Litigation Update: Monument Succeeds In Appealing Shah Alam High Court Decision
Vancouver, B.C., 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.
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
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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.