BARU GOLD Receives Approval FOR Suitability of Space Utilization Permit and Closes First Tranche of Private Placement
News Release
October 2, 2024 Trading Symbol: “BARU: TSX.V | BARUF: OTCQB”
BARU GOLD RECEIVES APPROVAL FOR SUITABILITY OF SPACE UTILIZATION PERMIT AND CLOSES
FIRST TRANCHE OF PRIVATE PLACEMENT
Vancouver, BC - Baru Gold Corp (the “Company” or “Baru”) and its subsidiary PT. Tambang Mas
Sangihe (the “Company” or "PT TMS") is pleased to announce to shareholders that the Government
of the Republic of Indonesia has approved and awarded the Compa ny a permit for Approval For
Suitability of Space Utilization (“PKKPR”). In addition, we are announcing that Baru has closed the
first tranche of $52,999.95 of the on-going private placement.
The PKKPR permit certifies that C ompany’s planned spatial utili zation aligns with Indonesia’s
regional plan for Sangihe Island. The permit award committee re viewed the Company’s work and
build plan for the designated land area. The PKKPR permit is required before obtaining approval for
the upgrade to Production Operations. The Company is currently working as expeditiously as
possible with the appropriate Indonesian Ministries to resume production operations.
Mr. Terry Filbert, CEO of Baru Gold, commented, "I’m very happy to see the ongoing progress with
the awarding of this Suitability of Space perm it. We are very close to securing all necessary
permissions to restart production operations on Sangihe, and this Space Utilization Approval is an
important step. Our upgrade to Production Operations is guaranteed under Indonesian law through
our Contract of Work and I look forward to obtaining this approval in the near future.”
The Company also announces the closing of the first tranche of the private placement announced on
September 17, 2024 for $52,999.95 and will be issuing 3,533,330 Units. Each unit will be comprised
of one common share in the capita l of the Company (a “Share”) a nd one non-transferable common
share purchase warrant (a “Warrant”). Each Warrant shall be exe rcisable for one Share for 2 years
from the date such Warrant is issued at an exercise price of $0.05.
The proceeds raised from the Private Placement will be used for working capital with no payments
to Non-Arm's Length parties and/ or investor relations providers . No finder’s fees were paid in
connection with this issue.
All securities issued in the Private Placement will be subject to a four-month hold period which will
expire on January 27, 2025. The Private Placement is also subject to final Exchange approval.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any state in which such offer, solicitation or sale would be
unlawful. The securities have not been registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States ab sent registration or an applicable
exemption from the registration requirements.
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 Indonesi an island of Sangihe, off the
northern coast of Sulawesi. Sangihe has two existing National I nstrument 43-101 reports with over
1 million oz of gold resource identified (inferred mineral reso urce of 1,022,987 and 114,700
indicated ounces of gold), as re ported in the Company's “Indepe ndent Technical Report: Sangihe
Property” (September 22nd, 2010) and “Independent Technical Rep ort 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 ar e not mineral rese rves do not have
demonstrated economic viability.
The Company intends to proceed to production without the benefi t of first establishing mineral
reserves supported by a feasib ility 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 te chnical 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-teneme nt Contract of Work (“CoW”) is
held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held
by other Indonesian corporations. The term of the Sangihe CoW a greement 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 dyna mic junior gold developer with N I 43-101 gold resources in
Indonesia, one of the top ten gol d producing countries in the w orld. 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
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 hi storical 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 statemen ts. Those risks include the interpretation of drill results;
the geology, grade and continuity of mineral deposits; the possibility that future explor ation, 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 fa ctors, 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.