Vancouver, BC - Baru Gold Corp ("Baru Gold" or "The Company") 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
For investor contacts more information, please contact:
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.