Finder’s Warrants”), the Finder’s Warrants having the same terms as the Warrants.
All securities issued in the first tranche of the Private Placement will be subject to a four-month hold period expiring March 5, 2022.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including acceptance of the TSX Venture Exchange.
The proceeds raised from the Private Placement will be used to further the exploration program and to provide support for the start-up of production at the Sangihe Gold project, and for general working capital.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in late 2021/early 2022.
Note: The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of East Asia Minerals Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2021 TheNewswire - All rights reserved.
howestreetbull
3 years ago
Baru Gold Announces $1.6 Million Financing BARU.v $BARUF
by @thenewswire on 18 Oct 2021, 06:30
(TheNewswire)
Baru Gold Corp.
October 18, 2021 – TheNewswire - Baru Gold Corp (“BARU” or the “Company”) (TSXV:BARU) | (OTC:BARUF) is pleased to announce a $1.6 million private placement (the "Private Placement"). The Private Placement will consist of 16,000,000 units priced at $0.10 per unit (the “Unit”). Each unit will be comprised of one common share in the capital of the Company (a "Share") and one-half common share purchase warrant (a "Warrant"). Each full Warrant shall be exercisable into one Share at an exercise price of $0.17 for 2 years from the date such Warrant is issued. The financing is expected to close on or before October 31, 2021.
Mr. Terry Filbert, CEO of Baru, adds, “The Company currently has sufficient funds to construct and start production that was announced in the news release of September 12, 2021. Construction will consist of clearing land, building two 100,000 tonnes heap leach pads, pit overburden removal, preparation of waste dumps, a crushing facility, and a processing plant area including access roads.
With the start of construction and first pour anticipated in Q1 of 2022, the funds raised from this private placement will be used to further the exploration program announced in the news release of September 14, 2021, provide support for the start-up of production, and our team’s ability to execute both activities concurrently, and general working capital. We are encouraged by the support of our long-term shareholders who have expressed interest in a sizable allocation of this financing and encourage interested investors to contact Baru or your financial advisor for an allocation request.”
Note: The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including acceptance of the TSX Venture Exchange.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in late 2021/early 2022.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Qualified Person
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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
+1-647-725-3888 ext 702
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2021 TheNewswire - All rights reserved.
howestreetbull
3 years ago
BARU.v $BARUF Baru Gold Commences Sangihe Gold Mine Construction
by @thenewswire on 5 Oct 2021, 10:45
(TheNewswire)
October 5, 2021 – TheNewswire - Vancouver, BC - Baru Gold Corp (TSXV:BARU) | (OTC:BARUF) (“Baru ” or the “Company”) is pleased to announce it has commenced construction of phase one of the Sangihe gold project.
Construction will consist of clearing land, building two 100,000 tonnes heap leach pads, pit overburden removal, preparation of waste dumps, a crushing facility, and a processing plant area including access roads.
Baru COO Garry Kielenstyn and the Indonesian team are currently on site to supervise the engineering and contractor management, oversee site activities and keep costs in line and within budget. Construction of the heap leach pad system is targeted to be completed and operational by December 2021, with first production gold pour in Q1 2022.
The Company, along with its contractors, are currently preparing the principal production area, grubbing, and establishing pit limits to the plan. The focus will be on digging out the pregnant solution pond, constructing pond berms, and compacting to engineering specifications in preparation for installation of the leach pad liner and the processing facility.
Click Image To View Full Size
Click Image To View Full Size
Heap leaching is an industrial mineral processing method used to extract precious metals and other compounds from ore using a series of chemical reactions that absorb specific minerals and re-separate them after their division from other earth materials. Heap leaching is the most economical and environmentally efficient method of processing lower grade mined ore. Heap leaching achieves these processing efficiencies by placing finely crushed ore on a liner, then adding reagents via drip systems to the ore. As compared to conventional processing methods such as flotation, agitation, or vat leaching, heap leaching is widely used in modern large-scale mining operations to produce the desired concentrates at a lower cost for lower grade ores.
Terry Filbert, President, CEO and Director of Baru, commented, “The successful start of construction of the pit, pads, and pond facilities is a tremendous milestone for our Sangihe project. Once operations are running smoothly and Sangihe starts generating reliable cashflow we will invest that cashflow to expand the resource through an extended exploration and drilling program. This will allow us to expand production and the mine’s life. We will provide further updates on the heap leach operations in the weeks to come.”
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in late 2021/early 2022.
Note: The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Qualified Person
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance, or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance, or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2021 TheNewswire - All rights reserved.
howestreetbull
3 years ago
BARU.v $BARUF Reconnaissance Mapping Defines Potential New Exploration Targets on Sangihe
by @thenewswire on 22 Sep 2021, 06:30
(TheNewswire)
Vancouver, BC - TheNewswire - September 22, 2021 - Baru Gold Corp (“Baru” or the "Company”) (TSXV:BARU) (OTC:BARUF) has, during the past month on Sangihe, undertaken reconnaissance mapping and sampling prior to the commencement of the Resource Development drilling program. This effort has identified four new prospects which could become future exploration drilling targets should the samples taken from these prospects return positive assay results.
The four new prospects are known as Darelupang, West Bawone, Southwest Bawone and South Salurang.
- The Darelupang prospect is located 300 metres west of the Binebase 2021 Resource Development Drilling holes. It is defined as a low sulphidation (LS) vein system composed of a sheeted quartz vein zone of 1.2 metres width within a volcanic breccia host rock. Textures that are visible on individual veins within this zone are vuggy, zoning, and colloform bending.
- The West Bawone prospect is located 300 metres west of the Bawone 2021 Resource Development Drilling holes. It is defined as high sulphidation (HS) silica-alunite system composed of a 1 metre wide hydrothermal breccia with chloritic and hematitic alteration within a volcanic breccia host rock. The hydrothermal breccia has a chalcedonic-silica ground mass.
- The South Salurang prospect is located 100 metres south of the current exploration drilling program planned from Bawone to South of Salurang village and southeast of the outskirts of Salurang village. It is defined as high sulphidation (HS) silica-alunite system composed of a 1 metre wide oxidized sheeted-stockwork zone with a density of 10 veinlets/ metre. The veinlets with the stockwork zone have a brecciated texture. At a separate location in the South Salurang was an outcrop of oxidized vuggy silica rock with a width of 1.5 metres which consists of a brecciated and vuggy texture.
- The Southwest Bawone prospect is located 1,100 metres southwest of the Bawone 2021 Resource Development Drilling holes. It is defined as a low sulphidation (LS) vein system composed of a hydrothermal breccia of 1 metre width with hematitic alteration within a volcanic breccia host rock. Also sampled at the Southwest Bawone prospect was a brecciated green silica vein with hematitic alteration on the clasts, colloform bending of the veinlets and a chloritic ground mass as shown in Figure 1.
Click Image To View Full Size
Figure 1. Brecciated green silica vein from Southwest Bawone prospect.
All outcrops encountered in these four new prospects have been mapped with grab and channel samples and have been submitted to the Intertek Laboratory in Jakarta for assay analysis.
Frank Rocca, Chief Geologist of Baru Gold, commented, “All of these new prospects are very exciting as none are included in the resources covered in the Sangihe 2010 NI 43-101 report which identified 835,000 ounces of gold as inferred resources; and so, with further exploration, these resources have the potential to be expanded significantly. Also important to note, as with the area Baru will soon begin production on, the newly explored areas will not require the relocation of any homes or villages.”
