As previously stated in the Company's media release of 13 January 2015, financing cannot proceed until the CTO variation has been approved by the OSC.
In addition to the previously announced financing, the company is also preparing to sign a heads of agreement with a leading Vietnamese financial institution which will see Phuoc Son recapitalised and facilitate a return to production. This is not expected to take place until after the Vietnamese Tết (or Lunar New Year) celebrations.
Mining at Bong Mieu, Besra's other mine site in Vietnam, continues successfully on a small scale and is achieving over 150 tonnes per day with an average grade of 4.5 grams per tonne. The mill is operating consistently on a 4 day per week schedule producing 21 oz per operating day. The company 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.
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