VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 26, 2016) - Monument Mining Limited (TSX VENTURE:MMY)
(FRANKFURT:D7Q1) "Monument" or the "Company" reports that the appeal filed by the Defendant against the Judgment on Mersing
matter granted by Shah Alam High Court was upheld by the Court of Appeal in favor of Monument. Therefore the Shah Alam High Court
decision in favor of Monument stands.
The Company instituted a legal action at Shah Alam High Court against the Emas Kehidupan Sdn. Bhd. ("EK") and its
shareholders: Zackry Mohamed Iwaz and Kesit Pty Ltd, a company controlled by Peter Steven Kestel (together the "Vendor Group",
"Defendants") due to non-fulfillment of condition pursuant to an Earn-in Agreement ("Mersing Transaction") signed in September
2011, claiming for the return of the purchase price paid for the Mersing transaction.
In March 2016, the High Court has awarded a judgment against the Defendants and issued orders for the Vendor Group to return
the received consideration to Monument in cash and 1.5 million fully paid Monument shares to the Company (the
"Judgment"). Subsequent to the Judgment Monument has collected Cash of RM1,790,299 (equivalent to $500,000 cash
consideration paid plus interest of $75,674) in full and had the 1,500,000 Monument shares returned to treasury.
The Defendants subsequently appealed the Judgment to the Court of Appeal and the hearing of the same was fixed on September
15, 2016. That Court of Appeal dismissed the Vendor Group's appeal with costs and upheld the Judgment made by the Shah Alam
High Court Judge.
About Monument
Monument Mining Limited (TSX VENTURE:MMY) (FRANKFURT: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 including the Mengapur Polymetallic Project, in Pahang State of Malaysia, and the Murchison Gold Projects
comprising Burnakura, Gabanintha and Tuckanarra in the Murchison area of Western Australia. The Company employs approximately 240
people in both regions and is committed to the highest standards of environmental management, social responsibility, and health
and safety for its employees and neighboring communities. The Company has also been looking in other countries seeking potential
opportunities for larger resources..
Robert F. Baldock, President and CEO |
Monument Mining Limited |
Suite 1580 -1100 Melville Street |
Vancouver, BC 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."
Forward-Looking Statement
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.