CORRECTION FROM SOURCE: Besra Reports Increased Production and Revenues for its Second Quarter of Fiscal Year 2013

CORRECTION FROM SOURCE: Besra Reports Increased Production and Revenues for its 
Second Quarter of Fiscal Year 2013 
TORONTO, ONTARIO -- (Marketwire) -- 02/20/13 --  
This release is correcting the document of the same title
disseminated on February 19, 2013. The figure "15,613,256" in the
"Summary of Operations" table has been adjusted to "1,561,326".  
BESRA (TSX:BEZ)(ASX:BEZ)(OTCQX:BSRAF)(FRANKFURT:OP6) announces its
second quarter operating and financial results for the quarter ending
December 31, 2012. Besra reports in United States dollars unless
otherwise indicated.  
Second Quarter Highlights  


 
--  Increase of NI43-101 resource by 42 percent at Jugan Hill to measured
    and indicated 870,500 ounces and inferred 89,900 ounces and by 9.4
    percent for the Bau Goldfield. 
    
--  Record monthly gold recovery at both Phuoc Son and Bong Mieu process
    plants from 92 to 94 percent and 80 to 87 percent, respectively. 
    
--  Throughput at Phuoc Son Plant increased sustainably to 1,200 tonnes per
    day. 
    
--  Granted a 20-year mining license for Jugan, Sirenggok and Jambusan in
    Bau, Malaysia. 
    
--  Reduced fully diluted share capital by over thirty-six million shares by
    restructuring and extension of existing corporate debt lowering the
    effective interest. 
    
--  Formed a strategic banking alliance with a Vietnamese banking partner. 
    
--  In early January 2013 settled Tranche 3c at North Borneo Gold Sdn Bhd,
    bringing current effective holding in Bau to 85.05 percent. 
    
--  Completed re-branding as Besra (formerly Olympus Pacific Minerals Inc.,
    See Besra Press release dated November 20, 2012). 

 
Summary of Operations 


 
                                          3 months                 3 months
US$                                   Dec 31, 2012            Sept 30, 2012
---------------------------------------------------------------------------
Sales                                   21,546,213               19,169,500
Mine operating costs                                                       
 Costs of sales                          8,276,825                9,951,426
 Royalty expense                         2,790,972                2,203,781
 Environmental fees                        945,091                  791,433
 Depreciation and                                                          
  amortization                           5,663,795                4,661,534
---------------------------------------------------------------------------
                                        17,676,683               17,608,174
---------------------------------------------------------------------------
Earnings from mine                                                         
 operations                              3,869,530                1,561,326
---------------------------------------------------------------------------
                                                                           
Gold produced (oz)                          16,204                   11,912
Gold sold (oz)                              12,570                   11,625
Ore milled (tonnes)                        120,257                   96,189
Grade (g/t Au)                                4.49                     4.31
Cash operating cost per                                                    
 ounce sold (US$)                              956                    1,112
All-in costs(1)                              1,357                    1,496
---------------------------------------------------------------------------
(1) All-in costs includes all cash operating costs including corporate      
    administration and sales based taxes. It includes an annualized estimate
    of sustaining capital and exploration expenditure. It excludes corporate
    income tax.                                                             

 
Cash Flow 


 
                                         3 months                 3 months 
US$                                  Dec 31, 2012            Sept 30, 2012 
---------------------------------------------------------------------------
Cash provided from                                                         
 operating activities                   4,012,341                2,910,684 
Investment in exploration                                                  
 & development                         (2,265,935)              (2,732,236)
Investment in plant &                                                      
 equipment                               (584,623)                (485,132)
Debt repayments                          (841,144)                (449,568)
Proceeds from loans                             -                1,744,781 
---------------------------------------------------------------------------
Increase in cash during                                                    
 period                                   320,639                  988,529 
---------------------------------------------------------------------------
---------------------------------------------------------------------------

