Stans Energy Files Additional Arbitration Claim Against Kyrgyz Republic
Toronto, Ontario (FSCwire) - Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF)(‘Stans’ or ‘The Company’) announces that it has commenced a new arbitration proceeding against the Kyrgyz Republic (the “Republic”) under the UNCITRAL Rules. Stans alleges that the Republic unlawfully expropriated its Kutessay II mining licence. Stans continues to seek the recognition and enforcement of its US$118 million award from the International Arbitrage Tribunal of the Moscow Chamber of Commerce & Industry (MCCI) at the Ontario Superior Court of Justice, which remains scheduled for June 29, 2015.
In the meantime, the Mareva injunction, freezing approximately 47 million shares of Centerra Gold Inc., remains in place in Canada. Kyrgyzaltyn (“KJSC”), the beneficial owner of the Centerra Gold shares, will be seeking to set aside the Mareva injunction at a previously scheduled May 15, 2015, appeal. KJSC also intends to move, based on the Moscow Arbitrazh Court's April 29th decision, to set aside the Mareva injunction mentioned above on June 29, 2015.
“As part of our ongoing strategy to ensure collection of damages awarded by the MCCI, Stans has initiated a secondary arbitration claim against the Kyrgyz Republic. It remains our intention to enforce the MCCI award and should we have to proceed with the new arbitration process, we will work with internationally accredited valuators to quantify our losses, which we estimate are now significantly higher than the US$118 million awarded by the MCCI arbitral tribunal,” states Rodney Irwin, Interim President and CEO.
About Stans Energy
Stans Energy Corp. is a resource development company focused on advancing rare earth and specialty metals properties in areas of Central Asia and Russia. Stans acquired the past producing rare earth mine, Kutessay II, in the Kyrgyz Republic in 2009. Since that time the Government of the Republic of Kyrgyzstan took expropriatory actions against the Company’s interests in that country, Subsequently Stans Energy applied to international arbitration to resolve the conflict. On June 30, 2014, Stans Energy was awarded US$118 Million by the Arbitration Tribunal at the Moscow Chamber of Commerce and Industry. On October 24, 2014, Stans Energy arrested 47 million shares of Centerra Gold (TSX: CG) as security in this matter. This security allows the Company to pursue the recognition of its arbitral award against the Kyrgyz Republic in the Canadian court system. Stans is now seeking recognition by the Ontario Superior Court of Justice to collect US$ 118 Million worth of Centerra Gold shares
We seek safe harbour.
Contact Details
Rodney Irwin
Interim President & CEO
rodney@stansenergy.com
647-426-1865
David Vinokurov
VP Corporate Development
david@stansenergy.com
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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/stans05142015.pdf
Source: Stans Energy Corp. (TSX Venture:HRE) www.stansenergy.com
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