Stans Energy - Inter-District Court of Bishkek Rules in Favour of the Kyrgyz Prosecutor's Office
PR-Inside.com: 2014-03-21 20:05:05
Toronto, Ontario CANADA, March 21, 2014 /FSC/ - Stans Energy Corp.(TSX-V: HRE, OTCQX: HREEF), ("Stans" or the "Company")has been informed that the Inter-District Court of Bishkek (the "Court") has ruled in favour of the Kyrgyz General Prosecutor's Office ("SPO") with respect to its claim regarding Stans' 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 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 Company's arbitration lawsuit is ongoing with the next hearing scheduled for March 31, 2014. Management's counsel believes that this ruling strengthens Stans' 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' April 2, 2013 press release or its most recent Management's 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.
Stans Energy Corp
Interim - President & CEO
Stans Energy Corp
VP Corporate Development
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 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.
To view the press release as a PDF, please click on the following link:
Source: Stans Energy Corp. (TSX-V: HRE) www.stansenergy.com
Maximum News Dissemination by FSCwire. www.fscwire.com