BARU GOLD Updates Shareholders ON Financing
News Release
May 1, 2023 Trading Symbol: “BARU: TSX.V | BARUF: OTCQB”
BARU GOLD UPDATES SHAREHOLDERS ON FINANCING
Vancouver, BC - Baru Gold Corp ("Baru" and its subsidiary PT. Tambang Mas Sangihe ("TMS")
or the "Company") is happy to update stakeholders and investors on progress in securing financing
to bring the Sangihe Project into production. The Company has pursued two methods of funding –
a CAD 20 Million gold- prepayment loan ("Gold Loan") led by an Asian- based Investment and
Banking Advisory Firm, and a non-brokered private placement.
The Company is currently negotiating the Gold Loan with several Institutional Investors from both
International and Indonesian- based markets. The interested parties are already mining precious
metals or coal , provide mine services , or have substantial experience investing within Indonesia.
Negotiations are going well and Institutional interest in the Sangihe Project was higher than
originally anticipated.
Several coal mine operators have expressed interest in the Gold Loan. With the price and demand
of coal declining, several coal mine operators within Indonesia have diversified their operations by
mining or increasing their exposure to gold. The Sangihe Project is a particularly desirable
investment owing to its proven ore reserves and additional opportunities identified from the
Company's completed structural study and planned drilling program.
Although the Company cannot comment on the specifics of the negotiations, the candidate
investors have so far responded favorably on the conditions of the proposed Gold Loan. Some
potential investors have also suggested additional types of support. Current negotiations include
gold-prepayment loans only, operational and in -kind support, and a combination of a gold-
prepayment loan and operational support. Importantly, all current negoti ations are non -dilutive to
Baru shareholders. The Company is confident in securing the Gold Loan from one or group of the
Institutional Investors.
The Company is targeting the end of May to conclude negotiations.
The Company has declined several offers for acquisition and is not seeking to be acquired. In that
the Company is not yet in production any acquisition would not provide shareholders a fair value
for their investment.
Baru Gold Corporation
9th Floor 1021 West Hastings St
Vancouver, BC V6C 1L6
www.barugold.com
Mr. Terry Filbert, CEO of Baru Gold , commented, “ I am delighted with the Investment Banking
Firm and thrilled with the discussions we are having on the gold- forward loan. The Investment
Banking Firm has a range, depth, and scope of contacts that has allowed us to expand our
financing networ k to include the type of Investor that we have not been able to connect with
previously. Our ongoing negotiations are constructive and positive. The upcoming financing and
resulting partnerships will expedite the progress of the Company by leaps and bounds , while
concurrently continuing to support the economic growth, environmental protection, and
development on Sangihe Island.”
The Company wishes to reiterate to shareholders and investors our legal right to develop and
operate a gold concession on Sangihe Island. All permits are current and valid . The Ministry of
Energy and M ineral Resources of Indonesia maintains online records for public review. Investors
can use the below link to confirm the validity of our Production Operation Status.
https://modi.esdm.go.id/portal/detailPerusahaan/7410/
Furthermore, with the Company having been the victim of a disinformation campaign, the current
share price does not accurately represent the value of the Company's resources. B ased on the stage
and state of negotiations for the Gold Loan, and to prevent unnecessary dilution, the Company is
suspending the private placement previously announced on April 14th, 2023. The Company thanks
the new and many long- term shareholders for their contributions in previous financing rounds and
ongoing support.
GRANT OF STOCK OPTIONS
The Company announces that it has granted an aggregate amount of 2,575,000 stock options to officers,
directors, employees, and consultants of the Company in accordance with the provisions of 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 $0.05 for a
two-year period.
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 Binebase 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 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-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.
ABOUT BARU GOLD CORP.
Baru Gold Corporation 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 boasts extensive experience in starting and operating small -scale gold
assets.
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 price fluctuation; failure to obtain
adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion fact ors, permitting and
licensing risks; general