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in late 2021/early 2022.
Note: The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Qualified Person
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance, or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance, or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2021 TheNewswire - All rights reserved.
howestreetbull
3 years ago
BARU.v $BARUF Baru Gold Commences 25,000 Meters Drilling Development Program at Sangihe Binebase-Bawone Area
by @thenewswire on 14 Sep 2021, 06:30
(TheNewswire)
September 14, 2021 – TheNewswire - Vancouver, BC - Baru Gold Corp (“Baru”) or the (“Company”) (TSXV:BARU) | (OTC: BARUF) is pleased to announce, it has now approved the budget, signed the drilling contract, and embarked on a 25,000-meter drilling program.
This Resource Development program will incorporate the use of a track mounted Reverse Circulation (RC) drilling rig and is expected to take 12 months to complete. The Company has selected Indodrill of Bogor, Indonesia as the drilling contractor to complete the work.
The initial area targeted for this drilling is covered in the Sangihe 2010 NI 43-101 report which identified 835,000 ounces of gold as an inferred resource between Binebase and Bawone villages over approximately 1.2 kilometres. An infill drilling program will be conducted in this area to upgrade some of the inferred resources into indicated and measured resource status.
Thereafter, exploration drilling will continue over an additional 1.45 kilometres from Bawone to South of Salurang village following the continuation of this geochemical anomaly. Once the initial exploration drilling in this area has been completed, the identified resources will then be infill drilled to bring some of these resources into indicated and measured status as well.
Terry Filbert, Chairman and CEO of Baru Gold, commented, “With a pre-feasibility in progress and mine construction commencing soon, the Company’s activities will ramp up now that we are moving past the latest wave of pandemic and administration delays. This drilling program plan will prove up and add ounces, and exploration upside, to the Sangihe area which has only seen 10% of the land package of 42,000 hectares explored and sampled with modern techniques.”
Note: The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral 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 mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.
Baru has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in late 2021/early 2022.
ABOUT BARU GOLD CORP.
Baru Gold Corporation is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top ten gold producing countries in the world. Based in Indonesia and North America, Baru’s team of mining and finance professionals boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru is positioned to become Indonesia’s next gold producer.
Qualified Person
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance, or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance, or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2021 TheNewswire - All rights reserved.
howestreetbull
3 years ago
BARU.v $BARUF Baru Gold Provides Update on Claim Against Indonesian Government
by @thenewswire on 27 Aug 2021, 05:06
(TheNewswire)
August 27, 2021 – TheNewswire - Vancouver, B.C. - Baru Gold Corp (“Baru” or the “Company”), (TSXV:BARU) | (OTC:BARUF), wishes to provide an update regarding a recent lawsuit filed in Jakarta against the Ministry of Energy and Mineral Resources of the Republic of Indonesia (“MEMR”). On August 19, 2021, an initial hearing was held pursuant to the proceedings.
Baru Gold was not named in the lawsuit, but the Company is proactively and vigorously supporting the MEMR. As the lawsuit relates to the mining permit granted to the 70% owned subsidiary, PT Tambang Mas Sangihe (“TMS”), the Jakarta Administrative Court approved the Company’s request for permission to be present during court proceedings.
Approval of the mining permit requires two components, an environmental study (AMDAL) and an Indonesian feasibility study (“IFS”). The Company carefully adhered to all laws, regulations, and requirements in the attainment of its mining license.
The AMDAL study, commenced in 2018, was conducted and completed by PT Sulindo Eko Konsultan, an Indonesian consulting firm. The initial draft was submitted in January of 2019. After meetings and consultations with local island residents and various government departments, and after final revisions, the report was approved in August 2020.
The IFS, which was prepared by Indonesian consulting firm Resindo Resources and Energy, is a multi-volume document equivalent to a JORC compliant pre-feasibility study. The IFS was approved by the MEMR in September 2019.
Note: The IFS is not a feasibility study as defined by CIM as required by NI 43-101. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
Mr. Terry Filbert, CEO of Baru, commented, “Since 2017, I have been focused on bringing the Sangihe gold project into production and generating cashflow. Baru Gold has been thorough and has completed all steps required to obtain the mining permit, which was granted by the MEMR in February 2021. The Company is confident the lawsuit is baseless, as the claims are frivolous and unfounded, which will eventually be brought forward in court.”
The next date court date has been set for September 2, 2021, at which time, TMS will support the MEMR in their response to the claim. Readers are advised that any information regarding the lawsuit, the support of the residents for the project and the Company’s operations on the island, as published and circulated by the so called Sangihe Save Island group (“SSI”) are false, misleading and inaccurate. For clarification, please contact the Company.
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold project is located on the island of Sangihe off the northern coast of Sulawesi and has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold as reported in the Company's "Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia" dated May 30, 2017. Only 10% of the gold bearing area has been explored. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.
The Company's 70-percent interest in the Sangihe-mineral-tenement contract of work ("CoW") is held through PT. Tambang Mas Sangihe (TMS). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase of the project.
ABOUT BARU GOLD CORP.
Baru Gold Corporation (formerly East Asia Minerals Corporation) is positioning itself to become Indonesia’s new gold producer. We are a dynamic junior gold developer with NI43-101 gold resources in Indonesia, one of the top ten gold producer countries in the world. In 2020, Baru Gold received approval on the environmental permit and became compliant on all government requirements for the Sangihe Gold Project. Baru has received the approval for the upgrade of its licence to advance the project to construction and production in 2021.
Currently, Baru is awaiting final land acquisition to conclude so construction of the heap leach can proceed with production expected to commence in 2021. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.
Our team of mining and finance professionals are based both in North America and locally in Indonesia and boast extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholders support, Baru Gold is well positioned to take advantage of the increased interest in gold and precious metals.
Qualified Person
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2021 TheNewswire - All rights reserved.
howestreetbull
3 years ago
BARU.v $BARUF Baru Gold Provides Update on COVID-19 in Indonesia and Additional Corporate Updates
by @thenewswire on 15 Jul 2021, 21:39
(TheNewswire)
July 15, 2021 - TheNewswire - Vancouver, BC - Baru Gold Corp (“Baru Gold” or the “Company”) (TSXV:BARU) (OTC:BARUF) wishes to provide an update to stakeholders and investors on the recent COVID-19 situation in Indonesia, its impact on operations, and updates on the Sangihe gold project.
As of July 12th, 2021, Indonesia has reported more than 2.5 million cases overall with daily coronavirus infections ramping up to 50,000 cases. Compared to the winter peak of 11,000 new cases per day in January of 2021, the Delta and Lambda variants are significantly impacting the spread of COVID-19 in Indonesia.
The Indonesian government has implemented regulations, including Emergency Restricted Movements (PPKM Darurat), in many parts of the country, allowing travel for essential purposes only. Islands beyond Java and Bali, the epicenter of the current outbreak, such as Sangihe Island, are now under travel bans and emergency restrictions from 3 July to 20 July 2021. Additionally, many companies and service industries have been temporarily closed in a bid to stem the spread of COVID-19.
UPDATE ON SANGIHE PROJECT
The government response to the COVID-19 emergency is dynamic, changes daily, and is impacting the Company’s operations. The team continues to make progress, however, Sanghie Island has not been spared from the increase in cases of COVID-19, and this has resulted in delays due to some of our stakeholders becoming infected and their need to recover in isolation.
