Further to the news release dated Jan. 24, 2024, announcing a non-brokered private placement consisting of up to 7.5 million units priced at two cents per unit for total proceeds of $150,000, Baru Gold Corp. and its subsidiary PT Tambang Mas Sangihe are adding that the financing is for legal fees related to the processing of the upgrade of its Sangihe gold project to production operation status. There are no proposed payments to non-arm's-length parties of the company and no payments to persons conducting investor relations activities.
The private placement is subject to regulatory approval, and all securities to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws.
About Sangihe gold project
The Sangihe gold project 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 cautions readers that any production decision made by the company will not be based on an 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-per-cent interest in the Sangihe-mineral-tenement contract of work is held through PT Tambang Mas Sangihe. The remaining 30-per-cent 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 Gold has met all the requirements of the Indonesian government and has been granted its environmental permit.
About Baru Gold Corp.
Baru Gold is a dynamic junior gold developer with NI 43-101 gold resources in Indonesia, one of the top-10 gold-producing countries in the world. Based in Indonesia and North America, Baru Gold's team boasts extensive experience in starting and operating small-scale gold assets.
BARU GOLD CORP
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
info@barugold.com
For investor contacts more information, please contact:
Kevin Shum
Investor Relations
kevin@jeminicapital.com
647-725-3888 ext 702