VANCOUVER, July 30, 2015 /CNW/ - Monument Mining
Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the
"Company") announces that the trial for the 5% joint venture
claim against Monument (the "5% JV Suit") originally
scheduled on July 28, 2015 to
July 31, 2015 was taken off the trial
list by the Shah Alam High Court pending disposal of the
application for a stay of proceeding filed by Monument, Able Return
Sdn. Bhd. ("ARSB") and Selinsing Gold Mine Manager Sdn. Bhd.
("SGMM"). In addition the Company acknowledges that
the former partners of Arci Enterprises ("Arci") has filed a
Claim against Selinsing Mining Sdn Bhd ("SMSB"), the
Plaintiff in the 5% JV Suit. Monument, its wholly-owned Malaysian
subsidiaries ARSB and SGMM have also been named as a defendant in
the suit by Arci.
Hearing of Monument's Stay Application on the 5% JV
Claim
The 5% JV Suit is described in the Company's news release of
January 19, 2015. The Shah Alam
High Court originally fixed July 28,
2015 to July 31, 2015 for the
trial with respect to the 5% JV Suit. The hearing dates have
been taken off the trial list by the Court pending hearing of
the Stay of Proceeding Application filed by Monument which is fixed
on August, 12, 2015.
One of the grounds for Monument's application for a stay of
proceedings is due to the ongoing Kuantan High Court suit,
described in the Company's news release of February 16, 2015, wherein Monument and ARSB are
seeking for the return of 100% of the issued shares of SMSB from
Kesit Pty Ltd. ("Kesit") the present 100% shareholder of SMSB.
Kesit is a private Australian company owned by Peter Kestel and his wife. Kesit's recent
application to transfer the Kuantan matter out to the Kuala Lumpur
High Court was dismissed by the Kuantan High Court on July 8, 2015.
The Arci Suit
Hong Teck, Yee Fook Choy, Yee
Choong Khoon and Yong Choong
Yim (as the administrator of the estate of Yong Kat Keong),
in their capacities as former partners of Arci, have filed a suit
against the TRA Mining (Malaysia)
Sdn. Bhd. ("TRA"), SMSB (the Plaintiff in the 5% JV Suit),
Monument and its subsidiaries ARSB and SGMM in the Shah Alam High
Court, Malaysia via Writ of
Summons No.: 22NCvC-291-05/2015 (the "ARCI Suit").
Peter Steven Kestel ("Kestel") is
the director in both TRA and SMSB.
The Arci Suit alleges, among other things, that Arci continued
to hold title to MC 1/113, one of the mining leases that Monument
acquired from SMSB (the holder of the sublease of MC 1/113) in
June, 2007 and that ownership of such lease gives Arci rights to
the profits generated under the claimed mining lease. In fact, the
mining lease claimed by Arci was forfeited by Pahang State
Government in 2008; subsequently a new mining lease was directly
granted to ARSB, long before commencement of the gold production.
The Arci Claim is the latest in a series of litigation between
Arci, a group of local miners, SMSB and TRA, which has been ongoing
in Malaysia since approximately
1998. Monument denies that it or Able has any liability with
respect to the Arci Claim and intends 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 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 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 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