Monument Mining Ltd. has beaten an appeal by the vendors of the Mersing gold project against an earlier Malaysian court ruling ordering that they repay Monument the purchase price for the project.
The Vancouver, British Columbia-based explorer said Sept. 26 that the Court of Appeal has upheld the March ruling by the Shah Alam High Court awarding Monument C$500,000 and the return of the 1.5 million shares it issued under an earn-in agreement struck in 2011.
Monument launched legal action against Emas Kehidupan Sdn. Bhd. and shareholders Zackry Mohamed Iwaz and Kesit Pty. Ltd. after the vendors failed to transfer the Mersing mining concession to a joint venture company, a condition of the earn-in agreement.