VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 26, 2016) - Monument Mining Limited (TSX VENTURE:MMY) (FRANKFURT:D7Q1) "Monument" or the "Company" reports that the appeal filed by the Defendant against the Judgment on Mersing matter granted by Shah Alam High Court was upheld by the Court of Appeal in favor of Monument. Therefore the Shah Alam High Court decision in favor of Monument stands.
The Company instituted a legal action at Shah Alam High Court against the Emas Kehidupan Sdn. Bhd. ("EK") and its shareholders: Zackry Mohamed Iwaz and Kesit Pty Ltd, a company controlled by Peter Steven Kestel (together the "Vendor Group", "Defendants") due to non-fulfillment of condition pursuant to an Earn-in Agreement ("Mersing Transaction") signed in September 2011, claiming for the return of the purchase price paid for the Mersing transaction.
In March 2016, the High Court has awarded a judgment against the Defendants and issued orders for the Vendor Group to return the received consideration to Monument in cash and 1.5 million fully paid Monument shares to the Company (the "Judgment"). Subsequent to the Judgment Monument has collected Cash of RM1,790,299 (equivalent to $500,000 cash consideration paid plus interest of $75,674) in full and had the 1,500,000 Monument shares returned to treasury.
The Defendants subsequently appealed the Judgment to the Court of Appeal and the hearing of the same was fixed on September 15, 2016. That Court of Appeal dismissed the Vendor Group's appeal with costs and upheld the Judgment made by the Shah Alam High Court Judge.
Monument Mining Limited (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 240 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..
|Robert F. Baldock, President and CEO
|Monument Mining Limited
|Suite 1580 -1100 Melville Street
|Vancouver, BC V6E 4A6
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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.