The Company is actively addressing COVID-19 protocols to keep staff and contractors safe, including working remotely where possible, wearing masks, and ensuring the team is on the priority list for their second vaccinations. Conservatively, the Company expects travel and medical delays to the end of this month. The Company will provide further updates as information becomes available.
WARRANT EXTENSION
In light of the anticipated delays due to the spread of COVID-19, Baru Gold announces that, subject to acceptance by the TSX Venture Exchange, the Company wishes to:
Amend the exercise term of 3,928,000 outstanding common share purchase warrants (the “June 2019 Warrants”) of the Company. The Warrants were originally issued on June 17, 2019. The exercise term of the share purchase warrants has been amended from July 17, 2021, to October 17, 2021.
AGM RESULTS
The shareholders of the Company voted in favour of all items of business brought before them at the Company's Annual General Meeting (the "AGM") that was held on July 9, 2021, in Vancouver, BC, Canada. At the AGM, shareholders voted in favour of all nominations to the Board of Directors (the "Board"), with Terry Filbert, Scott Chaykin, Garry Kielenstyn, John Ellis, and Joseph Keane each re-elected to the Board. Shareholders also re-appointed Davidson & Company LLP, Chartered Accountants, as the auditor of the Company, and that the number of directors elected be fixed at five (5).
APPOINTMENT OF CORPORATE SECRETARY
Baru Gold is pleased to announce the appointment of Ms. Bernice Wong to the Corporate Secretary position effective July 9, 2021.
GRANT OF STOCK OPTIONS
The Company announces that it has granted an aggregate amount of 1,170,750 stock options to officers, directors, employees, and consultants of the Company in accordance with the provisions of the Company's stock option plan. The grant of the options is subject to the approval of the TSX Venture Exchange. Each option entitles the holder to purchase one common share of the Company at an exercise price of $0.07 for a five-year period.
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold-silver project is located on the island of Sangihe off the northern coast of Sulawesi and has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold as reported in the Company's "Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia" dated May 30, 2017. Only 10% of the gold bearing area has been explored. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.
The Company's 70-percent interest in the Sangihe-mineral-tenement contract of work ("CoW") is held through PT. Tambang Mas Sangihe (TMS). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase of the project.
ABOUT BARU GOLD CORP.
Baru Gold Corporation (formerly East Asia Minerals) is positioning itself to become Indonesia’s new gold producer. We are a dynamic junior gold developer with NI43-101 gold resources in Indonesia, one of the top ten gold producer countries in the world. In 2020, Baru Gold received approval on the environmental permit and became compliant on all government requirements for the Sangihe Gold Project. Baru has received the approval for the upgrade of its licence to advance the project to construction and production in 2021.
Currently, Baru is awaiting final land acquisition to conclude so construction of the heap leach can proceed with production expected to commence in 2021. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
Our team of mining and finance professionals are based both in North America and locally in Indonesia and boast extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholders support, Baru Gold is well positioned to take advantage of the increased interest in gold and precious metals with both exploration upsides and operation cashflow in 2021.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2021 TheNewswire - All rights reserved.
howestreetbull
3 years ago
BARU.v $BARUF Baru Gold Responds to False Allegations and Rumours on Sangihe Gold Project
(TheNewswire)
by @thenewswire on 17 Jun 2021, 06:02
June 17, 2021 – TheNewswire - Baru Gold Corp (“Baru” and its subsidiary PT. Tambang Mas Sangihe (“PT.TMS”) or the “Company”) (TSXV:BARU) | (OTC:BARUF) wishes to update stakeholders and investors on recent rumours and negative media attention focused against Baru and its upcoming gold production project on Sangihe Island in North Sulawesi, Indonesia.
In recent days, a Non-Government Organization (“NGO”) has posed several serious allegations against Baru Gold through prominent media sources including CNN, BBC, and CNBC. These publications have failed to do their due diligence. The Company has not received any invitations or opportunity from these publications to set the record straight and defend itself from the false accusations alleged against the Company. These allegations include polluting the environment, underpaying locals for their land, illegally pushing the Sangihe mining project ahead, and endangering the habitat of a certain breed of flycatcher bird. Lastly, this NGO has blamed the Company for the unfortunate passing of a local politician, who recently opposed the Sangihe project. The Company wishes to clarify that this person’s untimely passing was due to natural causes and condemns these accusations. Baru’s staff reached out to the family on the day of his passing, and the Company wishes to again offer its sincere condolences to Pak Helmud Hotong’s family, friends, and the community, he will be missed by all on the Island.
The Company denies these unfounded accusations in the strongest possible terms and can confirm all of allegations that have been made are false and have no basis in fact. The Company has conducted itself, and will continue to conduct itself, in accordance with all laws, rules, and regulations. Will do so with the utmost transparency, and with respect for the locals and for the environment. The Company appreciates the ongoing support it receives from the federal government and the Mining Minster of Indonesia.
To be clear, and to highlight the misrepresentations being made, the Sangihe project has not yet started construction, and therefore it is impossible for the Company to have caused any environmental damage. It should be noted and to be clear, illegal operations are currently rampant on the island, and it is these illegal miners who have been heavily polluting the environment, including dumping their mine tailings into the ocean on the reefs, destroying the mangroves, and polluting the river and ocean with mercury. These illegal miners tend to not be residents of Sangihe Island. Further, they have a history of intimidating the members of the Sangihe community, they do not contribute to the local economy, they pay lower than industry wages, and do not pay federal royalties or taxes. These illegal miners have a vested interest in keeping their operations going and continue to employ tactics to protect their own interests at the cost of the environment and the well-being of local residents.
In contrast, Baru Gold is a law-abiding Canadian company operating in Indonesia with an extensive team on the ground. Not only is the Company required to meet certain obligations to maintain its listing as a publicly traded company, it strives to implement Environmental, Social and Governance (ESG) policies that make positive contributions to the health, well-being, and quality of life of Sangihe’s residents, and to protect the environment. The Company will continue to comply with, and respect, its obligations to meet the high standards required of an international entity operating in Indonesia.
While the federal government has principally been supporting larger foreign companies to restart new projects, Baru has been diligently engaging with locals, providing job opportunities, and beneficial structures in preparation of Sangihe’s operations. The Company is not aware of any local residents opposed to the project. In fact, the Company enjoys remarkably strong support from both the Islanders of Sangihe, who are hoping for a better and safer economic environment, and the local government that is actively supporting their aspirations.
Baru Gold’s AMDAL environmental study outlined in detail a meticulous strategy to mitigate disturbances to the rare flora and fauna of the island. Additionally, the Contract of Work (CoW), dead rent tax, and recently granted Operating License (February 2021) payments have all been made. As documented in a BBC interview with the Mining Minister of Indonesia, the Company has the full support of the Federal government.
To date, the Company has hired over 20 principally local employees and contractors, and expects to provide over 200 high quality jobs also principally from the local community. Hiring and additional opportunities engage with local businesses continues to be delayed due to the tactics of the illegal miners.
Terry Filbert, President, CEO and Director of Baru Gold, commented, “These false and misleading allegations are the desperate attempts of incumbent and related parties (NGO) who have been known to use intimidation and distractions to delay lawful projects such as the Sangihe project. Baru Gold has the full support of the federal, provincial, and local governments, and the local residents, who can anticipate fair wages and over 200 employment opportunities as the Sangihe operation ramps up. The land size of 100 hectares approved for production is more than enough for initial start-up. I welcome the NGO or any major media outlet that runs stories about our operation to contact me directly for a formal discussion. We have and will continue to do everything by the book to ensure a safe and successful partnership with the Indonesian government and the people of Sangihe.”
