BARU GOLD Announces Board Changes and Grants Options
News Release
BARU: TSX.V | BARUF: OTCQB
December 30, 2022
BARU GOLD ANNOUNCES BOARD CHANGES AND GRANTS OPTIONS
Baru Gold Corp. (“Baru” or the “Company”) announces the appointment of Dr. Shidan Murphy
to the board of directors and the resignations of Joseph Keane, John Ellis and Colin Davies,
effective immediately.
Dr. Shidan Murphy is an experienced analyst, environmentalist, and advisor based in Asia-Pacific.
An a ward-winning scientist and author of several papers that focus on bird and fish habitat
protection, Dr. Murphy started his career as a Research Fellow with the Government of Canada.
Dr. Murphy’s work focussed on balancing the requirements of environmental protection with urban
development. Today, Dr. Murphy helps solve the analytical issues facing organizations across Asia,
India and Australia. Dr. Murphy holds a PhD from the University of Toronto.
Mr. Ellis and Mr. Keane are both resigning for personal re asons. Mr. Davies, an experienced
exploration geologist and consultant based in Southeast Asia, is resigning from the board but will
be staying on as a consultant geologist for Baru.
The Company also announces the resignation of Bernice Wong as Corporate Secretary, effective
immediately. The Company thanks Ms. Wong for her service . Karen Dyczkowski will act as
Corporate Secretary in addition to her role as CFO.
Terry Filbert, CEO of Baru Gold, commented, “Baru Gold welcomes Dr. Murphy to the board of
directors. His knowledge and experience will be a great asset to the Company. I would also like to
personally thank Mr. Ellis and Mr. Keane for the ir guidance and advice in advancing B aru and
wish them well in health and in their future endeavours. W e look forward to continuing our
relationship with Mr. Davies in a consulting geological capacity as we continue to advanc e the
Sangihe gold project towards production in 2023. I would also like to thank Ms. Wong for her
service to the Company and wish her well as she begins the next chapter of her career.”
Stock Option Grant
The Company has granted 200,000 options to Dr. Murphy in accordance with the provisions of the
Company's stock option plan, 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 $0.05 for
a period of five years. The options are subject to a four month hold period from the date of grant.
Baru Gold Corporation
9th Floor 1021 West Hastings St
Vancouver, BC V6C 1L6
www.barugold.com
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold Project (“Sangihe”) 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'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.
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 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, re covery 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 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 of mining and finance professionals boasts extensive experience in starting
and operating small-scale gold and coal assets. Baru is positioned to become Indonesia’s next gold
producer.
BARU GOLD CORPORATION
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
+1-206-890-8285
For investor contacts more information, please contact:
Kevin Shum
Investor Relations
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 N ews 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 subjec t to
certain underlying assumptio ns, 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 ri sks
include the interpretation of d rill 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.