|By Marketwired .||
|July 22, 2014 04:39 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/22/14 -- Besra (TSX: BEZ)(ASX: BEZ)(FRANKFURT: OP6) announces that it has suspended operations at its Bong Mieu site in central Vietnam from 18 July 2014 and will likewise suspend operations at its nearby Phuoc Son site on 22 July 2014 as a direct result of coercive measures taken by the provincial Quang Nam Tax Department.
Besra CEO John Seton said, "This unfortunate event is a direct result of intimidatory measures applied by the Quang Nam Tax Department which mean that we can not and will not continue to operate. The Quang Nam Tax Department's actions appear to be the only case of such measures being applied in all of Vietnam, are in our view illegal, and fly in the face of every stated objective of the Government of Vietnam towards foreign investment."
Notwithstanding this very unfortunate set of circumstances, Besra continues to seek a lifting of the coercive measures as soon as possible. The Company has received support from both provincial and national governments that want Bong Mieu and Phuoc Son to operate. As the national General Department of Taxation has yesterday written to its provincial counterpart suggesting urgent support for the Company, we expect this situation could be resolved shortly. Activity at both sites will resume once Besra is able to operate freely without coercion.
Besra Gold Inc
John A G Seton, Chief Executive Officer
Besra - www.besra.com
Besra is a diversified gold mining company focused on the exploration, development and mining of mineral properties in South East Asia. The Company has four key properties; the Bau Goldfield in East Malaysia, Bong Mieu and Phuoc Son in Central Vietnam, and Capcapo in the Philippines. Besra expects to expand existing gold capacity in Vietnam over the next two years and is projecting new production capacity from the Bau gold project during 2016.
Cautionary Note Regarding Forward-Looking Statements
Certain of the statements made and information contained herein is " Forward-looking information" within the meaning of applicable securities laws, including statements concerning our plans at our producing mines and exploration projects, which involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, failure to establish estimated resources or to convert resources to mineable reserves; the grade and recovery of ore which is mined varying from estimates; capital and operating costs varying significantly from estimates; delays in obtaining or failure to obtain required governmental, environmental, or other project approvals; changes in national and local government legislation or regulations regarding environmental factors, royalties, taxation or foreign investment; political or economic instability; terrorism; inflation; changes in currency exchange rates; fluctuations in commodity prices; delays in the development of projects; shortage of personnel with the requisite knowledge and skills to design and execute exploration and development programs; difficulties in arranging contracts for drilling and other exploration and development services; dependency on equity market financings to fund programs and maintain and develop mineral properties; and risks associated with title to resource properties due to the difficulties of determining the validity of certain claims and other risks and uncertainties, including those described in each management's discussion and analysis released by the Company. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of gold; the availability of permits and surface rights; access to financing, equipment and labour and that the political environment in the jurisdictions within which the Company operates will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.