Stans Energy Appeals Inter-District Court Judgment
April 24 2014 - 8:10AM
Business Wire
Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the
“Company”), reports that it has filed an appeal to the Bishkek City
Court in response to the ruling from the Inter-District Court of
Bishkek (the “Court”) in favour of the Kyrgyz General Prosecutor’s
Office (“GPO”) claim against 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 OJSC Kutisay Mining (100% owned by the
Government of KR). Kutisay Mining LLC is involved in the case as a
third party.
On March 19, 2014 The Bishkek Inter-District Court granted the
claim of the GPO and cancelled Minutes No. 1736-H-09 of the direct
negotiations between the SGA and OJSC Kutisay Mining dated December
21, 2009. This ruling thus invalidates the process in which the
mining licence for Kutessay II was acquired.
The primary rationale behind the judgment of the Bishkek
Inter-District Court was that the SGA was not objecting to the
facts of the case as put forth by the GPO, which had been submitted
to the court on May 29, 2013. Stans believes the SGA's conduct of
the SGA's own defense was improper, and as a consequence, the GPO
was able to prevail in the Inter-District Court.
Based on this and other mitigating factors the Company has filed
an appeal to the Bishkek City Court seeking to:
1. Annul the Bishkek Inter-District Court judgment dated March
19, 20142. Dismiss the claim of the General Prosecutor’s Office of
the Kyrgyz Republic for cancellation of Minutes No. 1736-H-09 of
direct negotiations between the state Agency for Geology and
Mineral Resources under the Government of the Kyrgyz Republic and
OJSC Kutisay Mining dated December 21, 2009.
Stans international arbitration suit is ongoing with the next
hearing scheduled for April 29, 2014. A final decision will be
handed down shortly thereafter regarding the $117,853,000 USD claim
brought by the Company against the Government of the Kyrgyz
Republic.
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
David Vinokurov Stans Energy Corp Stans Energy Corp Interim
- President & CEO VP Corporate Development 647-426-1865
647-426-1865
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.
Stans Energy CorpRodney Irwin, 647-426-1865Interim - President
& CEOorDavid Vinokurov, 647-426-1865VP Corporate
Development
Stans Energy (CE) (USOTC:HREEF)
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