MINING REFINING

Baru Gold eyes production restart at Sangihe gold project as it secures key permit

Wed Oct 02 2024

Baru Gold Corp. (TSX-V:BARU) and its subsidiary PT. Tambang Mas Sangihe announced that it has been awarded a permit for Approval For Suitability of Space Utilization (PKKPR) from the Government of the Republic of Indonesia. The permit certifies that the company’s planned spatial utilization aligns with Indonesia’s regional plan for Sangihe Island where the Sangihe gold project is located, Baru Gold said.

The PKKPR permit must be obtained before securing approval for the upgrade to production operations.

The company is actively working with the relevant Indonesian Ministries to resume production operations a the project as quickly as possible.

"I’m very happy to see the ongoing progress with the awarding of this Suitability of Space permit. We are very close to securing all necessary permissions to restart production operations on Sangihe, and this Space Utilization Approval is an important step,” Baru Gold CEO Terry Filbert said in a statement.

“Our upgrade to Production Operations is guaranteed under Indonesian law through our Contract of Work and I look forward to obtaining this approval in the near future.”

Additionally, Baru Gold said it has closed the first tranche of its previously announced private placement, issuing 3,533,330 units for proceeds of $52,999.95.

Each unit is comprised of a share and a share purchase warrant exercisable for a share for $0.05 for two years from the date of issue.

Proceeds from the private placement will be used for working capital.

Source: https://www.proactiveinvestors.com