Besra Gold advises that MNP Ltd has certified that Besra’s proposal, as filed with the official receiver on January 29, 2016 and as amended on March 13, 2016 has been fully performed as of May 12. This means that the company has been released from administration.
Announcing receipt of the Certificate of Full Performance, Besra’s CEO John Seton said, “This brings to a close a particularly difficult period in our company’s history. We are very pleased to have resolved the creditor position and to have been formally released from administration.
“The outstanding audits are well advanced and, once they are completed, our filing deficiencies will be brought up to date and the Cease Trade Order lifted. This then clears the way for an eventual relisting on an appropriate bourse.
“Exploration has recommenced at our extensive Bau Goldfield property in East Malaysia and the company is now working towards rebuilding shareholder value.”
The Bau Goldfield in East Malaysia is a world-class project with the potential to dramatically increase Besra’s gold production. Geologically similar to the Carlin Trend in Nevada, the property has multiple deposits and an established gold resource.
Bau, which is in the rich Kalimantan metalliferous belt on the island of Borneo, has a long history of gold mining. Itinerant Chinese miners first began working the area in the 1800s and modern techniques made it production-worthy again with the rising price of gold in the 1970s. When the value of gold went the other direction in the 1990s, mining operations at Bau Goldfield ended.