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Stans Energy Subsidiary Named as Co-Defendant in Kyrgyz Court Action

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By Business Wirevia The Motley Fool

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Stans Energy Subsidiary Named as Co-Defendant in Kyrgyz Court Action

TORONTO–(BUSINESS WIRE)– Robert Mackay, President and CEO of Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans Energy” or the “Company”), reports that the Kyrgyz State Prosecutor’s Office has initiated legal proceedings against the Kyrgyz State Geological and Mineral Resources Agency (SGA) in the Inter-District Court of the City of Bishkek.

The State Prosecutor’s Office has put forward an application to lift the three-year statute of limitations to allow them to present to the court their claim of request to nullify the minutes of the December 21, 2009 meeting between the SGA and Open Stock Company (OSC) ‘Kutessai Mining’ which granted OSC ‘Kutessai Mining’ mining licenses for the Kutessay II and Kalesay deposits. OSC ‘Kutessai Mining’ was a 100% state-owned special purpose entity, created to hold mining licenses for the Kutessay II and Kalesay deposits. It was put for an open and previously advertised government auction on December 29, 2009. Stans Energy’s local subsidiary, Stans Energy KG, acquired OSC ‘Kutessai Mining’ on December 29, 2009 through this auction, where the sum of $855,000 USD was paid to the Government, which at the time was double the value that the Kyrgyz authorities had attributed to the property. Stans Energy KG then re-registered OSC ‘Kutessai Mining LTD’ as it’s fully owned subsidiary ‘Kutessai Mining LTD’.

‘Kutessai Mining LTD’ is named as a third party to the proceedings. Stans and its legal representation are of the position that the claim filed by the State Prosecutor’s Office is baseless, with no legal merit, and that the company’s 100% owned mining licenses for both properties were obtained lawfully, through transparent government auction, on December 29, 2009.

“We have every piece of paperwork filed since we began our business ventures in Kyrgyzstan and there is no doubt in my mind that our legal team will thwart this attempt on our licenses, just as they have successfully done in the past. Our lawyers have always been meticulous in ensuring that all of Stans Energy’s business dealings within Kyrgyzstan have adhered to the laws of the country, and this commitment will never change as we work towards bringing the Kutessay II Heavy Rare Earth mine back into production” stated Robert Mackay, President and CEO of the company.

“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”

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Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Stans Energy Supported by Canadian Government

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By Business Wirevia The Motley Fool

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Stans Energy Supported by Canadian Government

TORONTO–(BUSINESS WIRE)– Rodney Irwin, Chairman of the Board of Stans Energy Corp. (“Stans Energy” or the “Company”), (TSX-V: HRE, OTCQX: HREEF), Honorary Consul to Canada for the Kyrgyz Republic and Former Canadian Ambassador to Russia, is pleased to report that senior representatives of the Canadian government attended meetings with Kyrgyz government officials to demonstrate their support for the Company’s initiatives at Kutessay II.

Canadian Member of Parliament, Bob Dechert; Parliamentary Secretary to Foreign Minister John Baird, accompanied by Trade Commissioner Marc Andre Savage from the Canadian Embassy met with senior Kyrgyz government officials. The goal of these meetings was to provide support for Canadian mining companies operating in Kyrgyzstan. Stans Energy‘s local representatives were pleased to brief the Canadian visitors on company activities, providing a corporate update in preparation for their calls on Kyrgyz officials and to discuss the value Canadian firms can bring to Kyrgyz economic priorities in the mining sector.

“This demonstration of support by Canadian government representatives, promotes Canada‘s commitment in encouraging business ties with developing economies in Central Asia, particularly in extractive industries. We are eager to continue our working relationship with the Kyrgyz authorities in an effort to put the Kutessay II Heavy Rare Earth mine back into production,” states Rodney Irwin, Chairman of Stans Energy.

Stans Energy has also granted an aggregate of 100,000 options to an employee of the company. Each stock option entitles the holder to purchase one common share of the Company for $0.41 until March 21, 2018. All options granted and any common shares issued upon the exercise of the options will be subject to a statutory four-month hold period expiring July 21, 2013. The option grant was approved by the board of directors on March 21, 2013 and is subject to regulatory approval.

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 …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Stans Energy Successfully Concludes Licence Appeal

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By Business Wirevia The Motley Fool

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Stans Energy Successfully Concludes Licence Appeal

TORONTO–(BUSINESS WIRE)– Robert Mackay, President and CEO of Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans Energy” or the “Company”), is pleased to report that the legal representative of the Jogorku Kenesh of the Kyrgyz Republic has withdrawn their appeal relating to the action by a committee in the Jogorku Kenesh (the “Committee”) against the Company in the Inter-District Court of Bishkek. The withdrawal of the appeal effectively ends all legal controversy surrounding the licence for Kutessay II and upholds the original verdict in favour of Stans Energy and its subsidiaries in Kyrgyzstan.

On November 15, 2012 the Company reported that it received favourable judgments from the Kyrgyz courts upholding the Company’s rights to exploit the Kutessay II deposit. These judgments had voided earlier decisions of the Committee to order the Company’s Licence Agreement #3 annulled, to order the tender of Kutessay II, and to recommend to the State Geological Agency that Licence Agreement #3 be annulled. It was noted at the time that the Committee had appealed those decisions.

The Bishkek City appeals court has now dismissed the proceedings by the Committee against the Company.

Robert Mackay states “This successful final resolution of this legal process surrounding our Licence Agreements validates our adherence to the highest standards of business and reporting practices. I would like to congratulate our team at Partner Law Firm for their diligent representation of the company and its interests. As previously announced our 2013 field program is underway. Stans Energy is now looking forward to advancing its plans for development and production at Kutessay II.”

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.

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Source: FULL ARTICLE at DailyFinance