- Baru Gold and subsidiary PT. Tambang Mas Sangihe have received official correspondence from the Ministry of Energy and Mineral Resources of Indonesia (MEMR) affirming their legal status to operate and produce gold on Sangihe Island
- The letter requests police cooperation in stopping illegal mining on Sangihe and satisfies a due diligence prerequisite for a prospective institutional investor and an administrative process for the police
- The company confirms that its permits are valid and remain in good standing, and that its AMDAL and contract of work (CoW) have never been revoked
- Baru Gold is a junior gold developer with NI 43-101 gold resources in Indonesia
- Baru Gold (TSXV:BARU) opened today at $0.04
Baru Gold has received official correspondence from MEMR confirming its legal status to operate and produce gold on Sangihe Island.
The letter states that the company’s license is active and valid, and requests the cooperation of police to stop illegal mining on Sangihe. The letter satisfies a due diligence prerequisite for a prospective institutional investor and an administrative process for the police.
Baru has clarified that recent social media campaigns suggesting the revocation of its permits or operations are false. Its permits and CoW remain valid and in good standing. The decision from a recent administrative court challenge does not affect the company’s permits or CoW, but only refers to a step known as a stage of activity upgrade.
The CoW in Indonesia is a legally binding agreement that outlines the conditions of operations on Sangihe, including five distinct stages of activity. The Jakarta lawsuit challenged only the Minister of MEMR’s decree to approve upgrading the stage of activity to production operation status.
The MEMR has reviewed the court’s decision and reaffirmed that Baru’s current stage of activity is production operation status. The company’s CEO expressed appreciation for the support received and mentioned that securing financing is progressing well.
The Sangihe Gold Project, located on Sangihe Island, has an existing inferred gold mineral resource.
Baru Gold is a junior gold developer active in Indonesia. Its team has extensive experience operating small-scale gold assets.
Baru Gold (TSXV:BARU) opened today at $0.04.
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