BARU GOLD Receives Approval FOR PT Tambang Mas Sangihe Work Plan & Budget and Grants Options
News Release
BARU GOLD RECEIVES APPROVAL FOR PT TAMBANG MAS SANGIHE
WORK PLAN & BUDGET AND GRANTS OPTIONS
January 7, 2021 Trading Symbol: “BARU: TSX.V | BARUF:US”
Vancouver, British Columbia, B aru Gold Corporation (the “Company”) is pleased to announ ce
that the Work Plan & Budget Rencana Kerja & Angaran Belanja (“RKAB”) for PT Tambang
Mas Sangihe (“TMS”) for 2021 has been formally approved by the Ministry of Energy and
Mineral Resources.
The RKAB includes planning and proposed expenditure s for construction, mining, production,
community programs, environmental rehabilitat ion, and geological and geotechnical
investigations for 2021.
The RKAB is a formal annual requirement for all mining concessions in Indonesia, whether in
the exploration or production phase , and the approval is a prerequisite to any activities being
carried out in that particular year
Baru Gold CEO, Mr Terry Filbert, commented , “The Company wishes to thank the Ministry of
Energy and Mineral Resources for their very prompt approval of the 2021 RKAB. While the
Company awaits the upgrade of our licence to p roduction status, this approval demonstrates
strong support and commitment to the de velopment of the project by the Indonesian
government.”
The Company also announces that it has granted an aggregate amount o f 3, 125,000 stock
options to officer s, directors, employees and consultants of the Company in accordance with
the provisions o f the Company's stock option plan. The grant of the options is 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 $0.155 for a five-year period.
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 a s reported in the Company's "Indepe ndent
Technical Report on the Mineral Resource Estimates of the Binebase and Bawo ne Deposits,
Sangihe Project, N orth Sulawesi, Ind onesia" dated May 30, 2017. Only 10% of the gold
bearing area has been explored. Readers ar e cautioned that mineral resources that are not
mineral r eserves do not have demonstrated economic viability. The Co mpany's 70- percent
interest in the Sangihe -mineral-tenement contract of work ("CoW") is held through PT.
Tambang Mas Sangihe ( “TMS”). The re maining 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.
Baru Gold Corporation
9th Floor 1021 West Hastings St
Vancouver, BC V6C1L6
www.barugold.com
The Company intends to proceed to production without the benefit of first establishing mineral
reserves supported by a feasibi lity study. The Company cautions readers that any production
decision made by the Comp any will not be ba sed on a NI 43 -101 feasibility study of mineral
reserves that demonstrates economic and t echnical viability and as such, there may be involved
increased uncertainty and various technological and economic risks such as the interpretation of
drill results; t he geology, grade and continuity of mineral deposits; the possibility that future
exploration, de velopment or mining results wi ll not be consistent with our expectations;
commodity and currency price fluctuation; failur e to obtain adequat e financing; regulatory,
recovery rates, refinery costs, and other relevant conversion factors, permitting a nd lice nsing
risks; general market and mining exploration risks and production and economic risks related to
design a nd engineeri ng, 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 building Indo nesia’s new gold
producer. We are a dynamic junior gold developer with NI43- 101 gold resources in Indonesia,
one of the top 10 g old produc er countries in the world. In Q3 2019, Baru Gold reached a
milestone, securing the AMDAL environmental permit and paid dead-rent tax on its Sangihe
Gold open pit heap leach operation and awaits its Operation Licence to advance the p roject to
construction and production in 2021.
Our team of m ining and finance professionals are based both in North Amer ica and locally in
Indonesia and boas ts extensive experience in starting and operating s mall-scale gold and coal
assets. With over $5.5 million in cash and strong retail and institutiona l shareholders support,
Baru Gold is well positioned to take advantage of the increased in terest in gold and precious
metals with both exploration upsides and operation cashflow in 2021.
Frank Rocca, BAp pSc. (Geolo gy), MAusIMM, MAIG, Chief Geologist of B aru 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 R egulation Services Provider (as that term is defined in the
policies of the TSX Venture Ex change) 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, re sults and timing of any work programs, t he 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 event s to be mater ially different from those expressed or implied by such forward looking
statements. Those risks include the interpretation 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 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 des ign and engineering, manufacturing, technologica l processes and test procedures and the risk that t he
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 con strued as investment advice. Readers should per form a detai led, independent investigation and
analysis of the Company and are encouraged to seek independent professional advice before making any investment decision.
Accordingly, readers s hould not place undue reliance on any forward- looking statement. Except as r equired 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.