Business
Baru Gold Signs Second Contractor for Production Operations
(TheNewswire) September 20, 2023 – TheNewswire - Vancouver, BC - Baru Gold C...
About this update from Baru Gold Corp
[{"type":"text","content":"Baru Gold Signs Second Contractor for Production Operations\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 September 20, 2023 –\n \n \n TheNewswire -\n \n \n Vancouver, BC - Baru Gold Corp\n \n \n (\n \n \n TSXV:BARU\n \n \n )\n \n \n |\n \n \n (\n \n \n OTC: BARUF\n \n \n )\n \n \n (“Baru” and its subsidiary PT. Tambang Mas Sangihe\n(“TMS”) or the “Company”) is happy to announce to shareholders\nthat a second mining contractor PT. Putra Rimpulaeng Persada\n \n \n (“Contractor”) has signed a legally binding\ncontract to operate and produce gold on Sangihe Island. The owners and\nemployees of PT. Putra Rimpulaeng Persada are residents of\nSangihe.\n \n \n \n \n The Contractor will pay the Company IDR 3,750,000,000\n(CAD $330,000\n \n \n \n \n 1\n \n \n \n \n ) for the right to\nexclusively operate across 7 ha within the Company’s Contract of\nWork. The area of operations is separate from that announced on August\n8, 2023.\n \n \n \n \n The Contractor has already paid the Company IDR\n1,000,000,000 (CAD $88,000\n \n \n 1\n \n \n ) as a non-refundable deposit. The\noutstanding balance will be made in two equal payments. The first\npayment is due when the Contractor starts carrying out activities on\nthe land area and the second paid 30 days after the second payment is\nmade.\n \n \n \n \n The Contractor is responsible for all operational,\nproduction and site remediation expenses. The Contractor will receive\n65% of the total gross receipts from the sale of gold recovered. The\nCompany will receive 35% of the total gross receipts from the sale of\ngold recovered.\n \n \n \n \n The Contractor will operate a recently producing gold\nmine within the contracted 7 ha. All equipment is already on site, the\nland cleared, and construction complete. The Contractor will\nimmediately restart operations following the Stage of Activity upgrade\nto Production Operation Status announced on September 11, 2023. The\nsigning of this agreement by a local mining company prior to the Stage\nof Activity upgrade underscores the certainty of issuance.\n \n \n \n \n The Company will supervise all activities and\nco-process the gold. The Company will be responsible for refining the\ngold and distributing the funds received from the sale of the gold...