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold-silver project is located on the island of Sangihe off the northern coast of Sulawesi and has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold as reported in the Company's "Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia" dated May 30, 2017. Only 10% of the gold bearing area has been explored. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability.
The Company's 70-percent interest in the Sangihe-mineral-tenement contract of work ("CoW") is held through PT. Tambang Mas Sangihe (TMS). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase of the project.
The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project's output will not be salable at a price that will cover the project's operating and maintenance costs.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation (formerly East Asia Minerals) is positioning itself to become Indonesia’s new gold producer. We are a dynamic junior gold developer with NI43-101 gold resources in Indonesia, one of the top ten gold producer countries in the world. In 2020, Baru Gold received approval on the environmental permit and became compliant on all government requirements for the Sangihe Gold Project. Baru has received the approval for the upgrade of its licence to advance the project to construction and production in 2021.
Currently, Baru is awaiting final land acquisition to conclude so construction of the heap leach can proceed with production expected to commence in 2021.
Our team of mining and finance professionals are based both in North America and locally in Indonesia and boast extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholders support, Baru Gold is well positioned to take advantage of the increased interest in gold and precious metals with both exploration upsides and operation cashflow in 2021.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2021 TheNewswire - All rights reserved.
howestreetbull
3 years ago
BARU.v $BARUF Baru Gold Corp Provides Update on Land Acquisition Process
by @thenewswire on 21 Apr 2021, 06:30
(TheNewswire)
April 21, 2021 – TheNewswire - Vancouver, B.C. - Baru Gold Corp (“Baru Gold” or the “Company”) (TSXV:BARU) | (OTC:BARUF) is pleased to provide an update on the land acquisition process and various meetings with stakeholders on the Sangihe gold project.
SOCIALIZATION MEETINGS COMPLETED
Socialization meetings took place between March 22nd and March 24th of this year. The meetings were well attended with over 131 attendees participating, mostly in person and others virtually.
The purpose of the socialization meetings was to present to local landowners and stakeholders the Company’s near-term plans for the project, and the compensation being offered for the land. With the support of officials and other stakeholders present, the Company reiterated its commitment to operate in full compliance with international health and safety standards.
Speaking at the meeting in support of the project were the Sangihe Island Bupati (Sangihe Island’s elected Regent), the Chief of Police for the Sangihe Islands District, the Head of the Environmental Agency for Sangihe Islands District and the Head of the Energy and Mineral Resources Office of the Sangihe Islands District. Also in attendance in support of the Company were the Chief of Staff Military District Commander, the Head of sub-district Tabukan Selatan Tengah and the Head of sub-district Tabukan Selatan, as well as the Military Commander of sub-district Tabukan Selatan Tengah, the Chief of Police of sub-district Tabukan Selatan Tengah, and the Bowone Village Mayor.
In the weeks to follow the socialization meetings, the Company held one-on-one meetings with over 100 landowners to answer questions and address concerns.
LAND ACQUISITION UPDATE
A series of events has resulted in over a month-long delay to the land acquisition process. A key member of the land acquisition team tested positive for COVID-19 prior to joining the team on the island and progress could not be made until the team member was cleared to leave quarantine; the socialization meetings, referenced above, were delayed by a week due to evolving COVID-19 regulations which required the Company to unexpectedly apply for an additional permit for the meeting; and landowners were not available to meet with the land acquisition team as many were in observance of the week long Easter holidays. Further, this last Sunday, April 18th, a strong typhoon hit Sangihe Island, traversing to the north of Sangihe through the Philippines, causing telecommunications interruptions, power outages and other infrastructure shutdowns. Cleanup efforts from Typhoon Surigae are ongoing and will likely cause further delays in closing the land acquisitions. The Company is assisting with clean-up on the island by providing labour, equipment and materials.
The Company is disappointed with the many delays experienced over the past few months but expects the land acquisitions to be completed in the coming weeks as there is strong support for the project by island residents and the government.
LICENCE AND AMDAL CLARIFICATION
Currently, Baru Gold holds a licence for production on 42,000 hectares on Sangihe Island. The most recently issued operating licence and AMDAL authorization allows for 100.1 hectares, which is more than sufficient for the launch of the 2021 mine plan. As Sangihe and Baru Gold operations commence and expand further beyond the existing authorization, the Company will update AMDAL and apply for a further expanded area operating licence.
The Company takes its responsibility to ESG seriously. The goal of Baru Gold’s management team, and that of the Company’s stakeholders, is to operate the Sangihe gold mine in a manner that is transparent, legal and ethical, and for the benefit of all parties. The Company encourages stakeholders, investors and local interested parties to forward any inquiries to info@barugold.com or via the Company’s official media channels.
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold-silver project is located on the island of Sangihe off the northern coast of Sulawesi and has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold as reported in the Company's "Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia" dated May 30, 2017. Only 10% of the gold bearing area has been explored. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company's 70-percent interest in the Sangihe-mineral-tenement contract of work ("CoW") is held through PT. Tambang Mas Sangihe (TMS). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase of the project.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation (formerly East Asia Minerals) is positioning itself to become Indonesia’s new gold producer. We are a dynamic junior gold developer with NI43-101 gold resources in Indonesia, one of the top ten gold producer countries in the world. In 2020, Baru Gold received approval on the environmental permit and became compliant on all government requirements for the Sangihe Gold Project. Baru has received the approval for the upgrade of its licence to advance the project to construction and production in 2021.
The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.
Our team of mining and finance professionals are based both in North America and locally in Indonesia and boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru Gold is well positioned to take advantage of the increased interest in gold and precious metals with both exploration upsides and operation cashflow in 2021.
.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2021 TheNewswire - All rights reserved.
howestreetbull
3 years ago
3.3 million oz Au: Building Indonesia’s New Gold Miner
Dave Jackson Dave Jackson, Stockhouse
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Meet the junior gold explorer led by experienced professionals with extensive international experience and a broad range of skills in the mineral exploration and mining industry… ranging from project generation and early-stage exploration to feasibility studies and mine development.
Baru Gold Corp. (TSX-V.BARU, OTCMKTS: BARUF, Forum) is a Vancouver, BC-based mineral resource exploration company focused on developing and producing precious metals projects in mining-friendly Indonesia with significant resource upside potential and near-term production capabilities. Currently, Baru Gold is working on developing its Miwah and Sangihe Projects.
Stockhouse Media’s Dave Jackson was joined by company CEO & Chairman Terry Filbert to discuss recent company news, a wide variety of mining and investment topics and to introduce Baru Gold to our Stockhouse audience.
SH: So first off, for Stockhouse our metals & mining investor audience new to Baru Gold, can you tell us a little bit about yourself and the company?
TF: Well, the company has been around since 2005 and I actually joined 2017 on the behest of one of the major investors (John Hathaway, Tocqueville). Since 2017, I have been in charge of trying to get the company back on top of its game. It was up to, I think, it was in 2011. This was a $800 million market cap company at $8 million Canadian dollars per share. And at that time there was some issue with Miwah project and some issues with a protected forest, which has since been resolved but sidelined the predecessor East Asia Minerals ever since. When I came in, I'd already been mining in the area in place North sell OAC for several years. And I was looking at pursing saggy from my own project. I was then persuaded by the major shareholder. That it'd be great. You know, I would come into the company to support me and they wanted me to be able to, since I lived in Indonesia at the time and still do, when you get out of here basically, I would be a good place to turn the company around, which I've been trying to do since I started out in 2017.
