Kyrgyz Supreme Court Rules Previous Holder for Kutessay II has no Legal Claim to Licence
Toronto, Ontario (FSCwire) - Stans Energy Corp., (“Stans Energy” or the “Company”), (TSX-V: HRE, OTCQX: HREEF), is pleased to report that the Supreme Court of Kyrgyzstan has ruled against Baotou Hongbo Technology Company LTD (“Baotau”) with respect to its claims that it was the rightful owner of the mining licence for Kutessay II and that its licence was taken away illegally and without notification.
“This ruling by the Supreme Court of Kyrgyzstan validates the Company’s due diligence process before acquisition of the mining licence for Kutessay II in an auction in December 2009,” states Rodney Irwin, Interim President and CEO.
BACKGROUND
Baotau Hongbo Technology Company LTD brought suit against the State Agency for Geology and Mineral Resources of the Kyrgyz Republic (the “SGA”) intending to reclaim licence rights to Kutessay II. The Inter-district Court of Bishkek ruled in favour of Baotau Technology Company LTD, overlooking significant evidence and ignoring several substantive procedural issues. In September 2013, an appeal by Kutisay Mining LLC and the SGA was heard at the Bishkek City Court. The Bishkek City Court overruled the lower court ruling and held that Baotau had no rights to Kutessay II. Baotau then appealed the Bishkek City Court ruling to the Supreme Court of Kyrgyzstan which has subsequently upheld the City Court ruling.
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.
Contact Details
Rodney Irwin David Vinokurov
Stans Energy Corp. Stan Energy Corp
Interim President & CEO VP Corporate Development
rodney@stansenergy.com david@stansenergy.com
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.
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public://news_release_pdf/StansNov182014.pdf
Source: Stans Energy Corp. (TSX Venture:HRE) www.stansenergy.com
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