- Continues to vigourously defend opportunistic claim
VANCOUVER, March 4, 2013 /CNW/ - Monument Mining Limited (TSX-V: MMY and
FSE: D7Q1) ("Monument" or the "Company") today updated shareholders on
the previously-disclosed statement of claim filed by Selinsing Mining
Sdn Bhd ("SMSD"), the previous owner of the Selinsing Project, against
Monument and two of its Malaysian subsidiaries in the High Court of
Malaya in Shah Alam, Selangor, Malaysia.
The plaintiff SMSD is claiming an entitlement to a 5 percent interest in
the profits of a joint venture in relation to the Selinsing mine and
has obtained a summary judgment in its favour. The Company's Malaysian
counsel advises that the summary judgment is wrong in fact and in law
and is highly likely to be reversed on appeal. Counsel has been
instructed to bring an appeal and to seek a stay of the order on an
urgent basis pending the hearing of the appeal.
The specific terms of the summary judgment are not yet known as the
court has not yet issued its reasons for judgment or its written order,
but the judge indicated that the order would go generally in the terms
claimed. The claim as filed sought orders, inter alia, requiring the
joint venture to call a meeting for the purpose of replacing a Monument
subsidiary as the manager of the joint venture, an accounting of
profits and general damages.
Monument's counsel also advises that, even if the judgment were
permitted to stand, the alleged joint venture is not the owner of the
mine but merely an operator pursuant to an operating agreement and
therefore is not entitled to any profits and in fact has never realized
any profits.
Monument will continue vigorously to dispute the claim and will update
shareholders on developments.
About Monument Mining Ltd.
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."
Forward-Looking Statement
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 outcome of litigation, the timing and implementation of
the planned development of the Mengapur Project, 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: uncertainties inherent in litigation, 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