Besra is preparing to sign a heads of agreement with a leading Vietnamese financial institution which will see its Phuoc Son Gold Project recapitalized and facilitate a return to production. This is not expected to take place until after the Vietnamese Lunar New Year celebrations.
Meanwhile, mining at Bong Mieu, Besra’s other mine site in Central Vietnam, continues successfully on a small scale and is achieving more than 150 tonnes per day with an average grade of 4.5 grams/tonne. The mill is operating consistently on a four-day per week schedule producing 21 ounces per operating day.
Besra expects to be able to ramp up to normal production levels after the pending report of the Prime Minister’s enquiries team on taxes and royalties.
The company is advancing its application for a variation in the terms of the cease trade order (CTO) issued by the Ontario Securities Commission (OSC). The OSC has requested and been provided by the company with clarification and further information of several points in the application for variation. Absent further requisitions, the company expects the OSC to issue its order shortly.
As previously stated by the company, financing cannot proceed until the CTO variation has been approved by the OSC.