TORONTO -- (Business Wire)
Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (âStansâ or the
âCompanyâ)has been informed that the Inter-District Court of Bishkek
(the âCourtâ) has ruled in favour of the Kyrgyz General Prosecutorâs
Office (âSPOâ) with respect to its claim regarding Stansâ 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 (âSGAâ) to annul the December 21, 2009 Minutes of
Negotiations (registration No. 1736-H-09) between the SGA and public
company OAO Kutisay Mining (100% owned by the Government of KR). 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 Companyâs arbitration lawsuit is ongoing with the next hearing
scheduled for March 31, 2014. Managementâs counsel believes that this
ruling strengthens Stansâ 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 Stansâ
April 2, 2013 press release or its most recent Managementâs Discussion
and Analysis, which is available on SEDAR (www.sedar.com).
About Stans Energy
Stans Energy Corp. is a resource
development company focused on progressing Heavy Rare Earth (HRE)
properties in areas of the Former Soviet Union. In December 2009, Stans
acquired a 20-year mining license for the past-producing Kutessay II
rare earth mine from the Kyrgyz Republic. On May 26, 2011 Stans
completed the purchase of the Kashka Rare Earth Processing Plant (KRP),
the same plant that previously refined REEs historically from Kutessay
II. The KRP was the only hard rock plant to produce all rare earth
elements outside of China, producing 120 different metals, alloys, and
oxides. For over 30 years, Kutessay II produced 80% of the rare earth
metals for the former Soviet Union.
We seek safe harbour.
Contact Details
Rodney Irwin
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Â
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David Vinokurov
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Stans Energy Corp
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Stans Energy Corp
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Interim - President & CEO
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VP Corporate Development
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647-426-1865
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647-426-1865
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FORWARD LOOKING STATEMENTS: This document includes forward-looking
statements as well as historical information. Forward-looking statements
include, but are not limited to, use of proceeds from the Offering, the
completion of the Offering, the continued advancement of the company's
general business development, research development and the company's
development of mineral exploration projects. When used in this press
release , the words âwillâ, âshallâ, "anticipate", "believe",
"estimate", "expect", "intent", "may", "project", "plan", "should" and
similar expressions may identify forward-looking statements. Although
Stans Energy Corp. believes that their expectations reflected in these
forward looking statements are reasonable, such statements involve risks
and uncertainties and no assurance can be given that actual results will
be consistent with these forward-looking statement. Important factors
that could cause actual results to differ from these forward-looking
statements include the potential that fluctuations in the marketplace
for the sale of minerals, the inability to implement corporate
strategies, the ability to obtain financing and other risks disclosed in
our filings made with Canadian Securities Regulators.
Contacts:
Stans Energy Corp.
Rodney Irwin, 647-426-1865
Interim -
President & CEO
or
David Vinokurov, 647-426-1865
VP
Corporate Development
Source: Stans Energy Corp.
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