BARU GOLD Receives Letter of Intent FOR Investment
News Release
November 11, 2024 Trading Symbol: “BARU: TSX.V | BARUF: OTCQB”
BARU GOLD RECEIVES LETTER OF INTENT FOR INVESTMENT
Vancouver, BC - Baru Gold Corp (the “Company” or “Baru”) and its subsidiary PT. Tambang Mas
Sangihe (the “Company” or "PT TMS") is happy to announce to shareholders that the Company has
executed a non-binding Letter of Intent (LOI) for investment with Thriveni Earthmovers (Thriveni).
Thriveni is a diversified Indian mining company operating gold, iron, manganese and coal mines
across India, Africa and Indonesia. Thriveni’s mining operation s have thrived and grown in
challenging environments.
Thriveni has the capability to quickly bring the Sangihe Project into pr oduction operations and
complete the exploration program. Thriveni is a private comp any with revenue in 2022-2023 of
approximately $500 million USD. Thriveni desires an investment in the Company that would lead
them to becoming an equity investor and provider of mining services on the Sangihe Project
Thriveni will complete their due diligence before they make a f ormal offer. Thriveni offers truly
bespoke investment models - including mine development services.
The Company reminds shareholders t his is a non-binding LOI. Alt hough both parties are keen and
enthusiastic to see this deal close there is no guarantee that it will. Neither Thriveni nor the Company
is under any obligation to complete this transaction.
Mr. Terry Filbert, CEO of Baru Gold, commented, "Since I started at Baru in 2017, the value of
gold has more than doubled – and in the last three months alone the price increased up to 15%.
With this sustained and recent rapid increase in the value of gold, the Company is receiving many
investment inquiries. The Company’s Board of Di rectors and Management are all personally and
professionally vested in the success of the Sangihe Project and are determined to see a profitable
outcome for shareholders.”
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).
Baru Gold Corp
Baru Gold Corporation
9th Floor 1021 West Hastings St
Vancouver, BC V6C 1L6
www.barugold.com
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-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.