Actually at that time, the company valuation was a million Canadian, down from 800 million Canadian that does 11. I mean, it's been up to 35 million, I think we're down now. I'm like 26.7 million. So changes on a daily basis. Right now what we're trying to accomplish is get the company into a positive cashflow production as quickly as possible. I'm not an exploration gambling roll the dice but a production guy. So I spent all my time focused on Sangihe into production for a long time doing due diligence on it before I was looking to buy it myself and a lot about it that we had sent just getting the - contract of work (COW) a 30-year license which includes everything you need for a long time. And then also we have raised the funding. We need the last three months to basically get it into production. So we're actually fully funded to that production by Q2 2021 to currently we're doing the land acquisition and we should be breaking ground in a month or so to start the construction process and start pouring our first gold sometime this summer.
SH: For investors that might not be too familiar with mining operations in Indonesia, can you give us a brief overview of the jurisdiction, Terry?
TF: Well, actually Indonesia gets a bad name mainly because ofBre-X one bad deal from 20 years ago. And a lot of people understand with Bre-X actually really was Filipino geologists with a bunch of Canadians. They Indonesians were damaged as much as everybody else, but they get blamed for it for some reason. So it’s reality they're working in their business – mining in Asia is getting easier every year in life it’s often two steps forward, one step back issues, but a reality the last two years of working there full time, I found it easier over year. We have a simple Contract of Work (COW) ownership which has been grandfathered in. It's a contract directly with the government and superior to the current IUP and that alone makes BARU Gold worthwhile, as this license allows us to explore, develop, and now operate.
So in that way they Indonesia has made mining and production simpler and faster – one with policies that makes operation faster. And two, it actually improves that process. So let's see, we have right now an area which will allow us to get into production faster in North America. They do have, they do, they are trying to basically go, you know, keep their environmental issues under control as that is, you know, that has had some problems Indonesia, and they're trying to basically, but it's still easier, but I think in North America but you know, as for that, it's we don't pay any of the taxes have been in our loyalty and then of course, or capital gains tax so it's really, it's not an expensive jurisdiction to work at either.
SH: The company has an aggressive and ambitious plan for developing the two “underdeveloped and underexplored” projects across the Indonesian archipelago. Can you explain how this business model, in particular, works?
TF: Well, basically the business model right now is maybe saying, yay. They were trying to get Sangihe to production as quickly as possible. We hope to have, I mean, we're building a hundred thousand tonne leach pads expanding to larger 200,000 leach pads, but what will be operational at one time you have one being torn down the rebuilt, the other will basically be, you know, the operating in production. So with that, we should be able to start pouring. I mean, even in the beginning, when we start, we'll have maybe 10,000 ounces a year to start out with just as we build up our recovery. But over, and we'll also dig and add a Merrill Crowe plant initially to the mining plan. We'll be using our teams more processing, which local processes. And that's great. It's cheaper to process, but it's not very environmentally friendly. Is we wanting to be on, even though everyone's using it, it's not really, we want to basically be better.
Number two, basically, we'll be able to scale faster and it can't scale well within our artesian system and also just recover silver as well. And we have a lot of silver on our property and now silver is starting to take off. It makes sense. Merrill Crowe plants are great at uncovering silver. So once that goes in that we should be able to push up hopefully 4,000 ounces over 24 months. And that's our, that is really our goal. After 24 months of operation would be towards the form of a model. We also have a 35,000-meter drilling program to start hopefully expanding Sangihe gold deposit, hopefully in the summer July target and that space, that 13-month program, 35,000 years we have a 2010 43-101resource to beyond 1 million ounces from current 800k+. We tend to basically drill that and then this anomaly goes another anomaly which is several kilometers.
It's not like another 1.4 kilometers, but during that, when they did spots, the one on one, there are no drill holes, but the novelty goes onto this coast. This is a neck of Martabe basically of a peninsula. And it's the next post we think we'll get is equal number of ounces. So we're hoping to bring a lot of those ounces into inferred and into measure. And then that will basically give us, you know we're hoping at least a million ounces to basically work with and bring up our, bring up our production using those ounces. Oh, this is also one more thing. This only 10% of the property, we have basically a hundred thousand acres, 40,000 acres that basically we had, and this is only 10% of it. So we still have 90% of the property to do detailed exploration on. So we expect to add lot more in resource next few years.
SH: Terry, the company has heap leach pads – an industrial mining process used to extract precious metals – under construction. Its designed to generate cash flow and fund exploration, and the goal is four-thousand ounces of gold per month. How so?
TF: The leach pad system was really used or perfected in Nevada in the seventies. It's been around, I think some English guy came out with a couple of years ago, but really it wasn't until the seventies that a number of companies learned that in Nevada, it was perfect for the type of a foam material they're working with. I was using heap leach pads over in North Sulawesi had several, but now they're all basically I think a total of maybe 50,000 tons. But they ran it quickly quick. They're small brand fast. This is going to be a hundred thousand, but actually to 100,000 tons next to each other. So as one is being operated, others were running a cyanide solution through the to the soil to extract the minerals. The other one will be torn down and rebuilt.
So Avery, and so we used to go to, you know, Site A or Site B there's one set of tanks. One said, oh yeah, I want to set a gold tanks, one set of tanning ponds, you know, one gold room. So basically it, so we're running, you know, every day, 24 seven with ever wherever shutting down. So we're always going to have processing happening. So basically with this this will base to get us up to a thousand ounces a month fairly quickly. And so it should give us also 2000 ounces a month while after we've had several months to get our get our recovery to where we want it to be. That's, that's kind of a process that takes time is we work out the kinks and a new system, or at least a new site. So we will then build, we're also putting in a mural Crow plan.
And after this Milko plant will base allows us to process faster. Also allow us to be okay, we're using our, we'll be using artesian processing before that. What's it, the premier Crow plant, it allows the process faster. They'll also get more material out than we are on the HR team will lose a little bit during the digital processing also. So once we have that we'll also add other heat please pants for the down as we do more drilling, we'll have other areas will start to basically pull, you know, product out from there too. So you keep adding more paths, another set, she gets up to 4,000 ounces a month and we're hoping basically 24 months.
SH: Can you tell our investor audience how far along these projects are in terms of exploration and development, including the approval of permitting and licenses from the Indonesian government?
TF: Sure. Well, San Diego, just the permit was finally issued. We actually finished everything last October, November, I think November. And the problem is then everything shut down because of COVID. I mean, they shut down all of the mining offices. So they opened up for one day and February 8th, I think it was to be issued purpose. Everyone's waiting for it. We got our permit issued finally. So, but we didn't stop because we knew that we actually had this finished. So we actually already started sending people to the site. We put an engineering team in January onto the site. We started moving, we started meeting, you know, we're starting to mobilize everything. And so that was what basically set us up. So now we're ready to basically do all the land purchasing. We're just now starting to make offers to the landowners.
