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Baru Gold Corp. Pays Mining Claims Tax (Dead Rent) for Sangihe Gold Project, Indonesia, Moving Project Forward
(TheNewswire) November 19, 2020 - TheNewswire - Baru Gold Corp ("...
About this update from Baru Gold Corp
[{"type":"text","content":"Baru Gold Corp. Pays Mining Claims Tax (Dead Rent) for Sangihe Gold Project, Indonesia, Moving Project Forward\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n November 19, 2020 -\n \n \n TheNewswire -\n \n \n Baru\nGold Corp (\"Baru Gold\" or \"The Company\"),\n \n \n (\n \n \n TSXV:BARU\n \n \n )\n \n \n |\n \n \n (OTC:\n \n \n EAIAF\n \n \n ),\n \n \n through its subsidiary,\n \n PT. Tambang\nMas Sangihe or \"TMS\" (the holder of the Sangihe Contract of\nWork (CoW) license),\n \n is pleased to announce that it has\npaid the outstanding mining tax on the Sangihe gold project of\napproximately $356,000 ( approximately Indonesia Rupia of 3.8\nbillion).\n \n \n \n \n The tax was paid to the Central representative office\nof the Ministry of Energy and Mineral Resources. The mining asset tax,\ncolloquially referred to as \"dead-rent tax\", is a fee due\nannually to the government. This payment brings us current with all\nour financial obligations for the project.\n \n \n \n \n With the AMDAL environmental assessment completed\nearlier in August and now the dead-rent paid, the Operation License is\nthe only remaining government administrative item outstanding before\nthe project can advance to construction and operations.\n \n \n \n \n The Company expects the Operational Production License\nto be granted within the next few months and the goal is to move\ntowards construction and purchase of equipment for the Sangihe gold\nheap leach project immediately after issuance. The Company has been\nactively taking steps to ensure we move smoothly and quickly into\nconstruction once this licence is issued.\n \n \n \n ABOUT SANGIHE GOLD PROJECT\n \n \n \n The Sangihe gold-copper project is located on the\nisland of Sangihe off the northern coast of Sulawesi and has an\nexisting National Instrument 43-101 inferred mineral resource of\n114,700 indicated and 105,000 inferred ounces of gold as reported in\nthe Company's \"Independent Technical Report on the Mineral\nResource Estimates of the Binebase and Bawone Deposits, Sangihe\nProject, North Sulawesi, Indonesia\" dated May 30, 2017. Only 10%\nof the gold bearing area has been explored. Readers are cautioned that\nmineral resources that are not mineral reserves do not have\ndemonstrated economic viability. The Company's 70-percent interest in\nthe Sangihe-mineral-tenement contract of wo...