Mr. Rodney Irwin reports
STANS ENERGY - INTER-DISTRICT COURT OF BISHKEK RULES IN FAVOUR OF THE KYRGYZ PROSECUTOR'S OFFICE
Stans Energy Corp. has been informed that the Inter-District Court of Bishkek
has ruled in favour of the Kyrgyz General Prosecutor's
Office (SPO) with respect to its claim regarding Stans's wholly owned
Kutessay II project.
This administrative case was filed on March 26, 2013, against the State
Agency on Geology and Mineral Resources under the government of the
Kyrgyz Republic (SGA) to annul the Dec. 21, 2009, minutes of
negotiations (registration No. 1736-H-09) between the SGA and public
company OAO Kutisay Mining (100 per cent owned by the government of the
Kyrgyz Republic). Kutisay
Mining LLC is involved in the case as a third party. Stans reserves the
right to appeal this verdict to the Bishkek City Court within one month
from the date of receipt of the written decision.
The company's arbitration lawsuit is in progress with the next hearing
scheduled for March 31, 2014. Management's counsel believes that this
ruling strengthens Stans's arbitration case at the Moscow Chamber of
Commerce.
The company will update shareholders and the investment community in due
course once a written decision is provided by the court.
For background information on these proceedings, please refer to Stans's
April 2, 2013, press release or its most recent management's discussion
and analysis, which is available on SEDAR.
We seek Safe Harbor.
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