- 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. 20, 2014 /CNW/ - Monument Mining Limited
(TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" announces
that it has obtained a stay from the Federal Court against the
Court of Appeal's decision to deposit a US$9.4 million by the Company into a joint
account maintained by legal counsels of the respective parties to
the lawsuit. The stay is pending hearing of the motion for leave to
appeal at the Federal Court, Putrajaya, Malaysia scheduled on December 9, 2014. The full trial of the matter
has been fixed on February 14 and 15,
2015.
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.
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. 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."
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.
SOURCE Monument Mining Limited