Monument Mining Limited: Update on Litigation
VANCOUVER, Jun 14, 2017 - Monument Mining Ltd. (TSX VENTURE:MMY) (FRANKFURT:D7Q1) ("Monument" or the "Company") reports that the Company filed a claim in the Kuantan High Court, Pahang Malaysia, seeking among others for the return of all issued shares of Selinsing Mining Sdn Bhd ("Selinsing", or "SMSB") to Monument's wholly owned subsidiary Able Return Sdn Bhd ("Able"), by virtue of Clause 2.2 of the "Able/Selinsing Purchase and Sale Agreement" dated May 31, 2007 for the acquisition of the Selinsing Gold Project that was closed in June, 2007. After removing the assets from SMSB and leaving SMSB as a wholly owned "shell company" held in Trust for Monument and/or its wholly owned subsidiary Able, the ownership of SMSB has since been transferred to Kesit Pty. Ltd. without Monument's knowledge, agreement and/or approval. SMSB is the Plaintiff in the ongoing suit filed against Monument claiming for the 5% interest in the Selinsing Gold Project.
Pursuant to the interlocutory applications filed by the Defendants, namely Kesit Pty. Ltd. and Peter Steven Kestel, the Kuantan High Court had on Thursday June 8th, 2017 struck out the Company's claim. The Company will appeal against the said decision.
About Monument
Monument Mining Ltd. (TSX VENTURE:MMY)(FRANKFURT: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 190 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. The Company has also been looking in other countries seeking potential opportunities for larger resources, including the Democratic Republic of the Congo ("DRC").
| Robert F. Baldock, President and CEO |
| Monument Mining Ltd. |
| Suite 1580 -1100 Melville Street |
| Vancouver, BC V6E 4A6 |
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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.
Contact
Monument Mining Ltd.
Richard Cushing
+1-604-638-1661 x102
rcushing@monumentmining.com
www.monumentmining.com
Axino GmbH
Wolfgang Seybold
+49 711-82-09 -211
wolfgang.seybold@axino.com
