Baru Gold Signs Production Operation Contract

About this update from Baru Gold Corp

[{"type":"text","content":"Baru Gold Signs Production Operation Contract\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, BC -\n \n \n TheNewswire -\n \n \n August 8, 2023 -\n \n \n Baru\nGold Corp\n \n \n (\n \n \n TSX.V:BARU\n \n \n )\n \n \n (\n \n \n OTC:BARUF\n \n \n )\n \n \n (“\n \n \n Baru\n \n \n ” and its\nsubsidiary PT. Tambang Mas Sangihe (“\n \n \n TMS\n \n \n ”) or the\n“\n \n \n Company\n \n \n ”) is happy to announce to shareholders that mining\ncontractor CV. Mahamu Hebat Sejahtera (the “Contractor”) has\nsigned a legally binding contract to operate and produce gold on\nSangihe Island.\n \n \n \n \n There were no substantial changes between this contract\nsigned August 4, 2023 and the intent of the Memorandum of\nUnderstanding, announced on August 3, 2023. However, in the interest\nof shareholders, the Company has decided to allocate the 65 ha in\nmultiple phases. In the Company’s estimation, exclusive operations\nwithin the entire mining concession was too significant a risk.\n \n \n \n \n The Company will award subsequent land allocations in a\ncompetitive process that will include other interested parties. This\nallocation method gives the Company greater control, assurance of the\nContractor’s legal and environmental compliance, and also the option\nfor the Company to develop their own operation.\n \n \n \n \n This first phase with the Contractor involves only 15\nha of the 65 ha area. The Contractor will use their own capital to\noperate and expand an existing mining operation.  For the exclusive\ncontracting right within the prescribed area, the Contractor will pay\nthe Company approximately CAD $670,000. The payment is based on both\nthe land area and estimated gold content. The payment will be as\nfollows:\n \n \n \n \n i.\n \n \n IDR 1,000,000,000\n(CDN$88,000)\n \n \n (1)\n \n \n as the first payment to be paid at the\ntime of signing of the agreement as a non-refundable deposit\n \n \n \n \n ii.\n \n \n IDR 3,250,000,000\n(CDN$286,000)\n \n \n (1)\n \n \n as the second payment to be paid when the\nContractor starts carrying activities on the land area.\n \n \n \n \n IDR 3,250,000,000 (CDN$286,000)\n \n \n (1)\n \n \n as the third\npayment to be paid 30 days after the second payment.\n \n \n \n \n (1)\n \n ...

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