 
Phuoc Son Operations ending December 31, 2012 Compared to Prior
Quarter 


 
--  Gold sales at $16,115,414 increased 21% 
    
--  Ore milled (tonnes) of 82,176 increased 38% 
    
--  Gold produced (oz) of 12,083 increased 53% 
    
--  Cash operating cost per ounce of $969 decreased 13% 

 
Bong Mieu Operations ending December 31, 2012 Compared To Prior
Quarter 


 
--  Gold sales of $5,430,799 decreased 7% 
    
--  Cost of sales of $2,429,268 decreased 31% 
    
--  Gold produced (oz) of 4,121 increased 3% 
    
--  Cash operating costs per oz of $915 decreased 18% 

 
During the quarter ended December 31, 2012, the Company produced
16,204 ounces of gold and sold 12,570 ounces of gold, the difference
being the partial payment of gold loan principal in the amount of
2,305 ounces and an increased holding of gold inventory at the end of
December 2012. The final payment under the original gold loan is
scheduled on May 31, 2013.  
The company continued to incrementally increase production quarter on
quarter ensuring production for the 2013 fiscal year will remain in
line with our market guidance of 60-65k oz per annum. During the
second half of 2013 the Company plans to increase processing capacity
to allow processing at Phuoc Son plant at 1,400tpd from July 2013.
This increased processing capacity facilitates increased production
in the 2014 fiscal year of 70-75k oz per annum.  
Despite a drop in grade at Phuoc Son we have increased daily
throughput from 500tpd to 1,200tpd sustainably and managed to ensure
that costs per tonne are declining.  
In November 2012 the Company successfully restructured and extended
the maturity of its current debt reducing the current portion of debt
by $4.4m and reducing the fully diluted share capital by 36 million
shares.  
About BESRA  
In keeping with the Company's objectives we are on target to meet our
market guidance on production this fiscal year and have a higher
target for the next fiscal year. Production from our Vietnamese
mining properties is increasing and those properties have mine-life
extension upside. (While currently having a limited reserve-backed
mine life, their narrow vein nature provides potential for continued
resource upgrades). We have exciting in-country growth prospects
subject to agreeing to appropriate fiscal arrangements with the
government. In this respect the operating environment in Vietnam is
improving as the Vietnamese government makes new efforts to encourage
investment. Additionally we continue to educate investors with
potential institutional/broker site visits.  
Bau is a high-value, quality development project with clear strategic
appeal, however the market is not yet ascribing material value to it
or recognizing the attractive fiscal regime and lower risk operating
environment of Malaysia compared to certain other SE Asian
jurisdictions. We will continue drilling to increase Bau's resource
base, and increase confidence in that resource base by conversion of
Inferred resources to Measured & Indicated status. We are on track to
deliver the feasibility study on first stage production at Bau during
the third or fourth quarter 2013. We see this as a near-term catalyst
in terms of market perception.  
Our early stage Capcapo project has significant potential, with very
promising initial due diligence drill results. We are about to
commence exploration activities there.  
Besra is a diversified gold company focused on four advanced
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 production capacity in Vietnam over the next
two years and is projecting new production capacity from Bau Central
during 2015 (start up and production forecasts will depend on the
result of the current Jugan feasibility, which is scheduled for
completion in 2013).  
BESRA GOLD INC. 
John A.G. Seton, Chief Executive Officer 
The technical information in this press release has been prepared
under the supervision of Mr Rod Murfitt who is a member of the
Australasian Institute of Mining and Metallurgy (AusIMM), a
"Competent Person", as defined in the 2004 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserve" and a "Qualified Person" as defined in
National Instrument 43-101 Standards of Disclosure for Mineral
Projects of the Canadian Securities Administrators. Mr Murfitt is a
full-time consultant to the Company and is not "independent" within
the meaning of National Instrument 43-101. Mr Murfitt consents to the
inclusion in this press release of the technical information, in the
form, and context in which it appears.  
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. 
Contacts:
BESRA GOLD INC.
James W. Hamilton, Vice-President Investor Relations
(416) 572-2525 or TF: 1-888-902-5522
TF: 800-308-602 (Australia)
(416) 572-4202 (FAX)
info@besra.com
www.besra.com
 
 
Press spacebar to pause and continue. Press esc to stop.