Toronto, Ontario (FSCwire) - Stans Energy Corp. (TSX-V: HRE, OTCQB: HREEF), (“Stans” or the “Company”), reports that Kamal Oil LLP (“Kamal Oil) failed to pay the US$ 10 million dollars as required by the State Agency for Geology and Mineral Resources of the Kyrgyz Republic (“SAGMR”). SAGMR cancelled the result of the tender for the subsoil licenses for Kutessay II rare earth deposit and the Kalesay beryllium deposits.
No information has been released regarding the future plans of the Republic for a new tender for Kutessay II and Kalesay at this time.
About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing rare earth and specialty metals properties focusing on areas of Central Asia and Russia. Stans acquired, among other things, the right to mine the past producing rare earth mine, Kutessay II, in the Kyrgyz Republic in 2009 and the right to mine Beryllium at Kalesay. Steps subsequently taken by the Government of the Kyrgyz Republic wrongfully to deprive the Company of those mining rights have required Stans to take the legal actions to protect the Company’s rights and recover damages caused by the Republic’s wrongful actions.
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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 “will”, “shall”, "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions may identify forward-looking statements. Although Stans believes that its 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 statements. 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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Stans05262016.pdfSource: Stans Energy Corp. (TSX Venture:HRE, OTCQB:HREEF) www.stansenergy.com
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