Besra Gold Inc. Clarifies Quantum Press Release
Rhea-AI Summary
Besra Gold Inc (ASX: BEZ) has issued a clarification regarding a press release by Quantum Metal Sdn Bhd. The company states that Quantum's announcement about Besra's rapidly growing gold mining operations is inaccurate and unauthorized. Besra emphasizes that it is an exploration company without current gold mining operations. The company is actively developing its Jugan Gold Project in Sarawak towards commercialization through a Pilot Plant and a Definitive Feasibility Study.
Besra also clarifies that it does not hold physical gold and assumes Quantum's statement about guaranteed safe gold refers to future production from the Jugan Gold Project. The company's JORC (2012) Resources across several deposits total 2.8 million ounces of gold.
AI-generated analysis. Not financial advice.
Positive
- Active development of Jugan Gold Project towards commercialization
- Plans for Pilot Plant production and Definitive Feasibility Study
- JORC (2012) Resources totaling 2.8 million ounces of gold across several deposits
Negative
- No current gold mining operations, contrary to Quantum's press release
- Unauthorized and inaccurate statements made by Quantum about Besra's operations
- Potential confusion among investors due to misleading information from Quantum
News Market Reaction – BESAF
On the day this news was published, BESAF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Melbourne, Victoria, Australia--(Newsfile Corp. - August 19, 2024) - Besra Gold Inc (ASX: BEZ) (Besra or the Company) refers to a Quantum Metal Sdn Bhd (Quantum) Press Release authorised by Dato' Lim Kong Soon (Chairman of Quantum and Besra) dated 17 August 2024 (Press Release).
The Press Release states that Quantum is "…pleased to announce that Besra's gold mining operations are growing rapidly, in line with our commitment to 'Preserve and Grow Your Wealth.' The gold you own is guaranteed to be safe and fully protected."
Besra advises that the statement mentioned above (contained within the press release) is inaccurate and not authorised by Besra.
Besra reiterates that it is an exploration company, so it does not presently have a gold mining operation. Besra is, however, actively working to develop its Jugan Gold Project (located in Sarawak) towards commercialization, initially through Pilot Plant production and the delivery of a Definitive Feasibility Study.
Besra is unsure what the following Quantum statement means: "The gold you own is guaranteed to be safe and fully protected." Besra advises that it does not hold any physical gold and assumes that Quantum is referring to future gold production from the Jugan Gold Project, which is included in the Company's identified JORC (2012) Resources across several discrete deposits, totalling 2.8m ounces.
This announcement was authorised for release by the Board.
Michael Higginson
Company Secretary
N. American Contact:
James Hamilton
M +1-416-471-4494
E jim@besra.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220511