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January18, 2022 –TheNewswire -
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
In January,
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
COVID-19 Impact
In July,
Baru Supports Indonesian Government in Lawsuit
Baru joined the
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
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.
In April, Mr.
In August, Mr.
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
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
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
Drilling Commences at Sangihe
On December 21st, Baru commenced the 25,000-metre exploration program with the arrival of the drill rig on
LocalEmployees 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 theentire Sangihe Island Contract of Work (“CoW”) area using data from the structural study that is expected to be completed by end
Mr.
ABOUT SANGIHE GOLD PROJECT
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
Per: “Terry Filbert”
President & CEO
info@barugold.com
+1-206-890-8285
For investor contacts more information, please contact:
Investor Relations
kevin@jeminicapital.com
647-725-3888 ext 702
Neither
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.
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