VANCOUVER, July 30, 2015 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") announces that the trial for the 5% joint venture claim against Monument (the "5% JV Suit") originally scheduled on July 28, 2015 to July 31, 2015 was taken off the trial list by the Shah Alam High Court pending disposal of the application for a stay of proceeding filed by Monument, Able Return Sdn. Bhd. ("ARSB") and Selinsing Gold Mine Manager Sdn. Bhd. ("SGMM"). In addition the Company acknowledges that the former partners of Arci Enterprises ("Arci") has filed a Claim against Selinsing Mining Sdn Bhd ("SMSB"), the Plaintiff in the 5% JV Suit. Monument, its wholly-owned Malaysian subsidiaries ARSB and SGMM have also been named as a defendant in the suit by Arci.
Hearing of Monument's Stay Application on the 5% JV Claim
The 5% JV Suit is described in the Company's news release of January 19, 2015. The Shah Alam High Court originally fixed July 28, 2015 to July 31, 2015 for the trial with respect to the 5% JV Suit. The hearing dates have been taken off the trial list by the Court pending hearing of the Stay of Proceeding Application filed by Monument which is fixed on August, 12, 2015.
One of the grounds for Monument's application for a stay of proceedings is due to the ongoing Kuantan High Court suit, described in the Company's news release of February 16, 2015, wherein Monument and ARSB are seeking for the return of 100% of the issued shares of SMSB from Kesit Pty Ltd. ("Kesit") the present 100% shareholder of SMSB. Kesit is a private Australian company owned by Peter Kestel and his wife. Kesit's recent application to transfer the Kuantan matter out to the Kuala Lumpur High Court was dismissed by the Kuantan High Court on July 8, 2015.
The Arci Suit
Hong Teck, Yee Fook Choy, Yee Choong Khoon and Yong Choong Yim (as the administrator of the estate of Yong Kat Keong), in their capacities as former partners of Arci, have filed a suit against the TRA Mining (Malaysia) Sdn. Bhd. ("TRA"), SMSB (the Plaintiff in the 5% JV Suit), Monument and its subsidiaries ARSB and SGMM in the Shah Alam High Court, Malaysia via Writ of Summons No.: 22NCvC-291-05/2015 (the "ARCI Suit"). Peter Steven Kestel ("Kestel") is the director in both TRA and SMSB.
The Arci Suit alleges, among other things, that Arci continued to hold title to MC 1/113, one of the mining leases that Monument acquired from SMSB (the holder of the sublease of MC 1/113) in June, 2007 and that ownership of such lease gives Arci rights to the profits generated under the claimed mining lease. In fact, the mining lease claimed by Arci was forfeited by Pahang State Government in 2008; subsequently a new mining lease was directly granted to ARSB, long before commencement of the gold production.
The Arci Claim is the latest in a series of litigation between Arci, a group of local miners, SMSB and TRA, which has been ongoing in Malaysia since approximately 1998. Monument denies that it or Able has any liability with respect to the Arci Claim and intends to vigorously defend this claim.
Monument Mining Limited (TSX-V: MMY, FSE: D7Q1) 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 approximately 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 and future plans ("forward-looking statements"). Forward-looking statements are statements that involve expectations, plans, objectives or future events that are not historical facts and include the Company's plans with respect to its mineral projects and the timing and results of proposed programs and events referred to in this news release. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". 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: risks 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 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: 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 statements, 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, T: +49 711-82-09-7211, [email protected]