BARU GOLD Cancels Previously Announced Financing
News Release
December 1, 2022 BARU: TSX.V | BARUF: OTCQB
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
BARU GOLD CANCELS PREVIOUSLY ANNOUNCED FINANCING
Baru Gold Corp (“Baru” or the “Company”) announces that the Company will not be proceeding
with the proposed non-brokered private placement that was previously announced on October 12,
2022. The Company may announce a new non-brokered private placement in the future however
is currently considering alternate forms of funding.
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 Bineb ase 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.
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 2022. Construction at Sangihe gold heap
leach project is currently underway.
ABOUT BARU GOLD CORP.
Baru Gold C orporation 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.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, 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
9th Floor 1021 West Hastings St
Vancouver, BC V6C 1L6
www.barugold.com
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 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 pric e 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 b e 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.