- 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, Jan. 19, 2014 /CNW/ - Monument Mining Limited
(TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") announces
that Monument's Motion for leave to appeal to the Federal Court
against the order of the Court of Appeal has been denied by the
Federal Court. As a result, US$9.4 M
will be deposited by the Company into a joint account maintained by
legal counsel of the respective parties to the lawsuit until
disposal of the full trail, which has been fixed for hearing on
February 16 and 17, 2015.
Monument has earlier obtained a stay order from the Federal
Court in October 2014, after its
appeal was dismissed by the Court of Appeal against the decision of
the Shah Alam High Court which ordered Monument to deposit a sum of
US$9.4 million pending full trial of
the SMSB VS Monument. Monument had opposed and appealed against the
decision of the Shah Alam High Court and Court of Appeal on the
ground, amongst others, for dismissing the requirement for an order
for fortification by SMSB, a dormant company, for damages that may
be incurred by the Company for depositing the USD 9.4 million.
Background: On October 10,
2012, SMSB 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. SMSB claimed, among
other things, a 5% "Joint Venture interest" in the profit of the
gold production from one of the tenements of Monument's Selinsing
Gold Mine. SMSB 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 SMSB
was paid in full. SMSB did not make its claim in relation to the
purported "Joint Venture interest" until October, 2012.
Monument denies that SMSB 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: D7Q) 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 over
300 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.
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 Statements
This news release includes statements containing
forward-looking information about Monument, its business and future
plans ("forward-looking statements"), including statements with
respect to the termination of the proposed transaction between
Monument and Gascoyne. 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: risk related to such termination; 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: there are no further obligations of Monument in
respect of the proposed treansaction; 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 information,
except in accordance with applicable securities laws.
SOURCE Monument Mining Limited