TORONTO--(BUSINESS WIRE)--Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF)(“Stans Energy” or the “Company”), is pleased to report that on May 20, 2013 the Inter-district Court of Bishkek, denied a motion by the State Agency for Geology and Mineral Resources of Kyrgyzstan (“SGA”) to terminate the proceedings initiated by Stans Energy against the Agency with regard to its Aktyuz exploration licence. The 10-day appeal period has lapsed on May 30, 2013 and the ruling is final.
In November 2011, Stans Energy submitted all of the necessary documentation to request an extension of its exploration licence for the Aktyuz Licence Area, which surrounds the Kutessay II rare earth project. Regrettably, the routine approval of the extension was not granted and the numerous requests sent on: May 14, 2012, July 6, 2012, September 18, 2012, and November 11, 2012, by Stans Energy to the State Agency for Geology and Mineral Resources to address the issue were ignored.
Under the Code of Civil Procedure of the Kyrgyz Republic, there are certain time frames in which government authorities and officials must respond to procedural requests. If that time period is not honored, then court action can be taken to decide the outcome.
This ruling of the Inter-district Court of Bishkek confirms that the Company’s repeated requests to the administration of the SGA were ignored, and the most likely outcome of these proceedings will be that a decision will be made by the SGA regarding the extension of the licence.
The recent injunction, announced on May 15, 2013, filed by the State Prosecutor’s office relating to interaction between the SGA and the Company, does not govern the Aktyuz exploration licence as that injunction solely relates to Kutessay II and Kalesay licenses.
“Management is extremely pleased to receive yet another positive court ruling in the Company’s favour. This ruling further demonstrates that Stans Energy adheres to the rule of law and the extension of our exploration licence for the Aktyuz Licence area will confirm our business practices,” states Robert Mackay, President and CEO.
The Aktyuz Licence Area is comprised of over 50 mineralized zones hosting rare earths, including the historic mineralized occurrences, Kutessay I, Kutessay III, Aktyuz and Kuperlisai. The Aktyuz Licence Area has a lengthy history of mining and was first mined for lead in the 9th through to the 12th century. Underground mining for various base metals was conducted from 1942 to 1946 until rare earth elements were encountered. The Aktyuz Licence Area saw limited underground mining for rare earth elements from 1946 to 1951, before Kutessay II was put into production. Based on historical surface exploration, additional rare earth element targets were outlined. Stans Energy started the evaluation of this historical information and conducted extensive exploration programs through 2010 – 2011 to determine the actual rare earth element potential of the Aktyuz Licence Area.
The location of the July 18, 2013 Stans Energy Annual General and Special Meeting, has been changed to:
Arcadian Loft:
1pm
July 18, 2013
401 Bay St., Simpson
Tower,
8th Floor, Room 5
Toronto, Ontario
M5H
2Y4
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.
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Contact Details Robert Mackay Stans Energy Corp President & CEO 647-426-1865 |
David Vinokurov Stan Energy Corp VP Corporate Development 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.