VANCOUVER, Feb. 10, 2014 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") today announced the full results from its Annual General Meeting (the "Meeting") held on February 7, 2014 in Vancouver, B.C. The Meeting had a record high turnout of shareholders representing approximately 75% of its issued shares eligible to vote at the meeting. Shareholders at the Meeting fixed the number of directors at seven and the seven Monument nominees who received the most votes were elected to the Board.
"The record turnout and strong endorsement by shareholders of the Company's directors and management represent significant support for the Company going forward," said Robert F. Baldock, Monument's President and CEO. "We look forward to delivering on the clear, disciplined plan we have in place, and continued work to build additional value for our shareholders."
Further information concerning the results of the meeting is set out below.
Board of Directors
At the Meeting, shareholders elected the following of management's nominees as directors for the ensuing year: George Brazier, Robert F. Baldock, Cathy Zhai, Zaidi Harun, Gerald Ruth, Frank Wright and Graham Dickson. Director nominee Jean-Edgar de Trentinian received the fewest "for" votes of the eight management nominees. Given the shareholder-approved motion to set the number of directors at seven, Mr. de Trentinian was not elected to the Board.
Shareholders re-appointed Grant Thornton LLP, Chartered Accountants, to serve as the Company's auditors for the ensuing year and authorized the directors to fix the auditor's compensation.
Stock Option Plan and Grant of Stock Options
The adoption by the Company of a fixed stock option plan, as described in the Information Circular disseminated in connection with the Meeting, was approved by shareholders. The grant by the Company of additional stock options was not approved.
Monument Mining Limited (TSX-V:MMY, FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia, with production cash costs among the lowest in the industry. Its experienced management team is committed to growth and is advancing several exploration and development projects in Malaysia, including the 100% owned, development stage, Mengapur Polymetallic Project. The Company employs 330 people in Malaysia 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 910- 688 West Hastings Street
Vancouver B.C. Canada V6B 1P1
"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 for building and operating magnetite production facilities, the Company's plans to extracting and process magnetite from surface materials, the grade of the stockpiled materials being purchased by Monument, and all of the other 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: the risks regarding production referred to in this news release; the risk that the market price of gold, copper, magnetite and other metals decreases significantly; 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: the Company's assumption that the stockpiled materials and the surface materials on Area C will contain the grade of magnetite that the Company expects; the Company's expectation that process facilities can be built on budget; 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: Nick Kohlmann, MMY Toronto, T: +1-647-478-3594, [email protected]; Richard Cushing, MMY Vancouver, T: +1-604-638-1661 x102, [email protected]; Wolfgang Seybold, Axino GmbH, T: +49 711-2535-92 40, [email protected]