(via TheNewswire)
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As announced to shareholders on
Unfortunately, on
At this point in time, the Company does not anticipate a lengthy delay in obtaining the new Operational Permit, as the Company expects no-to-little additional work or information required to reapply. The individuals behind this attempt to impact the Company’s operations has caused no significant changes to our timeline. Drilling is anticipated shortly and is not dependent on the Operational Permit. The reissuance of the Operational Permit is expected before subsequent construction and production. The Company remains committed to gold production in 2023.
The Company wishes to note that individuals opposed to TMS operations have initiated a social media campaign that suggests the loss of the Operational Permit affects the Company’s Contract of Work andor AMDAL, and is required to vacate
Mr.
It should be noted,
In contrast, the Company has conducted itself, and will continue to conduct itself, in accordance with all laws, rules, and regulations. We do so with the utmost transparency, and with respect for the local community and for the environment. The Company has published their Environmental, Social and Governance policies that show how we will make positive contributions to the health, well-being, and quality of life of Sangihe’s residents, and protect the environment.
The Company appreciates the ongoing support it receives from the MEMR with whom we are working closely to rectify andobtain a new Operational Permit.
ABOUT SANGIHE GOLD 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 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
Per: “Terry Filbert”
President & CEO
info@barugold.com
+1-206-890-8285
For investor contacts more information, please contact:
Investor Relations
kevin@jeminicapital.com
647-725-3888 ext 702
Neither
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; generalmarket 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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Copyright (c) 2023 TheNewswire - All rights reserved., source