First Mining Gold’s Springpole project reaches regulatory milestone
Springpole represents one of Canada's largest undeveloped gold projects.
(via TheNewswire)
August 18, 2021 – TheNewswire - Vancouver, BC - Baru Gold Corp (TSXV:BARU) | (OTC:BARUF) (“Baru Gold” or the “Company”) is pleased to announce the appointment of Mr. Colin James Davies to the board of directors.
Mr. Davies is a senior mining executive with broad-based international experience in business development, corporate acquisitions, strategic and business planning, general management, knowledge databases, information technology, budgeting, and commodities. He has a successful track record in negotiating joint ventures with his technical background, IPO capital raising and investment analysis globally.
As a structural geologist by education with almost 40 years of work experience in minerals exploration, of which 30 years have been aggregated in Indonesia, Mr. Davies is well versed in Baru Gold’s projects. He holds a BSc (honours) in Geology from University College Cardiff, UK and completed three years of post-graduate research in Namibian structural geology at Leeds University, UK.
His career started at Anglo American as a gold mine geologist in South Africa at Vaal Reefs working on brownfield exploration. His travels would take him across the world with BP Minerals for diamonds, and ultimately to Jakarta, Indonesia where he would spend nearly 30 years mainly in gold exploration. Early formative roles with Santa Fe Gold and the Pelsart Group led into senior management positions with global mining contractors before culminating with eight years at the J Resources Group, a US$300 million market capitalization mid-cap 150,000oz per annum gold producer, where he was both their Independent Director and held various senior executive roles during his tenure.
Most recently, Mr. Davies established GeoToria Holdings Limited as an independent think-tank to provide knowledge-based services for peer-to-peer corporate advisory, consultancy, benchmarking, due diligence, investment targeting, and contract research and development with the use of empirically built database sets, custom designed for each client and their specific requirements to make informed decisions having added 25,000 projects and 2,500 companies to his proprietary M&A database. He also founded and is a director of Triquetra Resources Limited, a London-based group that identifies orphaned projects and matches their development programs with mining and exploration investors.
Mr. Terry Filbert, President and CEO of Baru Gold, commented, “Colin brings to Baru Gold decades of geological experience in Indonesia as his whole professional life has been associated with discovery, both greenfield (from the first holes in the ground) and brownfield (building inventory near a mine resource). More specifically, he has a wealth of knowledge in the North Sulawesi geological and political arenas and his experience will be valuable to ensure success and efficiencies in near tern production and future exploration at our Sanghie Gold Project.”
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 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 for 30 years upon commencement of the production phase of the project.
ABOUT BARU GOLD CORP.
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 has received the approval for the upgrade of its licence to advance the project to construction and production in 2021.
Currently, Baru is awaiting final land acquisition to conclude so construction of the heap leach can proceed with production expected to commence in 2021. 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 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.
Our team of mining and finance professionals are based both in North America and locally in Indonesia and boast extensive experience in starting and operating small-scale gold and coal assets. With sufficient funds and strong retail and institutional shareholders 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.
Qualified Person
Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, 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.
BARU GOLD CORPORATION
Per: “Terry Filbert”
Terry Filbert, Director President & CEO [email protected] +1-206-890-8285 For investor contacts more information, please contact:
Kevin Shum
Investor Relations
[email protected] 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.
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