BARU GOLD Corp. Pays Mining Claims Tax (Dead Rent) FOR Sangihe GOLD Project, Indonesia Moving Project Forward
News Release
November 19, 2020 Trading Symbol: “BARU: TSX.V | EAIAF:US”
BARU GOLD CORP. PAYS MINING CLAIMS TAX (DEAD RENT) FOR SANGIHE
GOLD PROJECT, INDONESIA MOVING PROJECT FORWARD
Baru Gold Corp (“Baru Gold” or “The Company”), through its subsidiary, PT. Tambang Mas
Sangihe or “TMS” (the holder of the Sangihe Contract of Work (CoW) license), is pleased
to announce that it has paid the outstanding mining tax on the Sangihe gold project of
approximately $356,000 ( approximately Indonesia Rupia of 3.8 billion).
The tax was paid to the Central representative office of the Ministry of Energy and Mineral
Resources. The mining asset tax, colloquially referred to as “dead-rent tax”, is a fee due annually to
the government. This payment brings us current with all our financial obligations for the project.
With the AMDAL environmental assessment completed earlier in August and now the dead -rent
paid, the Operation License is the only remaining government administrative item outstanding
before the project can advance to construction and operations.
The Company expects the Operational Production License to be granted within the next few months
and the goal is to move towards construction and purchase of e quipment for the Sangihe gold heap
leach project immediately after issuance. The Company has been actively taking steps to ensure we
move smoothly and quickly into construction once this licence is issued.
ABOUT SANGIHE GOLD PROJECT
The Sangihe gold -copper project is located on t he 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 Mine ral Resource Estimates of the Binebase and Bawone Deposi ts, 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 7 0-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 corpor ations. The term of the
Sangihe CoW agreement is for 30 ye ars 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 stu dy. 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 b e 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
Baru Gold Corporation
9th Floor 1021 West Hastings St
Vancouver, BC V6C1L6
www.barugold.com
and currency price fluctuation; f ailure to obtain adequate financing; regulatory, recovery rates,
refinery costs, and other relevant conversion factors, permitting and licensing risks; general market
and mining exploration risks an d production and economic risks related to design and engi neering,
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 (fo rmerly East Asia Minerals) is building Indonesia’s new gold producer.
We are a dynamic junior gold developer with NI43 -101 gold resources in Indonesia, a top 10 gold
producer country in the world. In Q3 20 20, Baru Gold completed the milestones of obtaining
approval of the AMDAL environmental permit and paying the dead-rent tax on its Sangihe Gold
open pit heap leach operation. The Company is now awaiting the Operation License to advance the
project to construction and production in 2021.
Our team of minin g and finance professionals are based both in North America and locally in
Indonesia and boast extensive experience in starting and operating small -scale gold and coal assets.
With over $5.5 million in cash 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, BA ppSc. (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
+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 Servic es 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 Relea se, 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 interpretatio n of drill resu lts; 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 adeq uate financing; regulatory,
recovery rates, refinery costs, and other relevant con version factors, permitting and licensing risks; general market and
mining exploration risks and production and economic risks related to design and engineering, manufacturin g,
technological processes and test procedures and the risk that the project’s out put 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.