Besra Releases FY2013 Results

Besra Releases FY2013 Results 
TORONTO, ONTARIO -- (Marketwired) -- 09/18/13 -- Besra
announced the release of the company's results for FY2013 including
publishing of the Management Discussion & Analysis and Audited
Financial Statements. 
Besra produced a total of 60,187 oz of gold in FY2013 and sold 52,195
oz, the difference being an increased holding of gold inventory at
the end of June and the settlement of the gold loan commitment during
the year. Sales of 52,195 oz of gold realized US$82,772,713 at an
average price of US$1,586 per ounce. Cash operating cost per ounce
sold was US$775, down from US$794 for the previous quarter. All-in
costs of US$1,218 are down from US$1,330 in Q3. The Company has
announced a production target for FY2014 of 65-70,000 oz.  

                        3 months   3 months  12 months   6 months  12 months
OPERATIONAL SUMMARY      Jun 30,    Jun 30,    Jun 30,    Jun 30,    Dec 31,
US$                         2013       2012       2013       2012       2011
Sales                 22,244,500  6,725,015 82,772,713 34,552,265 47,976,630
Costs of sales        13,258,270  2,798,953 43,644,257 14,828,440 22,906,966
Gross margin           8,986,230  3,926,062 39,128,456 19,723,825 25,069,664
Earnings before                                                             
 finance costs,                                                             
 income tax,                                                                
 amortization and                                                           
 impairments           3,665,904   -100,330 16,112,826  8,762,644  7,809,863
Non-IFRS Measures                                                           
Costs of sales (IFRS) 13,258,270  2,798,953 43,644,257 14,828,440 22,906,966
Gold sold (oz)            15,800      4,211     52,195     20,711     29,249
Operating cash cost                                                         
 per ounce sold                                                             
 (US$)(1)                    839        665        836        716        783
Costs of sales (IFRS) 13,258,270  2,798,953 43,644,257 14,828,440 22,906,966
Inventory adjustment   1,072,569  5,180,344  6,914,872  1,321,259  8,243,703
Cost of gold used to                                                        
 settle gold loan      4,828,289  4,937,625  8,796,024  4,828,289           
Total production                                                            
 costs                14,330,839  7,979,297 50,559,129 16,149,699 31,150,669
Gold produced (oz)        18,482      7,838     60,187     20,362     42,868
Operating cash costs                                                        
 per ounces produced                                                        
 (US$)(2)                    775      1,018        840        793        727
All-in sustaining                                                           
 costs(3)                  1,218      1,563      1,326      1,300      1,187
Operating Data                                                              
Ore milled (tonnes)      152,316     72,115    520,154    143,658    236,281
Grade (g/t Au)               4.1       4.07       3.91       5.38       6.97
Average recovery (%)          92         83         92         82         81
Average realized                                                            
 price (US$)               1,408      1,597      1,586      1,668      1,640

(1) Operating cash cost per ounce sold includes mine site operating
costs including mining, processing and refining, and inventory
adjustments, but is exclusive of royalties, environmental fees,
amortization and exploration costs. Refer to the Non-IFRS Measures
section of the Company's MD&A. 
(2) Cash operating cost per ounce produced includes mine site
operating costs including mining, processing and refining, but is
exclusive of inventory adjustments, royalties, environmental fees,
amortization and exploration costs. Refer to the Non-IFRS Measures
section of the Company's MD&A. 
(3) All-in sustaining costs include all cash operating costs per
ounce sold including a portion of corporate administration, sales
based taxes and government fees and levies. It includes an annualized
estimate of sustaining capital and exploration expenditure. It
excludes corporate income tax, reclamation and remediation costs.
Refer to the Non-IFRS Measures section of the Company's MD&A. 
According to Seton, "Despite a difficult year in global markets,
Besra produced over 60,000 oz of gold in FY2013, meeting market
guidance, and marking the highest recorded production in the
Company's history. In hitting this target, both of our operations in
Vietnam, at Bong Mieu and Phuoc Son set and broke records for ore
mined and ore processed during the second half of the year." 
"In order to drive down costs, we are fulfilling an aggressive cost
cutting and efficiency program. Whilst the currently depressed market
and decline in gold price have added impetus to this program, it is
also the result of a thorough review of our operations and associated
"We are also lobbying the Vietnamese government to reduce tax burden
in that jurisdiction, in terms of royalties and/or CIT. 
"Changes in mining methodology and further mill automation leading to
reduced consumables and improved recovery rates should contribute to
cost reductions and this will continue through the coming year.
Additionally, operations in Vietnam are increasing mill throughput
and we've seen record tonnages in the latter half of FY2013. 
The Board is also investigating all opportunities to maximize the
value of its assets in Vietnam. This may include a transaction
culminating in the partial divestment by Besra and the possible
listing of the company's local operating subsidiaries on the
Vietnamese exchange. Any such transaction will improve the balance
sheet and enable the company to increase its focus on, and redirect
capital towards, development of its main asset at Bau in Eastern
Malaysia, which it regards as a world-class goldfield." 
Feasibility for the Jugan Hill deposit at Bau is progressing well,
with metallurgy and process close to resolution. The internally
generated Feasibility Study is currently undergoing an external
engineering, procurement and construction management analysis. The
Company is targeting public release of the results of the Feasibility
Study before the end of CY2013, and intends to outline its roadmap
for financing of the entire project at the earliest opportunity. 
The Company has also identified significant anomalies along strike
from Jugan Hill in geophysical, geochemical, hy-chip and IP surveys,
which suggest the ability to significantly increase resources at
Jugan sector and extend the mine life of the proposed Stage I
Besra is also undertaking a further Feasibility Study for the Ho Ray
Thac Trang (HRTT) deposit at its Bong Mieu site in central Vietnam.
HRTT hosts a JORC/NI 43-101 resource situated 2.5km east of the Bong
Mieu. The Feasibility Study is scheduled for completion in
September/October 2013 and we would look to finance the development
capital for it from domestic banks. 
Seton said, "Both the Bau project in East Malaysia and expansion of
Vietnam operations through Ho Ray Thac Trang provide a clear path to
improving cash flow. 
"In the final analysis, our operations in Vietnam will continue to
generate cash (and improve if government negotiations bear fruit) and
the Bau project is fulfilling its potential and moving into the
development phase. We strongly believe that Bau will be a major South
East Asian gold field.  
"Given all of these conditions, we are of the strong view that Besra
is worth significantly more than the current market valuation." 
A copy of the 2013 Annual Report is available from 
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 late 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 
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.
James W Hamilton
Investor Relations
+1 (416) 572 2525
+1 (416) 572 4202 (FAX)
TF: 1 888 902 5522 (North America)
TF: 800 308 602 (Australia)
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