June 24, 20224 – TheNewswire - VANCOUVER, B.C. - Baru Gold Corp.  (BARU: TSX.V | BARUF: OTCQB) (the “Company” or “Baru”) and its subsidiary PT. Tambang Mas Sangihe (“TMS” or the “Company”) is pleased to announce to shareholders that the outstanding land use taxes on the Sangihe Gold Project have been paid.

 

Land use tax payments made by the Company totalled approximately CAD$940,000 (11.2 billion Rp). Paying this land use tax was the key obstacle in obtaining approval for the upgrade from Exploration to Production Operations. With this milestone achieved, the Company now meets both the technical and financial requirements set by the Indonesian Ministry of Energy and Mineral Resources to receive the upgrade.

 

The upgrade to Production Operations is guaranteed by Indonesian law in accordance with the Company’s Contract of Work. Shareholders will be notified when the upgrade is issued.

 

Baru continues to make rapid progress finalizing the USD$100 million financing package announced on May 15, 2025. Draft agreements and documentation have been prepared and will be exchanged over the next few days. Given the current speed of progress, the Company remains confident in closing the financing within the next several weeks.

 

Mr. Terry Filbert, CEO of Baru Gold, commented, "With regulatory and financing milestones advancing in tandem, the Company plans to begin operations as soon as possible. Once the Production Operations upgrade is issued, I anticipate having the financial means to scale production faster than previously anticipated. I would personally like to thank those that provided the funding necessary to pay the nearly 1 million dollars in land use taxes. Their financial support is an expression of confidence in the Sangihe Gold Project and a significant step forward for the Company and all its stakeholders."

  

ABOUT SANGIHE GOLD PROJECT

 

The Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi with a gold bearing area of approximately 25,000 ha.

 

Sangihe has an existing National Instrument 43-101 report suitable for mining planning and production schedules for an area within the 65-hectare area targeted for initial production. See the company's "Independent Technical Report on the Updated Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia" (Mining Associates Pty. Ltd., Feb. 1, 2025). Only 10 per cent 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 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

 

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 other 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.

 

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 boasts extensive experience in starting and operating small-scale gold assets.

On behalf of the Board of Directors

 

BARU GOLD CORP.

 

“Terry Filbert”                       

Terry Filbert

Chairman and Chief Executive Officer

604-684-2183

info@barugold.com

 

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.