And that's, it's actually their land users who were basically pursuing it. They used their ranch and use their land for a period of time. And so, so during this time then we'll hopefully start breaking ground or we're hoping they can get a lot of that done in March and start breaking ground in April. And then basically in a few months, it doesn't take long to build the police presence and a few months this summer we'll actually pouring the first gold and it'll take, like I said, it'll take probably two quarters to get our recovery where you want it to be. So a third quarter, we hope to be up to a hundred percent of every 180% recovery, which is about the best we'll do 85% of the number of grams in the ground there.
SH: The company has planned drill program of 35-thousand metres this summer to expand the resource with a goal of one-million ounces of gold. This is impressive. How to you plan to achieve it?
TF: By getting some drugs and some RC juries there? Now it's basically a little too artsy jewelry is a take me around 13 months to do this. We'll bring on a team that we'll have next portion team there. And actually we may, we may be continuing on, like I said, this is only 10% of the area during the same time we're doing the drilling. We'll have an exploration teams going South to our other 90% of the project and look for hotspots. So we hope to basically keep the drillers, keep going for several years and bring a lot more than a million announces I'll bet. Our first started Fergus target right now is this, this plan has already been developed is about a may analysis in both India, inferred and measured, and there'll be both oxide and cell phones. So basically that is what we helped to have done. We'll start it in January July with double the target. The target is July, as long as it goes on, truck targets, July has started, which would be the August, the following year it'd be finished, but then that 35,000-meter program, then we start the next program someplace else. If we, once we've got that area, you know, targeted.
SH: Can you tell our audience about your corporate management team, along with the experience and innovative ideas that they bring to the metals & mining space?
TF: The best team in the world! Of course, a lot of these guys who worked for the years, I mean when nice things. So I'd been there a long time. I can find the people that don't work well with me or work well with, you know, work well period. And they're not with me anymore. The ones I have right now kill for we have a great legal team which a lot of people, you know, kind of say, well, you know, he, she doesn't the legal dead to have a really good legal system. It does work. Basically it's not the same as the Western legal system, but at the same time, you know, it does it, you know, we can get things done very efficiently, especially through the mining department. And the top of that, we have a great COO. My COO has been in Indonesia for 35 years, I guess he's opened up about seven mines.
He’s basically copper and gold. I think he had worked the last mine he worked for was actually opened up a coking coal. The only coal he worked, I was cooking coal is not a couple of, not a lot of Coca-Cola Indonesia, by the way. And so, but he was, he was SFA and he's worked for most Australian companies. He's a Kiwi but he actually speaks fluent Bahasa. He was actually my mentor for a long time when I was doing coal. And he was the one that taught me the importance of community and, you know, committee relations. And he's a big believer in that. He basically gives solve any problem with the locals and that is really where you have the issues. The locals are really sweethearts. I mean, I love working with Indonesians, but they're not Westerners.
And they don't think the same way as I think, you know, so there'll be times where I will want, wonder what the heck they're doing. Why are they saying that? Why are they causing this problem? And care's really keeping figured out really quick. And he's really good at basically making, not just solve the problem, making everyone like us a lot more after the problems. I mean, basically, and that just makes life so much easier. He's great. The mining part too he's open to lots of minds. He's also got one of the best networks because he's worked for a lot of large Western companies there. And especially the, you know, the, the mines, very few people that's worked for Western company has worked with Gary once or twice. So Gary has a great, you know, great back with HR and stuff like that too.
Our Geo is great. Also our Geo has guys 25 years international experiences that he's an Ozzie. And basically, he worked for Barrick for eight years in Africa, opening up, you know, four gold mines. He was one, one that drove out San Diego, 2013. It says experience on somebody you want. And the first person I hired when I came back when I took over the competence, I hired him back because he wasn't with the company at the time. So basically, I brought her back and he's, he has been a really great person to work with and it works well with the team. Our team also includes a number of people that worked with before, back in 2013 or 15, all the good ones that I just held onto as tightly as I could. I mean, you went to find someone good energy to hold on to them.
Anyplace, I think we have also East, even in Vancouver, we've got a great CFO. I mean, she basically has been with the company since I think she's probably the oldest employee of the company she's been around since 2007. So he knows where the bodies are buried combined to Barry winter to herself. So basically, but yeah, we have just Vancouver and also Indonesia, we have a really good team and works well together. We have lots of communications. We have, we have a bulletin boards, every knows what's happening on the site. So, I have a really good team. I made sure it's really easy. All you need to be. Yeah. When I can do it too much work, I figured there's a hiring opportunity. And then, and then, then they just have to basically be better at that than I am, which is a pretty low bar.
So basically, we've got, you know, everyone on the team, whether accounting, whether I'm basically, you know, mining or engineers they are top notch. I mean it basically, and everyone, the thing is they all work well together. It's, it's, it's a good community. It's kind of a family. And so and we treat them that way too. You have, basically, if you work well for us, we're going to treat you well, you know, cause basically, you know I depend on them, you know, so I'm a guest there, you know, we're, we're going to have on this site of saggy, 140 employees during construction, 106 after structure's finished of that, basically 70% of her being from the Island, a lot of people on the Island, right? Clean, no mining, they would go out of their place in the mind. We've got a lot of people calling us from mining sites around there, just, Hey, I'm from [inaudible] can you bring me back? Because basically then they get to go home to their, their kids to wife had dinner, we'd have to put them up in facilities would have to basically feed them all the meals. And it's good for everybody in the community and especially us. And so the more we can put into the community and the better is for us, it's not just, yeah, it's not just the bottom line. It's basically makes life easier, which is good for the bottom line. And so, you know if we have a problem, they helped solve the problem. They don't make the problems. You know, so basically being part community is basically is being a partner.
SH: And finally, Terry, if there’s anything else that I’ve overlooked and you’d like to add, please feel free to elaborate.
TF: Well, I mean, say saggy is my love. I've been around Sangihe for the very beginning, and you've noticed that's fine. It's most of the time and that, I mean, I want to see cash flow. I love cash. I love money coming in. And I love the goal. They just say, Patrik a patient and you holding gold up. I did a lot. I love that part. But Miwah basically is something keeps coming up all the time and I'll give a couple of updates here. So MI Y is a really good project. It's been around, I mean, it's a company really start working with it back about five years ago. And so, and when I came in, I took a look at it. And so it's been three or four years since they worked on it, so to me, it's a lot of money to start out with and save time as a lot of issues.
So I kind of put it aside and started working on it slowly, but we had been working on it. We were meeting all of these stakeholders who worked out kind of how to do this with stakeholders before I left. I forced that I can't orchestrate a turnaround over zoom. So I got to get back, but we will, hopefully we want to get back to be pursuing that so we can get some nice news about what you want to want to get back. But again, I've tried to get back to Malaysia. Indonesia has been closed for the last couple of months as Canada's bed for last six months. So basically, it's, you know, everyone's during COVID it slowed everything down a bit. Luckily, we had a really solid team, especially a core team in Indonesia already started before I left. And so as long as you hired the right core people, they, they, they're kind of like multiplied the same way. And so, I really don't have any worries right now with sending Sangihe. Meanwhile, we have really good legal team work on me while also, but reality I've gotta be there. So when I get there, we'll, you know, you'll start hearing news about Miwah. So now I'm just waiting for them to open the door.
For information on Baru Gold Corp., visit www.barugold.com
FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.
