VANCOUVER, July 17, 2013 /CNW/ - Monument Mining Limited (TSX-V: MMY and
FSE: D7Q1) ("Monument") today updated shareholders on its previously-disclosed litigation
with Selinsing Mining Sdn Bhd ("SMSB"). SMSB had filed a statement of
claim against Monument and two of its Malaysian subsidiaries in the
High Court of Malaya in Shah Alam, Selangor, Malaysia, and had received
a summary judgment against Monument and the subsidiaries, which
Monument had appealed. Today, Monument is pleased to announce that the
Malaysian Court of Appeal at Putra Jaya allowed Monument's appeal and
set aside the summary judgment.
On October, 10, 2012, Monument had been made a party in a Writ and
Statement of Claim filed by SMSB, a company wholly owned by Kesit Pty
Ltd, an Australian private limited company owned and controlled by
Peter Steven Kestel and his wife. SMSB in the suit claimed, among other
things, a 5% "Joint Venture interest" in the profit of the gold
production from Monument's Selinsing Gold Mine. SMSB was the previous
sub-lease holder and operator that sold the Selinsing Gold Mine to
Monument free and clear of any encumbrances, a transaction that closed
on June 25, 2007. SMSB has been paid in full and it was not until 2012
that SMSB made a claim against Monument in relation to its purported
"Joint Venture interest", which Monument denied.
On February 26, 2013, the High Court in Shah Alam, Selangor, granted
SMSB's application for a summary judgment against Monument and two of
its subsidiaries, Able Return Sdn. Bhd. ("ARSB") and Selinsing Gold
Mine Manager Sdn. Bhd. ("SGMM"). Monument appealed that decision to
the Court of Appeal at Putra Jaya.
On July 8, 2013 the Court of Appeal at Putra Jaya allowed Monument's
appeal and set aside the summary judgment. As a result of this
decision, a trial will be conducted, in which Monument, ARSB and SGMM
will be defending the SMSB claim. The Court of Appeal further
ordered the matter to be heard by a judge other than the judge who had
awarded the summary judgment in the first instance. The matter will
now be set down for full trial in the Shah Alam High Court with a
different judge in due course.
The Court of Appeal also ordered that SMSB pay costs to Monument in
relation to the appeals it had filed.
About Monument
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
feasibility stage, Mengapur Polymetalic 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."
Forward-Looking Statement
This news release contains forward-looking statements about Monument
Mining Limited ("Monument"), its business and future plans.
Forward-looking statements are statements that are not historical facts
and include the timing of the proposed programs and events. 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 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; statements regarding the future price
of gold; the estimation of mineral resources; conclusions of economic
evaluation (including scoping studies); the realization of mineral
resource estimates; the timing and amount of estimated future
production, development and exploration; costs of future activities;
capital and operating expenditures; success of exploration activities;
mining or processing issues; currency exchange rates; government
regulation of mining operations; and environmental risks. 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". Forward-looking information is 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 information, including but not limited to:
general business, economic, competitive, geopolitical and social
uncertainties; the actual results of current exploration activities;
foreign operations risks; 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 information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such information 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 information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE: Monument Mining Limited
