Baru Gold Corp. (TSX-V:BARU) and its subsidiary PT Tambang Mas Sangihe announced the signing of a non-binding Letter of Intent for an investment with Thriveni Earthmovers, an established Indian mining company operating in gold, iron, manganese, and coal across India, Africa, and Indonesia.

A private company with revenue of approximately US$500 million in 2022 to 2023, Thriveni is interested in investing in becoming an equity investor and provider of mining services on the Sangihe project in Indonesia.

Baru Gold said Thriveni has the capability to rapidly bring the project into production.

Before making a formal offer, Thriveni will conduct due diligence.

"Since I started at Baru in 2017, the value of gold has more than doubled – and in the last three months alone the price increased up to 15%. With this sustained and recent rapid increase in the value of gold, the company is receiving many investment inquiries,” Baru Gold CEO Terry Filbert said in a statement.

“The company’s board of directors and management are all personally and professionally vested in the success of the Sangihe project and are determined to see a profitable outcome for shareholders.”