Tags:
INDUSTRIAL METALS & MINERALS
https://stockhouse.com/opinion/interviews/2021/03/12/3-3-million-oz-au-building-indonesia-s-new-gold-miner
howestreetbull
3 years ago
BARU.v $BARUF Baru Gold Corp Appoints Mining Executive John J. Ellis
by @thenewswire on 10 Feb 2021, 13:02
(TheNewswire)
Vancouver, BC – TheNewswire - February 10, 2021 - Baru Gold Corp (“Baru Gold” or “The Company”) (TSXV:BARU) | (OTC:BARUF) is pleased to announce the appointment of Mr. John J. Ellis to the Company’s the Board of Directors.
Mr. Ellis is a mining executive and engineer with significant experience in operations, open pit, start up management and capital markets over the last 50 years.
From 1980’s he was Senior Vice President for Inspiration Mining Corp North American which produced over 3 million tonnes of coal per year in US and served as Vice Chairman of Hudson Bay Mining & Smelting. Group, looking after operations. By 1989 to 1994 Mr. Ellis would become Managing Director for Wester Gold Exploration & Mining (Inspiration Mining) and looked after all of the groups’ open pit, underground operations, mills, for gold/zinc/copper through to sales.
In the late 90’s he was tasked to become Chairman and CEO of Anglo Gold North America, setting up Anglo’s gold mining ventures in Americas responsible for gold exploration, acquisition, and operation of projects in US, Canada, and Mexico. He has also provided guidance to Inco in Indonesia early 2000’s for a large nickel laterarte mine producing 160 million pounds of Nickel annually.
He is currently serving as a member of the Board of Directors for Hycroft Mining Corp (formerly Allied Nevada Gold) and Jaguar Mining Inc, two mid size gold producers in Americas. Previously, he has served as a director for International Tower Hills Mines, Queenstake Resources, Cashman Equipment, and also Sunshine Silver Mines. He’s been a consultant for several large scale multi-national mining groups including CRVD-Inco, BHP Biliton, AngloGold Ashanti and Anglo American.
Mr. Ellis is a Professional Mining Engineer licensed British Columbia.
President & CEO of Baru Gold, Mr. Terry Filbert comments, “John brings to Baru Gold decades of operational and capital market guidance. Having access to his leadership and understanding in mining engineering from the grounds up through to sales, expansion financing and beyond will be instrumental in Sangihe’s success. As former CEO of Anglo Gold and local knowledge in Indonesia, we expect him to elevate Baru Gold’s operational excellence and perception in the capital markets as we advance towards production in 2021”.
The Company also announces that it has granted an aggregate amount of 500,000 stock options to Mr Ellis in accordance with the provisions of the Company's stock option plan. The grant of the options is subject to the approval of the TSX Venture Exchange. Each option entitles the holder to purchase one common share of the company at an exercise price of $0.12 for a five-year period.
Mr. Alan McMillan is stepping down from the Board at this time due to other commitments. Alan has been a director of the Company since March 2017 and has supported the Company and management while the Company transitioned to it’s current phase of the Company’s life cycle. The Board of Directors wish to express their thanks to Mr. McMillan for his service to the Company.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation (formerly East Asia Minerals) is positioning itself to become Indonesia’s new gold producer. We are a dynamic junior gold developer with NI43-101 gold resources in Indonesia, one of the top ten gold producer countries in the world. In 2020, Baru Gold received approval on the environmental permit and became compliant on all government requirements for the Sangihe Gold Project. Baru has received the approval for the upgrade of its licence to advance the project to construction and production in 2021.
The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.
Our team of mining and finance professionals are based both in North America and locally in Indonesia and boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru Gold is well positioned to take advantage of the increased interest in gold and precious metals with both exploration upsides and operation cashflow in 2021.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2021 TheNewswire - All rights reserved.
howestreetbull
3 years ago
BARU.v $BARUF Baru Gold Receives Approval for PT Tambang Mas Sangihe Work Plan & Budget and Grants Options
by @thenewswire on 7 Jan 2021, 06:01
(TheNewswire)
January 7, 2021 – TheNewswire - Vancouver, British Columbia - Baru Gold Corporation (the “Company”) (TSXV:BARU) | (OTC:BARUF) is pleased to announce that the Work Plan & Budget Rencana Kerja & Angaran Belanja (“RKAB”) for PT Tambang Mas Sangihe (“TMS”) for 2021 has been formally approved by the Ministry of Energy and Mineral Resources.
The RKAB includes planning and proposed expenditures for construction, mining, production, community programs, environmental rehabilitation, and geological and geotechnical investigations for 2021.
The RKAB is a formal annual requirement for all mining concessions in Indonesia, whether in the exploration or production phase, and the approval is a prerequisite to any activities being carried out in that particular year
Baru Gold CEO, Mr Terry Filbert, commented, “The Company wishes to thank the Ministry of Energy and Mineral Resources for their very prompt approval of the 2021 RKAB. While the Company awaits the upgrade of our licence to production status, this approval demonstrates strong support and commitment to the development of the project by the Indonesian government.”
The Company also announces that it has granted an aggregate amount of 3,125,000 stock options to officers, directors, employees and consultants of the Company in accordance with the provisions of the Company's stock option plan. The grant of the options is subject to the approval of the TSX Venture Exchange. Each option entitles the holder to purchase one common share of the company at an exercise price of $0.155 for a five-year period.
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold-silver project is located on the island of Sangihe off the northern coast of Sulawesi and has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold as reported in the Company's "Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia" dated May 30, 2017. Only 10% of the gold bearing area has been explored. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company's 70-percent interest in the Sangihe-mineral-tenement contract of work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase of the project.
The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation (formerly East Asia Minerals) is building Indonesia’s new gold producer. We are a dynamic junior gold developer with NI43-101 gold resources in Indonesia, one of the top 10 gold producer countries in the world. In Q3 2019, Baru Gold reached a milestone, securing the AMDAL environmental permit and paid dead-rent tax on its Sangihe Gold open pit heap leach operation and awaits its Operation Licence to advance the project to construction and production in 2021.
Our team of mining and finance professionals are based both in North America and locally in Indonesia and boasts extensive experience in starting and operating small-scale gold and coal assets. With over $5.5 million in cash and strong retail and institutional shareholders support, Baru Gold is well positioned to take advantage of the increased interest in gold and precious metals with both exploration upsides and operation cashflow in 2021.
Frank Rocca, BAppSc. (Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2021 TheNewswire - All rights reserved.
howestreetbull
3 years ago
Baru Gold Corp Starts Heap Leach Equipment & Staff Sourcing, Begins Land Acquisition & Updates Production Licence
V.BARU | 45 minutes ago
(TheNewswire)
TheNewswire - December 7, 2020 - Baru Gold Corp (“Baru Gold” or “The Company”) (TSXV: BARU) (OTC:BARUF) is pleased to announce it has commenced the sourcing of heap leach operational equipment, and the hiring of mining contractors. We are also happy to provide an update on the operational licence.
Baru Gold’s CEO, Terry Filbert, comments, “Baru Gold continues to move ahead toward commencement of production and cash flow from gold production on the Sangihe project in the first half of 2021. We have begun procuring equipment and additional land, and we expect the Operation Licence to be signed off as soon as the Indonesian Mining Department (EDSM) re-opens after its shutdown due to COVID-19. The health and safety of our staff is our top priority and I would like to thank our team for following the health and safety protocols to keep COVID-19 under control within the Company despite the recent second wave of the pandemic sweeping through Jakarta.”
