Monument Collects Judgment and Adds Peter Kestel Personally As Defendant at Kuantan High Court
Vancouver, B.C., June 13, 2016, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) “Monument” or the “Company” reports that it has collected the Shah Alam High Court Judgment award in relation to the Mersing Matter and has added Peter Kestel personally as a Defendant in the SMSB Matter at the Kuantan High Court, through which the Company claims for the return of 100% of the shares of Selinsing Mining Sdn. Bhd. (“SMSB”) to its wholly owned subsidiary against Kesit Pty Ltd, an Australia company owned by Peter Kestel. SMSB is the Company suing Monument for a 5% JV interest in the Selinsing Gold Project in Malaysia.
Monument Collects Judgement against Kesit Pty Ltd and Others
Subsequent to the announcement made on March 7, 2016, the Company has collected the 1.5 million fully paid Monument common shares on June 6, 2016 and returned them to Treasury. It is in addition to RM 1,790,299.00 in cash (equivalent to CAD$575,674) collected in March. The collection therefore has been completed pursuant to the Judgment awarded by the Shah Alam High Court in the Mersing Matter filed by the Company against Emas Kehidupan Sdn. Bhd., Kesit Pty. Ltd. and Zackry Mohamed Iwaz (the Vendor Group).
On September 12, 2011, the Company paid CAD$0.50 million in cash and issued 1.5 million fully paid common shares to the Vendor Group as a consideration for a 49% interest in the Mersing Gold Project, subject to the condition that title of the Mersing Gold Project be transferred by the Vendor Group to Himpunan Suci Sdn. Bhd. (“HSSB”), which should be the sole and primary company that owns the Mersing Project.
Due to the Vendor Group’s failure to transfer the Mersing title to HSSB, the Company terminated the Mersing project and commenced legal action. In February 2016, the Company obtained a Judgment from the Shah Alam High Court in Malaysia, which ordered the Vendor Group to refund the monies paid and to return the 1.5 million shares to the Company by April 10, 2016. The Vendor Group has filed an appeal against the Judgment.
Monument Joins Peter Kestel Personally As Defendant in the Kuantan High Court
On February 16, 2015, Monument and its wholly owned subsidiary Able Return Sdn Bhd. (“Able”) filed a writ at the Kuantan High Court against Summer Empire Sdn. Bhd. (“Summer”) and Kesit Pty Ltd (“Kesit”) claiming for the return of the entire 100% of the issued SMSB’s shares to Able pursuant to a condition in the Purchase and Sale Agreement dated July 30, 2007 in the acquisition of the Selinsing Gold Project.
In the course of the proceedings, it was found that Summer had been dissolved and thus the suit had been withdrawn against Summer. The Company applied to the Kuantan High Court to add Peter Kestel in his personal capacity as a second Defendant in the Kuantan High Court. Peter Kestel is now a party to the Kuantan suit.
Summer, was a trustee to hold the entire 100% of the issued shares of SMSB in trust for Able, a wholly owned subsidiary of Monument through which Monument holds a 100% interest of the Selinsing Gold Project. However, the 100% of the SMSB shares were transferred out from Summer to Kesit Pty. Ltd. SMSB is the party suing Monument for a 5% of JV interest in the Selinsing Gold Project.
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 260 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
FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:
Richard Cushing, MMY Vancouver
T: +1-604-638-1661 x102
Wolfgang Seybold, Axino GmbH
T: +49 711-82-09-7211
“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.”
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.