- Monument Mining Limited, Able Return Sdn.
Bhd. (the "Plaintiff") VS Summer Empire Sdn. Bhd. and Kesit Pty.
Ltd. (the "Defendants") ("Monument VS Summer &
Kesit")
VANCOUVER, Feb. 16, 2015 /CNW/ - Monument Mining Limited
(TSX-V: MMY and FSE: D7Q1) ("Monument" or the
"Company") announces Monument and Able Return Sdn Bhd
("Able") have now filed a writ at the Kuantan High Court
against Summer Empire Sdn. Bhd. ("Summer") and Kesit Pty Ltd
("Kesit") claiming 100% of the issued shares of Selinsing
Mine Sdn. Bhd ("SMSB").
Summer is the trustee appointed to hold 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 Mine. However, Summer transferred shares of SMSB to
Kesit, an Australian company owned by Peter
Steven Kestel and his wife. Peter
Steven Kestel is a common director of Summer, Kesit and
SMSB. The writ seeks return of 100% of the issued shares of SMSB to
Able, on behalf of Monument, the rightful owner of those
shares.
The Lawsuit
In the lawsuit Monument and Able claim as follows:
Pursuant to an purchase and sale agreement dated May 31, 2007 (the "May
2007 Purchase and Sale Agreement"), on June 25, 2007 Monument acquired a 100% interest
in MC 1/124 and MC 1/113, the mineral properties comprising the
Selinsing Gold Mine in Malaysia
from SMSB, free and clear of all encumbrances by paying
$12,500,000 in cash and issuing
31,400,009 shares and 5,000,000 warrants of Monument to SMSB's
shareholders, including Peter Steven
Kestel.
As stipulated in the May 2007
Purchase and Sale Agreement, 100% of the shares of SMSB were to be
held by Summer in trust for Able and, subject to certain terms and
conditions, Summer was required to transfer and assign to Able 100%
of the issued SMSB Shares. In breach of that trust Summer
transferred 1,999,998 of the 2,000,000 issued shares of SMSB to
Kesit, a company under Peter Steven
Kestel's control and which already held 2 of the 2,000,000
issued shares of SMSB.
Monument and Able, according to the claim against Summer and
Kesit, have applied for a declaration that the transfer of the
shares of SMSB by Summer to Kesit or to any third party thereafter
is null and void, and for an Order requiring Summer and Kesit to
return 100% of the issued shares of SMSB to Able.
If the above suit succeeds, Monument through Able will be the
legal as well as the beneficial owner of SMSB and may then
determine the future course that SMSB will take.
About Monument
Monument Mining Limited (TSX-V: MMY, FSE: D7Q) 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 over
300 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
"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."
Forward-Looking Statements
This news release includes statements containing
forward-looking information about Monument, its business, its
business associated events including legal matters and future plans
("forward-looking statements"). 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: risk 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 including the success of Monument
in litigation(s) disclosed in the news release, 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:
based on advice from its Malaysian legal counsel, Monument has a
good cause of action against Summer and Kesit in respect of such
litigation; 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 information, except in
accordance with applicable securities laws.
SOURCE Monument Mining Limited