Baru Gold Update On Successful Final Appeal of Lawsuit
Baru Gold Corp. (TSXV:BARU) (OTC:BARUF) (the "Company" or "Baru") wishes to provide an update on the lawsuit originally filed in Manado, Indonesia (the "Manado Lawsuit") in October 2021 against two government departments responsible for the issuance of the Environmental Permit ("AMDAL") to Baru's subsidiary, PT Tambang Mas Sangihe ("TMS"). While TMS was not named in the Manado Lawsuit, the court granted permission for a representative of TMS to attend the proceedings in support of the government departments. The Manado Lawsuit has now been reviewed at each level of Indonesia's judicial system. A panel of judges heard the case at the Manado Administrative District Court in June 2022, Makassar Administrative High Court in September 2022 and, most recently, the Supreme Court of Indonesia.
Today, the Company is happy to report that the Supreme Court of Indonesia has ruled in favour of the Company. The validity of the process, procedures and the awarding of the AMDAL have been reaffirmed and the plaintiff's complaints dismissed in their entirety. The ruling can no longer be appealed; the decision is final.
The AMDAL is necessary for the Company's operations. Obtaining an AMDAL is an expensive and time-consuming process that involves broad community consultation and establishes a set of high environmental standards. The AMDAL is a major component of the production permit that allows the Company to mine under the Contract of Work.
Terry Filbert, CEO of Baru Gold, commented "I am obviously very pleased with this final ruling. I have always maintained that this lawsuit was frivolous and should be dismissed. The validity of the AMDAL can no longer be disputed. I am grateful that the Supreme Court decision has put an end to the matter with this final resolution.
The Company takes their responsibility to the environment seriously and has always abided by Indonesian law. The Company will be seeking reimbursement for all court and legal costs caused by the plaintiffs.
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'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. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production.
ABOUT BARU GOLD CORP.
Baru Gold Corp. 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.
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, CPI-KCMI, 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.
Per: "Terry Filbert"
Terry Filbert, Director
President & CEO
info@barugold.com
+1-206-890-8285
For investor contacts more information, please contact:
Kevin Shum
Investor Relations
kevin@jeminicapital.com
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 factors, 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.