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Baru Gold Corp V.BARU

Alternate Symbol(s):  BARUF

Baru Gold Corp. is a Canada-based junior gold developer with NI 43-101 gold resources in Indonesia. The Company is focused on developing and producing precious metals projects in Indonesia. The Company’s focus is on developing precious metals projects with significant resource upside potential and near-term production capabilities. The Company’s Sangihe Gold project mineral tenement consists of one block covering the southern half of Sangihe Island, located between the northern tip of Sulawesi Island (Indonesia) and the southern tip of Mindanao (Philippines). The Sangihe Project covers 42,000ha; this includes the Bawone, Binebase prospects on the eastern part of the island and Taware prospect in the south-central region with infrastructure in place. The Company has a 70% interest in the Sangihe project.


TSXV:BARU - Post by User

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Post by marvelmakeron May 26, 2016 3:57pm
100 Views
Post# 24907931

from EAS website news release dated April 2016

from EAS website news release dated April 2016Looks like they sold 100% of their 70% interest in the Indonesia project. Here is the news release: East Asia Minerals Corporation enters into definitive sale agreement of 100% Equity Interest in Sangihe Gold Corporation (which holds an interest in the Sangihe Gold project in Indonesia) April 18, 2016 East Asia Minerals Corporation (the Company) announces that further to its news release dated January 5, 2016, the Company has entered into a share purchase agreement dated April 14, 2016 regarding its disposition of 100% of the Companys equity interest in Sangihe Gold Corporation (SGC Shares) to Filbert Gold Holding Limited (Filbert Gold), a corporation based in Hong Kong for the aggregate purchase price of US$2,400,000 (the Purchase Price) (the Agreement). The SGC Shares represent the Companys 70% interest in an Indonesian company, PT Tambang Mas Sangihe which holds the Companys interest in the Sangihe project located in North Sulawesi, Indonesia (the Project) Pursuant to the terms of the Agreement, the Purchase Price comprises of a series of payments to be paid to the Company. As at the date herein, the Company has received US$24,000 from Shellbridge Group Limited (Shellbridge) (an affiliate company of Filbert Gold) as partial payment of the Purchase Price pursuant the terms of a memorandum of understanding between the Company and Shellbridge dated December 23, 2015. The Agreement stipulates that US$376,000 of the Purchase Price shall be paid to the Company upon the satisfaction of various conditions pursuant to the Agreement; and the remaining US$2,000,000 of the Purchase Price shall be paid on a biannual basis once the production of the Project has commenced. EAST ASIA MINERALS CORPORATION Per: Edward Rochette Edward Rochette, CEO and Director Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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