2013-03-04 19:35:23 -
Toronto, Ontario CANADA, March 04, 2013 /FSC/ - Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF)
Robert Mackay, President and CEO of Stans Energy Corp.("Stans Energy" or the "Company"), is pleased to report that the legal representative of the Jogorku Kenesh of the Kyrgyz Republic has withdrawn their appeal relating to the action by a committee in the Jogorku Kenesh (the "Committee") against the Company in the Inter-District Court of Bishkek. The withdrawal of the appeal effectively ends all legal controversy surrounding the licence for Kutessay II and upholds the original verdict in favour of Stans Energy and its subsidiaries in Kyrgyzstan.
On November 15, 2012 the Company reported that it received favourable judgments from the Kyrgyz courts upholding the Company's
rights to exploit the Kutessay II deposit. These judgments had voided earlier decisions of the Committee to order the Company's Licence Agreement #3 annulled, to order the tender of Kutessay II, and to recommend to the State Geological Agency that Licence Agreement #3 be annulled. It was noted at the time that the Committee had appealed those decisions.
The Bishkek City appeals court has now dismissed the proceedings by the Committee against the Company.
Robert Mackay states "This successful final resolution of this legal process surrounding our Licence Agreements validates our adherence to the highest standards of business and reporting practices. I would like to congratulate our team at Partner Law Firm for their diligent representation of the company and its interests. As previously announced our 2013 field program is underway. Stans Energy is now looking forward to advancing its plans for development and production at Kutessay II."
About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing Heavy Rare Earth (HRE) properties in areas of Central Asia and Russia. 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 from Kutessay II ores. 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.
Robert Mackay David Vinokurov
Stans Energy Corp Stan Energy Corp
President & CEO 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.
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Source: Stans Energy Corp. (TSX-V: HRE) www.stansenergy.com
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