TORONTO, ONTARIO--(Marketwire - July 29, 2011) - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE:MBR) announces that the previously filed Motion for Reconsideration with the Office of the President has been denied. As such, on July 27, 2011 the Company through its Philippine affiliates filed a petition for review in the Philippine Court of Appeals against Redmont for the issuance of a Temporary Restraining Order ("TRO") and / or Writ of Preliminary Injunction. This petition for review is seeking the Court of Appeals to issue a TRO which would lift and eventually reverse and dismiss the cease and desist order from the Office of the President in relation to the Financial or Technical Assistance Agreement ("FTAA").
The Company through its affiliates have also filed a complaint in the Regional Trial Court of Pasig City against Redmont Consolidated Mines Corporation ("Redmont") and Manuel T. Casador (collectively the "defendants") for Tortious Interference, Violation of articles 19 and 21 of the Civil Code, Injunction, and damages with application for the issuance of a Temporary Restraining Order ("TRO") and / or Writ of Preliminary Injunction. The damages total PhP38,724,133.76 (Philippine Pesos) plus ongoing monthly reimbursements and additional litigation expenses and costs of suit.
MBMI's Philippine affiliates have applied for this TRO to restrain and or prohibit the defendants, including the directors, stockholders, officers, employees and agents of the defendant Redmont, and any and all persons acting in their behalf from interfering, questioning, assailing, or filing or taking any other legal actions, that would directly or indirectly affect the validity and implementation of the FTAA.
The issuances of both Temporary Restraining Orders will allow MBMI and its Philippine affiliates to continue its business operations until the legal matters can be resolved in due process through the Court of Appeals or the Supreme Court. The company will continue to vigorously fight the decision by the Office of the President and will exhaust all options at its disposal to reverse the action.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael T. Mason, President and CEO
Further Information
For further information relating to the Company or this release, please refer to the Company's website at www.mbmiresources.com.
Neither the 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.
Contact Information:
Investor Relations
604-733-4196
mbr@mbmiresources.com
www.mbmiresources.com