Stans Energy Corp. (TSX-V: HRE, OTC: HREEF), (“Stans” or the “Company”) announces that a ruling has been handed down by the Arbitral Tribunal (“the Tribunal”) in the matter between Stans Energy Corp and Kutisay Mining LLC (“Claimants”) and the Kyrgyz Republic (“Republic” or “Respondent”) or taken together (“the Parties”).
The Tribunal, in accordance with the United Nations Commission on International Trade Law Rules of Arbitration of 1976 (“Uncitral Rules”) has unanimously rejected the Respondent’s preliminary jurisdictional objections and opened the way for adjudication of the merits. Any further arguments pertaining to jurisdiction will be considered together with the merits of the case.
The attorneys for Parties will now confer with each other with a view to reaching agreement on a joint proposal for a procedural timetable up to, and including a hearing on the merits (and any other remaining jurisdictional objections). Whether by agreement or order of the Tribunal, the schedule should be set in February.
“We are pleased that the Tribunal has confirmed its jurisdiction in our dispute with the Republic. I would like to congratulate our attorneys at Freshfields Bruckhaus Deringer for the stellar work done to date. Stans remains committed to pursuing more than US$ 210,000,000 of compensation, including interest, and focusing on this next stage of the arbitration proceedings,” states Rodney Irwin, CEO and President.
The Company also reports that COO, Boris Aryev, has been issued 200,000 shares to settle partial debts owed from salary arrears dating from February 2016 to May 2016.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
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.