January 26, 2021
Vancouver, BC – Baru Gold Corp (“Baru Gold” or “The Company”) is pleased to announce the management engineering team has mobilized to the project site on Sangihe Island, Indonesia.
Mr. Garry Kielenstyn, COO Sangihe Gold Project and Mr Fatchil Amal, Mine Technical Manager join the balance of the core team already on the island. In the near-term, the team will focus on office and site setup, hiring of construction personnel and procurement of construction materials and equipment in preparation for the construction of the heap leach operation at the Sangihie gold project site.
Mr. Kielenstyn’s experiences and track record is uniquely suitable for the Sangihe Gold operation as he has extensive experience running small start-up operations in remote parts of Indonesia. He served as Indonesia Country Manager and President Director of PT Cokal, focusing on the preparation of a 260 mt coking coal project at Murung Raya, Central Kalimantan. From May 2011 to April 2013, he was General Manager and Director at PT Batutua Tembaga Raya and PT Kharisma Permai with a focus on the preparation of the 25,000 TPA (tonnes per annum) copper cathode SXEW (leach) project at Wetar, East Indonesia. From 2008 to 2011, he was the Resident Mining Manager and Director at Straits Resources during which period he was responsible for all mining activities as IMK underwent a significant recapitalization, including upgrading JORC Resource to 730,000 Au eq oz with a single large pit operation.
CEO of Baru Gold Mr. Terry Filbert comments, “Having our senior management team mobilize from central Indonesia to the site on Sangihe Island will allow for the more efficient use of contractors, on site-setup and faster procurement of heap leach equipment. Given Garry and the team’s extensive experience in constructing larger and more complex heap leach start-up operations, I am confident in our Q2 2021 start-up milestones as we continue to move the construction preparation forward while awaiting the operation license upgrade.”
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 in 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 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 now awaits the approval for the upgrade of its 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 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
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.