Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”), announces that arbitrators for the Company’s claim for International Arbitration have been selected.
Stans has appointed as its arbitrator Ms. Nina Vilkova. Ms. Vilkova is an Honored Lawyer of the Russian Federation, Doctor of Law, Professor of Private International Law for the Russian Academy of Foreign Trade – Ministry of Economic Development, a member of the Chartered Institute of Arbitrators Club (London). Her specializations include: arbitration, civil, entrepreneurial, private international law disputes arising out of international contracts and investment disputes.
The Kyrgyz government has chosen Mr. Leonid Balayan. Mr. Balayan is a lawyer of the Inter-republican Bar, Chairman of the Arbitration Commission in Moscow MICEX-RTS. His specializes in civil law, civil litigation, and arbitration
A third, independent arbitrator who is selected by the arbitrators appointed by each side has also been appointed. Ms. Marina Park PhD is the chairman of the Moscow Chamber of Commerce for Arbitration. Ms. Park specializes in civil law and arbitration.
The claim, which seeks US$ 117,853,000 in compensation for losses and damages, has been posted to the Company’s website. The next hearing date will be December 13, 2013.
Stans Energy Corp. arbitration team is led by Professor Igor Zenkin, recognized as one of the leading experts on International Trade Disputes within Russia and the former Soviet Republics. Prof. Zenkin is an arbitrator of the International Court of Arbitration of the International Chamber of Commerce in Paris. He is also included on the list of arbitrators of the International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation, as well as of the Arbitration Court of the Moscow Chamber of Commerce and Industry.
Management would like to congratulate Prof. Zenkin on his recent successful claim of arbitration against the Kyrgyz Republic. This case was heard in the same Arbitration Court at the Moscow Chamber of Commerce and Industry as the Stans case being heard. Prof. Zenkin obtained a judgment on behalf of a Korean group seeking nearly $23 million USD for acts of expropriation having to do with a real estate dispute. From the time of the claim being filed at the end of May 2013, resolution was achieved within a 6 month period. Stans expects to receive a binding judgment within a similar time frame.
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 toproduce 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.
Interim President & CEO
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.
The State Prosecutors Office of the Kyrgyz Republic’s court action to invalidate the license issuance for the development of Kutessay II for Kutisay Mining LLC is still before the courts. Stans Energy hopes to be able to provide an update within this quarter on the status of the case.