BARU GOLD Announces Closures of Illegal Mines
News Release
February 10, 2023 Trading Symbol: “BARU: TSX.V | BARUF: OTCQB”
BARU GOLD ANNOUNCES CLOSURES OF ILLEGAL MINES
Vancouver, BC - Baru Gold Corp (“Baru” and its subsidiary PT. Tambang Mas Sangihe (“TMS”)
or the “Company”) is happy to announce to stakeholders and investors that the industrial -scale,
illegal mining operations on Sangihe Island have stopped.
As of February 10, 2023, all known illegal mines on Sangihe Island are no longer operating. The
illegal miners, virtually all non -residents, left Sangihe Island en masse. Their remaining pieces of
heavy equipment are being moved off the worksites. As mentioned in our press release of January
11, 2023, t he Company believes the se events are directly related to the Police Chief of North
Sulawesi (Kapolda) Setyo ’s mission to end illegal mining across the entire region. Unfortunately,
illegal miners have no t undertaken any environmental remediation and left their worksites
contaminated.
The Company is the only entity legally permitted to operate a gold mine on Sangihe Island.
We wish to stress to shareholders the importance of ending illegal mining on Sangihe Island.
Virtually every difficulty and delay faced can be tied directly or indirectly to illegal miners that have
a vested financial interest in preventing the Company from operating. Illegal miners have also spent
significant sums of money to fund media campaigns, lawsuits , and protests that have resulted in
physical attacks on and blockage of the Company’s equipment and staff. The departure of illegal
miners is a win for the Company, local Sangihe residents, the environment, and Indonesia.
Mr. Terry Filbert, CEO of Baru Gold, commented, “For too long, Sangihe Island has been held
hostage by a few individuals using the Island’s resources to enrich themselves and corrupt the social
fabric and environment. The illegal mine rs brought nothing but corruption, violence, and
environmental destruction. The gold on Sangihe should be used to provide lasting positive social
and economic changes on the Island – not for nefarious purposes. The residents have now seen and
felt the damage done by the illegal miners on Sangihe. In contrast, the Company pays many taxes,
including payroll, property, land concession, income, and, once in production, royalties. All these
taxes go to support the development of the Island and the Indonesian economy. Seventeen villages
on Sangihe are still without connection to the electrical grid. Our tax contributions will flow to such
villages to help electrify them – not only to a few self-interested individuals. I look forward to seeing
the positive financial and social changes on Sangihe Island, while protecting the environment.”
Baru Gold Corporation
9th Floor 1021 West Hastings St
Vancouver, BC V6C 1L6
www.barugold.com
The Company also wishes to welcome Jan Leonard de Fretes as the new Wakapolda (Vice-Regional
Head) of the North Sulawesi Police. The Wakapolda is newly appointed, and like Kapolda Setyo, he
has also prioritized the removal of illegal miners and dismantling the supply chain, upon which they
depend, across the entirety of North Sulawesi.
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 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
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.
ABOUT BARU GOLD CORP.
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 boasts extensive experience in starting and operating small-scale gold assets.
BARU GOLD CORP
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 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 r esults, 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