Vancouver, BC - Baru Gold Corp (“Baru Gold” or “The Company”) is pleased to announce the appointment of Mr. Joseph Keane to the board of directors.
Mr. Keane has held numerous engineering, technical, and managerial positions in the mineral industry worldwide, including positions with Chile Exploration Company in Chile, Molycorp in New Mexico, and Pincock, Allen & Holt. From 1982 to 2005, Mr. Keane was President and Principal Metallurgical Engineer with KD Engineering Co., specializing in process design development, equipment selection, and pollution abatement for global clients. Concurrently, from 1985 to 2005, he was President of METCON Research, supervising numerous mineral beneficiation test programs and pilot plant studies. SGS, a global analytical and engineering services firm, acquired both KD and METCON in 2013, renaming the combined companies SGS Metcon/KD Engineering.
Notably, Mr. Keane has served as a director of Golden Cycle Gold Corporation, Rochester Resources, Mercator Minerals, and Stingray Copper Corporation. In addition, he was a consultant to the Mining & Petroleum Division of IMF (International Finance Corp), the Mining Foundation (Southwest Mining Hall of Fame), and the World Bank.
Among his many mining operational achievements, Mr. Keane was instrumental in starting the first semi-autogenous copper sulfide flotation mill in the Philippines, doubling the production capacity of the largest gold mine in the Southeast Asian country. In addition, he was the project sponsor for China’s largest gold heap leach mine (30,000 tonnes per day and 133,000 ounces gold per year) in Inner Mongolia, which was subsequently acquired by China Gold International, and expanded to 250,000 ounces gold per year with a resource of over 3 million ounces.
President & CEO of Baru Gold, Mr. Terry Filbert comments, “Joseph brings to Baru Gold decades of relevant global experience in heap leach and engineering. His wealth of knowledge and experience will be shared with our ground team, furthering our efforts to ensure the start up process at the Sanghie Gold Project goes smoothly.”
The Company also announces that it has granted an aggregate amount of 7,200,000 stock options to certain officers and directors 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 $0.11 for a five-year period.
ABOUT SANGIHE GOLD PROJECT
The Sangihe Gold 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 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" dated May 30, 2017. Only 10% of the gold bearing area has been explored. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company's 70-percent interest in the Sangihe-mineral-tenement contract of work ("CoW") is held in 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 for 30 years upon commencement of the production phase of the project.
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 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 such as 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.
ABOUT BARU GOLD CORPORATION
Baru Gold Corporation (formerly East Asia Minerals) is positioning itself to become Indonesia’s new gold producer. We are a dynamic junior gold developer with NI43-101 gold resources in Indonesia, one of the top ten gold producer countries in the world. In 2020, Baru Gold received approval on the environmental permit and became compliant on all government requirements for the Sangihe Gold Project. Baru now awaits the approval for the upgrade of its licence to advance the project to construction and production in 2021.
Our team of mining and finance professionals are based both in North America and locally in Indonesia and boasts extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholder support, Baru Gold is well positioned to take advantage of the increased interest in gold and precious metals with both exploration upsides and operation cashflow in 2021.
BARU GOLD CORPORATION
Per: “Terry Filbert”
Terry Filbert, Director
President & CEO
For investor contacts more information, please contact:
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.