Arbitration Court Upholds Jurisdiction for Stans Energy Claimadmin
Arbitration Court Upholds Jurisdiction for Stans Energy Claim
Toronto, Ontario CANADA, March 31, 2014 /FSC/ – Stans Energy Corp. (HRE – TSX Venture), (“Stans” or the “Company”) has been informed that the Arbitration Court at the Moscow Chamber of Commerce and Industry (the “Court”), has upheld its jurisdiction on the matter between Stans Energy Corp. and the Government of Kyrgyzstan.
The Government of Kyrgyzstan had put forth a claim that the Court had no jurisdiction in deciding the case brought against it by the Company. The Court ruled that it did in fact have jurisdiction over the matter and set the final hearings in the case over two days; April 29-30, 2014.
On October 30, 2013, Stans Energy Corp. and its subsidiaries filed a claim for arbitration under the Convention for the Protection of Investor’s Rights to which Kyrgyzstan is a signatory. The arbitration hearings are being heard in the Arbitration Court at the Moscow Chamber of Commerce and Industry. The Company claims that certain actions by agencies and/or representatives acting on behalf of the Government of the Republic of Kyrgyzstan were aimed to impede the Company from executing its responsibilities under its licence and have created conditions for termination of the operations of Kutisay Mining LLC, the Company’s wholly owned subsidiary, amounting to expropriation.
The claim seeks $117,853,000 in compensation for losses and damage.
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.
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Source: Stans Energy Corp. (TSX-V: HRE) www.stansenergy.com
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Posted: March 31st, 2014 under FSCWIRE.