Apr 03, 2018
Monument Announces Settlement of All Litigation on Selinsing Property
Vancouver, B.C., April 3, 2018, Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) ("Monument" or the "Company") is pleased to announce that it has, during a full trial of the matter, entered into a settlement with respect to the 5% JV suit relating to its Selinsing Property and the Kuantan Suit in relation to a claim on the ownership of the Plaintiff in the 5% JV suit.
The Company's Chairman, Robert Baldock, said of the settlement: "We always denied that SMSB had any joint venture interest in the Selinsing Gold Mine; however, we considered a settlement of this litigation to be in the best interests of Monument and its shareholders at this time. We look forward to being able to concentrate on the Company's operations having the clarity and certainty that this settlement provides."
The 5% JV interest claim against certain tenements at the Selinsing Gold Mine had been filed by Selinsing Mining Sdn Bhd ("SMSB") in 2012 against Monument and two of its Malaysian subsidiaries. Monument had deposited US$9,441,976 in a custodian bank account pending determination of a full trial pursuant to a court order given in 2014.
The full trial commenced on March 22, 2018 and continued on March 23, 2018 during which a settlement was reached and a Consent Order subsequently recorded in the Shah Alam High Court in Malaysia. The terms of the settlement are, among others:
• SMSB affirms that the Joint Venture Agreement dated 2.7.2007 is not valid and enforceable against Monument and its related subsidiaries;
• SMSB, Kesit Pty Ltd. and Peter Kestel along with their agents, employees and successors will not in any way interfere or lodge any complaints with any local or foreign authorities regarding management and/or the business of Monument or its subsidiaries and agents;
• The parties shall have no further claims against each other or their respective past, current and future directors, officers and employees in Malaysia or outside Malaysia;
• The US$9,441,976 deposited in a custodian bank account will be released to Monument; and
• Monument will pay US$3 million to SMSB in consideration for the settlement.
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 Copper and Iron 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.
Cathy Zhai, 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 email@example.com
"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.