VANCOUVER, Feb. 22, 2013 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") today announced that it has settled an outstanding legal disagreement with Tulum Corporation ("Tulum") and its sole-shareholder, Mr. Francois Marland. Tulum and Mr. Marland had claimed damages against the Company in connection with various matters, including the Company's cancellation of the proposed private placements to Tulum which the Company had originally announced in 2011 and 2012, the Company's decision not to proceed with transactions that Tulum had invested in, and the Company's acquisition of the remaining 30% of its Mengapur Project where Tulum had previous dealings with the vendor of the Mengapur Project.
Under the terms of the settlement agreement, Monument has agreed to make two cash dispersals to Tulum of $6 million each by March 1, 2013. In turn, Mr. Marland has agreed to invest $6 million for the purchase of 12 million shares in the Company's brokered private placement. Tulum and Mr. Marland have also agreed to fully support Monument's management and the present Board of Directors for a period of 12 months from the date of the agreement and to release Monument and its directors and officers from any claims related to these matters.
About Monument Mining Limited
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 world. Its experienced management team is committed to growth and is advancing several exploration and development projects in Malaysia, including the polymetallic Mengapur project. The Company employs 280 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 contains forward-looking information and forward-looking statements about Monument (together referred to herein as "forward-looking statements"). Forward-looking statements are statements that are not historical facts and include statements regarding: the timing and implementation of the planned development of the Mengapur Project, the potential processing capacity for the Mengapur Project, the planned use of proceeds from the December 17 financing, the Company's expansion of the Selinsing project and other plans and expectations of the Company. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks and certain other factors include: the Company's expectations in connection with its exploration, development and expansion projects; the impact of general business and economic conditions; changes in project parameters as plans continue to be refined; costs of future activities; capital and operating expenditures; success of exploration activities; the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations; mining or processing issues; currency exchange rates; government regulation of mining operations; environmental risks; general economic factors and other factors that may be beyond the control of Monument... Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including the risks factors listed above, other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company, which is 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:
Nick Kohlmann, MMY Toronto
Richard Cushing, MMY Vancouver
T: +1-604-638-1661 x102
Wolfgang Seybold, Axino AG-Europe
T: +49 711-2535-92 40