- Monument Mining Limited, Able Return Sdn. Bhd. (the "Plaintiff") VS Summer Empire Sdn. Bhd. and Kesit Pty. Ltd. (the "Defendants") ("Monument VS Summer & Kesit")
VANCOUVER, Feb. 16, 2015 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") announces Monument and Able Return Sdn Bhd ("Able") have now filed a writ at the Kuantan High Court against Summer Empire Sdn. Bhd. ("Summer") and Kesit Pty Ltd ("Kesit") claiming 100% of the issued shares of Selinsing Mine Sdn. Bhd ("SMSB").
Summer is the trustee appointed to hold 100% of the issued shares of SMSB in trust for Able, a wholly owned subsidiary of Monument through which Monument holds a 100% interest of the Selinsing Gold Mine. However, Summer transferred shares of SMSB to Kesit, an Australian company owned by Peter Steven Kestel and his wife. Peter Steven Kestel is a common director of Summer, Kesit and SMSB. The writ seeks return of 100% of the issued shares of SMSB to Able, on behalf of Monument, the rightful owner of those shares.
In the lawsuit Monument and Able claim as follows:
Pursuant to an purchase and sale agreement dated May 31, 2007 (the "May 2007 Purchase and Sale Agreement"), on June 25, 2007 Monument acquired a 100% interest in MC 1/124 and MC 1/113, the mineral properties comprising the Selinsing Gold Mine in Malaysia from SMSB, free and clear of all encumbrances by paying $12,500,000 in cash and issuing 31,400,009 shares and 5,000,000 warrants of Monument to SMSB's shareholders, including Peter Steven Kestel.
As stipulated in the May 2007 Purchase and Sale Agreement, 100% of the shares of SMSB were to be held by Summer in trust for Able and, subject to certain terms and conditions, Summer was required to transfer and assign to Able 100% of the issued SMSB Shares. In breach of that trust Summer transferred 1,999,998 of the 2,000,000 issued shares of SMSB to Kesit, a company under Peter Steven Kestel's control and which already held 2 of the 2,000,000 issued shares of SMSB.
Monument and Able, according to the claim against Summer and Kesit, have applied for a declaration that the transfer of the shares of SMSB by Summer to Kesit or to any third party thereafter is null and void, and for an Order requiring Summer and Kesit to return 100% of the issued shares of SMSB to Able.
If the above suit succeeds, Monument through Able will be the legal as well as the beneficial owner of SMSB and may then determine the future course that SMSB will take.
Monument Mining Limited (TSX-V: MMY, FSE: D7Q) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is advancing several exploration and development projects including the Mengapur Polymetallic Project, in Pahang State of Malaysia, and the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs over 300 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.
Robert F. Baldock, President and CEO
Monument Mining Limited
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
This news release includes statements containing forward-looking information about Monument, its business, its business associated events including legal matters and future plans ("forward-looking statements"). The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to differ materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation: risk related to general business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of development activities; foreign operations risks; other risks inherent in the mining industry including the success of Monument in litigation(s) disclosed in the news release, and other risks described in the management discussion and analysis of the Company and the technical reports on the Company's projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Material factors and assumptions used to develop forward-looking statements in this news release include: based on advice from its Malaysian legal counsel, Monument has a good cause of action against Summer and Kesit in respect of such litigation; expectations regarding the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations, general economic factors and other factors that may be beyond the control of Monument; assumptions and expectations regarding the results of exploration on the Company's projects; assumptions regarding the future price of gold of other minerals; the timing and amount of estimated future production; the expected timing and results of development and exploration activities; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Company's projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Monument Mining Limited
For further information: visit the company web site at www.monumentmining.com or contact: Richard Cushing, MMY Vancouver, T: +1-604-638-1661 x102, [email protected]; Wolfgang Seybold, Axino GmbH -Europe, T: +49 711-2535-92 40, [email protected]