Monument Updates Selinsing Litigation
06 Oct, 2014, 18:47 ET
- Selinsing Mine Sdn Bhd (the "Plaintiff") VS Selinsing Gold Mine Manager Sdn Bhd, Able Return Sdn Bhd and Monument Mining Limited ("SMSB VS Monument") in a Claim for 5% JV interest in Selinsing
VANCOUVER, Oct. 6, 2014 /CNW/ - Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" announces that its appeal filed at Court of Appeal in Putrajaya on July 23 2014 against the interim injunctive relief was heard on September 30, 2014 and was dismissed. As consequence, an US$9.4 M is ordered be deposited by the Company within 14 days from the date of decision of the Court of Appeal into a joint account to be maintained by legal counsels of the respective parties to the lawsuit, pending the hearing and determination from the coming full trial.
The Company has instructed its legal counsel to immediately file the motion for leave to appeal at Federal Court in due course.
Background: On October 10, 2012, the Plaintiff, Selinsing Mine Sdn Bhd, a company wholly owned by Kesit Pty Ltd, an Australian private limited company owned and controlled by Peter Steven Kestel and his wife filed a Writ and Statement of Claim against Monument and its wholly-owned subsidiaries, Selinsing Gold Mine Manager Sdn Bhd and Able Return Sdn Bhd. The Plaintiff in the suit claimed, among other things, a 5% "Joint Venture interest" in the profit of the gold production from one of tenements of Monument's Selinsing Gold Mine. The Plaintiff was the previous sub-lease holder and operator that sold the Selinsing Gold Mine to Monument and its subsidiaries free and clear of any encumbrances. The transaction was closed on June 25, 2007 and the Plaintiff has been paid in full. The claim against Monument and its subsidiaries was not made until 2012 in relation to the Plaintiff's purported "Joint Venture interest". Monument denies that the Plaintiff has any joint venture interest in the Selinsing Gold Mine and intends to continue 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 in Malaysia and Australia, including the development stage, Mengapur Polymetallic Project in Malaysia and the Murchison Project in Western Australia. The Company employs approximately 300 people 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 B.C. Canada 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: +49 711-2535-92 40, [email protected]
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