Stans Energy Corp. (TSX-V: HRE, OTCQX: HREEF), (“Stans” or the “Company”), is pleased to provide an update on its ongoing pursuit of damages in connection with the wrongful deprivation of certain mining rights by the Kyrgyz Republic in breach of the Republic’s international obligations.
As Rodney Irwin, President and CEO of Stans explains:
“Our attorneys at Torys LLP are finalizing materials for the recognition and enforcement of the MCCI Award before the Ontario Superior Court of Justice. In parallel, the Company and our team at Freshfields Bruckhaus Deringer have commenced a new arbitration under the rules of the United Nations Commission on International Trade Law (the “UNCITRAL Arbitration”). We will continue to seek to recover damages that are due to the Company by all the means that are legally available to us.”
Cassation Appeal to the Supreme Court of the Russian Federation
As previously announced on September 30, 2015 a Cassation Appeal to the Supreme Court of the Russian Federation has been filed. The Company is seeking to annul the Ruling of the Moscow City Arbitrazh Court dated May 25, 2015 and the Decision of the Moscow Regional Arbitrazh Court dated July 27, 2015 setting aside the award of the International Arbitration Court at the Moscow Chamber of Commerce and Industry dated June 30, 2014 (the “MCCI Award”) through which Stans was awarded US$118,000,000 in damages.
Enforcement and Recognition Proceedings before the Ontario Court of Justice
Stans’ lawyers, Torys LLP, continue to work on finalizing witness and expert affidavits in support of the Company’s case for enforcement and recognition of the existing MCCI Award. It is currently expected that a hearing may be held in Q1 or Q2 of 2016 depending on Court availability and other factors.
The UNCITRAL Arbitration was commenced on May 13, 2015, when Stans delivered a Notice of Arbitration to the Kyrgyz Republic.
An arbitral tribunal has now been appointed consisting of:
Professor Dr. Karl-Heinz Böckstiegel, President:
Professor Dr. Böckstiegel is a leading international arbitrator and former president of both the Iran-US Claims Tribunal and the London Court of International Arbitration. He is professor emeritus of the University of Cologne and was chairman of the German Institute of Arbitration (DIS) from 1996 to 2012. Professor Dr. Böckstiegel hs been appointed by the two party-appointed co-arbitors.
The Honourable Mr. Campbell L. Campbell, QC, Arbitrator:
Judge Campbell is a retired judge from the Ontario Superior Court of Justice who has 15 years of judicial experience and has also presided over numerous intricate domestic and international matters. Prior to becoming a judge in 1998 he had over 31 years as a leading trial and appellate counsel. Mr. Campbell has been appointed by Stans Energy.
Mr. Stephen Jagusch, Arbitrator:
Mr. Jagusch is recognized as a leading expert in the field of international arbitration and disputes arising under contracts and bilateral or multilateral investment treaties, and is highly ranked by all international and domestic legal publications in international arbitration and public international law. Mr. Jagusch has been appointed by the Kyrgyz Republic.
The parties to the UNCITRAL Arbitration have further agreed that the seat of the UNCITRAL Arbitration shall be London, England and that the arbitration will be administered by the secretariat of the Permanent Court of Arbitration (the “PCA”) in the Hague. The arbitral tribunal will now proceed to establish a procedural calendar for the filing of submissions by the parties and other necessary procedural matters.
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$118 Million by the Arbitration Tribunal at the Moscow Chamber of Commerce and Industry. On October 24, Stans Energy arrested 47 million shares of Centerra Gold (TSX: CG) as security in this matter. This security allows the Company to pursue the recognition of its arbitral award against the Kyrgyz Republic in the Canadian court system. Stans is now seeking recognition by the Ontario Court of Justice to collect US$ 118 Million worth of Centerra Gold shares.
We seek safe harbour.
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.