EQUIPMENTS & CONTRACTORS FOR MINING
With the Environmental Permit application (AMDAL) approval in October, and the subsequent payment of the outstanding financial obligations paid in Q4 2020, Baru Gold has ramped up operational activities by procuring the supplies necessary for the 100,000 tonne heap leach pad outlined in the Company’s business plan. The construction of the heap leach operation has begun and it is not contingent on receipt of the operational permit, which is expected once the Mining Department re-opens.
As the operation is just starting up, initial cash capital expenditure outlay will be minimized through the leasing of excavators, dump trucks, and dozers from local contractors, and the sourcing of other small equipment and supplies from local vendors.
ADDITIONAL LAND ACQUISITION
Based on data compiled by the Company’s engineering team, the Company has completed its survey of the areas required for mining operations. We will soon be completing the land acquisition with the government and the local land users for the additional land needed for the project. These additional hectares at Sangihe will provide Baru Gold with space for an operational base, warehouses, accommodations, and production facilities required for proper operations. Per our August 22, 2020 news release, Martin Jati Lawyers has been retained and is working on our behalf on the land survey and acquisition service for the mining area located within the PT. Tambang Mas Sangihe’s Contract of Work.
OPERATION LICENCE
After the Environmental Permit application (AMDAL) and approval in October 2020, and the subsequent November 2020 payment of the outstanding financial obligations, Baru Gold is now only waiting for the Indonesian Mining Department to issue the licence. As a reminder, Baru’s Contract of Work (CoW) provides the Company with a full permit from an exploration and feasibility licence to a full 30-year production licence.
As of December 2020, the Company has prepared and submitted all necessary documentation for the official sign off on this permit. However, the Company has been advised that due to increased COVID-19 infection rates in the main Indonesian cities, the Mining Minister’s office in Jakarta, which is authorized to issue the license, has been temporarily shut down in favour of remote working to limit the potential spread of the disease. All staff are relying on virtual meetings to conduct normal business activities and this has understandably slowed the process.
The Company expects this last administrative review and approval to be completed shortly, and is, within the proper authorities, concurrently advancing on operational fronts, including the hiring of personnel, and the preparation of the production site.
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold-silver project is located on the island of Sangihe off the northern coast of Sulawesi and has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold as reported in the Company's "Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia" dated May 30, 2017. Only 10% of the gold bearing area has been explored. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company's 70-percent interest in the Sangihe-mineral-tenement contract of work ("CoW") is held through PT. Tambang Mas Sangihe (TMS). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase of the project.
The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation (formerly East Asia Minerals) is building Indonesia’s new gold producer. We are a dynamic junior gold developer with NI43-101 gold resources in Indonesia, a top 10 gold producer countries in the world. In Q3 2019, Baru Gold has completed milestone AMDAL environmental permit and paid dead-rent tax on its Sangihe Gold open pit heap leach operation and is awaiting Operation License to advance the project to construction and production in 2021.
Our team of mining and finance professionals are based both in North America and locally in Indonesia and boast extensive experience in starting and operating small-scale gold and coal assets. With over $5.5 million in cash and strong retail and institutional shareholders support, Baru Gold is well positioned to take advantage of the increased interest in gold and precious metals with both exploration upsides and operation cashflow in 2021.
Frank Rocca, BAppSc. (Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2020 TheNewswire - All rights reserved.
TheNewsWire
December 7, 2020 - 6:12 AM PST
Tags:
INDUSTRIAL METALS & MINERALS
howestreetbull
4 years ago
EAS.v $EAIAD $EAIAF East Asia Minerals in Final Stages of Amdal Approval for Sangihe Gold Project, Indonesia, and $100,000 Financing
by @thenewswire on 16 Jul 2020, 16:13
(TheNewswire)
TheNewswire - July 16, 2020 - East Asia Minerals Corporation (”EAMC” or “The Company”) (TSXV:EAS) (OTC:EAIAF) is pleased to announce that the final environmental assessment study (AMDAL) has been submitted to the relevant environmental office in the Province of North Sulawesi. EAMC is anticipating the approval of the AMDAL and it to be issued by the authority within two weeks of this submission.
The approved AMDAL, together with the Indonesian Feasibility Study (IFS) from August 2018 which has been approved and completion of financial obligation to the government, are the requirements to upgrade the Sangihe Gold Project license to production operation stage.
Once EAMC obtains the production operation license, anticipated to be in Q3 2020, the Company will start on production financing and next steps to bring the Sangihe Gold project to operation.
NON-BROKERED $100,000 FINANCING FOR AMDAL
In support of the preparation of the AMDAL permit, the Company will issue 909,091 worth of shares at $0.11 unit price for proceeds of $100,000 (the ”offering”) to top up AMDAL related professional fees, mining reclamation planning process at Sangihe, and working capital expenditures relating to the AMDAL.
The units will be taken by long-term EAS stakeholders and investors and is expected to close by July 27, 2020. Each unit is comprised of one (1) common share and one (1) share purchase warrant exercisable for a term of two years for the purchase of an additional common share at the prices of $0.15 per common share.
The exercise of the warrants shall be subject to the following acceleration provision: if for any ten (10) consecutive trading days the closing price of the Shares on the TSX Venture Exchange (the “Exchange”) exceeds $0.19 at any time commencing (4) months after the Closing Date and until the expiry date of the warrants, then the remaining term of the warrants will be reduced to thirty (30) days, commencing after the end of such ten (10) consecutive trading day period. The Issuer will notify warrant holders by way of a press release that the warrants have accelerated and provide new expiry dates in such press release. This clause may not be used to extend the expiry date of the warrants.
ISSUE OF STOCK OPTIONS
The Company announces that it has granted an aggregate amount of 1,000,000 stock options to a consultant of the company in accordance of the provisions of the company's stock option plan, subject to approval of the TSX Venture Exchange. Each option entitles the holder to purchase one common share of the company at an exercise price of $0.10 for a five-year period.
The foregoing transactions are subject to approval of the Exchange
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold-copper project is located on the island of Sangihe off the northern coast of Sulawesi and has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of Gold as reported in the Company’s “Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia” dated May 30, 2017 Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company’s 70-percent interest in the Sangihe-mineral-tenement contract of work (“CoW”) is held through PT Tambang Mas Sangihe (PTTMS). The remaining 30-percent interest in PTTMS is held by three unaffiliated Indonesian corporations. The term of the Sangihe CoW agreement is for 30 years upon commencement of the production phase of the project.
ABOUT EAST ASIA MINERALS CORPORATION
East Asia Minerals is a dynamic junior gold developer with two assets totaling combined resources of 3.3 million ounces NI 43-101 gold resources in Indonesia, one of the leading gold producer countries in the world. EAS plans to advance and permit Sangihe in near term and raise funds for a 1,000 ounces per month heap leach operation. With cashflow from operations, the plan is to further expand resources through drilling of the Company’s projects. The Company cautions readers that the any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks outlined in the “forward looking statement” below.
East Asia has a team of mining professionals in North America and locally in Indonesia with extensive experience in operating small scale gold and coal assets, working diligently to develop it’s highly prospective project portfolio.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of East Asia Minerals Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.
EAST ASIA MINERALS CORPORATION
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
info@eastasiaminerals.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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this News Release, which are not historical in nature, constitute “forward looking statements” within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning future work programs, results and timing of any work programs, the Company’s performance or events as of the date hereof. These statements reflect management’s current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof.
Copyright (c) 2020 TheNewswire - All rights reserved.
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